Oatside doubles revenue to $74m after bets to win alt-milk fans

After tripling its revenue in 2023, Oatside, a Singapore-based oat milk brand, has kept the momentum going.

In 2024, the startup nearly doubled its revenue again to S$100 million (US$74 million), according to its latest audited financial statement.

Photo credit: Satsuei_athian / Shutterstock

The company’s net loss also widened by more than 300% to US$6.7 million, as the company continued investing in its full-stack milk production and expanding its market share across Asia.

A bulk of revenue growth was marketing-led, as the firm splashed out on marketing campaigns and partnerships to fuel growth. Costs in the segment rose in tandem with revenue by 77% to S$17.7 million (US$13.8 million) in 2024.

Whether or not this translates to a significant change in contribution margin and customer acquisition costs in 2025, however, will be something to watch, Raymond Setiawan, director at professional consulting firm YCP, tells Tech in Asia.

Oatside did not respond to Tech in Asia’s multiple requests for comment.

Planting the seeds for market share

Founded in 2020, Oatside offers plant-based milk to consumers across Asia, including Singapore, Indonesia, Thailand, Japan, China, and the Philippines. It also supplies businesses like cafes and restaurants, like PickUp Coffee and Bo’s Coffee in the Philippines, Flash Coffee in Singapore, and Thai milk tea brand ChaTraMue.

Some of its competitors in the space include Oatly, a Swedish oat milk firm whose products are available in Asia. There’s also Alpro, a subsidiary of French food major Danone, which offers plant-based products, including oat, almond, and soy milk.

Oatside’s strong growth in 2024 can be credited to its wide footprint across Asia, says Emil Fazira, Asia Pacific insight manager for food at data analytics company Euromonitor International.

In Singapore, for example, Oatside holds a 35% share of the non-soy, plant-based milk market, she points out. The brand also resonates with younger customers, Fazira says.

“Full-stack” a plus?

As a “full-stack” oat milk brand, Oatside owns its own factories and production lines, rather than working with third-party manufacturers.

Photo credit: Oatside

Different markets, different strokes

Looking ahead