Oatly inks important contract with Starbucks

Vegan food and beverage maker Havre Global AB, perhaps best known for its oat milk product Oatly, closed a deal with coffee chain Starbucks Corporation just days after confirming its IPO plans. Sweden-based Havre Global said on Feb. 24 that it would be listing its shares on the stock exchange. Investors waiting on the sidelines for more IPO details and confirmation of true dairy substitute market size may have had their questions answered. Starbucks confirmed Monday that all of its stores nationwide will offer guests the option to add Oatly's dairy-free milk substitute starting Tuesday. The oat-based milk can be included in all Starbucks spring menus. Oatly's ultimate growth prospects could depend on whether the company succeeds in attracting new customers for its products in coffee shops like Starbucks, according to CNBC. Potential customers interested in trying Oatly may not be willing to pay for an entire pack at the grocery store, but would pay a small extra at Starbucks to try it in a coffee. Regardless of the potential to attract new customers to fuel further growth, oat milk sales increased more than 170% year over year in the 52-week period that ended February 13, 2020, according to CNBC.