MALMO, SWEDEN — Revenues at Oatly Group grew 50% in the second quarter as consumer appetite for dairy alternatives continued to rise, particularly in restaurants and coffee shops.
The company, which completed its initial public offering in May, now expects full-year revenues of more than $690 million, a 64% increase from the previous year.
Oatly is using the capital from its IPO to fuel new production capacity as global demand for its plant-based milk alternatives outpaces supply. The company recently opened two new facilities in Ogden, Utah, and in Singapore, and doubled capacity at its facility in The Netherlands. It currently is investing to expand its oat base capacity at the Utah plant by 50%, and a second manufacturing facility in Asia is expected to open later this year in China. Two additional facilities in the United States and the United Kingdom are slated for 2023.
Produced finished goods volume for the second…