Oatly, the plant-based milk company whose celebrity backers include Oprah Winfrey and Natalie Portman, saw its shares soar on its stock market launch. The Swedish-based firm set its debut share price at $17 each, but that shot to $22 in opening trading, valuing Oatly at more than $13bn (£9.2bn). The US listing is a sign of the booming popularity of non-dairy products. It follows other plant-based food brands that have gone public, such as vegan burger maker Beyond Meat. Oatly is raising $1.43bn through the initial public offering, which chief executive Toni Petersson said would be used to expand production. Researchers have predicted that the market for dairy alternatives could almost double over the next five years, as increased dairy allergies and concerns about dairy's environmental impact push shoppers to look for plant-based options. However, Oatly faces increased competition from other consumer giants. Nestle, for example, recently launched a pea-based milk under its Wunda. And although Oatly's sales are increasing, its losses have widened due to spending on marketing campaigns, researching new products and opening new factories.
