The global coconut water market was valued at US$5 billion in 2021, and is expected to be worth US$11. 72 billion in 2027. Coconut water is the clear liquid found inside green coconuts. It has a sweet and nutty flavor and contains easily digestible carbohydrates in the form of natural electrolytes and sugars.
New York, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Coconut Water Market: Analysis By Type, By Form, By Packaging, By Distribution Channel, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2027" - https://www.reportlinker.com/p06325451/?utm_source=GNW
Rich in potassium, sodium, manganese, calcium and magnesium, it is widely consumed as a low-calorie refreshing beverage that aids in preventing dehydration. It also contains cytokines and phytohormones, which have various antiaging, anticarcinogenic and antithrombic properties.
Coconuts harvested for the coconut water, are usually gathered when around 5-7 months old and each coconut provides between 200-1000ml of coconut water. Coconut water is a fat-free, plant-based beverage rich with nutrients, minerals and electrolytes that provides enhanced hydration with fewer calories compared to other natural juices and sports drinks. The global coconut water market is determined to grow at a CAGR of 15.27% over the forecasted period of 2022-2027.
Market Segmentation Analysis:
By Type: The report identifies two segments on the basis of type: Pure Coconut Water and Mixed Coconut Water. The pure coconut water segment held the largest market share (more than 60%) in 2021. Pure coconut water, also known as organic coconut water, is healthier as compared to mixed or conventional coconut water. Growing demand for pure coconut water especially in areas wherein there is scarcity of coconut palms, increasing health consciousness among consumers, rising disposable income of the populace and growing form of coconut water in food & beverages industry provided a boost to the global pure coconut water market.
By Form: The report identifies two segments on the basis of form: Liquid and Powder. Liquid coconut water segment held the largest market share (more than 75%) in 2021. Since liquid versions of the product are ready for consumption and portable, the majority of industry manufacturers offer it in this form. Several players have started offering coconut water with different flavors. For example, coconut water with the brand name Protein & Coconut was introduced by Harmless Harvest in September 2019. Thus, the combination of the fruits or flavors with coconut water, enhancing the taste and richness of liquid form of coconut water, has provided new opportunities to the market.
By Packaging: The report identifies three segments on the basis of packaging: Tetra Pack, Plastic Bottle and Other. In 2021, Tetra pack held the market’s leading position and had a share of more than 40%. The packaging gives the liquid it contains a long shelf life, preventing bacteria and other microbes from contaminating the substance. It protects the product for several months. There are several layers to the tetra pack. Aluminum, paperboard made from wood, a type of polymer called polyethylene, and each layer are made of different materials. The component selection also contributes to the packaging’s light weight, thus driving the market growth.
By Distribution Channel: The report identifies two segments on the basis of distribution channel: Offline and Online. Online distribution channel segment is expected to be the fastest growing segment throughout the forecast period. The new preferred shopping channel for generations Y, Z, and Alpha has emerged as the internet. The 24/7 accessibility of these stores accounts for the preference. One of the most profitable features of the channel is the simplicity of shopping it provides to its customers while they unwind at home. Increased internet and smartphone penetration have enabled consumer to explore various e-commerce portals and shop daily needs online. Additionally, the companies have opportunities to promote a wide range of products on the online platform is a crucial factor driving the coconut water market via online distribution channels.
By Region: In the report, the global coconut water market is divided into four regions: Asia Pacific, North America, Europe, and ROW. Asia Pacific accounted for the maximum share of more than 36% of the global market in 2021. In the Asia Pacific region, coconut water is used in various culinary dishes and drinks as a flavoring agent and base for cocktails. It is also consumed as a refreshing and natural energy drink. Moreover, rising preference for ready-to-drink (RTD) beverages, especially among health-conscious consumers, growing number of coconut plantations and increasing adoption of a vegan diet and non-dairy products were the major factors responsible for the growth of coconut water market in the region.
Europe offers strong growth potential to the coconut water market. In the European region, coconut water is increasingly being consumed by individuals as it replenishes the body while preventing dehydration, especially after strenuous activity or workouts.
Growth Drivers: One of the key drivers of the market’s expansion is the surging increasing inclination of consumers towards health & wellness. Given the increasing inclination of consumers towards health and wellness products, the consumption of functional drinks such as coconut water is rising in the western countries including the US, U., and Germany. Moreover, the growing consumer awareness towards numerous health benefits of coconut water in improving digestive functioning, reducing hypertension, and maintaining hydration levels is further propelling the market growth. Other significant growth factors of the market include, growing prevalence of lifestyle disorders, rising interest in hydration and energy drinks, surging geriatric population, rapid urbanization and escalating global average temperature.
Challenges: However, some challenges are impeding the growth of the market such as huge gap between the two ends of the coconut water supply chain, preservation of tender coconut water and misleading practices of some of the coconut water brands. Coconut water is a refreshing natural drink, low in calories and fat, rich in minerals, vitamins, and beneficial phytohormones. The nutritional and therapeutic value of tender coconut water has resulted in increased consumption and demand globally. In the present scenario, preservation, and processing is of prime importance to meet the global demand for coconut water throughout the year. Preservation of tender coconut water is the biggest challenge as the processing methods may result in loss of nutritional and therapeutic values of the water.
Trends: The market is projected to grow at a fast pace during the forecast period, due to surging number of fitness and health clubs, growing preference for natural & plant-based drinks and rising government initiatives for promoting coconut farming. Consumers are becoming more health-conscious and seeking healthier products due to which plant-based diets are becoming increasingly popular across the world. Some of the replacements for dairy drinks that are used most often are cereal, nut and coconut-based drinks. Coconut water is also used as an ingredient in plant-based drinks, not only because of the reduction of sugar intake, but also because it improves the overall nutritional value of the final product. The growth in plant-based beverage market is continuously helping in increasing the adoption of coconut water.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has led to the temporary shutdown of production plants in several countries, impacting food and beverage industry in the initial stages. However, as much as the pandemic has affected the supply chain operations, the pandemic has generated the need for healthy living among the consumers, due to which, consumers have shifted their attention toward nutritional food products, providing new opportunities to the coconut water market.
Concerns about personal health, planetary sustainability and the ethical treatment of animals fueled this increased attention to plant-based diets, and it appears the coronavirus pandemic has only helped accelerate this trend. Thus, the growing trend of consumption of functional and immunity-booster products, the demand for coconut water increased substantially during the pandemic times and theis trend is expected to continue.
The global coconut water market is highly dominated. The producers are making investments in e-commerce through various channels. The players are collaborating with retailers to expand the e-commerce business and establishing a Digital Command Centers in various regions to examine connections between consumer behaviour and financial results.
The key players in the global coconut water market are:
The Vita Coco Company
New Age Inc.
Harmless Harvest, Inc.
Goya Foods, Inc.
Celebes Coconut Corporation
C2O Pure Coconut Water, LLC
Naked Juice Company
Amy and Brian Naturals
ZICO Beverages, LLC (Powerplant Ventures, LLC)
Taste Nirvana International
The major market players are concentrating on growth strategies like mergers and acquisitions, increasing their distribution capacities, and increasing their market presence. For example, Kalbe Farma introduced coconut water Hydro Coco with vitamin D3. According to Kalbe Farma of Indonesia, Hydro Coco VITA-D is the first beverage containing vitamin D3.
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