Market Definition:
Coconut water is a refreshing and hydrating beverage which is largely native to tropical climates. However, the popularity of coconut water has grown massively in the past few years, and the demand for it has grown globally. Market Research Future (MRFR) has taken a closer look at the global packaged coconut water market to determine its growth trajectory and various factors impacting the market over the forecast period from 2018 to 2023.
Packaged coconut water has a long shelf life due to the innovation in packaging process without the need for preservatives, which is a significant driver for the growth of the market. Moreover, with packaged coconut water products, product innovation is limitless.
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Market Scenario and Growth Factors:
The sheer variety available in the packaged coconut water market is a driver for the global market’s growth. Coconut water products are increasingly being introduced with aloe vera jelly, coconut jelly, and a variety of tropical fruit flavors and emulsions. The preference for packaged coconut water has grown largely due to the demand for convenient products with long shelf lives. Consumers in tropical countries where coconut water consumption is high tend to prefer packaged coconut water for its convenience and product innovation. Moreover, coconut water is a highly nutritious beverage which is chock full of various trace minerals and vitamins. Rich in potassium and magnesium, it is also the natural beverage of choice for quick hydration. With the growth of health consciousness in food and beverage trends, consumers have been displaying a preference for innovative natural beverages which have nutritional value. Some nutritional benefits include helping manage diabetes and supporting heart health among others. Coconut water is also a popular beverage among athletes as it has natural electrolytes which assist in rapid recovery after intense physical activity.
Product differentiation and the presence of various global market players who are actively working on new products will open up the market to new opportunities in the coming years.
Competitive Dashboard:
Taste Nirvana (US), Bai Brands (US), Blue Monkey (Philippines), PepsiCo, Inc. (US), Exotic Superfoods (US), the Coca-Cola Company (US), Dabur India Ltd (India), Harmless Harvest (US), Jain Agro Food Products Private Limited (India), and Pure Tropic (India) are the notable players in the packaged coconut water market.
Industry Updates:
February 2019- Amazon has introduced a new coconut water product under its Solimo brand. The new private label coconut water will be available at $24.99 for a 24-pack of cartons at 11.2 ounces each and will be competing with other existing products such as Vita Coco, Naked and O.N.E.
Segmentation:
The global packaged coconut water market has been segmented based on category, packaging type, and distribution channel.
By category, the market has been segmented into organic and conventional.
By packaging type, the market has been segmented into bottles, cartons, pouches, cans, and, others.
By distribution channel, the market has been segmented into store-based and non-store based. The store-based segment has been further segmented into hypermarkets, supermarkets, convenience stores, and others.
Regional Analysis:
By region, the global Packaged Coconut Water Market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
APAC is domineering the global packaged coconut water market on account of growing health consciousness among consumers and easy availability of coconut water due to huge coconut production in countries such as India, Indonesia, and the Philippines boost the growth of the market. Fast track urbanization in the region, growing base of health-conscious consumer base and persistent R&D activities by key players which has resulted in product development and introduction newer variants are fueling the growth of the market in the region.
Europe is the second largest market for packaged coconut water due to shifting consumer preference for functional beverages. Growing awareness regarding the ill effects associated with the consumption of aerated beverages and reduction in the consumption of beverages with artificial flavors, sugar, and preservatives have spurred the demand for packaged coconut water. Germany and France are key contributors to the Europe market.
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