Dublin, Dec. 08, 2023 (GLOBE NEWSWIRE) -- The "Global Coconut Water Market (By Type, Form, Packaging, Distribution Channel, & Region): Insights and Forecast (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global coconut water market is expected to be valued at US$6.64 billion in 2023, witnessing growth at a CAGR of 15.26%, during the forecasted period.
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 US, U.K., 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. Therefore, increasing inclination of consumers towards health and wellness has boosted the consumption of coconut water and encouraged the market overall growth.
Huge Gap between the Two Ends of the Coconut Water Supply Chain
The coconut market is left in such a situation whereby farmers receive about US$0.12-US$0.25 per coconut and earn anything between US$72-US$7,000 a year, according to Fair Trade USA. In contrast, the average serving of coconut water sells for US$1.50 in the US, or £1.85 in a UK supermarket for a 330ml carton. Unfortunately, there’s nothing new about the appalling gap between what farmers earn at one end of the supply chain, and food and beverage companies’ profits at the other. These farmers have limited knowledge of such products and access to the technology that can produce the products. So it is that the stark gap between the two ends of the coconut water supply chain is only growing further apart. Such unfavorable conditions of farmers is resulting in declining volume of production, which is causing the failure of meeting the demand in the world market. Consequently, the huge gap between the two ends of the coconut water supply chain limits the coconut water market growth.
Growing Preference for Natural & Plant-based Drinks
The growth in plant-based beverage market is continuously helping in increasing the adoption of coconut water. Natural low-sugar drinks are appreciated by the consumers which is resulting in the increasing sales of coconut water across various countries. 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. Accordingly, growing preference for natural and plant-based drinks is estimated to help in the expansion of coconut water market, globally.
Report Segmentation
- By Type: The pure coconut water segment held the largest market share. 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: Liquid coconut water segment held the maximum market share. 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.
- By Packaging: Tetra pack held the market's dominating position.
- By Distribution Channel: 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.
- Geographic Coverage: Asia Pacific accounted for the maximum share of the global market. 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.
Top Impacting Factors
Growth Drivers
- Increasing Inclination of Consumers towards Health & Wellness
- Growing Prevalence of Lifestyle Disorders
- Rising Interest in Hydration and Energy Drinks
- Surging Geriatric Population
Challenges
- Huge Gap between the Two Ends of the Coconut Water Supply Chain
- Preservation of Tender Coconut Water
Trends
- Surging Number of Fitness and Health Clubs
- Growing Preference for Natural & Plant-based Drinks
- Rising Government Initiatives for Promoting Coconut Farming
Analysis of Key Players
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 GraceKennedy Group, Naked Juice Company, The Vita Coco Company, New Age Inc., Celebes Coconut Corporation, Harmless Harvest, Inc., Goya Foods, Inc., Vaivai, ZICO Beverages, Amy and Brian Naturals, Taste Nirvana International and C2O Pure Coconut Water.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Coconut Water Market: An Analysis
3.2 Type Analysis
3.3 Form Analysis
3.4 Packaging Analysis
3.5 Distribution Channel Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
7.1 The US Coconut Water Players by Market Share
8. Company Profiles
- Amy and Brian Naturals
- C2O Pure Coconut Water
- Celebes Coconut
- Goya Foods
- GraceKennedy Group
- Harmless Harvest
- Naked Juice Company
- New Age
- Taste Nirvana
- The Vita Coco Company
- VaiVai
- ZICO Beverages
For more information about this report visit https://www.researchandmarkets.com/r/ybizqf
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