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Coconut Water Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global coconut water products market was valued at USD 7.9 billion in 2020 and is projected to expand at a CAGR of 8.2% from 2021 to 2030. Coconut water has been gaining traction globally due to its health benefits, such as providing an instant energy boost, improving the skin, and aiding with digestion. The product is gaining popularity, particularly among health-conscious consumers, and is being used as a natural, healthier alternative to other beverages. Furthermore, it is being increasingly used as a sports drink, as it has natural electrolytes.
The growing demand for convenience has been driving the growth of the market. Manufacturers are introducing various flavors and packaging to attract more consumers. Furthermore, companies are introducing coconut water in ready-to-drink (RTD) packages that are convenient for consumers on the go. For instance, in December 2020, Coco Joy launched a new line of RTD coconut water in three flavors, namely original, mango, and strawberry.
The increasing demand for organic products is also expected to propel the market’s growth. Manufacturers are introducing organic coconut water products to meet the needs of health-conscious consumers. For instance, in May 2021, Vita Coco launched an organic coconut water in three flavors, namely unsweetened, mango-orange, and pineapple.
The introduction of new and innovative flavors is expected to further drive the market’s growth. Companies are investing in research and development to develop new flavors and packaging. For instance, in November 2021, Zico Natural Coconut Water launched a new flavor, Lime Mint. Furthermore, the introduction of coconut water-based energy drinks and coconut water-based cocktails is expected to create new opportunities for the market.
The increasing popularity of coconut water in emerging markets such as India, China, and Brazil is expected to fuel the market’s growth. The rising disposable incomes of consumers in these regions is allowing them to spend more on food and beverages. In addition, the increasing number of health clubs, gyms, and fitness centers is driving the demand for coconut water as a sports drink. Furthermore, the increasing popularity of coconut water among millennials is expected to drive the market’s growth.
Product Insights
The coconut water segment led the market and accounted for a share of around 60.6% in 2022. Increasing awareness among consumers regarding the health benefits of drinking coconut water is driving the demand for coconut water products. According to a report published by the International Food Information Council Foundation in 2019, 54% of consumers perceive coconut water as a healthy alternative to other drinks. In addition, rising demand for natural and organic food products, increasing trend of healthy lifestyle, and growing demand for functional beverages are some of the major factors driving the demand for coconut water products.
The coconut milk segment is anticipated to expand at the fastest CAGR of 8.2% over the forecast period. Coconut milk is gaining popularity as a dairy-free alternative due to the rising number of vegan and health-conscious consumers. According to a survey conducted by the International Food Information Council Foundation in 2019, 32% of Americans indicated they would purchase plant-based milk alternatives. Furthermore, increasing demand for dairy-free food products, rising health concerns among consumers, and increasing trend of healthy lifestyle are some of the key factors driving the market growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest share of the global coconut water products market in 2022. The growing number of supermarkets and hypermarkets in developed countries and the presence of a large number of brands in these stores are the major factors driving the growth of this segment. Consumers prefer supermarkets and hypermarkets for their one-stop-shop convenience, a wide variety of coconut water products, and the ability to compare different brands. Furthermore, the rising trend of online grocery stores is also driving the growth of this segment.
The online segment is expected to register the highest CAGR of 13.6% during the forecast period. The growing trend of online shopping is expected to drive the growth of this segment. E-commerce websites such as Amazon and Flipkart have made it easier for consumers to order and purchase coconut water products from the comfort of their homes. Online stores also offer attractive discounts and promotional offers, which is expected to further facilitate the growth of this segment.
Type Insights
The canned/bottled segment accounted for the highest revenue share of 71.9% in the year 2022 and is anticipated to expand further during the forecast period. The easy availability of canned/bottled coconut water in supermarkets, convenience stores, and e-commerce websites is driving the growth of the segment. Also, increasing demand for packaged food and beverage products is contributing to the growth of the segment.
The tetra pack segment is expected to grow at the highest CAGR of 11.2% from 2021 to 2027. The convenience of carrying and using tetra packs is driving the market growth. Also, the growing demand for functional beverages and natural ingredients for healthy living are further increasing the sale of coconut water in tetra packs. Additionally, the easy availability of these tetra packs in retail stores and e-commerce websites is driving the growth of the segment.
Regional Insights
Asia Pacific is expected to be the largest market for coconut water products. The region is home to a large population base, and is known for its tropical climate and diverse geography, which provide favorable conditions for the growth of coconut trees. Moreover, the presence of major players, such as Thai Coconut Public Company Limited, Vita Coco, and C2O Pure Coconut Water, is expected to drive the growth of the market in the region.
Europe is expected to witness the second-fastest growth in the coming years. The growing awareness regarding the health benefits of coconut water along with the increasing demand for plant-based beverages is expected to drive the growth of the market in the region. For instance, in June 2021, Premium Coconut Water, a leading Italian brand, launched its range of organic coconut water drinks in France.
Financial Projections
In this part of the coconut water products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your coconut water product business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a coconut water products business comes from its product sales, retail and wholesale distribution, and private label deals. Here you will find a list with a description of each of them and other possible sources of profit such as online sales, export markets, and co-branding.
Projecting Expenses
In this section, all the regular expenses related to keeping the coconut water business running will be described. The list of operating expenses includes packaging and shipping costs, employee wages, advertising, marketing, research and development, regulatory compliance, and others.
Key companies & market share insights
Some of the key companies operating in the coconut water market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, Vita Coco launched a new range of coconut water products with added vitamins and minerals, to cater to the changing needs of health-conscious consumers.
– In July 2022, Harmless Harvest launched a new range of coconut water products with added probiotics, to cater to the changing needs of consumers looking for healthy and nutritious beverages.
– In September 2022, Zico launched a new range of coconut water products with added electrolytes, to cater to the changing needs of athletes and sports enthusiasts.
Some of the prominent players in the coconut water market include:
– Vita Coco
– Harmless Harvest
– Zico
– ONE Coconut Water
– O.N.E.
– C2O Coconut Water
– Taste Nirvana
– True Nopal
– C20 Pure Coconut Water
– Thai Coconut Co.
Global Coconut Water Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global coconut water products market based on product type, distribution channel, type, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Plain Coconut Water
– Sweetened Coconut Water
– Flavored Coconut Water
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Cafes & Restaurants
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the current market size of the global coconut water products market?
[A]: The global coconut water market size was valued at USD 4.5 billion in 2020 and is expected to expand at a CAGR of 17.3% from 2021 to 2028.
[Q]: What are the factors driving the growth of the global coconut water products market?
[A]: Factors such as the increased awareness of health benefits, increasing demand from the health-conscious population, rising disposable income, and the introduction of new flavors and packaging are driving the growth of the global coconut water products market.
[Q]: Who are the key players in the global coconut water products market?
[A]: Key players in the global coconut water products market include PepsiCo, Inc., Vita Coco, Inc., The Coca-Cola Company, O.N.E. Coconut Water, ZICO Beverages LLC, Harmless Harvest, Inc., Taste Nirvana, Inc., and Amy & Brian Naturals, LLC.
[Q]: What are the key trends in the global coconut water products market?
[A]: Key trends in the global coconut water products market include the introduction of innovative packaging, the introduction of flavored coconut water, and the emergence of organic and preservative-free products.
[Q]: Which region is expected to offer the largest opportunity for sales of coconut water products?
[A]: Asia Pacific is expected to offer the largest opportunity for sales of coconut water products due to the increased demand from countries such as China, India, and Japan.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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