USD 6.57 Billion
Coconut Water Market Size, Share, Growth Analysis, By Packaging(Tetra Pack, Plastic Bottle, and Others), By Form(Powder, Liquid), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30G2042 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|Tables:
62
|Figures:
75
Coconut Water Market Insights
Global Coconut water Market size was valued at USD 6.57 Billion in 2022 and is poised to grow from USD 7.63 Billion in 2023 to USD 25.18 Billion by 2031, at a CAGR of 16.1% during the forecast period (2024-2031).
The purpose of the coconut water market is to cater to the increasing consumer demand for healthy and natural beverages. As consumers become more health-conscious and seek alternatives to sugary drinks, coconut water has gained popularity as a nutritious and refreshing choice. The market aims to provide a wide range of coconut water products to meet the diverse preferences of consumers worldwide. Several factors are driving the growth of the global coconut water market. Firstly, the rising awareness of the health benefits associated with coconut water consumption, such as hydration, replenishment of electrolytes, and potential antioxidant properties, has contributed to increased consumer demand. the positive growth trajectory, the coconut water market faces certain restraining factors.
One significant challenge is the limited availability of coconuts in some regions, which affects the production and supply of coconut water. The coconut water market encounters various challenges, including maintaining the quality and freshness of coconut water during processing, packaging, and distribution. As a natural product, coconut water is prone to spoilage and can be affected by factors such as temperature, light, and exposure to air. Ensuring proper handling and preservation throughout the supply chain is crucial to maintain product integrity. The coconut water market presents significant opportunities for growth and innovation. The market can capitalize on the increasing popularity of coconut water as a base ingredient for functional and flavored beverages. Expansion into new geographic markets, especially in regions where coconut water consumption is relatively low, presents untapped opportunities. The global coconut water market is driven by the increasing consumer preference for healthy and natural beverages. Factors such as rising health consciousness and the demand for organic products contribute to its growth.
US Coconut Water Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Tetra Pack
Fastest Growth
Tetra Pack
Growth Rate
16.1% CAGR
Global Coconut Water Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Coconut Water Market Segmental Analysis
The global coconut water market is segmented on the basis of packaging, form, and region. In terms of packaging, the market is segmented into tetra pack, plastic bottle, and others. In terms of classification by form, the market is segmented into powder, and liquid. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Coconut water Market Analysis by Packaging
Tetra pack segment, with its convenient and eco-friendly packaging, dominates the coconut water market. It accounted for the largest market share, showcasing its popularity among consumers. The Tetra Pack packaging ensures the preservation of the natural goodness of coconut water while providing a convenient on-the-go option. Its lightweight and easy-to-carry design make it a preferred choice for consumers who seek a refreshing and hydrating beverage. With its ability to protect the product from external contaminants and retain its freshness, Tetra Pack has become synonymous with quality coconut water.
The plastic bottle segment is projected to witness the fastest growth rate in the coconut water market. Plastic bottles offer convenience and portability, making them ideal for consumers who prefer larger quantities of coconut water or prefer to stock up on their favorite brands. The increasing consumer demand for plastic bottle packaging can be attributed to its ease of use, durability, and widespread availability. Moreover, advancements in plastic bottle technology, such as improved recyclability and the use of eco-friendly materials, have further boosted its appeal.
Coconut water Market Analysis by Form
Liquid coconut water dominated the global market, accounting for over 80.0% of the revenue share in 2022. This is primarily due to the convenience it offers as a ready-to-drink product that can be consumed on the go. A notable example in the industry is the launch of Harmless Harvest's coconut water brand, Protein & Coconut, in September 2019. This coconut water variant comes in three flavors, including toasted coconut, chocolate, and vanilla spice, and contains a protein blend derived from pea, pumpkin, and sunflower. The creamy beverage is highly regarded as an energy-rich and filling snack option.
The powder coconut water segment is projected to exhibit the fastest compound annual growth rate (CAGR) of 16.5% from 2023 to 2030. Powdered coconut water is created through processes such as evaporation and freeze-drying of the coconut water. It serves as a convenient alternative to fresh coconut water, particularly for individuals residing outside tropical regions. To rehydrate the powder, one simply needs to add plain water or other flavored liquids, making it versatile for various applications. Powdered coconut water is commonly used in recipes that call for coconut water or as a quick and portable hydration option.
Global Coconut Water Market By Packaging
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Coconut Water Market Regional Insights
Asia-Pacific emerges as the dominating region in the global coconut water market in 2022. This region boasts a rich history and cultural connection to coconuts, with countries like Thailand, Indonesia, the Philippines, and India being major producers and consumers of coconut water. The availability of abundant coconut plantations, favorable climatic conditions, and traditional consumption habits contribute to the dominance of Asia-Pacific in the market. The region's strong presence is also driven by the popularity of coconut water as a natural and refreshing beverage, deeply rooted in local culinary traditions.
North America represents the fastest-growing region in the global coconut water market during the forecast period. The region has experienced a surge in consumer interest in healthy and natural beverages, leading to a significant rise in demand for coconut water. The growing awareness of the nutritional benefits, such as hydration, electrolyte replenishment, and low-calorie content, has fueled the popularity of coconut water among health-conscious consumers. Additionally, the region's diverse demographic, including a large population of fitness enthusiasts and individuals following active lifestyles, has further contributed to the rapid growth of the coconut water market in North America.
Global Coconut Water Market By Geography
- Largest
- Fastest
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Coconut Water Market Dynamics
Coconut water Market Drivers
Increasing Health Consciousness
- The growing emphasis on health and wellness among consumers has been a major driver for the coconut water market. In 2022, there was a surge in demand for natural and healthier beverage options, and coconut water emerged as a popular choice due to its hydrating properties, electrolyte content, and perceived health benefits. Consumers sought alternatives to sugary drinks and carbonated beverages, leading to increased consumption of coconut water as a healthier and more natural option.
Rising Demand for Functional Beverages
- The demand for functional beverages, including those with added nutritional benefits, has been on the rise. In 2022, manufacturers in the coconut water market responded to this trend by introducing innovative product variants. For example, coconut water infused with natural flavors, vitamins, minerals, and functional ingredients such as antioxidants gained popularity. These offerings appealed to consumers looking for beverages that not only hydrate but also provide additional health benefits.
Coconut water Market Restraints
Price Fluctuations of Raw Materials
- One of the key restraints faced by the coconut water market in 2022 was the price fluctuations of raw materials, particularly coconuts. Factors such as climate change, natural disasters, and geopolitical issues impacted the supply and availability of coconuts, leading to fluctuations in prices. This, in turn, affected the production costs and pricing strategies of coconut water manufacturers, potentially impacting their profit margins.
Environmental Concerns and Sustainable Sourcing
- The coconut water market faced restraints related to environmental concerns and sustainable sourcing practices in 2022. With growing awareness about sustainability and responsible sourcing, consumers increasingly sought products that align with their values. Coconut water manufacturers faced pressure to ensure their sourcing practices are environmentally friendly, promote fair trade, and support local communities. Meeting these requirements posed challenges, particularly for companies sourcing coconuts from regions with limited transparency and certification processes.
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Coconut Water Market Competitive Landscape
The global coconut water market is a highly competitive landscape, with several key players vying for market share and striving to differentiate themselves in terms of product offerings, quality, and brand positioning. The competitive landscape is characterized by a mix of multinational corporations, regional players, and emerging startups, all seeking to capitalize on the growing consumer demand for coconut water. To stay competitive, companies in the coconut water market emphasize quality control, sustainable sourcing, and product diversification. They invest in research and development to introduce new flavors, functional enhancements, and packaging innovations. Marketing and advertising play a crucial role in brand building and increasing consumer awareness. Collaborations with celebrities and endorsements from fitness influencers are common strategies used by market players to enhance their brand image and appeal to target audiences.
Coconut water Market Top Player’s Company Profiles
- Amy & Brian Naturals (US)
- GraceKennedy Limited (Jamaica)
- Goya Foods (US)
- Harmless Harvest (US)
- Taste Nirvana (Thailand)
- ZICO (US)
- Naked Juice (US)
- Bai Brands (US)
- C2O Pure Coconut Water (US)
- ONE Coconut Water (US)
- FOCO Pure Coconut Water (Thailand)
- Chi Limited (Nigeria)
- V2O Coconut Water (UK)
- Cocofina (UK)
- UFC Refresh (Philippines)
- Blue Monkey Drinks (UK)
- COCOZIA (US)
Coconut water Market Recent Developments
- In December 2023 SUNBOY Spiked Coconut Water, unveiled its first variety pack — featuring eight cans bursting with more than two pounds of real fruit.
- In November 2023, Bonsoy launched Sparkling Coconut water. It will be available in 5 varieties: Organic Natural, Watermelon, Passionfruit, Lychee and Ginger in a ready-to-drink 320mL can.
- In April 2023 a juices and beverages brand of ITC, introduced packaged tender coconut water across India.
- In September 2022, GraceKennedy Limited, a major player in the Caribbean region, expanded its coconut water product range with the introduction of "Coconut Water with Aloe." This combination of coconut water and aloe vera aimed to provide additional health benefits and attract health-conscious consumers.
- In April 2022, ZICO, a subsidiary of The Coca-Cola Company, launched a new line of sparkling coconut water. This innovative product offered consumers a carbonated and effervescent version of coconut water, providing a fizzy twist to the traditional beverage.
- In January 2022, Vita Coco, a leading brand in the coconut water market, introduced a new flavor variant called "Watermelon Lemonade." This launch aimed to diversify their product portfolio and cater to evolving consumer preferences for unique and refreshing flavors.
Coconut Water Key Market Trends
- Product Diversification and Innovation: In 2022, the coconut water market witnessed a trend of product diversification and innovation. Manufacturers focused on introducing new flavors, blends, and packaging formats to cater to evolving consumer preferences. For instance, the launch of coconut water mixed with other fruit juices or natural flavors gained traction among consumers seeking unique taste experiences. Additionally, innovative packaging options such as resealable pouches or single-serve cartons gained popularity, providing convenience and portability.
- Expansion into New Geographic Markets: Another notable trend in 2022 was the expansion of coconut water brands into new geographic markets. Companies recognized the untapped potential in regions with relatively low coconut water consumption and worked on increasing their presence there. Market players sought to educate consumers about the health benefits of coconut water and created localized marketing campaigns to raise awareness and drive demand. This trend helped to broaden the global reach of coconut water and open up new growth opportunities.
Coconut Water Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global coconut water market analysis, coconut water, extracted from young green coconuts, has gained popularity as a healthy and refreshing beverage option in the last couple of years. The market analysis reveals several key factors driving this growth. Firstly, the increasing awareness and adoption of healthy lifestyles have led consumers to seek natural and nutritious alternatives to sugary drinks. Coconut water, with its hydrating properties, essential electrolytes, and natural sweetness, has emerged as a favored choice among health-conscious individuals. The rise of urbanization and changing consumer preferences have contributed to the market expansion. The convenience and on-the-go consumption appeal of packaged coconut water have made it a popular choice among busy urban dwellers. Moreover, the introduction of new flavors, such as pineapple, mango, and watermelon, has attracted a wider consumer base, catering to different taste preferences. The global coconut water market has experienced notable growth driven by factors such as increasing health consciousness, urbanization, and consumer preferences for natural beverages. While challenges exist, the market offers opportunities for product innovation, geographical expansion, and catering to evolving consumer demands. As the market continues to evolve, companies that adapt to changing consumer preferences and offer high-quality, sustainable, and innovative coconut water products are likely to thrive.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.57 Billion |
| Market size value in 2031 | USD 25.18 Billion |
| Growth Rate | 16.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Coconut Water Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Coconut Water Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Coconut Water Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Coconut Water Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Coconut Water Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Coconut Water Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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