According to a new report published by Allied Market Research, titled, “Pure Coconut Water Market by Packaging Type, Flavor, Portion Size, End User, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,”
The global pure coconut water market size was valued at $2.04 billion in 2019 and is anticipated to reach $6.81 billion by 2027, with a CAGR of 18.9% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $4.77 billion from 2019 to 2027. The market growth is propelled by rise in demand for coconut water as an energy drink. Active and health conscious consumers have shifted their preference toward natural alternatives to caffeinated and sugar-based energy drinks. Hence, the demand for pure coconut water as a natural energy drink is growing rapidly due to its nutritional properties such as electrolytes and nutrients, which is expected to drive the pure coconut water market growth.
Coconut water and its products are still in nascent stages in various regions of Africa, such as Zimbabwe, Liberia, Eritrea, and Burundi, along with other developing regions. These are still untapped, which present lucrative pure coconut water market opportunities for manufacturers of coconut water.
Increase in use of coconut-based products in food & beverage applications is expected to drive the market for coconut products in the future. Coconut products are widely used as ingredients in variety of processed food products such as cookies, cakes, pies, soups, salads, milkshakes, and ice cream. With growth in consumption of processed food products, owing to rise in urban population, the demand for coconut products is expected to grow at a significant rate in near future.
According to the pure coconut water market analysis, the market is segmented on the basis of packaging type, flavor, portion size, end user, distribution channel, and region. Based on packaging type, the pure coconut water market is categorized into plastic bottles, tetra packs, and cans. Tetra packs are widely used globally and is one of the prime packaging types for pure coconut water; thus, is expected to influence the overall coconut water industry. The tetra pack segment was valued at $1.28 billion and is expected to grow with a CAGR of 18.3% from 2021 to 2027, to reach $4.09 billion by 2027.
By flavor, the original flavor segment held the major pure coconut water market share, and is likely to remain dominant throughout the forecast period. This is attributing to the widespread availability of original flavor products across the globe. Moreover, original flavor pure coconut water in Asia-Pacific has gained a large consumer base, which, in turn, is expected to augment the pure coconut water industry growth.
Based on portion size, the market is segmented into small portion size (600ml) and large portion size (more than 600ml). Small portion size (600ml) segment held the major share of pure coconut water, and is likely to remain dominant throughout the forecast period. This is attribute to the higher preference allocated to the smaller packaging due to benefit of single-time solo consumption.
Based on end user, food services held the major share of pure coconut water market. This is attributed to increase in purchasing power of consumers and increased rise in spending on luxury foods & beverages have led to a rapid growth of the food service industry, resulting in an increased demand for coconut water and its products.
The hypermarkets/supermarkets segment was the leading retail distribution channel with maximum share in 2019, growing with significant CAGR during the pure coconut water market forecast period. This is attributed to increase in business of retail sales in different regions and availability of large shelf space for maximum sales.
Region wise, Asia-Pacific was the prominent region in 2019, garnering maximum share in pure coconut water market, owing to huge consumer base and increase in population. SMEs operating in the region are targeting online sales channel to increase their sales. These companies are further investing in various marketing and advertising activities to increase their products awareness. In addition, surge in penetration of original flavor pure coconut water among consumers is anticipated to fuel the market growth during the forecast period.
The key players profiled in pure coconut water market include Vita Coco, Harmless Harvest, C2o Pure Coconut Water, Taste Nirvana, Craze Foods Ltd, Goya Foods, Inc, Foco Pure Coconut Water, Cococoast, Wai Koko Coconut Water, and Mojo Organics Inc. These players are introducing new products in the market to increase the customer base and product sale.
Key findings of the study
- The original flavor market was valued at $ 1.20 billion in 2019, and is anticipated to reach $3.88 billion by 2027, with a CAGR of 18.40% during the forecast period.
- In 2019, by packaging type, the tetra packs segment held the highest share, accounting for 62.68%.
- On the basis of end user, the food services led the market, garnering 54.05% of the global pure coconut water market share in 2019.
- Depending on distribution channel, the direct distribution segment is estimated to exhibit the highest CAGR of 19.8%.
- In 2019, North America was the most prominent market, and is expected to grow at a significant CAGR throughout the forecast period.
- The soy protein segment is estimated to grow at the highest CAGR of 7.3% in the global protein ingredients market.
- In 2019, North America was the most prominent market and is expected to grow at a significant CAGR during the forecast period.