Future Market Insights (FMI) forecasts positive growth for global coconut water market at a CAGR of 10.5% between 2020 and 2030
Consumer preferences are shifting towards natural beverages hence big manufacturers are offering packaged coconut water drinks and beverages to gain traction
Over 70% of coconut water accounts for original/ unflavored. Despite availability in various flavors, regular coconut water will remain consumer favorite, accounting for nearly one-fourth of the market, finds FMI
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Progressive developments at the junction between artificial intelligence and flavour science are poised to revolutionize global beverage industry.
From ‘Internet of Food’ to machine learning, manufacturers are coming up with technologies that can predict flavour combinations, tools are being developed that can offer solutions to some of the critical challenges faced by the F&B industry.
Advancement in the field will enable the beverage sector to radically optimize flavour formulation and product development.
Digital thread can enable calculation of nutritional profile of products to finalizing recipes in lab, to monitoring the whole supply chain and tracking ingredient sourcing from multiple suppliers all the way to the consumers. Digitization has helped resolving various complexities within the supply chain of the coconut water market.
Future Market Insights therefore observes digital developments as the key to success of the market in the near future.
Pricing is a crucial variable of the market and clearly controls the uptake / demand of coconut water. It is noteworthy to understand that price per / ton of target products around the globe differs at a significant ratio, yet reflects similar pattern of variance.
In the global coconut water market, the derived weighted average selling prices of is near 3000/MT for organic coconut water and near 2000/MT for conventional coconut water. Graph below presents a perspective of price variance across regions and key segment categories.
Principal Consultant
The clean label trend is embracing a wider range of products that can be attributed with health benefits. The clean label is a term that has been used in the food industry for many years, however, nowadays this term is used as a catch phrase to attract modern day consumers.
Clean label has now become a mainstream with consumers demanding to understand everything about the products, starting from their evolution to their benefits. This trend is prompting the manufacturers to upscale their clean label game and introduce more products with greater transparency, less complexity and simple sounding ingredients.
Coconut water is used to nutritionally functionalize and enrich a wide range of food and beverage products including cereals, nutrition bars, baked goods, dairy products, drinks, snacks, soups, sauces, and some of the authentic culinary cuisines from South Asia, among others.
Coconut water provide innovative solutions to improve the technological and nutritional functionality of food and beverage products thus are witnessing growing prospects in food and beverage industry.
Plant-based beverages are been increasing preferred over dairy based beverages owing to several factors. Individuals assume that plant-based beverages are healthier and allergen free and hence it is becoming a trend to consume plant-based products.
Key players are launching different plant-based drinks, owing to increased consumption and additional health benefits. Plant-based drinks such as flavoured coconut water does not contain lactose and consumed by increasing lactose intolerant individuals.
Plant-based beverages are highly preferred by individuals over dairy-based products, owing to its health benefits and increasing popularity.
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Changing consumer essentials and tastes with changes in processing technology, heftier domestic, rising costs, shortening product lifecycles and overseas competition all upsurge the pressure to innovate.
Restaurants and beverage manufacturers spend millions, coupled with months of efforts, to create new food products. Teams of expert chefs, consumer feedback, and state of the art kitchens together help in creating great tasting food.
For food manufacturers and restaurants, it is important to capitalize on taste to increase the sales of products. When consumers see an alluring flavor proposition, they’re likely to try it. Hence, food giants are continuously striving to innovate their product offering.
According to FMI, nearly 45% of the market belongs to Tier 1 companies and the leading manufacturers are concentrated in North America.
The manufacturers are investing in e-Commerce across multiple channels. It is collaborating with retailers to expand its e-Commerce business. The producers are working towards digitization: In India, the company sets up a Digital Command Center to analyze links between consumer activities and business outcomes.
In 2017, the Pepsi Co. teamed up with leading universities, innovators, and governments on projects for developing biodegradable film resins to make sustainable flexible packaging for its products.
Manufacturers are now shifting their focus towards natural ingredients and additives obtained from natural sources to cater to the changing demand among consumers. This has resulted in a slew of launches within the market, which according to FMI will aid in spurring growth. Some of the recent launches in the coconut water market are:
Mature markets are characterized by critical demographic as well as consumer behavioral changes that tends to dictate the global demand-supply balance paradigm.
With health consciousness and environmental sustainability being the broad-level indicators of consumer demand, governments of developed economies are imposing more stringent standards of food production, forcing manufacturers to either comply or pull out of the game.
Consumers are willing participants in this growth wave – demanding that the food and beverage they consume passes through the necessary certifications; is healthy and functional to meet their daily dietary needs; and offers complete supply chain traceability to ensure acceptable levels of food safety and sustainability.
The future belongs to F&B companies that willingly comply with the global environmental standards and food safety certification requirements. In this context, innovation across the value chain is a no-brainer – adapting to the new food revolution propagated by consumer tastes and preferences by effectively leveraging automation and robotics is clearly the most important – and only – success imperative.
The production of fruits is affected by many environmental conditions and diseases. A change in an environmental factor can affect the yield or quality of the produce, or can induce a disease on the crop.
Unpredictable environmental changes affect the supply of raw materials, thus affecting the coconut market. Besides, fruits are often adulterated using chemicals such as citric acid, ethylene, etc., in order increase their lifespan or make them good and fresh.
Adulterated raw materials don’t give the expected output and quality, thus affecting the production and quality of coconut in the global market.
Companies operating in the global coconut water market are expected to go through a stagnant phase in the forecast years owing to the unprecedented COVID-19 outbreak. This is expected to result in economic slowdown for the next 3-4 years.
As coconut water is a convenience product and not a necessity for a large share of the population, the demand is expected to decline for a year or two and then gain regain momentum. The manufacturers of the coconut water could concentrate on expanding their reach and launch products with proven health benefits.
FMI profiles some of the leading companies in the market. These include:
Americas
Europe
Asia Pacific
Europe and South Asia have the largest consumers for coconut water, whereas North America is anticipated to have notable growth of 13% during the forecast years in the coconut water market owing to the rising health and wellness awareness among the consumers.
Hence, the manufacturers should focus on their expansion of business in the developing markets to generate more revenue.
Marketing and branding plays crucial role in attracting and retaining customers to a profit. The manufacturers are constantly updating and working towards strengthening their marketing and branding strategies by developing strong supply chain linking the processing units and retail points. Building new product awareness & social media buzz amongst core segments in the coconut water market.
The companies are tapping into fitness influencers and healthy eating across social media platform like Instagram and Facebook having large audience/communities. Driving purchase intent by getting consumers to try product and communicate benefits to their base.
Coconut water manufacturers are trying to attract consumers by packaging their products in bottles, cartoons, and cans that are designed creatively and beautifully.
This helps manufacturers set their product apart from the rest, and attract consumers, because consumers tend to buy a visually attractive bottle or can more as compared to a traditional, normal looking bottle.
The manufacturers are promoting the coconut water products in terms of nutritive attributes, health attributes, quality of product, natural product, organic product and others.
The coconut water market is projected to have a CAGR of 10.5% through 2032.
The coconut water market size is anticipated to be USD 15.74 Billion through 2032.
The coconut water market is likely to record a value of USD 5.80 Billion in 2022.
North America is expected to grow at the highest rate in the coconut water market.
1. Executive Summary 2. Market Introduction 3. Key Market Trends 4. Market Background and Associated Industry 5. Value Chain Analysis 6. Market Dynamics 7. Policy and Regulatory Landscape 8. Global Coconut Water Market Analysis and Forecast 2015 to 2030 9. Global Coconut Water Market Pricing Analysis 10. Global Coconut Water Market Demand (Size in USD Million) Analysis 2015 to 2019 and Forecast, 2020 to 2030 11. Global Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030, By Nature 11.1. Conventional 11.2. Organic 12. Global Coconut Water Market Analysis 2015 to 2019 and Forecast 2019 to 2029, By Flavour 12.1. Original/Unflavoured 12.2. Flavoured 13. Global Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030, By Application 13.1. Food 13.1.1. Bakery and Confectionery 13.1.2. Dairy Products 13.1.3. Breakfast Cereal 13.1.4. Sauces and Salads 13.1.5. Other Food Products 13.2. Beverage 13.2.1. Alcoholic Beverages 13.2.2. Tea and Coffee 13.2.3. Other Beverages 13.3. Personal Care & Cosmetics 13.3.1. Skin Care 13.3.2. Hair Care 13.4. Nutraceutical 13.5. Animal Feed 13.6. Retail 14. Global Coconut Water Market Analysis 2015 to 2019 and Forecast 2019 to 2029, By Sales Channel 14.1. Direct Sales 14.2. Indirect Sales 14.2.1. Modern Trade 14.2.2. Convenience Stores 14.2.3. Specialty Stores 14.2.4. Discounters 14.2.5. Independent Small Groceries 14.2.6. E-commerce 14.2.7. Others 15. Global Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030, By Region 15.1. North America 15.2. Latin America 15.3. Europe 15.4. East Asia 15.5. South Asia 15.6. Oceania 15.7. Middle East and Africa (MEA) 16. North America Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030 17. Latin America Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030 18. Europe Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030 19. East Asia Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030 20. South Asia Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030 21. Oceania Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030 22. Middle East and Africa Coconut Water Market Analysis 2015 to 2019 and Forecast 2020 to 2030 23. Market Structure Analysis 24. Competition Analysis 24.1. The Coca-Cola Company 24.2. PepsiCo 24.3. Nestlé S.A. 24.4. Goya Foods 24.5. Bali Nutra Ltd. 24.6. Tradin Organic Agriculture B.V. 24.7. Holos Integra 24.8. Wholesome Sweeteners Inc. 24.9. Benevelle Corporation 24.10. Nutramarks Inc. 24.11. Coconut Secret Coconut Merchant Ltd 24.12. Treelife Coco Sugar 24.13. Andy Albao Corporation 24.14. Singabera 24.15. Goodness Organic Food & Natural Food 24.16. Rockwell's Whole Foods 24.17. Wilderness Family Naturals 24.18. Niulife 24.19. Wuhu Deli Foods Co., Ltd. 24.20. Other players on additional request 25. Assumptions and Acronyms Used 26. Research Methodology
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