Coconut Water Market: Current Analysis and Forecast (2022-2028)

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The Coconut Water Market was valued at more than USD 4 Billion in 2021 and is expected to grow at a CAGR of around 16% from 2022-2028.

Coconut Water is defined as the clear liquid present inside the coconut. This water is healthy and helps maintain body balance and keep the body hydrated in comparison to other soft drinks. Additionally, the properties of coconut water such as preventing kidney stones, helping lower blood sugar for people living with diabetes, being beneficial after prolonged exercise, and many others are increasing its demand in the market. In recent years, coconut water is becoming increasingly popular as it has been a go-to drink for health-conscious individuals and athletes. Coconut water also has anti-inflammatory properties which can reduce muscle soreness after intense exercise. Factors such as owing to the increasing demand for natural products coupled with the rising demand for functional beverages. Major companies in the market offer coconut water with gluten-free and non-GMO (genetically modified organisms) features. For instance, in Jun 2022, Vita Coco introduced coconut juice, its biggest and boldest coconut water. They are present in two bold flavors: Original with Pulp and Mango with a sweet, unexpected taste that demands one more sip.

Harmless Harvest; Celebes Coconut Corporation; Naked Juice Company; THE VITA COCO COMPANY, INC.; Amy and Brian Naturals; Edward & Sons Trading Co.; Taste Nirvana International; Goya Foods, Inc.; GraceKennedy Group; and Bai are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst form, liquid category is expected to grow with a significant CAGR during the forecast period”

Based on form, the market is segmented into liquid and powder. The liquid category is expected to grow with a significant CAGR during the forecast period. This is owing to the factor contributing to the growth of the liquid form of coconut water is its health benefits. Coconut water is low in calories and high in essential nutrients such as potassium, magnesium, and calcium, making it a healthy and natural alternative to sugary drinks. In recent years, there has also been an increase in the popularity of coconut water-based products, such as smoothies and sports drinks, which has further driven the growth of the liquid form of coconut water. Overall, the convenience, health benefits, and versatility of liquid coconut water have contributed to its increasing popularity in the beverage market.

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“Amongst packaging type, plastic bottle to hold a significant share of the market in 2021”

Based on the packaging type, the market is categorized into tetra pack & cans and plastic bottle. Among these, plastic bottle to hold a significant share of the market in 2021. This is mainly due to the option as a popular packaging option for coconut water because they are lightweight, easy to transport, and convenient for on-the-go consumption. Additionally, it is important for manufacturers and consumers to be mindful of their environmental impact and to explore more sustainable packaging options. Furthermore, Plastic bottles come in a variety of sizes and shapes, which makes them a versatile packaging option for coconut water. They can be easily customized to meet the needs of different consumers and markets.

“North America is anticipated to grow at a substantial CAGR during the forecast period”

In 2021, North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for this natural and healthy beverage, the availability and diversification of product offerings, and the rising popularity of plant-based and vegan diets. Moreover, many major grocery stores, health food stores, and online retailers now stocking it. This increased availability has made it easier for consumers to try coconut water and has contributed to its growing popularity in the region. Also, major players in the market are launching new products in the market to provide better taste and health benefits. For instance, in Jun 2022, Del Monte launched India’s First Packaged King Coconut Water. King Coconut water is renowned for its superior health and taste benefits.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Coconut Water Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global coconut water market were the three major steps undertaken to create and analyze the adoption of coconut water in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global coconut water market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the coconut water market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the coconut water market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as form, packaging type, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the coconut water market. Further, we conducted factor analysis using dependent and independent variables such as various form, packaging type, and distribution channels of coconut water. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the coconut water market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global coconut water market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the coconut water market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global coconut water market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global coconut water market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of form, packaging type, and distribution channel in the global coconut water market.

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The main objective of the Global Coconut Water Market Study

The current & future market trends of the global coconut water market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the coconut water market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of form, packaging type, and distribution channel.
• Define and analysis of the regulatory framework for the coconut water
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the coconut water market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the coconut water market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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