January 02, 2019 - According to a report available on Radiant Insights, Inc.; the global coconut water market is projected to expand at a steady CAGR by 2022. Factors such as rapid urbanization and change in food consumption habits are expected to propel market over the forecast period (2018 to 2022). Increasing investments and favorable government policies in coconut farming can further fuel demand in near future.
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Rising consumer awareness regarding health benefits of coconut water is expected to drive growth of the market in the years to come. Consistent rise in global average temperature due to climatic change and increasing preference for nonalcoholic beverages is expected to boost product demand. Coconut water is touted as the perfect alternative to carbonated drinks. It is a good source of sodium, potassium, magnesium, vitamins, and electrolytes. Introduction of organic coconut water is also expected to fuel demand in near future.
Rising demand for organic coconut water is anticipated to propel growth in near future. This beverage is available in frozen as well as in easy to store and transport plastic and tetra packs. It is increasingly being consumed as a post workout drink. Skin benefits associated with consumption of coconut water may further propel product demand in near future. Moreover, introduction of flavors such as chocolate, lemon, banana, lemonade, pomegranate, chili, and espresso coffee among others is expected to fuel demand in the forthcoming years.
Coconut water can be found in sweetened and unsweetened types. It is made available in pure as well as mixed formulations. Manufacturers in the market are experimenting with ingredients to meet rising consumer demand for healthy drinks. For instance, Coca-Cola South Pacific recently launched a new flavor called POWERADE Pineapple Storm ION4 + Coconut Water. The product offers hydration and combination of fruity flavor of pineapple along with refreshing taste of coconut water.
The worldwide coconut water market can be segmented on the basis of application, and region. On the basis of geography, the market can be divided into North America, Europe, and Asia Pacific. North America is expected to grow significantly over the forecast period. This expansion of the regional market can be attributed to increasing consumption of packed coconut water. Consumer preference for healthy energy drinks is anticipated to bode well for demand. Implementation of awareness programs regarding ill-effects of sugar-loaded drinks is expected to further propel regional growth.
Asia Pacific is anticipated to be the largest regional segment in terms of consumption owing to high regional production of coconuts. Countries such as China, Indonesia, India, and Australia are some of the key contributors. High prices compared to its alternatives can discourage consumption in several European countries. Regardless, increased demand for packaged drinks particularly in Germany, Italy, and UK can propel regional demand in near future.
Some of the major companies operating in the coconut water market include Coconut Palm Group, C2O Pure Coconut Water, Naked Juice, VITA COCO, and Coconut Palm Group. Manufacturers are increasingly focusing on development of innovative products and increasing shelf life of the product. Companies are also competing with each other on account of product differentiation. For instance, Spanish company COCO WILSON recently introduced 100% unpasteurized fresh green coconut water produced from the Nam-Hom variety, imported from Thailand.
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