The organic coconut water market is predicted to achieve a value of $1.64 billion by 2027, with a compound annual growth rate (CAGR) of 6.81% during the period of 2020-2027.
Liquid refreshment beverages have been introduced in Western countries as a healthy alternative to sweetened beverages. The wave of health-consciousness among the masses and investment in alternative forms of physical exercise has led to these beverages finding a niche. Organic coconut water is sourced by de-shelling of coconuts and extracting the water within. Market Research Future (MRFR) highlights the salient features of the global organic coconut water market report and its prospects for the period between 2018 and 2023 (forecast period).
Market Scope
The global Organic Coconut Water Market Outlook is projected to touch a value of USD 804.4 million by 2023 while exhibiting a CAGR of 18.7% during the forecast period. Inclination towards natural beverages is expected to be the major driver of the market. Consumers are buying and consuming the beverages in large quantities owing to its benefits. The use of social media and high response given to brands by consumers has led to many major companies having a successful foothold in the market. One particular company, ZICO, has managed to diversify its product offerings by introducing new flavors and staying loyal to original tastes.
Coconut water has been recommended to patients on a liquid-only diet and its functional benefits have led to accumulation of various customers. Investments by equity partners into niche categories has led to numerous brands and partnerships in the market. Clean labeling guidelines proposed by beverage regulators may pose a challenge to the market. But innovative designs in packaging and adherence to transparency may bolster the market to new heights.
Segmentation
The global Organic Coconut Water Market Insights has been segmented by type, packaging type, and distribution channel.
Based on type, it has been categorized into pure coconut water and mixed coconut water. Pure coconut water held close to 69.36% market share in 2018 with a valuation pegged at USD 237 million. The segment has gained traction due to its functional benefits and leaning towards holistic living. However, the mixed coconut water segment can gain market share due to consumer preference towards flavored beverages. It is touted to gain revenue for the global organic coconut water market till 2023 at a CAGR of 18.89%.
By packaging type, it is segmented into cartons, bottles, and others. Cartons accounted for 45.88% market share in 2018. It is bound to generate revenues close to USD 365.5 million by 2023 due to the strength and stability of the containers.
By distribution channel, the global market has been categorized into store-based and non-store-based.
Regional Analysis
The global organic coconut water market reports regions of prime importance, namely Asia Pacific (APAC), Europe, North America, and the Rest-of-the-World (RoW).
North America accounted for 36.03% market share in 2018 due to preference for plant-based beverages and leaning towards wellness. It is expected to dominate and contribute the maximum to the global organic coconut water market at a CAGR of 18.20% during the assessment period. The U.S. is one of the biggest consumers of organically derived refreshments giving scope to the market. The slow rise of veganism in parts of the U.S. can induce market demand.
Europe is the second biggest region for the global organic coconut water market with its valuation expected to surpass USD 280 million by 2023. Germany is expected to be one of the biggest revenue contributors due to consumers preferring non-dairy diets.
Competitive Outlook
Headmost players in the global organic coconut water market include C2O Pure Coconut Water, LLC, PepsiCo, Inc., Edward Sons Trading Company, Inc., Harmless Harvest, Purity Organic, LLC, EPICUREX LLC, Munkijo, Celebes Coconut Corporation, The Coca-Cola Company, and Windmill Organics Limited. Launch of new flavors is the prime strategy considered by these players to gain an edge over the competition. In 2019, Costco, one of the biggest wholesalers of the U.S., has launched its own organic coconut water line under its Kirkland brand. The huge subscriber base enjoyed by Costco Corporation is likely to bode well in its sales of organic coconut water.
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