The global coconut water market size was valued at USD 4.30 billion in 2020 and is expected to expand at USD 12.50 billion by 2027 at a compound annual growth rate (CAGR) of 16.5% from 2021 to 2027. Over the past few years, people worldwide are increasingly adopting several healthy and nutritional drinks to maintain a healthy lifestyle. The excessive consumption of sugary and carbonated beverages causes several health issues, such as obesity, cardiovascular diseases, and diabetes, in almost all age groups ranging from kids to the working-class population. Therefore, coconut water acts as alternative to carbonated beverages as it is considered to be beneficial for all the above conditions, especially for weight management.
Coconut water is considered to be an excellent source of various nutritional ingredients, including fiber, minerals, vitamins, magnesium, calcium, sodium, and potassium. The aforementioned healthy ingredients make it the best rehydration drink, thereby increasing its adoption among gym-goers and athletes. Such health benefits are anticipated to boost the demand for coconut water across the globe.
The launch of new products is leading to the wider penetration of coconut water. In February 2020, TAJA Coconut launched non-GMO and sugar-free bottled coconut water. The company developed a new patented technology and a cold-filtered three-part process, which is used to extract coconut water. The process helps preserve all the nutrients as it does not use heat, air, or additives while preparing the product. The final product has balanced flavours and is crystal clear in appearance.
The coconut water market is segmented on the basis of form, distribution channel, packaging, and region. By distribution channel, the market is divided into Online, Offline. By form, the market is divided into Powder, Liquid. By packaging, the market is divided into Online, Offline.
Liquid coconut water accounted for the largest revenue share of more than 80.0% in 2020. Most manufacturers in the industry offer the product in the liquid form as they are ready for consumption and can be consumed on the go. In September 2020, Harmless Harvest launched coconut water under the brand name Protein & Coconut, which is available in three flavours, such as toasted coconut, chocolate, and vanilla spice. Along with coconut, it contains a protein blend derived from pea, pumpkin, and sunflower. The creamy beverage is considered to be an ideal snacking item as it is energy-rich and filling.
The offline channel segment dominated the market and accounted for a revenue share of more than 80.0% in 2020. These stores offer various goods and often act as a one-stop solution for shopping for all everyday requirements. Thus, these stores are preferred while shopping for groceries and everyday edibles. Along with this, the cost of operation and selling overheads is quite low. The large volume sales also lead to better economies of large-scale operation.
Tetra pack led the market and accounted for a revenue share of more than 40.0% in 2020. The packaging offers a long life to the liquid packaged inside, which helps protect the content from contamination by microbes and bacteria. It keeps the product safe for months. The tetra pack is made of multiple layers. Each layer is made of different components, including paperboard made from wood, polyethylene, which is a kind of polymer, and aluminium. The choice of the component also helps in keeping the packaging light.
All Market Inc.; Naked Juice Company; New Age Beverages Corporation; Celebes Coconut; Corporation; Vaivai SAS; C2O Pure Coconut Water, LLC; PepsiCo (O.N.E. Coconut Water); The Coca-Cola Company (ZICO); Harmless Harvest; COCOZIA; Elegance Brands, Inc.