LONDON--(EON: Enhanced Online News)--Technavio research analysts forecast the global coconut water market to grow at a CAGR of close to 27% during the forecast period, according to their latest report.
“To stay competitive in the market and to take advantage of the rising demand for coconut water, companies are coming up with innovative combinations such as iced tea and coffee”
The study covers the present situation and growth prospects of the global coconut water market for 2016-2020. The report segments the region into four key geographical regions, which are the Americas, APAC, Europe and ROW. It analyzes the market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, and market demand and supply scenario.
According to Manjunath Reddy, a lead analyst at Technavio for research on non-alcoholic beverages sector, “A new wave of consumers, comprising primarily of millennials, are demanding healthy beverages devoid of artificial food additives, which establishes coconut water as the perfect choice because of its rich nutrient profile.”
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Technavio food and beverage analysts highlight the following three drivers that are contributing to the growth of the global coconut water market:
- Health benefits associated with consumption of coconut water
- Growing media buzz and celebrity endorsements
- Increase in product launches
Health benefits associated with consumption of coconut water
Coconut water is increasingly being recognized for its numerous health benefits, leading to increased sales of packaged coconut water all over the world. Coconut water has lately become a perfect alternative to carbonated drinks and other sugar-laden drinks such as juices and nectars. Coconut water is a natural drink that is enriched with nutrients such as sodium, potassium, and electrolytes, which are essential for the human body.
It is a healthy drink that can replenish body fluids. Studies have also indicated that coconut water greatly helps in reducing blood pressure, which is one more reason why there is an increased demand for packaged coconut water over other fruit drinks. Some of the other health benefits of coconut water are weight reduction, improved skin texture, and improved digestion.
Growing media buzz and celebrity endorsements
Endorsements by celebrities along with the ongoing media buzz about the health benefits of consuming coconut water has emerged as a driving force for the growth of the global coconut water market. Many leading Hollywood celebrities and pop singers were spotted drinking coconut water, which positively impacted the growth of the market. Celebrities such as Madonna, Demi Moore, and Matthew McConaughey did in fact invest in leading coconut water company Vita Coco, after which the sales of the company increased by over 200% from 2007 to 2009.
Increase in product launches
The global coconut water market is witnessing many new product launches, which is benefiting the growth of the market. New product launches in the global coconut water market quintupled during 2008-2012. North America dominated the world market with more than 30% of new launches in 2011-2012, followed by Europe with 32%.
“To stay competitive in the market and to take advantage of the rising demand for coconut water, companies are coming up with innovative combinations such as iced tea and coffee,” says Manjunath.
New product launches are also helping the market to make inroads into new markets such as India, France, and Canada, which are growing at a rapid rate. The competition is becoming intense in the market and companies are coming up with various new product flavors to stay ahead of each other. Flavored coconut water with chocolate, banana, lemon, pomegranate, lemonade, espresso coffee, and chili extracts have been introduced in the market. They instantly became popular with consumers worldwide, particularly in the US.
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