Global packaged coconut water market is projected to witness a CAGR of 11.24% during the forecast period 2024–2031, growing from USD 1538.6 million in 2023 to USD 3608.42 million in 2031. The packaged coconut market is experiencing growth as it appeals to health-conscious consumers. Its high electrolyte content helps regulate fluid balance, ensure efficient muscle functioning, and prevent dehydration. It also contains high potassium content, which supports cardiac health and reduces blood pressure, saving consumers from the risk of stroke.
Key players are taking an opportunity to make their packaged coconut water offerings healthier by incorporating added nutrients into the beverage. For instance, in January 2022, Kalbe Farma launched a coconut water offering, Hydro Coco VITA-D, which is infused with vitamin D3. The product provides 600 IU of vitamin D3 which boosts the immunity.
The market’s growth is also driven by the applicability of packaged coconut water as an energy sports drink, which can be consumed before and after workout sessions.
Additionally, innovative solutions and offerings in packaged coconut water are gaining momentum in the market. For instance, Taste Nirvana International Inc is offering sparking coconut water in 100 percent recyclable glass bottles. Other innovations such as the launch of ready to drink coconut water cocktails are expanding the appeal of the consumers, driving the growth of the market.
Packaged coconut water market is experiencing a rise in demand due to various inconveniences associated with fresh coconut water, such as restricted availability, limited shelf life, and the need to crack the coconut. Consumers are rapidly adopting the packaged coconut water options due to standardization in taste, portability, and longer shelf life. Thus, a positive outlook for the market can be observed. Also, packaged coconut water is widely purchased through supermarkets and hypermarkets, showing the dominance of the offline distribution channel.
Health Benefits of Coconut Water Supplementing Growth
Packaged coconut water is witnessing a rise in demand because of its health benefits. It is rich in antioxidants and minerals, which are essential for the body. The antioxidants help neutralize free radicals and oxidative stress. A cup of coconut water has approximately 600 mg of potassium (16% of daily value), 56 mg of calcium (4% of DV), and 60 mg of magnesium (14% of DV).
Moreover, coconut water has natural electrolytes, like potassium, which are crucial for muscle contractions and kidney functions. Replacing sugary beverages with unsweetened coconut water helps diabetic patients control their blood sugar levels.
According to the Academy of Nutrition and Dietetics, coconut water, being low in calories, is an excellent replacement for carbonated drinks and other juices high in calories and sugar levels.
Coconut water helps keep consumers hydrated, boosts energy levels, supports digestion, improves cognition, weight management, reduces joint pain, prevents kidney stones, regulates body temperature, improves cardiac health, and reduces headaches.
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Innovative Formulations Flourishing the Growth
Innovations in packaged coconut water are a significant market driver due to the variety of product offerings made available by the brands to the consumers.
Brands such as CocoVodka, CocoRum, Osena, and 100 coconuts have been launching different versions of cocktail coconut water or hard coconut water in the market. The key players are developing delicious ready to drink formulations which are healthier and add a flavored profile. For instance, in June 2022, Osena Beverages, announced the launch of a spiked coconut water which contains a hint of natural sweetness. This ready to drink beverage creates a space for the brand in the category of functional beverages as well.
The key innovations in the flavor by the incorporation of fruit juices, is catering to the customers seeking the diverse array of flavors. For instance, in March 2022, Michelob Ultra Organic Seltzer, a brand of Anheuser-Busch InBev, announced the launch of its essential collection made with coconut water and fruit juices including Strawberry Guava, Kiwi Lime, Blueberry Watermelon, and Berry Hibiscus. Each drink is sugar free and contains 4% of alcohol.
Additionally, advancements in packaging make the packaged coconut water more attractive and suitable to the consumers, driving the consumers to try out different innovative formulations offered by the manufacturers.
Sugar Free Coconut Water is Gaining the Trend
Consumers prefer sugar-free coconut water for various reasons. Primarily, many health-conscious consumers prefer sugar-free coconut water as part of their healthy lifestyle, reducing their added sugar intake through other fruit juices. Sugar-free coconut water offers flexibility in culinary applications and can be teamed up with various food and beverages.
Additionally, consumers who are diabetic and have higher blood sugar levels, prefer consuming sugar free coconut water to maintain their glucose levels without causing any spike in blood sugar level.
Moreover, sugar free coconut water is associated with weight management as they reduce the intake of additional calories, making it a more suitable option for hydration.
In April 2023, B Natural Juices and Beverages, a popular brand of ITC, announced the launch of Tender Coconut Water in a packaged version. The product is a sugar free addition to its product portfolio, which is fat-free and does not contain any artificial flavor and helps the consumers in keeping themselves hydrated during summers.
Strategic Collaborations Fostering the Growth
Strategic collaborations play a significant role in driving the growth of the packaged coconut water market. Partnerships between coconut water brands and distributors, such as retailers and e-commerce platforms, influence the growth of the market by increasing the easy product availability to consumers.
Additionally, partnerships with established brands enhance visibility, increasing consumer credibility and trust. Collaborations help in providing the brand a space for product innovation. It helps smaller brands stay in the market and expand their presence, thus further helping the market flourish.
Collaborations help the brands tap the marketplaces that otherwise make it difficult to launch in such markets and regions. For instance, in August 2023, the United States notified the partnership with Kentaste, a Kenyan coconut processor, to expand the opportunities for Kentaste coconut water products in the U.S. market. The purpose of the partnership was to create economic opportunities for over 4,500 Kenyan farmers. The project which was aimed to expand the exports of Kentaste to the U.S. amounting to a combined investment of USD 1.6 million between USAID and Kentaste.
Future Market Scenario (2024–2031F)
Although, coconut water market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years as well, the innovation in the product is helping in growing the market exponentially.
Innovations such as flavored coconut water, organic coconut water, and addition of coconut water to the cocktails are enhancing the applicability of the product to the consumers. For instance, in February 2023, The Vita Coco Company Inc. announced the launch of canned cocktail in collaboration with Diageo. The collaboration revolutionized both alcoholic beverages and coconut water market, by bringing a unconventional combination to the consumers.
Report Scope
“Packaged Coconut Water Market Assessment, Opportunities and Forecast, 2017–2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global packaged coconut water market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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