Pure Coconut Water Market to Reach $6.81 Bn, Globally, by 2027 at 18.9% CAGR: Allied Market Research

Rise in use of coconut-based products in the food & beverage applications and expansion of the retail sector drive the growth of the global pure coconut water market.

PORTLAND, Ore., Nov. 25, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Pure Coconut Water Market by Packaging Type (Plastic Bottles, Tetra Packs, and Cans), Flavor (Original Flavor, Fruit Flavor, Chocolate Flavor, and Others), Portion Size (Small Portion Size (less than 600ml) and Large Portion Size (more than 600ml), End User (Household, Food Services, Catering Services, and Others), and Distribution Channel (Direct Distribution and Retail Distribution): Global Opportunity Analysis and Industry Forecast, 2021–2027."According to the report, the global pure coconut water industry generated $2.04 billion in 2019, and is projected to reach $6.81 billion by 2027, growing at a CAGR of 18.9% from 2021 to 2027.

Prime determinants of growth

Rise in use of coconut-based products in the food & beverage applications, surge in consumption of natural sports drinks, and expansion of the retail sector drive the growth of the global pure coconut water market. However, stagnant decline in production of coconut as compared to rise in demand restrains the market growth. Contrarily, innovations in taste & flavor of coconut products and coconut-based food & beverages create new opportunities in the coming years.

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Covid-19 Scenario

• Owing to the high demand and low supply as manufacturing facilities have been shut down and the supply chain has been disrupted, the prices of pure coconut water rose in 2020.Packaging material manufacturing facilities have also been shut down.
• The closedown of retail stores has decreased the demand for pure coconut water. However, the demand would increase as stores open during the post-lockdown.
• As restrictions on lockdown have been lifted off in many countries, the supply-demand gap will be reduced gradually.

The tetra packs segment to maintain its leadership position throughout the forecast period

Based on packaging type, the tetra packs segment accounted for the highest market share, accounting for more than three-fifths of the total share of the global pure coconut water market in 2019, and will maintain its leadership position throughout the forecast period. This is due toenhanced shelf life, minimized loss of aroma of packed products, and preservation of quality and shelf life. However, the cans segment is expected to witness the highest CAGR of 20.7% from 2021 to 2027, owing toresearch and development activities and establishing production facilities and supply chainsat a short distance to reduce costs.

The original flavor segment to maintain its dominant share during the forecast period

Based on flavor, the original flavor segment held the highest market share in 2019, accounting for nearly three-fifths of the global pure coconut water market, and is estimated to maintain its dominant share during the forecast period. This is attributed tovitamins, minerals, electrolytes, and low fat &calories content in original flavor and high quality of coconut water.However, the chocolate flavor segment is projected to portray the highest CAGR of 19.6% from 2021 to 2027.

North America to grow at the fastest rate

Based on region, North Americais expected to grow at the highest CAGR of 20.2% during the forecast period, owing to highly developed channels of distribution that lea to the sale of food & beverages along with North America being one of the major importers of coconut products from Asian countries.However, Asia-Pacific contributed to the highest market share in 2019, accounting for more than half of the total share of the global pure coconut water market, and will maintain its leadership status by 2027.This is due tothe largest production and consumption of coconut and coconut products in the region.

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Leading market players

• Vita Coco
• Harmless Harvest
• C2o Pure Coconut Water, Llc
• Taste Nirvana
• Craze Foods Ltd.
• Goya Foods, Inc.
• Foco Pure Coconut Water
• Cococoast
• Wai Koko Coconut Water
• Mojo Organics Inc.

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