Global Coconut Water Market Witnessing Steady Growth Despite the Pandemic: Projected to touch USD 13.1 Billion by 2027, growing at the CAGR of 15.4 % during the forecast period (2021-2027)
Published | June 2021
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global coconut water market was worth USD 4.4 Billion in the year 2020. The data gathered in the study suggest that the market is estimated to grow at the CAGR of 15.04%, earning revenue of around USD 13.1 Billion by the end of 2027. Coconut water is an excellent source of many nutritional ingredients, including fiber, magnesium, minerals, vitamins, calcium, sodium, and potassium. These healthy constituents make it the ideal rehydration drink, increasing its popularity among gym-goers and sportsmen. The demand for coconut water is expected to rise as a result of these health benefits. Moreover, the global demand for coconut water has increased due to rising consumer awareness regarding the importance of drinking healthful beverages. Consequently, many foods and beverage manufacturers are investing the production of coconut water, thereby driving the growth of the global coconut water market.
Growing Preference for Natural Drinks Driving the Growth of the Global Coconut Water Market
As consumers are becoming more health-conscious, they prefer healthier beverage options such as coconut water as it acts as a dehydrator, digestive soother, and cholesterol- lowering plant-based drink. Also, since health-conscious consumers prefer low–sugar products over sugary beverages, they are gravitating towards coconut water. Coconut water with varied organic flavors such as mango, pineapple, etc., have been introduced into the global coconut water market, which is helping to drive the demand for coconut water over the forecast period. Coconut water has a low fat and sugar content, as well as a low fatty value. It is also high in antioxidants and has anti-inflammatory properties. What’s more, the demand for pure coconut water as natural sports drinks is rising rapidly owing to its nutritional value such as electrolytes and nutrients. These are the primary factors driving the growth of the coconut water market worldwide.
The Global Coconut Water Market is Being Driven by the Increasing Prevalence of Chronic Diseases
Several health issues such as obesity, cardiovascular diseases, and diabetes are caused due to excessive consumption of carbonated and sugary beverages. These issues have been noted in almost all age groups starting from kids to the working-class population. Pure coconut water can be used as a weight-loss alternative to carbonated drinks. Coconut water in its purest form is beneficial to heart, kidney, and blood pressure management. What’s more, coconut water can help with diabetes treatment as well.
Global Coconut Water Market Restraints
High cost and less shelf life
The preservation of delicate coconut water, as well as the high costs of processing, packaging, and distribution of pure coconut water, are the key factors impeding the growth of the global coconut water market. The preservation of delicate coconut water is by far the most challenging task, as there is a high risk of losing the water's nutritional and therapeutic properties during processing. Additionally, external pollutants, enzymatic, and non-enzymatic browning are the main factors responsible for the decomposition of coconut water.
Impact of COVID-19 in the Global Coconut Water Market
The global coconut water market has been severely impacted by the COVID-19 outbreak. Major retailers are experiencing massive shortages, despite increasing demand in several parts of the world. Furthermore, in Southeast Asian countries, demand for coconut water is stronger throughout the summer season, from March to August. The ongoing epidemic has had a detrimental effect on coconut water sales during peak seasons in 2020 and 2021. Also, the Food & Beverages industry faced numerous challenges during this pandemic, which hit the coconut water market badly across the globe.
Plain Coconut Water Occupies the Largest Share of the Global Coconut Water Market
Based on flavor, the global coconut water market is segmented into plain coconut water and flavored coconut water. The plain coconut water section holds the largest share of the coconut water market. Plain coconut water, also known as organic coconut water, is healthier compared to mixed or unoriginal coconut water. In its natural form, it is a rich source of sodium, potassium, and magnesium, which enhance the rehydration process of the body. Also, organic coconut water contains a negligible quantity of chemicals and therefore, is healthy for consumption as it covers electrolytes.
The Asia Pacific Region is expected to witness significant growth in the market during the forecast period
The global coconut water market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa based on region. Among all the regions, the Asia-Pacific dominated and accounted for the larger share in the coconut water market in 2020. Coconut water products are majorly used in the food & beverages industry in many Asian countries. The market for pure coconut water is also growing in the region at a significant rate with the growing popularity of coconut water as a sports or refreshment drink. India, Indonesia, and the Philippines are the top three consumers of coconut goods in the Asia-Pacific.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global coconut water market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global coconut water market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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