The global coconut water market size was valued at USD 4.27 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 16.1% from 2020 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 an 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 2019, TAJA Coconut launched non-GMO and sugar-free bottled coconut water. The company innovated 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 flavors and is crystal clear in appearance.
Liquid coconut water accounted for the largest revenue share of more than 80.0% in 2019. 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 2019, Harmless Harvest launched coconut water under the brand name Protein & Coconut, which is available in three flavors, 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 powder coconut water segment is expected to register the fastest CAGR of 16.5% from 2020 to 2027. The product is created by evaporating and freeze-drying the coconut water. Along with acting as a perfect alternative to fresh coconut water, it offers convenience to people staying beyond the tropical areas. It can be rehydrated by simply adding plain water or other flavored liquid to the powder and is mostly used while preparing specific recipes.
The offline channel segment dominated the market and accounted for a revenue share of more than 80.0% in 2019. 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.
The online channel segment is expected to register the fastest CAGR of 17.0% from 2020 to 2027. The online channel has evolved as the new preferred channel for shopping among generations Y, Z, and Alpha. The preference is a result of the 24/7 availability of these stores. The ease of shopping it offers to its consumers relaxing back at home is one of the most lucrative aspects of the channel.
Tetra pack led the market and accounted for a revenue share of more than 40.0% in 2019. 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 aluminum. The choice of the component also helps in keeping the packaging light.
The tetra pack segment is also expected to witness the fastest growth from 2020 to 2027. Another reason leading to the rapid adoption of the packaging is its recyclability. Furthermore, the manufacturers have been using 100% FSC wood to make it sustainable. Its paper-based packaging makes it extremely easy to open and handle and gives it a strong environmental profile.
Central and South America held the largest revenue share of over 25.0% in 2019. Coconut water is a part of the everyday diet in Brazil and other neighboring countries. The huge demand has led to the availability of the product in almost every shop. Along with its consumption as a nutritious health drink, the drink is being largely used for curing a hangover. One of the most popular drinks made using coconut water and is considered healthy for curing a hangover is agua de coco.
Europe is expected to expand at the fastest CAGR of 17.6% from 2020 to 2027. The rising demand for healthy beverages among millennials has led to multiple companies launching their products in European countries. In August 2019, Vita Coco launched sparkling coconut waters in the U.K. The product is focused on providing a healthy substitute for sugary beverages. The product is available in flavors including pineapple and passion fruit and lemon and lime. A 330 mL can contain 3.7g of natural sugar and 20 calories and is priced at GBP 1.69. It is readily available in Tesco, Sainsbury's, Morrisons, Co-op, Whole Foods Market, and Bestway.
The market is in a state of rapid growth, and players can constantly strategize to leverage growth. For instance, in August 2020, Elegance Brands, Inc. entered into a strategic partnership with KC Distributing. As part of this agreement, KC Distributing will exclusively sell Elegance’s products, including coconut water, for the following twelve months. To help increase brand penetration, KC Distributing will rebrand its delivery trucks with Gorilla Hemp. Elegance Brands, Inc. is set to launch its coconut water by October 2020. Coconut water will be offered in the canned cocktail form in four fruit flavors. Some prominent players in the global coconut water market include:
All Market Inc.
Naked Juice Company
New Age Beverages Corporation
Celebes Coconut Corporation
Elegance Brands, Inc.
Vaivai SAS
Elegance Brands, Inc.
C2O Pure Coconut Water, LLC
PepsiCo (O.N.E. Coconut Water)
The Coca-Cola Company (ZICO)
Harmless Harvest
COCOZIA
Report Attribute |
Details |
Market size value in 2020 |
USD 4.75 billion |
Revenue forecast in 2027 |
USD 14.06 billion |
Growth Rate |
CAGR of 16.1% from 2020 to 2027 |
Base year for estimation |
2019 |
Historical data |
2016 - 2018 |
Forecast period |
2020 - 2027 |
Quantitative units |
Revenue in USD million/ billion and CAGR from 2020 to 2027 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Packaging, form, distribution channel, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; U.K.; Germany; China; India; Brazil; Argentina |
Key companies profiled |
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. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global coconut water market report on the basis of packaging, form, distribution channel, and region:
Packaging Outlook (Revenue, USD Million, 2016 - 2027)
Tetra Pack
Plastic Bottle
Others
Form Outlook (Revenue, USD Million, 2016 - 2027)
Powder
Liquid
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Online
Offline
Regional Outlook (Revenue, USD Million, 2016 - 2027)
North America
U.S.
Europe
U.K.
Germany
Asia Pacific
China
India
Central & South America
Brazil
Argentina
Middle East & Africa
b. The global coconut water market size was estimated at USD 4.27 billion in 2019 and is expected to reach USD 4.75 billion in 2020.
b. The global coconut water market is expected to grow at a compound annual growth rate of 16.1% from 2020 to 2027 to reach USD 14.06 billion by 2027.
b. Central & South America dominated the coconut water market with a share of 28.4% in 2019. This is attributed to the increasing adoption of a number of healthy and nutritional drinks to keep their lifestyle healthy and fit in countries including Brazil and Argentina.
b. Some key players operating in the coconut water market include 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; and COCOZIA.
b. Key factors that are driving the coconut water market growth are the rising awareness of health benefits associated with coconut water and new product launches.
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