SAN FRANCISCO, Oct. 28, 2020 /PRNewswire/ -- The global coconut water market size is expected to reach USD 14.06 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 16.1% from 2020 to 2027. The rising adoption of healthy and natural drinks among all age groups across the globe is crucial for market growth. Moreover, several health benefits associated with the product are propelling the demand for the product as a nutritional drink among consumers.
Key suggestions from the report:
By packaging, the tetra pack segment accounted for the largest revenue share of more than 40.0% in 2019. Such packaging formats are expected to gain popularity among consumers as they offer a long life to the liquid packaged inside
The liquid form segment held the largest share of more than 80.0% in 2019. Most manufacturers in the industry offer the product in the liquid form as these products are ready for consumption and can be consumed on the go
The online distribution channel segment is expected to register the fastest CAGR of 17.0% from 2020 to 2027. The online channel has emerged as the new preferred channel for shopping among generation Y, Z, and Alpha
Product innovation is expected to remain one of the key strategies among the industry participants to sustain the competition.
Over the past few years, consumers are increasingly adopting healthy and nutritional drinks instead of high sugary carbonated drinks. Coconut is one of the world's most nutritious fruits, with almost 95% water and very little fat. Moreover, it is an excellent source of antioxidants, minerals, protein, fiber, and several other essential nutrients. This plant-based drink is also beneficial for several chronic diseases, such as diabetes, kidney stones, cardiovascular diseases, and blood pressure.
Gym-goers and athletes are increasingly adopting this drink owing to its excellent hydration and replenishing properties during prolonged exercise. In addition to this, the product is widely used in preparing various Asian cuisines due to its nutritional benefits. The properties of the product are anticipated to boost the market growth over the forecast period.
Central and South America emerged as the largest regional market with a share of more than 25.0% in 2019, as coconut water is widely consumed as a functional drink in Brazil and Argentina. Europe is anticipated to be the fastest-growing regional market with a CAGR of 17.6% from 2020 to 2027 due to the rising adoption of plant-based nutritional drinks among the young population.
Grand View Research has segmented the global coconut water market on the basis of packaging, form, distribution channel, and region:
Coconut Water Packaging Outlook (Revenue, USD Million, 2016 - 2027)
Coconut Water Form Outlook (Revenue, USD Million, 2016 - 2027)
Coconut Water Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Coconut Water RegionalOutlook (Revenue, USD Million, 2016 - 2027)
Yogurt Drink Market – The global yogurt drink market size was valued at USD 29.19 billion in 2016. Rise in consumer awareness with respect to health benefits of yogurt drink is projected to drive industry growth over the forecast period.
Ready To Drink (RTD) Tea and Coffee Market– The global ready to drink (RTD) tea and coffee market size was estimated at USD 75.25 billion in 2016, growing at a CAGR of 5.6% from 2017 to 2024. The rising demand for energy drinks that have a familiar taste as daily consumption beverages boosting the demand.
Sports Drink Market– The global sports drink market size was valued at USD 22.37 billion in 2018, Rising demand for Sports drinks that help athletes replace electrolytes, energy, and water before, during, or after a competition or training is driving the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.