Flavored Coconut Water to Substitute Carbonated Drinks by 2023 | Arizton
The coconut water market is projected to generate revenues of over $8.3 billion by 2023, growing at a CAGR of approximately 25% during 2018-2023.
Read: Packaged Coconut Water Market – Global Outlook and Forecast 2018-2023
The different product and variants available in the coconut water market are:
1. Sweetened Coconut Water
Sweetened coconut water is often pitched to be an effective substitute for carbonated drinks and juices wherein the consumer is often accustomed to the flavor, content, and sweetness. The consumption of sweetened water is that it can be better used as an ingredient for various other drinks and food products such as mocktails, cocktails, milkshakes, pancake sauces, frappes, and smoothies. Consumers prefer to add sweetened water with these drinks, which radically improve the taste of concoctions. The market segment is estimated to grow at a CAGR of more than 21% during the forecast period.
2. Unsweetened Coconut Water
Unsweetened coconut water is all-natural and pure water packaged to provide the original taste of the product. The growing number of health-conscious consumers is propelling the demand for the healthiest alternative to carbonated drinks, sports drinks, and caffeine products in the global market. The rising incidence of diabetes across the world is driving the demand for this beverage, particularly in its natural form. Natural coconut water helps subdue cravings and has no cholesterol, and low sugar content and is often preferred by diabetic patients. Unsweetened products are carefully processed as it often reflects the natural taste of the product and thus, maintaining the authenticity and nature of source significantly. Additionally, the marketers advertise and market these products as “natural” to attract more consumers and gain a larger market share. The market segment is expected to grow at a CAGR of around 34% during the forecast period.
Read: Top Trends in the Coconut Water Market
3. Plain Coconut Water
Plain coconut water fetches a premium over flavored variants as it is often perceived to be the closest alternative to natural products. This offers vendors the scope to charge high and capitalize on the marginal utility of the consumer. The plain product variants are in vibrant packaging options enabling vendors to replicate better “being natural” and “being organic” themes with health-conscious consumers. Plain coconut products are used for the production of cosmetics, medical formulations, and food and beverage products. This beverage finds its best use for this demand due to their unaltered nature and the versatility of usage for various potential end-users. The market segment is projected to grow at a CAGR of approximately 32% during the forecast period.
Read: Market Segment of Coconut Water
4. Flavored Coconut Water
Flavored coconut water finds ready acceptability for the fact that it can be easily blended with various other ingredients to derive the desired taste, thereby improving its scope of usage. Flavored products can also be used standalone in puddings, desserts, cocktails, smoothies, and breakfast shakes. These flavored drinks are efficiently pitched against caffeine and cola products, particularly if the user segment is better accustomed to the taste or flavor. These flavors are also viewed to enhance the perceived value of the product in the eyes of customers. The market segment is anticipated to grow at a CAGR of over 26% during the forecast period.
The leading vendors in the market are Amy and Brian Naturals, PepsiCo, Coca-Cola, Green COCO, and Vita-Coco.
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