Plant Based Waters Market Analysis, Trends and Forecast (2017-2024)

The growth prospects for Plant-based waters market have been forecast to be positively high over the coming years. This is evident from the recent clash between Pepsi and Coca-Cola, wherein both the companies have been planning to commercialize packaged coconut water in a bid to establish their position in global plant-based waters industry. Of late, consumers have been preferring to purchase healthier organic drinks, as opposed to aerated ones, on account of which companies have been vying with one another to manufacture plant-based beverages instead of routine drinks. A sedentary lifestyle has led to an increase in the consumption of soda-based drinks. The rise in health hazards such as obesity, cancer, indigestion, and diabetes due to these drinks have also prompted numerous beverage firms to penetrate plant-based waters market, which is slated to observe a CAGR of 19% over 2017-2024.

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Global plant-based waters industry has been witnessing an appreciable growth across the Asia Pacific region, particularly due to the increased availability of coconut plantations in countries such as India. The region is anticipated to be a lucrative business ground for market players as there is a tremendous untapped potential across the continent for branded & packaged coconut water, in addition to other plant-based drinks. For instance, the year 2015 witnessed Vita Coco, one the world’s top coconut brands, penetrate the plant-based waters industry in Asia Pacific, by establishing its brand value across China, South Korea, Japan, Philippines, and Singapore. In addition, the company had then outlined plans to enter the business across five other geographies, including Malaysia, Australia, Brunei, New Zealand, and Maldives. As on today, Vita Coco, with its plethora of well-commercialized coconut water products, holds a healthy share of APAC plant-based waters market.

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A major factor that is likely to expand the business scope of plant-based waters industry is the mode of distribution. The advent of digitization has mobilized businesses, and every product and service-based firm now has a major share in the online space. On these grounds, it would not be incorrect to presume that online channels will play a vital role in commercializing plant-based waters industry. Hectic consumer lifestyles and easy product availability will be the key factors driving plant-based waters market via online distribution channels. Companies have the opportunity to promote a wide range of their products on online platforms, which will further stimulate the expansion of this segment.

While online portals will gain momentum at a brisk pace, brick-and-mortar stores will continue to garner popularity, owing to the broad product portfolio and a loyal consumer base. Estimates state that plant-based waters industry size from retail stores is expected to witness a growth rate of 23% over 2017-2024. The robust growth of this segment may also be attributed to the fact that consumers get to actually see and feel the product, and this physical proximity makes a marked difference in product sales. On these grounds, companies have also been concentrating on the packaging of the product. Shifting consumer inclination toward organic and aesthetic packaging has led to the development of numerous packaging options, such as bottles, pouches, cartons, and cans. In addition, manufacturers have detected that innovative packaging helps extends the shelf life of these products and further aids the producers to manufacture low-calories and healthy drinks, which has led to the expansion of plant-based waters market from the packaging type.

As per estimates, plant-based waters industry from pouches is expected to grow at a noticeable CAGR over 2017-2024. Liquid pouch packaging market size, which is expected to cross 7,000 kilo tons by 2024, will massively contribute toward the growth of this segment. Plant-based waters industry from bottles, on the other hand, is expected to increase at a CAGR of 20.2%, pertaining to the convenience of packaging and high consumer demand. However, the major chunk of packaging-based plant-based waters market is occupied by cartons, which held a valuation of USD 1.1 billion in 2016. As per estimates, majority of the coconut water is parceled in aseptic cartons for hygienic purposes. Owing to the flexibility of this packaging type and its demand across retail stores, plant-based waters industry from cartons is expected to grow at a remarkable pace over 2017-2024.

The extensive growth of the packaging sector across the continents of Europe and North America will drive plant-based waters market in the region. North America is renowned to manufacture organic drinks of myriad flavors, such as bamboo water, maple water, cactus water, olive water, etc. Companies have been taking efforts to increase the product flavors with a view to attract a wider consumer base. As per reliable sources, maple water and birch water are the latest entrants in plant-based waters industry that have been carving out a unique space for themselves in this business. Plant-based waters market from maple water is anticipated to surpass a valuation of USD 0.9 billion by 2024 and will grow remarkably over the years ahead.

The vast expanse of birch and maple trees across European regions such as UK, Germany, and France will also augment plant-based waters industry from birch. Despite coconut water being one of the largest revenue generating segments of plant-based waters market, other products, such as cactus water and artichoke water have also been gaining a significant momentum. Other plant waters include ginger water, rose water, bamboo water, and barley water.

This industry is rather fragmented and involves the presence of domestic players such as PepsiCo Inc., The Coca-Cola Company, Happy Tree Group, Steaz, DRINKmaple, Harmless Harvest, Oviva Maple Water Company, Caliwater LLC, World Waters, ARTY Water Company, All Market Inc, Sibberi, and DrinkSEVA. The emerging economies are forecast to develop extensively over the years ahead, owing to which companies at the global level have been eyeing the developing countries to explore the untapped potential. Major corporations have been signing agreements with online retailers like Amazon in order to expand their sale via online distribution channels.

Global plant-based waters market encompasses original and flavored waters. Leading market players have also been striving to develop unique water flavors to broaden the product portfolio. The latest trend in plant-based waters market is that of blending ginger, green tea, and rose flavors. The segment is slated to experience massive growth based on changing consumer tastes.

Customers have now become increasingly health-conscious, which is one of the major drivers of plant-based waters industry. In order to retain a loyal consumer base, it is essential that these plant beverages contain organic, natural, and low-calorie ingredients. It is quite perceivable that the dearth of recorded health benefit claims and sustainability issues would act as major hindrances for the growth of plant-based waters market. However, incessant efforts are being undertaken by companies to minimize the restraints as far as possible, in order to carve out a positive growth path for this industry over the years ahead.

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