Plant-based waters market to witness an intensely competitive landscape, coconut water to be a major contender in the product spectrum
The coconut water amasses the major chunk of the plant-based waters market pertaining to the volume as well as the revenue. As per the estimates, this segment dominated the overall plant-based waters product landscape in 2016 and is slated to register phenomenal growth over the coming timeframe. The prospective commercialization of the coconut water market is quite evident from the active participation by the industry players to exploit this business space. Earlier this year, one such instance demonstrating the massive potential of this industry was the announcement by PepsiCo, where it declared its plan to acquire All Market Inc., the owner of coconut water brand dubbed Vita Coco. The deal would leverage PepsiCo with a strong position in the overall plant-based waters industry.
This acquisition would also establish a strong battleground for the two world’s biggest soda companies – PepsiCo and The Coca-Cola Company. The latter had acquired Zico coconut water brand in 2013 and has a rather strong foothold in the overall plant-based waters market. However, if the deal of PepsiCo acquiring All Market Inc. materializes, the overall plant-based waters market would witness a fiercely competitive landscape in the years ahead.
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Asia Pacific is gaining a major traction pertaining to the commercialization of the plant-based waters market. The market participants are vigorously exploiting the APAC belt to explore the plethora of untapped opportunities in this region. The region is one of the top repositories of coconut, which still falls in the unbranded and unorganized category.
However, in addition to the regional penetration, the distribution network of the industry players will also be a major parameter defining their profitability margins. Along these lines, the online distribution channels are witnessing a swift growth in this business space, owing to the easy product availability and enhanced marketing approach of these channels. The players are increasing their tie-ups with these online platforms to enable an effective distribution model. The retail stores are the second largest distribution channels and are estimated to register the highest CAGR of 23% over the period of 2017-2024. The diversified product landscape of the plant-based waters industry will drive the retail distribution channel adoption in the coming timeframe.
Speaking of the broader product portfolio, the plant-based waters industry is also gaining a remarkable share from the rising sales of Birch and Maple water. These products are still in the nascent stage but the pace at which they are penetrating the U.S. and U.K. markets is indeed appreciable. North America plant-based waters market is projected to witness significant gains from the increasing sales of maple water and the increasing packaged water consumption. Birch, having an ample availability in Europe, will substantially drive the regional plant-based waters industry.
The industry might face growth restraints pertaining to the shorter shelf life and the complex supply chain model of the relevant products. However, the innovations in the packaging industry are addressing these durability issues at a rather quick pace.
In the years ahead, the industry is estimated to witness a broader product portfolio with the incorporation of new flavors. Global penetration, brand recognition, and effective distribution channels are some of the major parameters characterizing the profitability landscape. With this diversified product spectrum and a plethora of potential untapped opportunities, the global plant-based waters market is forecast to exceed a valuation of USD 10 billion by 2024.
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