Global coconut water consumption to increase further
The global coconut water market is expected to expand significantly as
consumption increases in new markets, according to Datamonitor Consumer.
Source: Foodnews, UK
While the UK’s coconut water market is thriving, Datamonitor Consumer’s
latest research on the global coconut water market suggests that there
are several unexploited countries that could hold even further
Findings show that although UK consumption is due to near 25 million
litres in 2015, much higher growth is expected from Japan, Canada, and
neighbouring France. These markets may be tougher nuts to crack due to
flighty or sceptical consumers, but the correct
product and branding could inspire uptake. There appears to be untapped
opportunity across the global marketplace.
“With the focus very much on the US and Europe, some wealthy,
health-conscious markets have been missed out by coconut water brands.
Japan has the potential to be worth almost USD500 mln by 2019 as coconut
water directly appeals to ongoing demands for functional
wellness products,” said Sara Grady, analyst for Datamonitor Consumer.
While regions like Malaysia and Indonesia are not expected to see strong
changes in consumption habits, socio-economic shifts in Brazil, Mexico
and India are thought to be driving development towards the packaged
sector. It is now up to producers to enter these
markets with affordable launches that align with wider interests enough
to pull consumers away from fresh produce.
“While some key emerging markets have a strong unpackaged coconut water
tradition, there is a growing audience for packaged options in perhaps
unexpected regions,” said Grady.
“Producers investing in markets like India and Brazil should be sure to
convey the convenience and hygiene benefits of choosing a packaged drink
in order to drive success.”
The rapid uptake of bottled water in India should be taken as a lesson
that consumption habits can be changed if adequate reason is given by
brands. With packaged coconut water already gaining ground in Brazil,
there is an opportunity to capitalise on interest
from developing markets.
For more information on the global coconut water market please see
Datamonitor Consumer’s latest databook “Coconut Water Consumption in 25
Markets, 2009 to 2019.”