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 potential.
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 skeptical 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.”