Global Coconut Water and Milk Market, Product (Water and Milk) - Industry Trends and Forecast to 2031.
Coconut Water and Milk Market Analysis and Size
A positive outlook towards adopting a plant-based diet and rising awareness of health consciousness among the population are some of the major factors driving market growth. However, stringent regulatory standards and certification requirements are restraining market growth. On the other hand, increasing variations of coconut water and milk are expected to create an opportunity for market growth. Whereas, competition from non-coconut-based functional beverages and plant-based milk is expected to challenge market growth.
The global coconut water and milk market is expected to grow in the forecast period of 2024 to 2031. Data bridge market research analyzes that the market is growing with a CAGR of 16.4% in the forecast period of 2024 to 2031 and is expected to reach USD 32,025,856.09 thousand by 2031 from USD 9,605,115.24 thousand in 2023.
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Year
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2022 (Customizable into 2016-2021)
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Quantitative Units
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Revenue in USD Thousand
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Segments Covered
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Product (Water and Milk)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., France, Spain, Italy, Turkey, Switzerland, Belgium, Netherlands, Russia, Rest of Europe. Philippines, Thailand, Indonesia, India, China, Vietnam, Japan, Malaysia, Singapore, South Korea, Hong Kong, Taiwan, Australia, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Kuwait, Saudi Arabia, U.A.E., and Rest Of Middle East and Africa
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Market Players Covered
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The Vita Coco Company, ZICO Rising, Inc. Harmless Harvest, Amy & Brain Naturals, PepsiCo, Inc., Ben Tre, Thaicoconut, The Neighborhood Beverage Co., Pamposh Foods India Pvt., NILO, MADHURA COCO FRESH, Roligt Foods Pvt Ltd, CocoCoast, Innovative Food & Beverage, RAW C, CoAqua, Lifetree Agro Foods Pvt. Ltd, RITA Food & Drink Co.,Ltd. TROPICAL SUN,C-COCONUT WATER, Life Refreshed Brands - Real Coco.,Cocomi Bio Organic, Made (Aust) Pty Ltd. Dabur India Ltd., Arcadia Biosciences and among others
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Market Definition
The coconut water is a clear, refreshing liquid found inside green coconuts. It is a natural beverage with a slightly sweet taste, low in calories, and rich in electrolytes, making it a popular choice for hydration and a source of essential nutrients. Whereas, coconut milk is a creamy liquid extracted from grated coconut flesh. It is a versatile ingredient used in various cuisines worldwide, prized for its rich flavor and texture. Commonly used in cooking, baking, and beverages, coconut milk adds a distinctive tropical essence to dishes.
Global Coconut Water and Milk Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Positive Outlook Towards the Adoption of Plant-Based Diet
The prominent trend that is gaining importance within the plant-based diet movement is the innovative use of plant-based ingredients. Manufacturers in the coconut milk and water market are introducing innovative products to cater to the growing demand for diverse and appealing plant-based options. This includes the introduction of flavored coconut waters, coconut milk-based yogurts, and other plant-based coconut derivatives to cater to evolving consumer preferences. The versatility of coconut-based products aligns well with the creative and varied nature of plant-based diets, contributing to the expanding market. Recent studies and endorsements from health professionals further fuel the growth of the coconut milk and water market.
- Rising Awareness of Health Consciousness Among the Population
Consumers are increasingly aware of the nutritional advantages associated with coconut-based products. Coconut water is recognized for its natural electrolytes and hydration properties, making it a popular alternative to traditional sugary beverages. The health-conscious demographic, particularly Millennials and Gen Z, is drawn to the natural and nutrient-rich attributes of coconut water, positioning it as a preferred beverage in their wellness routines. This trend is further strengthened by successful marketing campaigns that emphasize the health benefits of coconut water, portraying it as a refreshing and health-enhancing choice.
Opportunities
- Increasing Variations of Coconut Water and Milk
Consumers are seeking more than just traditional coconut water. They desire a variety of flavors and applications. Flavored coconut water, with options ranging from tropical fruit infusions to herbal blends, caters to this demand for diverse taste experiences. Similarly, the incorporation of coconut milk into desserts, shakes, smoothies, and yogurt capitalizes on the versatility of coconut as an ingredient, providing both dairy-free alternatives and unique flavors to consumers.
- Rising Trend in Consumer Inclination toward Dairy-Free Alternatives
Consumers are increasingly opting for dairy-free alternatives due to health-conscious choices. Coconut milk, derived from the flesh of coconuts, is perceived as a healthier alternative to cow's milk, particularly for individuals with lactose intolerance or those following a vegan diet. It contains essential vitamins, minerals, and healthy fats, making it a nutritionally appealing choice. This health-centric trend is expected to drive the demand for coconut milk globally.
Restraint/ Challenges
- Stringent Regulatory Standards and Certification Requirements
The requirements for certification add another level of complication. These days, many buyers give preference to goods that bear official certificates such as fair trade, organic, or non-GMO. Acquiring and maintaining these certifications necessitates adherence to specific production practices, supply chain transparency, and documentation. While certifications enhance consumer trust, they also require substantial investments in compliance, which can be particularly more difficult for small or local producers within the coconut industry. Regulatory standards constantly change, requiring industry participants to adapt and improve processes, adding operational complexities and financial challenges, potentially constraining market growth. In certain instances, regional variations in regulatory frameworks create a fragmented landscape for coconut product manufacturers.
- Threat of Substituents such as Merchandise and Electronics Items as Gifts
Global supply chain complexities also contribute to the difficulties in sourcing quality coconuts. The coconut industry often involves multiple stakeholders, including smallholder farmers, local cooperatives, and larger processing companies. Coordinating and standardizing quality across this diverse supply chain can be challenging. In addition, the lack of a transparent and standardized grading system for coconuts adds a layer of complexity, making it difficult for market players to consistently source high-quality raw materials. In the coconut milk and water market, the quality of sourced coconuts directly influences the taste, nutritional content, and overall appeal of the final products. Inconsistencies in coconut quality can lead to variations in flavor, texture, and product shelf life.
Recent Developments
- In February 2023, The Vita Coco Company announced the expansion of its coconut water portfolio by partnering with Diageo for canned cocktails and marketing its drink as a hangover cure. This will help the company to widen its market scope and impact in comparison to other players in the market
- In May 2021, Arcadia Biosciences acquired Lief Brands, including CBD brands such as Soul Spring and Saavy Naturals, for USD 4.0 million in cash and 827,400 shares. The purchase aims to strengthen Arcadia's presence in the CBD wellness space and expand distribution to over 5,000 stores nationally. Notable brands acquired include Zola, recognized for its sustainably sourced coconut water, recently named the best-tasting by Epicurious. The acquisition provides Arcadia access to an experienced management team, a 20,000-square-foot manufacturing facility, and potential synergies for growth in both CBD and food and beverage sectors
Global Coconut Water and Milk Market Scope
The global coconut water and milk market is categorized into one notable segment based on product. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Milk
- Water
On the basis of product, the market is segmented into water and milk.
Global Coconut Water and Milk Market Regional Analysis/Insights
The global coconut water and milk market is categorized into one notable segment based on product.
The countries covered in the global coconut water and milk market report are U.S., Canada, Mexico, Germany, U.K., France, Spain, Italy, Turkey, Switzerland, Belgium, Netherlands, Russia, Rest of Europe. Philippines, Thailand, Indonesia, India, China, Vietnam, Japan, Malaysia, Singapore, South Korea, Hong Kong, Taiwan, Australia, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Kuwait, Saudi Arabia, U.A.E., and Rest Of Middle East and Africa.
Philippines is expected to dominate the Asia-Pacific region due to long-standing tradition of coconut cultivation and processing in the country. U.S. is expected to dominate the North America region due to growing trend towards healthier lifestyles and increased awareness of the nutritional benefits of coconut water and milk. U.K. is expected to dominate the Europe region because of growing health and wellness industry in the U.K. has created a conducive environment for the success of natural and functional beverages like coconut water and milk.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Coconut Water and Milk Market Share Analysis
The global coconut water and milk market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus on the global coconut water and milk market.
Some of the major market players operating in the global coconut water and milk market are The Vita Coco Company, ZICO Rising, Inc. Harmless Harvest, Amy & Brain Naturals, PepsiCo, Inc., Ben Tre, Thaicoconut, The Neighborhood Beverage Co., Pamposh Foods India Pvt., NILO, MADHURA COCO FRESH, Roligt Foods Pvt Ltd, CocoCoast, Innovative Food & Beverage, RAW C, CoAqua, Lifetree Agro Foods Pvt. Ltd, RITA Food & Drink Co.,Ltd. TROPICAL SUN,C-COCONUT WATER, Life Refreshed Brands - Real Coco.,Cocomi Bio Organic, Made (Aust) Pty Ltd. Dabur India Ltd., Arcadia Biosciences and among others.
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