LONDON--(BUSINESS WIRE)--Technavio analysts forecast the coconut water market in the US to grow to USD 3.13 billion by 2021, at a CAGR of close to 26% over the forecast period, according to their latest report.
The research study by Technavio on the coconut water market in the US for 2017-2021 provides a detailed industry analysis based on the product type (sweetened and unsweetened coconut water), flavor type (flavored and plain coconut water), and distribution channel (supermarkets, convenience stores, and specialist retailers).
|Coconut water has emerged as a popular ready-to-drink (RTD) healthy beverage, viewed as a substitute for carbonated drinks and processed juices, owing to its high nutrition content. Over the last few years, the demand for coconut water has increased significantly, especially in North America and Europe.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the coconut water market in the US:
- Health benefits associated with the consumption of coconut water
- Increase in the number of marketing campaigns
- Rise in number of water-based coconut drinks positioned as natural sports drinks
Health benefits associated with the consumption of coconut water
“Coconut water is being increasingly recognized for its numerous health benefits, which is leading to the growing sales of packaged coconut water globally. This trend is more popular in non-tropical countries like the US, where fresh coconut water is not easily available,” says Manjunath Reddy, a lead analyst at Technavio for non-alcoholic beverages research.
The busy lifestyles of consumers in the country has created a need to adopt healthy lifestyle habits consciously. Of late, coconut water has become a perfect alternative to drinks with artificial and high sugar content, since they are enriched with sodium, potassium, and electrolytes, which are essential for the health. Coconut water can also replenish body fluids and helps in weight reduction and the improvement of skin texture and digestion.
Increase in the number of marketing campaigns
The rise in the number of celebrity endorsements and media campaigns promoting the health benefits of consuming coconut water are majorly boosting the market's growth in the US. Celebrities such as Madonna, Demi Moore, and Matthew McConaughey invested in the leading coconut water company Vita Coco, which increased the sales of the company by 200% between 2007 and 2009.
Also, the branding of Coca-Cola's ZICO as the official beverage for the Sochi Olympic Winter Games provided a great boost to the market. These endorsements help promote coconut water as a healthy drink, which has a positive impact on the growth of the market at large.
Rise in number of water-based coconut drinks positioned as natural sports drinks
“Coconut water is positioned as a healthy sports drink due to its naturally hydrating effect on the body. These claims are backed by studies which have proven coconut water’s ability to replenish the fluid content lost from the body during sports and exercise better than any other sports drink available in the market,” says Manjunath.
Coconut water is a natural energy drink, which is rich in potassium, sodium, and other minerals like calcium and magnesium. Companies such as Vita Coco and Coca-Cola (ZICO) have greatly benefited from being among the first to market coconut water as a natural sports drink in the US.
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