The packaged coconut water market in North America is expected to cross $2 billion by 2023
Arizton Advisory & Intelligence has published an exclusive report on the global packaged coconut water market. The report titled Packaged Coconut Water Market – Global Outlook and Forecast 2018 – 2023, provides the insights about the global market and forecasts its size in key geographies such as APAC, EMEA, North America, and Latin America.
Analysts at Arizton expect that North America is likely to contribute the major revenue to the global packaged coconut water market, whereas the APAC region will a key consumption destiny.
Major drivers for the growth of the packaged coconut water market in this North America are rapidly shifting consumer preferences for healthy alternatives, federal education programs, informing the ill-effects of sugar-loaded drinks, a well-developed retail landscape that facilitates innovation in terms of new product launches and the presence of multinational food and beverage manufacturers that have recognized the product potential and have committed significant investments to boost the product availability and reach.
Analysts at Arizton also added that the coconut water market has turned to be a billion-dollar opportunity with majority of FMCG companies either venturing into this business or making strategic acquisitions to capture a pie of the growth story. Various factors have shaped the market over the last five years into what is one of the fastest growing beverage segments in North America.
Packaged Coconut Water Market in US
Packaged coconut water that made inroads into the country almost a decade ago hardly saw an action until five years ago where in the demand has grown manifold outstripping the supplies. Increased awareness over ill-effects of carbonated beverages among the Generation Y and Generation Z in the country, balancing their consumption with that of healthier substitutes, including fruit juices, electrolytes and carbonated water is one of the major driving factor as packaged coconut water is considered as a healthy substitute for carbonated beverages.
Packaged Coconut Water Market in Canada
The consumption of packaged coconut water in Canada can be termed to be still in nascent stages with the market offering significant growth potential. A majority of the renowned brands are in existence in the market with ZICO, O.N.E, Grace, Blue Cocos-Pure featuring among the prominent ones. A major driver of the market in Canada is a rapidly growing retail presence in hypermarkets and superstores. Retailers such as Walmart and Starbucks having recognized the potential consumption growth of the drink are increasingly allocating shelf spaces even at a compromise of carbonated drinks in order to leverage on the demand.
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