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 25m 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, or a simple lack of innovation as has been the case in Canada so far, but the correct product and branding could inspire uptake. There certainly appears to be untapped opportunity across the global marketplace:
Sara Grady, Analyst for Datamonitor Consumer notes: “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 $500m by 2019 as coconut water directly appeals to on-going demands for functional wellness products.”
But what about the markets where unpackaged volumes dominate? While regions like Malaysia and Indonesia are not expected to see strong changes in consumption habits, socio-economic shifts in Brazil, Mexico, and India, for example, 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,” explains 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.”
Although this might seem implausible, 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 clearly an opportunity to capitalize on interest from developing markets.
For more information on the global coconut water market please see Datamonitor Consumer’ site
