While the UK’s coconut water market is thriving, new research suggests there are several unexploited countries that could hold even further potential for the product.
Datamonitor Consumer’s latest research on the global coconut water market shows that although UK consumption is due to be around 25 million litres in 2015, much higher growth is expected from Japan, Canada, and France.
These markets may be tougher nuts to crack due to sceptical consumers, or a simple lack of innovation, but the correct product and branding could inspire uptake, FMCG research body Datamonitor Consumer believes.
Sara Grady, an analyst for Datamonitor Consumer, said: “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 $500 million by 2019, as coconut water directly appeals to ongoing demands for functional wellness products.”
Elsewhere, while regions like Malaysia and Indonesia are not expected to see strong changes in consumption habits, with 'unpackaged' coconut water still being the major pull, socioeconomic shifts in Brazil, Mexico, and India are thought to be driving development towards the packaged sector.
Grady adds: "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. 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.”