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The plant-based water market size is projected to increase by USD 12.76 billion and the market size is estimated to grow at a CAGR of 19.64% between 2023 and 2028. This plant-based water market report extensively covers market segmentation by distribution channel (offline and online), product type (coconut water, maple water, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
One of the key factors driving the plant-based water market growth is the marketing initiatives to promote plant-based water. Several prominent players in the global plant-based water market, such as All Market Inc, Coca-Cola, DRINKmaple, and others, are adopting integrated marketing strategies including promotional campaigns through newspapers, magazines, and social media such as YouTube and Facebook to increase the popularity of their plant-based water offerings. In addition, players are launching various campaigns in different countries across the globe to enhance the growth of plant-based water categories by reminding consumers about the multiple nutritional benefits of these beverages. For instance, in September 2021, The Vita Coco Co. launched a social media and outdoor campaign, "Impossible to Hate", with the purpose of promoting and creating mass awareness of its product offerings. Hence, such factors drive the market growth during the forecast period.
The Plant-based Water Market shows an accelerated CAGR during the forecast period.
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A key factor shaping the plant-based water market growth is the growing popularity of plant-based water in the food service sector. There is relatively low On-trade consumption of coconut water when compared to retail channel sales. In addition, the trend is expected to change as many restaurants and eateries in Western countries like the US and the UK have begun to offer packaged coconut water as a mainstream drink on their menus.
Moreover, several companies such as Starbucks Corporation have started selling in-house brands of coconut water like STARBUCKS Black Cherry Limeade Refresher with Real Coconut Water, Evolution Fresh Pineapple Coconut Water, and others. In addition, many food service chains will launch their in-house brands of plant-based water to entice consumers who prefer healthy beverages. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Product recalls and product consistency issues are some of the key challenges hindering the plant-based water market growth. The increasing number of product recalls due to issues such as microbial contamination at the packaging stage and poor product quality can pose a significant threat to market growth. In addition, even a single product recall issue can adversely affect a company's brand perception, which may lead to heavy monetary losses.
Moreover, some of the plant-based water manufacturers have faced product recalls recently, causing consumers to be more cautious while purchasing such brands. For example, in 2015, ONE recalled its packed 11-ounce tetra-pack cartons due to the possible oxidation of the coconut water, leading to the formation of mold. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The increasing awareness of the health benefits of the coconut water segment will increase the market growth. There is a rise in awareness of the high nutritional content of coconut products in countries such as the US, the UK, France, and Germany which is fuelling the growth of this segment. In addition, the demand for flavored coconut water is increasing at a high rate when compared to plain coconut water as consumers within the region often look for healthy and nutrient-rich beverages that have a refreshing taste. As a result, several players are blending coconut water with different flavors such as mango, passion fruit, chocolate, pomegranate, and others to make it a better-for-you beverage for consumers. Furthermore, players are trying to position coconut water as a functional beverage and raise overall awareness of its nutritional benefit among sportsmen and athletes to help grow its consumer base. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
The offline segment is estimated to witness significant growth during the forecast period. This segment comprises supermarkets and hypermarkets, convenience stores, independent retailers, and specialty stores. In addition, supermarkets and hypermarkets have emerged as the most popular distribution channels for products like plant-based water, which is primarily attributed to the growth of the organized retail sector in developed and developing economies.
The offline segment was the largest segment and was valued at USD 3.33 billion in 2018.
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Moreover, some of the main factors that are fuelling the sales of plant-based water in this segment include the growing retail industry and the setting up of numerous new retail outlets. In addition, this segment offers consumers a wide range of products to choose from and provides them with the convenience of finding everything under a single roof. Furthermore, factors including discounted prices and a pleasant shopping experience due to the ambient store atmosphere and shelf displays are influencing consumers to buy plant-based water from supermarkets and hypermarkets. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
North America is estimated to contribute 35% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growing health consciousness among consumers is fuelling the growth of the market in North America. Therefore, consumers are switching from sweetened carbonated beverages to more naturally flavored beverages like plant-based water. In addition, new product launches and innovative packaging are some of the factors that are also acting as growth drivers for the market. Moreover, several players are currently focusing on flavored plant-based water to attract consumers looking for a mix of both health benefits as well as flavors in their beverages. Hence, several prominent players will be experimenting with flavors within plant-based water which is positively impacting the market in the region. Hence, such factors are driving the market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global plant-based water market witnessed a significant slowdown due to a halt in business operations across supermarkets, hypermarkets, and other offline distribution channels. in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of operations in all offline distribution channels and spurred demand for plant-based water in the region. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The plant-based water market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The plant-based water market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Plant-based Water Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19.64% |
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Market Growth 2024-2028 |
USD 12.76 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
18.86 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, Indonesia, India, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alibi, AquaBotanical Water, Caliwater LLC, Danone SA, Drink Simple, DuPont de Nemours Inc., Forager Project, Genius Juice, Glanbia plc, HappyTree Maple Water, Harmless Harvest Inc., Maple 3, Nestle SA, Nordic Koivu Ltd., Rebel Kitchen, Steaz, SunOpta Inc., Tetra Pak Group, The Coca Cola Co., and The Vita Coco Co. Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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