Plant-based Waters Market to Grow USD 10 billion by 2024 according to this new research report.
Health issues associated with carbonated drinks consumption, such as obesity, heart diseases, diabetes, tooth decay, cancer, digestion issues, etc. have drifted the focus of consumers to the healthy and natural drinks. This inclination towards alternatives to artificially sweetened beverages is the key driver of the plant-based waters market during the forecast timeframe. The healthy hydration trends have gained significant popularity in the recent years. The nutritious nature of the plant-based waters is certain to expand the vast growth avenues for the product market in the near future.
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The expanding packaging industry will further fuel the product market growth, owing to the tremendous innovations in the industry for preservation of the waters for a significantly extended period. Attractive product packaging contributes to the acceptance of the product among the populace, and portrays a representation of product authenticity to the consumers. The product manufacturers have leveraged the innovative technologies in the packaging industry thereby leaving a positive impact on the market growth.
The product market holds certain growth restraints in the near future. Requirement of cold chains for refrigeration throughout the transportation involves higher investments by the producers. Also, the travelling time-constraints limit the geographical expansion of the local business. Raw material availability restricts the processing units establishment in the respective locations. For instance, cactus, birch, maple, artichoke trees are found in certain geographies, which compels the producers to set up the product packaging and processing units at the respective places. Also, the consumers’ preference to the fresh water over the packaged water, particularly in case of coconut water will also be a challenge to the market growth.
Among the several types of plant-based waters, the coconut water is the most renowned one among all. However, the other types hold very small market shares. Lack of awareness of the product variants among the populace will lead to uneven distribution of market share among the product types in the forecast period.
Coconut water has been the largest share gainer in 2016 both in terms of revenue and volume, owing to its wide availability coupled with rich nutritive content of potassium and electrolytes including sodium, phosphorous, magnesium and calcium. It is estimated to follow the same trends in the forecast period and lead the market by 2024.
Maple water is anticipated to surpass USD 0.9 billion revenue by 2024. The growth is attributed to the nutritive composition of the product including electrolytes, bioactive nutrients, antioxidants, amino acids and minerals which boost immunity, aids digestion along with healthy hydration.
In case of the plant-based waters segmentation based on pack-type, bottles hold a significant share and are projected to rise with gains up to 20.2 % CAGR.
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The plant-based waters market structure is fragmented in nature with most of the players sprung up from U.S., U.K., Finland, Denmark, Russia and other European countries. Local companies are trying to establish footprints in the international markets.
A few emerging market players are: Caliwater LLC, DRINKmaple, Happy Tree Group, Sibberi, PepsiCo Inc., True Nopal, World Waters, LLC, Nordic Koivu, Harmless Harvest, ARTY Water Company, Steaz, The Coca-Cola Company, DrinkSEVA, Oviva Maple Water Company and All Market Inc.
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