Plant-Based Water Market Size, Share, Growth, And Industry Analysis, By Type (Coconut Water, Maple Water, Birch Water, Artichoke Water and Others), By Application (Flavored Plant-Based Waters, Original Plant-Based Waters and Others), Regional Forecast to 2028

Updated On: 13 March 2023

Report Overview

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The global plant-based water market size was USD 4.10 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the plant-based water market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 7.60 billion in 2028, exhibiting a CAGR of 10.8% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Plant-based fluids are healthy substitutes for traditional beverages and offer a significant quantity of nutrition. The newest fashion beverage is plant-based water, which means that the beverage is made from plants. The plant fluids continue to be a healthy, low-sugar alternative to common beverages. These have very little nutrition, but due to their high sugar content, they are also seen as being consumed in moderation, such as other drinks. Coconut water, maple water, and birch water are the most popular plant-based beverages. The method of processing the water will vary depending on the type of plant. These waters might offer further health advantages. The amount of calories and nutrients might change depending on the kind of water and the additives.

During the projected period, the coconut water segment's market share growth in flavored water will be substantial. Growth of the market for packed coconut water commodities, which will fuel market growth in the upcoming years, will be brought on by increased knowledge of the high nutritious value of coconut products in nations such as the U.S., the U.K., and many others.

COVID-19 Impact: Import and Export Restrictions Caused a Decline in Sales for Alternate Waters

The COVID-19 pandemic-related lockdown originally resulted in a loss of sales and revenue for the plant flavored water business since manufacturing facilities had to be shut down and staffing levels were low. The beverage and food sectors were classified as important companies, but because of import and export restrictions from some nations, obtaining raw materials became challenging. In order to establish social distancing and stop mass gathering, distribution channels including supermarkets and convenience stores were closed, which resulted in a decline in the sales of alternate waters. Since customer purchasing habits have altered and have shifted toward healthier choices, the post-pandemic situation for the water industry is predicted to be successful.

Latest Trends

"Use of Technological Procedure to Preserve all the Nutrients of the Coconut Water "

The introduction of new goods is causing these waters to become more widely used. Bottled coconut water that is sugar-free and non-GMO was introduced by TAJA Coconut in February 2019. The business created a novel, proprietary technology and a three-step, cold-filtered extraction method for coconut water. As the product is prepared without the use of heat, air, or additives, the procedure aids in the preservation of all the nutrients. The finished dish is visually stunning and has flavors that are well-balanced.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Coconut Water, Maple Water, Birch Water, Artichoke Water and Others

• By Application Analysis

Based on application, the market can be divided into Flavored Plant-Based Waters, Original Plant-Based Waters and Others

Driving Factors

"Increasing Demand for Alternate Waters will have a Favorable Effect on the Market"

One of the significant market trends for flavored water that is anticipated to have a favorable effect on the sector in the next few years is the increasing demand for natural alternate water. Demand for natural plant-based water is rising as people become more aware of the negative health impacts of drinking large amounts of sugar and artificial sweeteners. Consequently, a lot of players are introducing organic plant-based beverages. For instance, in 2017 Green-Go introduced zero-calorie organic cactus water. The Nopal, or thorny pears, cactus, produces this product, which is made from its nutrient-rich paddle. Presently, organic coconut water products are available from players such as Rude Health, Bukofoods.com, and others. Manufacturers of organic maple water include SEVA Maple Water and others. In the upcoming years, these elements will assist market expansion even more.

"Requirement for Packed Refreshments will Rise as a Result of Developing New Products"

The introduction of new products is one of the major reasons for boosting the worldwide plant-based water sector. The need for packed refreshments such as these waters will rise as a result of development of new products, enhanced flavor and adaptability, and strong marketing support. For instance, Del Monte Foods, Inc. stated in June 2021 that it would introduce its bottled King Coconut Water in India. This product is famous for its exceptional health and flavor benefits. The new line of sustainable sparkling maple waters from Maple 3 will be introduced in June 2021. The Vita Coco Co. declared that Vita Coco coconut water would be available in the US starting in February 2021. Over the next few years, this will fuel market expansion.

Restraining Factors

"Damaging Practices Adopted by the Players is Obstructing the Market Expansion "

The damaging practices used by those involved in the production of coconut water are one of the main obstacles to the expansion of the worldwide alternate water sector. Players use concentrate because it is cost-effective for them to import coconut water syrup. Due to this intense heating procedure, coconut water loses some of its nutritional value. Enzymes that are helpful are even denatured in the process. Additionally, coconut water should be kept refrigerated as it is perishable. However, a lot of players employ really high heat to eliminate microorganisms and lengthen shelf life. Some competitors also provide their products with natural sweeteners and tastes. This is a result of the fact that the majority of players utilize mature coconut water, which isn't particularly delicious. These elements will restrict plant-based water market growth during the anticipated term.

Regional Insights

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"Growing Health Awareness and Rise in Disposable Income is Driving the Regional Market"

The Asia Pacific area will experience the fastest growth in the next few years, outpacing all other regions of the world, due to a combination of growing health awareness and a general dislike of sugary, carbonated beverages. The future of the market in that area looks bright due to the expansion of full-service and quick-service restaurants in the area as well as the increased demand for the goods. As more people are aware of the advantages of living a healthier lifestyle, demand for nutritious food and beverages has risen, which will aid regional market growth. Global eating preferences have also been impacted by the increase in disposable income for consumers. Use of nutrient-dense meals is rising, while consumption of sugary beverages recognized to be harmful to health is declining. Flavored water is predicted to gain mainstream in the coming years given that many locations already have it on their menus. These factors will promote the plant-based water market share in the region.

Key Industry Players

"Key Players Focus on Market and Branding to Increase their Customer Base"

In order to attract and keep customers while making a profit, marketing and branding are essential. By creating a solid supply chain between the processing facilities and retail locations, the manufacturers are continually improving and trying to boost their branding and marketing efforts. Creating discussion on social media about new products in key flavored water industry categories. Companies are leveraging healthy eating and fitness influencers on social media sites such as Instagram and Facebook, which have big audiences and communities. Encouraging consumers to try products and share the benefits with their base will increase purchase intent.

List of Market Players Profiled

• PepsiCo (U.S.)
• Caliwater (U.S.)
• Happy Tree Group (South Korea)
• Sibberi (U.K.)
• Steaz (U.S.)
• DRINKmaple (U.S.)
• Harmless Harvest (U.S.)

Report Coverage

This report covers the plant-based water market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.