LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global plant-based water market predicts a CAGR of around 27% during the period 2018-2022.
The report segments the global plant-based water market by product type (coconut water and maple water) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global plant-based water market, according to Technavio food and beverage researchers:
- Packaging innovations: a major market driver
- Rising demand for organic plant-based water: emerging market trend
- The Americas accounted for a revenue share of more than 50% of the global market in 2017
- In 2017, the coconut water sector held the largest share of the market
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Packaging innovations: a major market driver
Packaging innovations are one of the major factors driving the global plant-based water market. Attractive and innovative packaging strategies have been emerging gradually as one of the best ways for vendors in the plant-based water market to tempt new consumers and generate increased market demand. Portable, single-serve packaging and innovative packaging designs are important parameters for consumers to judge a brand and its product offerings. Many plant-based water manufacturing players are launching plant-based water products with attractive and innovative packaging designs. Numerous players are concentrating on green packaging or sustainable packaging for their plant-based water products to indicate that the packaging material is biodegradable or can be recycled with minimal ecological footprint.
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Rising demand for organic plant-based water: emerging market trend
Organic food and beverages are becoming popular because of their health benefits. The market for organic beverages is a niche segment. Organic products are usually priced higher than the conventional products. The premium price is because of the comparatively high production costs as well as consumers’ willingness to pay extra for organic products.
According to a senior analyst at Technavio for non-alcoholic beverages research, “The increasing health awareness of the harmful effects of consuming sugar and artificial sweeteners in excess is contributing to the demand for organic plant-based water. Therefore, many players are launching organic plant-based water. The demand for organic plant-based water products is expected to increase during the forecast period, thereby increasing the overall revenue of plant-based water market.”
Global market opportunities
In 2017, the global plant-based water market was dominated by the Americas that accounted for a revenue share of more than 50%. It was followed by EMEA and APAC. The increased demand for natural plant-based hydration products is one of the major factors contributing to the market growth in the Americas and Western Europe. The growing number of supermarkets, hypermarkets, discount store, convenience stores, and food specialty stores across the globe is also a major driver, which will impact the growth of global plant-based water market during the forecast period.
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