According to the research report, the Plant-based Water Market will witness a YOY growth of 22.26% in 2022 at a CAGR of 25.05% during the forecast period. The report is segmented by product type (coconut water, maple water, and other plant-based water) and geography (North America, APAC, Europe, South America, and the Middle East and Africa). New product introductions are one of the main drivers of the worldwide plant-based water industry’s growth.
Plant-based Water Market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
Geographical market analysis
APAC will account for 36 percent of market growth. In APAC, Indonesia and India are the most important markets for plant-based water. The market in this region will increase at a quicker rate than the market in other regions
Plant-based water market expansion in APAC will be aided by the entry of global businesses and consumers, as well as an increase in the number of health-conscious customers, over the forecast period.
Furthermore, countries such as the US, Indonesia, India, UK, and France are expected to emerge as prominent markets for the Plant-based Water Market during the forecast period.
Key segment analysis
During the projection period, the coconut water segment will raise its share of the plant-based water market significantly. The increased knowledge of the high nutritional value of coconut goods in nations like the United States, the United Kingdom, and others will lead to a surge in demand for packaged coconut water products, propelling market growth in the next years.
Key market drivers & challenges:
New product introductions are one of the main drivers of the worldwide plant-based water industry’s growth. Another market trend that is projected to favorably impact the industry in the forecast period is the rising demand for organic plant-based water. However, one of the major roadblocks to the worldwide plant-based water industry’s expansion is the use of dangerous methods by coconut water manufacturers.
