Global Plant-Based Water Market - 2023-2030

Global Plant-Based Water Market - 2023-2030

Market Overview

The Plant-based Water Market was valued at USD YY million in 2022. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 18.34% during the forecast period (2023-2030).

Plant-based waters are alternatives to regular drinks and provide high nutrition. Plant-based water is the new trend drink which means the drinks are produced from plants. The most popular plant-based water are coconut, aloe, maple, cactus, artichoke, and birch. Depending on the plant type, the water is processed in numerous ways. Plant-based water has extra health benefits. The calories and nutrients can vary depending on the type of water and the additions. Earlier, the liquid from the trees was collected by the hole in the tree and bucket. But now, major firms are developing automated solutions that collect liquid hygienically from the tree. Moreover, innovative packaging has a magnetic effect on raising the product's sales, and the lower calorie content in plant-based waters will boost the global market.

Market Dynamics: Growing plant-based water market with consumer preferences for value-added hydration

The sudden demand for plant-based water, fortified, or sparkling water is ascribed to consumers' growing desire for hydration with added value by shifting consumer tastes. In recent years, attention has switched away from carbonated soft drinks and toward bottled water due to an increase in the number of obese and diabetic people in nations like the United States, Canada, India, Australia, and the United Kingdom, among others. With 45 calories in every 500 ml serving, plant-based water can be categorized as a mid-calorie beverage. Moreover, the market is projected to grow due to the launch of new and inventive varieties of natural and organic functional pnat-based water from beverage manufacturing companies producing altered protein and mineral blends. For instance, on 20 June 2021, Del Monte, the premium packaged foods brand from FieldFresh Foods, launched its King Coconut Water, renowned for its superior health and taste benefits.

However, sustainability challenges and inadequately documented health claims might hamper the growth of plant-based waters. Validating birch sap is arduous as this is blended just for a fortnight in the full year. Distribution channels for plant-based waters are more composite than that of carbonated beverages, which can restrain product market growth.

Market Segmentation: The maple plant-based water type segment has high demand in the global plant-based water market

Maple water is naturally woodsy, delectable, and practical water that is created by mixing pure sap from maple trees. In addition to providing hydration and nutrition that support trees' development and rejuvenation throughout the spring renewal season, this water gathers nutrients stored in the tree all winter. On average, 95 to 97.5% of maple sap is water. Natural sap contains minerals, oligosaccharides, amino acids, organic acids, and phenolic compounds in addition to sucrose, its primary sugar. There are 46 different bioactive substances in maple water, some of which are antioxidants. It contains excellent bone minerals, including calcium, manganese, potassium, and zinc. Electrolytes and antioxidants are included in maple water with low sugar content.

New product launches are also driving the segment growth. New product development, improved taste, versatility, and high marketing support levels will increase the demand for packaged beverages such as maple plant-based water. For instance, On 03 June 2021, Maple 3, the pioneers in the production of maple water, introduced a new range of Ecocert-certified organic Sparkling Maple Waters in 3 delicious flavors. Maple 3 Sparkling Water is available in 3 refreshing flavors: Original, Lime and Mango Peach.

Geographical Penetration: Asia Pacific the dominating region during the forecast period

Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period due to rising exports and domestic demand for plant-based beverages are driving the growth of the global plant-based water market. Moreover, the Asia Pacific region is growing as a leading region in the global plant-based water market due to the presence of the most important players and businesses investing in new products and exporting to other countries. For instance, in 2022, Kalbe Farma launched coconut water, Hydro Coco, with vitamin D3. Indonesia’s Kalbe Farma has introduced Hydro Coco VITA-D, which is said to be the first vitamin D3 drink. Coconut water offers 600 IU of vitamin D3, meeting 100% of the RDI for vitamin D3, which helps to improve immunity. The beverage comes with the Healthier Choice logo. In 2021, Danone Manifesto Ventures (DMV) announced that it had acquired a majority stake in Harmless Harvest, a leader in organic coconut-based products, including coconut water. For instance, in 2020, Phalada Pure and Sure, India’s leading organic food brand, launched a delightfully refreshing organic coconut water beverage. This ultimate energizer is packed with vital nutrients and high electrolytes, potassium, calcium, and magnesium concentrations.

On the other hand, North American region provides a better organic sourcing and natural flavors market. In the U.S., packaged water consumption has increased owing to busy lifestyles and switching consumers towards packaged food and beverages during the forecast period. In addition, Maple water production is discovered in North America due to the extensive cultivation of maple trees.

Competitive Landscape:

The demand for plant-based water has been rising in the last few years. The major competitors of plant-based water in the market are The Coca-Cola Company, PepsiCo Inc., All Market Inc., Oviva Maple Water Company, Caliwater, LLC, World Waters, LLC, ARTY Water Company, Sibberi, DrinkSEVA and Steaz. Emphasis is given to the merger, expansion, acquisition, and partnership of the companies, along with new product development, as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Further, market key players are also planning to strengthen their distribution relationships with firms across various regions by merging or acquiring to leverage the customer base for future product launches.

For instance, on December 6, 2022, Steaz introduced Cactus Water, a new Functional and Flavorful line of healthy beverages is hitting shelves today as Steaz debuts Cactus Water, a ready-to-drink product loaded with all-natural health benefits and great taste. The leading natural beverage brand known for its best-selling organic and Fair Trade iced green teas and organic and Fair Trade energy drinks has expanded its product line to bring an innovative new offering to market. Made from the prickly pear cactus fruit, this first-of-its-kind Cactus Water offers great-tasting hydration that you can feel good about enjoying.

On 3 July 2020, the leading coconut water brand, Vita Coco, introduced functional coconut water with MCT next spring. Vita Coco Boosted blends coconut water, coconut cream, coconut MCT oil, B vitamins and tea extract to give consumers a new, modern way to get their fix of all-day energy without the jitters or crashes. The new product will be available in three delicious cafe flavors – Vanilla Latte, Coconut Chocolate and Chai – with 40 milligrams of caffeine and less than 5g of sugar per drink. Unlike other MCT drinks on the market, Vita Coco Boosted has no added sugar or sweetener.

COVID-19 Impact: Positive impact on the global plant-based water market

The onset of the COVID-19 pandemic prompted research activities to identify effective solutions to combat the coronavirus infection. The lockdown caused due to the COVID-19 outbreak initially caused a drop in sales and revenue to the plant-based alternative water market as the production plants had to shut down, and also, there was a workforce shortage in the factories. The food & beverage industries were listed as important businesses, but the procurement of raw materials became difficult owing to the prohibition on import and export from particular nations. The distribution channel, such as retail stores and supermarkets, were shut down to execute the social distancing and limitations of mass gathering, which led to a drop in sales of plant-based water. The post-COVID-19 scenario for the plant-based water market is expected to grow as consumer buying patterns have changed, and they have been inclined toward healthy substitute beverages.

The global plant-based water market report would provide access to approximately 61 market data tables, 55 figures and 170 pages