‘Zico’ – Packaged Coconut Water
‘Zico’ is a US based packaged coconut water brand that was acquired by Coke in year 2013, and is currently being test marketed in India. With people becoming increasingly fitness conscious, a strong shift has been observed from high calorie aerated drinks towards natural fruit based drinks and other similar options. Packaged coconut water is one such category that has limited players but immense market potential. Being positioned as ‘Natural Replenishment’, Zico had been gaining popularity globally and would be an interesting brand to watch for in the Indian context.
As per industry sources, ‘An estimated 700 million litres of branded coconut water had been consumed worldwide in 2015, excluding unbranded coconut water consumed in India and globally. In the USA, coconut water drunk by consumers has shot up from less than 5 lakh litres in 2004 to around 200 million litres in 2014, according to a study. In Brazil, the packaged coconut water accounted for around 20% of its total juice market in 2003 and by 2010 it had grown to around 65%’.
Though India is the third largest producer of coconut globally, yet the consumption of packaged coconut water in India is at a nascent stage. Most of the consumption currently is of fresh coconut water, with minimal players operating in the packaged segment. However, with change in consumer perception, an increasing demand has been observed to consume coconut water owing to its potential health benefits, creating a strong potential market for packaged coconut water.
As per industry sources, the packaged coconut water in India is projected to grow at a CAGR of 17% during period 2017-22. Most of the players that operate in this segment are regional players with few national players. Brands that have relatively established their presence have been Dabur – Real Activ range, Coco Sip by Manpasand beverages, Cocoma by CavinKare
With increasing demand for packaged coconut water, Zico’s nationwide presence in India is likely to offset the regional players. However, since Coke has a well-established Brand Identity synonymous to aerated drinks, establishing themselves in a health based segment would be interesting to watch for.
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