EVO & COCONUT WATER

Part
01
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Part
01

EVO Brands

After a thorough search, we were able to identify the top 3 extra virgin olive oil brands with the most sales revenue in the US market. The brands are; Star Extra Virgin Olive Oil, Filippo Berio extra virgin olive oil and Carapelli extra virgin olive oil. However, we were unable to identify each brand's annual sales revenue. See the attached spreadsheet, columns A and B.

STRATEGIES WE APPLIED TO IDENTIFY The top 3 EVO BRANDS WITH MOST SALES

To identify the top 3 extra virgin olive oil brands, we first searched for sources with a precompiled list of top extra virgin olive oil brands with high sales volume in the United States market. We leveraged on several sources including Best Products, Good Housekeeping, the Strategist, and Extra Crispy. Unfortunately, these articles did not rank the extra virgin olive oil brands based on their sales volume or revenue. For instance, Best Products listed California Olive Ranch Everyday Extra Virgin Oil, Zoe Organic Extra Virgin Olive Oil, Papa Vince Extra Virgin Olive Oil, Partanna Extra Virgin Olive Oil, and Colavita Extra Virgin Olive Oil as top brands in terms of versatility, taste, and consumer rating. Extra Crispy, Body Nutrition, Olive Oil Times, the Strategist, and Good House Keeping ranked the brands in terms of quality.
We then proceeded to search for US market reports on the extra virgin olive oil industry. Our focus was to identify leading brands with significant share in the United States market. During our search, we found a report on Statista that provided the top ten leading olive oil brands that generated a revenue of $1224.7 million in 2018. The report mentioned Bertolli as one of the leading brands in the United States olive oil market. The other nine brands were not accessible due to a paywall. However, Statista did not provide a list of leading brands specific to extra virgin olive oil. We also found another market report from IBIS World that provided an overview of the US olive oil market. But, this report neither provided the leading extra virgin olive oil brands nor the companies that produce them.
We then expanded our search scope to the global extra virgin olive oil market. We aimed to identify US extra virgin olive oil brands or companies with significant share in the global market. We leveraged on reports published by several sources including ABC, Reuters, Global Newswire, and Market Research Future. During our search, we noted that these global market reports mentioned Star Fine Foods and Salov North America Corp as the United States Companies that are among the global players with significant share in the market. Star Fine Food's brand is Star Extra Virgin Olive Oil while Salov North America Corp's brand is Filippo Berio Extra Virgin Oil. Therefore, since these two brands are leading in the global market, we believe they are also generating top sales volume in the US market.
To find the third brand, we further expanded our scope to include foreign brands leading in the global market with significant customer preference in the US market. According to an article published in PR Newswire, Carapelli extra virgin olive is one of the leading brands in the US market. This brand is a product of Carapelli Firenze. According to Reuters, Carapelli Firenze is one of the companies with a significant market share in the global extra virgin olive oil market. We have filled these three brands in column A of the attached spreadsheet.

METHODOLOGY

To identify the annual sales revenue for Carapelli Extra Virgin Olive Oil, Star Extra Virgin Olive Oil , and Filippo Berio Extra Virgin Olive Oil, we began by scouring through the company websites of each brand to get their annual financial reports. Unfortunately, we could not find any report. We were also unable to locate any article or publication relating to the brands' revenue in the recent news section on the companies' websites. We further proceeded to identify whether these brands have a parent company to identify any published financial reports. We noted that Carapelli Firenze's parent company is Deoleo. We were able to find published reports, and after an exhaustive analysis, we could not identify the sales report relating to Carapelli brand. The available report provided a review on the world production and consumption of olive oil.
We then proceeded to search for publicly available US market reports on the extra virgin olive oil industry. We aimed to identify any statistics relating to the brands' revenue. We were unable to locate any reports explicitly published for the United States extra virgin olive oil market. Nonetheless, we found the IBIS World market report that provided an overall analysis of the US olive oil market with no reference to the extra virgin oil segment nor the top extra virgin olive oil brands. We also found a report on Statista that provided the 2018 sales revenue of $1,224.7 million realized from the sale of olive oil by the top ten leading brands. Unfortunately, Statista did not highlight the sales revenue of extra virgin olive oil generated by the top ten brands.
Our next approach was to look through global market reports from sources like Digital Journal, Fact.MR, Reuters, among others. Our focus was to identify each brand's market share in the global extra virgin olive oil market. But, we were unable to access the statics relating to the brands' revenue due to a paywall.
Our fourth approach was to identify extra virgin oil trade association in the US. Our focus was to identify any reports or articles in the organizations' websites that listed revenue realized from the sales of the three brands. During our search, we located trade associations like The American Olive Oil Producers Association, North America Olive Oil Association, Extra Virgin Alliance, and California Olive Oil Council. After scouring through each association's website, we were unable to locate any report or articles that highlighted the revenue realized from three brands. During the search, we noted that the California Olive Oil Council has resources that allow people to search and access COOC members who offer services related to the olive oil industry like, approved labs, bulk olive oil, and custom milling among others. The American Olive Oil Producers also had several reports including one report on the benefits of extra virgin oil. However, this report did not highlight extra virgin oil brands and their corresponding revenue.
We then proceeded to search for articles and reports that highlighted the total sales revenue generated from the three brands from key retailers like Amazon and Walmart. Our focus was to provide an estimated value of the brands' annual revenue. Unfortunately, we did not find any report or article with statistics on their total sales. We, however, identified each brands'retail price. For instance, at Walmart Filippo Berio Extra Virgin Oil retail price ranges from $5.48 to $25.48 while Star Extra Virgin Olive oil retail price ranges from $4.97 to $21.24 and Carapelli extra virgin oil retails at $11.83.
Lastly, we used report search tools like Annual Reports, but we could not locate any available report from the companies of the identified brands. We also used sources like ZoomInfo, Craft, and Hoovers. According to Hoovers, the estimated annual revenue for Salov North America Corp is $22.26 million. According to Zoominfo the estimated annual revenue for Star Fine Foods is $9.8 million. The estimated annual revenue for Carapelli Firenza Spa according to Hoovers is $354 million. However, we could not assume that these estimated revenues applied to their extra virgin olive oil brands since these companies have other brands. Therefore, since we could not locate the three brands' annual sales, we filled N/A in column B of the attached spreadsheet.
Part
02
of eleven
Part
02

Top Coconut Water Brands

We have entered the requested details for the top three coconut water brands in the US into rows 2-4, columns A and B of the attached spreadsheet. The top three brands are Vita Coco, Zico, and One. The findings and calculations are provided below.

Top Coconut Water Brands in the US

According to a Technavio report, the top three coconut water companies in the US market are Coca-Cola, PepsiCo, and Vita Coco. This is corroborated by a Statista report which identified Vita Coco, Zico, and One as the top three coconut water brands in the US in 2017, based on market share. Their markets shares were 38.8%, 4.1%, and 3.7% respectively. Zico and One are coconut water brands from Coca-Cola and PepsiCo respectively.

Another Statista report noted that Vita Coco had the highest coconut water sales of $201.2 million in the US in 2017. A thorough search on the websites of Vita Coco, Zico, and One did not yield any coconut water sales or revenue figures. We therefore provided the 2017 sales figures from Statista.

Sales calculations

2017 coconut water sales for Vita Coco was $201.2 million with a market share of 38.8%.

Hence, the US coconut water market size in 2017 was $201.2 million / 38.8% = $201.2 million / 0.388 = $518.56 million.
Therefore, 2017 coconut water sales for Zico = $518.56 million * 4.1% = $518.56 million * 0.041 = $21.26 million.
Similarly, 2017 coconut water sales for One = $518.56 million * 3.7% = $518.56 million * 0.037 = $19.19 million.


Part
03
of eleven
Part
03

EVO Landscape

Star Extra Virgin Olive Oil's key marketing message focuses on the quality, safety and health benefits of its products. Filippo Berio boasts that it is the "first and the last name in olive oil", whereas Carapelli highlights the tradition, craftsmanship and taste of its products.
We have entered the details on the competitive factors for the three extra virgin olive oil brands including their success factors, key marketing message and target audience in columns C-E of the attached spreadsheet.

METHODOLOGY

We started our research by looking for publicly available information on the success factors, key marketing message, and target audience of the three identified top brands from the previous research. We looked through their official websites, social media accounts, and relevant sites such as Food Network Magazine, Healthy Eating, PR News Wire, Forbes and Business Insider, among others. While we were not able to find any direct information on the success factors, key marketing messages, and target audiences of the olive oil brands, we found helpful insights that enabled us to derive the required information such as the marketing messages and success factors.
Next, we looked for statements or interviews from the brands' executives or key leaders to check whether they had provided any information on success factors, key marketing messages, and target audiences. However, we were not able to find any relevant statements or interviews.
We then expanded our search to look for comprehensive information on the success factors, key marketing messages, and target audiences of the olive oil market in general. We checked sites such as Ibis World, Olive Oil Times, Market Watch, and the International Olive Oil Organization, among others. From this strategy, we were able to find some information on the target market for olive oil, for example the consumer behaviors.

A deep dive of our findings is in the attached spreadsheet.

Part
04
of eleven
Part
04

Coconut Water Landscape

We have entered the requested details on the competitive factors for the Vita Coco, Zico, and One coconut water brands into columns C-E of the attached spreadsheet.

We included information on their success factors, key marketing messages, and target audience as required.

All three coconut water brands cater to consumers who like refreshing, healthy drinks.


Part
05
of eleven
Part
05

EVO Demographics

The demographics of the average person who buys extra virgin olive oil is of the Caucasian race, has a graduate degree, is single, and has an income of over $50,000.

METHODOLOGY

Our research team first scoured industry reports such as Reuters to determine the key demographics of the average person who buys extra virgin olive oil. Unfortunately, these reports were paywalled and only listed the key players. Our team also searched for market reports. We were further able to find an interest report by the NCBI, but unfortunately it was specific to Spain. Throughout our research, we were able to locate two separate reports; one from US Davis which was outdated and only included psychographics and another, from Bauman Research & Consulting that included demographics of Olive Oil Consumers.

The Bauman Research & Consulting report included information on demographics of olive oil consumers in general, but stated that primary users were most likely to use extra virgin olive oil and secondary users are most likely to use classic or regular olive oil, therefore we have only included demographics from primary olive oil users listed in this report. The report also stated that primary users were most likely to use extra virgin olive oil for most purposes. Below you will find a deep dive of our research findings.

DEMOGRAPHICS

- Extra virgin olive oils buyers are likely to have completed their postgraduate study and to have a household income in excess of $50,000.

- Those who buy extra virgin olive oils are likely to be employed full-time.

- Most extra virgin olive oil buyers in the United States live alone and do not have children.

- Caucasians buy extra virgin oil more frequently than other racial demographics.

ADDITIONAL FINDINGS

- 56% of all olive oil users use extra virgin olive oil for most purposes.

- Those who use extra virgin olive oil cite "health benefits as the reason for starting to use olive oil."

- Extra virgin olive oil users are more likely to purchase the oil from specialty or gourmet food stores, unlike regular olive oil users who tend to purchase it from mass retailers.

- When buying olive oil, consumers of extra virgin olive oil are more likely to pay attention to the color of the oil in the bottle, whereas regular olive oil buyers focus on the "best by date", taste, and description labels.



Part
06
of eleven
Part
06

Coconut Water Demographics

Health conscious people who care about themselves and live an active lifestyle are among the major consumers of coconut water in the US. Young people between the age of 25 and 34 years are most likely to buy coconut water in the US. Other major demographics of the consumers who buy coconut water include Asian Americans, people with an advanced degree, who have no kids, and those who either earn $20,000 or above $125,000 are most likely to buy coconut water.

Although no reports provided direct information on the demographics of people who buy coconut water in the US, based on our research, we were able to determine the desired demographic details.

METHODOLOGY

In order to determine the demographics of people who buy coconut water, we initially searched for precompiled information through industry reports, media articles, blog sites, and others. Unfortunately, these reports did not provide any precompiled information and only talked about the global and US coconut water market, key players in the market, and others. Some of these reports which contain the demographic details were paywalled and therefore, could not be accessed. Some of these sources we searched include Euromonitor, Transparency Market Research, Bev Industry, Beverage Marketing, Food Dive, Food Business News, Marketing Week, among others. Also, we noticed that a number of reports and article (Nielsen, Creative Orchestra, The Grocer) provided information including a bit of consumer profile from the UK.

Our second strategy was to widen our research criteria a looked for the reports and articles beyond two years. But this approach also could not offer any fruitful results. Later, we decided to triangulate the demographics of people who buy coconut water in the US. So, we searched for the target consumer demographics of the key players of the industry and found a few of the US-based companies offering coconut water. Then we looked through these brands target consumers or target market to gather the demographic details of the consumers who generally buy coconut water. We also searched for the marketing plans for these companies.

While looking through the sources such as Brand Channel, Marketing Week, Slide Share, Commerce House, NY Times, PR Web, Numerator, and others, we were able to find some of the information on the general consumers of Zico and Vita Coco. Most importantly, we found the brand snapshot for Vita Coco provided by Numerator. This included the consumer demographics and the brand index for Vita Coco. So, from here we could assume that the higher the brand indices, the more likely the demographics fall within those ranges. Therefore, in the absence of any direct information and limited availability of sources, we have used the above-mentioned source for Vita Coco as a proxy to determine the demographics of people who buy coconut water. Please note that Vita Coco and Zico are the US-based beverage companies that offers a range of flavored coconut water.

Coconut Water Demographics

AGE

The US people with age group between 25 and 34 years are more likely to buy coconut water followed by people under 24 years, between 35 and 44 years, 45 and 54 years, 55 and 64 years, and 65 years and above.

Based on an article published by Food Navigator, 2017, Millennial consumers buy and consume coconut water the most.

ETHNICITY

Asian Americans are more likely to buy coconut water followed by Hispanics, African American, and Caucasians.

Based on Euromonitor report, "the US consumer base comprises millions of ethnic Latin Americans who grew up with coconut water before emigrating to the US, and their descendants are often familiar with the beverage through family visits to countries where coconut water is ubiquitous."

EDUCATION

People with an advanced degree are more likely to buy coconut water than people who have gone to college. And, those people who have never attended any colleges are the least likely to buy coconut water.

INCOME

Among consumers of different income groups, people who earn $20,000 and those who earn above $125,000 are most likely to buy coconut water.

HAVE KIDS OR NOT

The US consumers with no kids are more likely to buy coconut water compare to those with kids.

HEALTH Conscious PEOPLE

Young people who live an active lifestyle are the general buyers of coconut water in the US. Sports people also love to consume coconut water.

Zico, a US-based coconut water brand has positioned its products "as a niche beverage targeting immigrants who were already familiar with coconut water." People are mostly interested in buying coconut water due to the reason it is a "healthy beverage with simple sugars, electrolytes, and minerals to replenish dehydration."

US consumers who are health conscious buy coconut water to take care of themselves or their body. These consumers are passionate about health and range "from the yogi at heart to the multifaceted career climber and everyone in between who care about what they put into their bodies."

GENDER

No gender-specific information was available for people who buy coconut water.


Part
07
of eleven
Part
07

EVO Purchasing Factors

Some of the driving factors in extra virgin olive oil (EVO) purchases are its use in food preparation, health benefit, flavor/taste, brand, and price. Below you will find more details.

METHODOLOGY

To compile the driving factors in extra virgin olive oil purchases, our research team prioritized actual studies based on surveys, peer-reviewed reports, and research papers on the subject that are based on objective data. However, we also had to rely on some publications older than the typical Wonder standard of two years because they were actual consumer studies and more recent data confirmed that the result and conclusion from those studies are still relevant today and are still the major purchase drivers.

Factors Driving extra virgin olive oil purchases

Use in Cooking

A study of 1,000 EVO consumers found that the biggest purchase driver for extra olive oil is its use in food preparation. In particular, consumers rated its use in deep frying as the biggest drivers. Other food preparation uses include as a cold additive in cooked food and as the choice of oil in some food preparation.

Health Benefit

According to a Technavio research report, a key driving factor in the increasing market for extra olive oil and olive oil, in general, is its health benefits. This sentiment is also shared by SpendEdge research team that summarized the demand for extra virgin olive oil as follows: the increase in demand for extra virgin olive oil can be attributed to various factors including its strong anti-inflammatory and antioxidant property due to its high polyphenol content along with its ability to reduce the occurrence of cardiovascular diseases." Another study also ranked it as the second biggest purchase driver after its use in cooking.

Flavor/Taste

The flavor/taste of the oil is another key purchase drivers. A survey of 1,000 EVO consumers found that they the flavor and taste of the oil is the next most important purchase driver after its health benefit. Another study also identified these sensory attributes as one of the four most important attributes of EVO for consumers that purchase the product.

Price

An analysis of attributes that are important to consumers that purchase EVO found that price is one of the top four attributes. A survey of 1,000 consumers also noted that low price is one of the most important purchase drivers. Interestingly, although low price is noted as a key driver, consumer's willingness to pay a premium for EVO from their favorite brand or that are perceived to be of higher quality is also noted as a key driver.

Brand

The brand is another purchase driver identified by various studies on the subject. A meta-analysis of various studies on the subject listed brand as one of the top four attributes considered by consumers. While another study based on a survey of 1,000 individuals ranked brand just below the use, health benefits, and flavor/taste as the most important purchase drivers. Consumers have a willingness to purchase a traditionally known brand, especially one that their family has always patronized. In addition, studies show that consumers also love private label brands that are perceived to be plain, natural, and environment-friendly.
Part
08
of eleven
Part
08

Coconut Water Purchasing Factors

Some purchase drivers for coconut water in the United States are a desire for healthier beverage options, a wide variety of different types and flavors of coconut water that are available, the range of nutritional benefits provided by coconut water, a desire to drink more water beverages among Americans, and the ability to use coconut water as a healthier, rehydrating cocktail mixer and natural hangover remedy. A deep dive of these findings has been presented below.

METHODOLOGY

In order to fulfill this request, we analyzed insights from credible sources such as market reports, industry reports, and trusted media outlets, such as Forbes. During this process, it was noted that the United States is the leader in the global coconut water market, and therefore, for this research it was assumed that any general insights about coconut water were relevant to the U.S. market in addition to insights that specifically mention the U.S. To identify purchase the purchase driver's of coconut water, we first attempted to locate recently published consumer surveys which provide insights directly from consumers related to their desires, motivations, and use cases for coconut water. Unexpectedly, we were unable to locate any recently published and publicly available surveys pertaining to this specific topic. Although a few articles with survey data were located, the credibility of the information could not be confirmed due to a lack of supporting citation and references for the data. Despite this, we were able to examine market reports to determine the consumer-related factors that are driving sales and demand in this market, as these factors can logically be considered key purchase drivers. This allowed us to understand the first four drivers presented below. Since many reports presented the same drivers, we then examined trusted media sources to assess the various use cases of coconut water to draw some conclusions about the benefits of consuming coconut water (beyond those already mentioned in the market reports). This research strategy provided us with the fifth purchase driver, as listed below.

PURCHASE DRIVER 1: coconut water IS A HEALTHIER BEVERAGE ALTERNATIVE

According to Hexa Research in 2019, consumer preferences have been shifting away from carbonated drinks towards more hydrating, refreshing, and healthy beverage options, which has positioned coconut water as a daily, go-to beverage. This is driving demand for the product. In North America specifically, coconut water has gained traction due to the perception that it is a healthier, ready-to-drink beverage alternative to juice and soda.

PURCHASE DRIVER 2: coconut water COMES IN A VARIETY OF FLAVORS

Hexa Research notes that companies in the coconut market have been focusing on innovation, which has lead to a range of different coconut water flavors flooding into the market. The variety of flavors has increased the popularity of coconut water, especially among consumers who are engaged with athletics and fitness.

PURCHASE DRIVER 3: coconut water HAS A LOT OF NUTRITIONAL BENEFITS

In 2019, insights published by MarketWatch noted that coconut water is "one of the fastest growing beverage categories" in the U.S. market due to its many nutritional benefits. These benefits include the drink's natural ability to hydrate, along with offering high levels of calcium, magnesium, and potassium, among other key nutrients. These benefits have caused the drink become popular among health conscious consumers.

PURCHASE DRIVER 4: Americans want to drink more water

According to a report by Euromomitor, sales of flavored water beverages in the U.S. hit a record high. In general, the water market in the U.S. is growing across product types, including carbonated water/sparkling water, such as seltzer. Overall, Americans are demanding more water beverages in substitution of sugary drinks due to health concerns related to sugar, such as diabetes, heart disease, and obesity.

PURCHASE DRIVER 5: IT SERVES AS A Healthy COCKTAIL MIXER AND HANGOVER CURE

Sales of alcohol in the U.S. are falling, causing alcohol companies to roll out more innovative and healthier drink options, including options such as spiked coconut water, according to a recent article published by the Wall Street Journal. One key benefit of mixing coconut water with alcohol appears to be the fact that alcohol causes dehydration, which in turn causes unpleasant side effects, whereas coconut water helps to offset this due to its rehydration properties. According to a 2019 Forbes article, coconut water is widely known as a hangover cure due to its electrolyte content. Coconuts are known to help fight weakness, nausea, raise blood sugar, and balance pH within the body.

Part
09
of eleven
Part
09

EVO Growth Factors

Recently published sources suggest that, in the United States, the three key factors driving growth in the extra virgin olive oil market are FDA-related developments involving health claims and testing for authenticity, the growing health consciousness of consumers, and the development of new extra virgin olive oil products. Of these three factors, the increasing health consciousness of consumers appears to be the strongest growth driver.

METHODOLOGY

Industry reports and government trade reports were the first types of sources we looked for because these reports typically include details about growth and the factors that are driving this growth. In this case, however, the closest information we were able to find was the growth drivers of the global extra virgin olive oil market, as can be seen in Market Reseach Future's report. An industry report specific to the United States could not be located in the public domain, and most other available global extra virgin olive oil market reports in the public domain are just duplicates of Market Research Future's report. Market Research Place's report on the global market appears unique as it lists a different set of major market players, but unfortunately, it does not provide any information on market growth drivers.

We checked the websites of the key market players listed in the reports of Market Research Future and Market Research Place, including those of Agro Sevilla Group, Salov North America, Star Fine Foods — Borges USA, Grupo Ybarra Grupo Ybarra Alimentación, Deoleo, Sovena, and Carapelli Firenze, for industry resources, but our efforts were to no avail. These websites do not contain the needed information. Deoleo has an annual report, but unfortunately, there was no information about extra virgin olive oil growth drivers in this report.

Lastly, we conducted a press search and proceeded to look for organizations and publications that deal specifically with olive oil, as the websites of these organizations and publications may contain helpful information. The websites of the International Olive Council (IOC), the California Olive Oil Council (COOC), the North American Olive Oil Association (NAOOA), the American Olive Oil Producers Association (AOOPA), and the Olive Oil Times were among the websites we scoured. With this step, we were able to find useful information from the International Olive Oil Council, the North American Olive Oil Association, and the Olive Oil Times. All in all, we were able to glean the following three key growth factors in the United States market for extra virgin olive oil. These factors were the most prominent themes across our research.

GROWING HEALTH CONSCIOUSNESS OF CONSUMERS

Information from a couple of sources suggests that the growing health consciousness of consumers in the United States is the primary driver of growth in the country's market for extra virgin olive oil. In the market newsletter that the IOC released in January 2018, it was mentioned that "an increasing number of Americans are opting for a diet based on extra virgin olive oil." According to the newsletter, this trend was the key takeaway from The Olive Oil Promise, a campaign that the IOC initiated in the United States. This trend is supported by Market Research Future's report that the growing prevalence of chronic diseases is prompting consumers in both developed and developing markets to move towards healthy and nutritious food. Market Research Future reports as well that awareness of the health benefits associated with extra virgin olive oil is growing among consumers. North America is the second largest regional market for extra virgin olive oil after Europe, and the United States is the third largest buyer of olive oil after Italy and Spain, so it is likely that the drivers of growth in the global extra virgin olive oil market are indicative of the drivers of growth in the United States extra virgin olive oil market.

NEW PRODUCT DEVELOPMENT

Given that Market Research Future cites new product development as one of the key reasons behind the growing sales of extra virgin olive oil products across North America, there is a good chance that new product development is also one of the main factors that are driving growth in the United States extra virgin olive oil market. A look at the websites of Salov North America and Star Fine Foods — Borges USA, which are both based in the United States, confirms there is now a wide variety of extra virgin olive oil products to choose from. Salov North America's Filippo Berio's brand, for example, has the following types of extra virgin olive oil on offer: original, robust, delicate, organic, 100% Italian, and California. These types also has different flavor profiles, ranging from fruity and peppery/spicy to distinctly rich. Star Fine Foods, on the other hand, has the following types of extra virgin olive oil on offer: original, robust, first harvest, California, and organic.

FDA-RELATED DEVELOPMENTS

FDA's approval in late 2018 of a qualified health claim involving edible oils with at least 70% oleic acid was welcome news for the extra virgin olive oil industry in the United States. The approval allows extra virgin olive oil manufacturers (and other manufacturers of high oleic oils) to print the following text on their packaging: "Supportive but not conclusive scientific evidence suggests that daily consumption of about 1 1/2 tablespoons (20g) of oils containing high levels of oleic acid may reduce the risk of coronary heart disease." However, manufactures should also qualify in print that the high oleic oil "should replace fats and oils higher in saturated fat and not increase the total number of calories you eat in a day." Manufacturers expect to reach more customers with this new development. Extra virgin olive oil makers worry, though, that because other high oleic oils, such as canola oil and sunflower oil, will also benefit from the approved health claim, there is a possibility that the health claim will dilute consumers' "perception of the unique qualities of extra virgin olive oil."

Another welcome news for the country's extra virgin olive oil industry, or at least the country's importers of extra virgin olive oil, was the report of the House Committee on Appropriations that requested the U.S. Food and Drug Administration to update its previous study on the genuineness of extra virgin olive oil products that are offered to consumers in the United States. The NAOOA was especially happy with the news; it explained the importance of rigorous testing in ensuring the confidence and trust of American consumers. Consumers in the country are reportedly suspicious of the quality and authenticity of the olive oil they are buying. There appears to be no federal standard yet for imported extra virgin olive oil products.


Part
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Part
10

Coconut Water Growth Factors

The three main growth factors in the coconut water market are the health benefits associated with consuming coconut water, increase in marketing campaigns and a shift in consumer tastes and preferences.

METHODOLOGY

To fully answer your query, we utilized different market researches done on the coconut water market. Though most of these reports focused on the global market, they had a segment analysis of different regions which included the US. We then cross-checked them against each other and used growth factors that had been mentioned across three or more reports and press releases and considered them the main growth factors influencing the US coconut water market.

The US is leading the market globally in terms of revenue and consumption of coconut water. It has become more popular as consumers are moving from unhealthy, sugary drinks and taking more water. The coconut water market in North America is expected to cross $2 billion by 2023. Below is a deep dive into the main growth factors in the coconut water market.

HEALTH BENEFITS ASSOCIATED WITH CONSUMING COCONUT WATER

Coconut water has increasingly become the perfect substitute to drinks with are laden with artificial and high sugar content. It is enriched with sodium, potassium, and electrolytes, which are very important for our health. Coconut water also replenishes body fluids and aids in weight loss and the is great for skin texture and digestion. It is a great source of nutrients, as it contains calcium and magnesium, and the same amount of potassium as a banana or a glass of orange juice.

INCREASE IN MARKETING CAMPAIGNS

There has been a rise in the number of media campaigns and celebrity endorsements promoting the health benefits of taking coconut water which has really played a great role in boosting its market growth in the US. Celebrities such as Madonna, Matthew McConaughey, and Demi Moore invested in the leading coconut water company, Vita Coco. This dramatically increased the sales of the company and the positioning of coconut water as a health drink of choice.
Furthermore, the branding of Coca-Cola's coconut water brand, ZICO as the official beverage for the Sochi Olympic Winter Games gave the market a great boost. Such endorsements aid in promoting coconut water as a healthy drink, which ultimately impacts the growth of the market positively.

CHANGING CONSUMER TASTES AND PREFERENCES

The US is leading the market globally in terms of revenue and consumption of coconut water. It has become more popular as the population is moving from sugary and unhealthy drinks and taking more water. The busy lifestyles of the country's population has demanded the need to consciously adopt a healthy lifestyle. Coconut water has become the perfect substitute to drinks that are laden with artificial and high sugar content. With this mass appeal to a more ethical and health conscious consumer, coupled with those leading an active lifestyle, some experts are predicting that coconut water in the US could surpass the sales of orange juice like it has in Brazil.



Part
11
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Part
11

Coconut Water Packaging

While the requested differences are not readily available in the public domain, recently published sources suggest that, in the United States, people choose boxed coconut water products for reasons relating to taste, perception of healthy beverages, and sustainability. They also suggest that, on the other hand, people choose canned coconut water products for reasons relating to the sensory experience the products bring.

METHODOLOGY

Checking whether an article or report in the public domain readily provides the requested differences was the first step we took in answering this request. This first step, however, did not produce any compilation of the requested differences. As a result, we decided to pull together as much relevant information as we can from various sources such as consumer surveys, consumer reviews, and industry publications. We first looked for surveys of consumers and their packaging preferences, as the purchase behavior of consumers is often determined through surveys. While we were unable to find any survey specific to coconut water consumers, we came across a helpful survey of consumers by Evergreen Packaging.

Taking into account the top coconut water brands in the United States, we proceeded to look for reviews or comparisons of coconut water products, as these reviews or comparisons may offer some insights into why consumers choose one type of packaging over another. This step led us to reviews on local news publication The Seattle Collegian and well-known food resources Epicurious and Serious Eats. In these reviews, there was no explanation as to why consumers buy boxed or canned products, but there were helpful clues nonetheless. Unlike the rest of the sources included in this brief, the review of coconut water brands on Serious Eats was published more than two years ago. We normally use recently published sources only, but there was information in this 2015 review that we would like to highlight in this brief. Also, it appears the article was last updated in March 2019.

Since articles or reports on beverage packaging trends and the packaged coconut water industry may contain details about consumer motivations and preferences with respect to cans and cartons, we conducted a press search as well for trend and industry news. This last strategy led us to a few helpful insights from advisory firm Arizton and beverage publication Beverage Industry. Below, we detail what we were able to gather from our research.

WHY PEOPLE CHOOSE BOXED COCONUT WATER PRODUCTS

The results of Evergreen Packaging's recent survey of 4,000 adults in the United States suggests that the reason primarily has something to do with taste. Based on Evergreen Packaging's findings, 76% of adults in the country find it highly important to look for packaging that does not impact taste when purchasing healthy beverages. Adults in the country already have preconceived notions of the types of packaging that affect the taste of their beverages. To the question of which packaging can impact taste, 51% of the survey respondents answered steel cans, 47% answered aluminum cans, 43% answered plastic bottles, 19% answered refrigerated cartons, and 12% answered glass bottles. As coconut water is no doubt a healthy beverage, the aforementioned figures likely apply to coconut water as well. The figures suggest that people choose boxed coconut water products over canned coconut water products because they believe cartons do not affect taste as much as steel or aluminum cans do.

Evergreen Packaging's survey results also suggest that people choose cartons over cans because cartons align better with their perception of healthy beverages. To the question of which packaging aligns best with how they think about healthy beverages, 71% of survey respondents answered glass bottles, 59% answered refrigerated cartons, 38% answered plastic bottles, and 33% answered steel cans. According to a survey commissioned by the Flexible Packaging Association, boxes are believed to be more sustainable than metal cans. To the question of which packaging is most sustainable, 51% of the survey respondents answered boxes, while only 38% answered metal cans. Worldwide, plastic and paperboard are expected to outperform metal in the packaged coconut water market during the period 2018-2023.

WHY PEOPLE CHOOSE CANNED COCONUT WATER PRODUCTS

Sherrie Rosenblatt, who heads marketing and communications at the Can Manufacturers Institute in Washington, D.C., has offered insights into what people find appealing about aluminum cans. The appeal lies in how the cans interact with the senses. Aluminum cans allow for 360-degree, distinctive, and eye-catching shapes and graphics, and there is something satisfying about touching a cold beverage can and "hearing the cracking sound" when opening the can. Though the information Rosenblatt has provided is not specific to coconut water, we assume that these insights apply to all canned beverages.

The coconut water taste test on Epicurious supports the notion that taste varies depending on the type of packaging. Joe Sevier, the contributor who wrote about the results of the taste test, mentioned in his article that they did notice variances in taste between the tetra-paks and cans of the same brand. He explained, however, that the packaging had no correlation with their product ranking. (Their group tested 19 coconut water products.) An article published by Serious Eats contradicts these findings on taste, however. Writing for Serious Eats, J. Kenji Lopez-Alt mentioned in his article that if anyone sees a selection of coconut water products, "the ones packed in plastic bottles tended to have the freshest, most natural coconut flavor, followed by cans, and finally square Tetra Pak containers."
Sources
Sources

From Part 01
From Part 09
Quotes
  • "The global extra virgin olive oil market is expected to be driven by the rising prevalence of chronic diseases among the consumers both in the developed and developing economies which is enforcing consumers to shift towards healthy and nutritional food consumption. "
  • "Major market infiltration is leading to the introduction of new products based out of extra virgin olive oil and their retail across various regions. The market players are responding to these new opportunities by expanding their service offerings and product lines, which has fueled up the share of extra virgin olive oil in the global market. "
  • "High nutritional benefits obtained from this product are also supporting the sale of extra virgin olive oil globally. Additionally, the augmentation of the product development together with research advancements is other significant reasons for the increasing growth of extra virgin olive oil market. Hence, along with changing consumer preferences, the growth of global extra virgin olive oil market is significantly increasing during the forecast period of 2017-2023."
  • "Rising adoption of olive oil is in turn increasing the demand for extra virgin olive oil."
  • "Among these, Europe is estimated to retain its dominance, followed by North America, over the forecast period 2017-2023. This is attributed to the increasing awareness about health benefits from extra virgin olive oil, as well as increasing area of cultivation. Also, due to its vast usage in food and beverages, pharmaceuticals, personal care products, fuel and so on, there is rising demand for extra virgin olive oil. "
  • "The new product development by the key manufacturers of extra virgin olive oil is projected to be one of the significant reasons for the rising growth of extra virgin olive oil products in the North America. "
Quotes
  • "Extra virgin olive oil has been promoted to ‘medicine’ in the United States, becoming a product suitable for preventing heart attack and other heart diseases. This was announced by Italian farmers’ association Coldiretti, following the invitation published by the USA Food and Drug Administration (FDA) to indicate on the packaging of oils containing at least 70% oleic acid that their consumption brings cardiovascular benefits when replacing saturated fats. FDA also suggests to write on the bottles’ labels that the consumption of about half a tablespoon of extra virgin olive oil, without increasing the total calories consumed daily, ensures important preventive effects for health."
  • "“The decision of the FDA represents a further recognition of the positive effects on health associated with the consumption of extra virgin olive oil – said Coldiretti in an official statement."
  • "This has determined a real boom in purchases in the last 25 years, with a worldwide growth of 49%. This is particularly evident in the United States, where olive oil consumption has even tripled in the space of a generation, reaching a record figure of 315 million kilos (+174%) and bringing the USA to third place after Italy and Spain among the largest buyers."
Quotes
  • "It might be right to assume that the healthfulness of extra virgin olive oil is common knowledge by now. Unfortunately, just as pervasive is the confusion. Consumers are suspicious of olive oil quality and most are unable to determine whether the oil they are buying is authentic or not."
Quotes
  • "A recent report by the House Committee on Appropriations for the upcoming federal budget bill called on the U.S. Food and Drug Administration to update its 2015 study on the authenticity of extra virgin olive oil sold in the U.S."
  • "The news was received with open arms by the North American Olive Oil Association (NAOOA), according to interim executive director Tom Mueller."
  • "We think this type of rigorous testing is important to ensure the total confidence of American consumers and to move away from some of the subjective, false rhetoric we’ve seen around olive oil that isn’t based on independent, scientific testing."
Quotes
  • "The United States has no mandatory grading standard for olive oil. In 2014, California Olive Ranch and other processors lobbied our state government to implement the Olive Oil Commission of California to define grading standards for California olive oil. And today, all growers with 20+ acres must conform to those standards, which are the strictest in the world."
  • "The reason to do that was simple, to differentiate our product and hold it to the highest standards possible and ensure consumers are getting what they pay for. However, there's no mandatory federal standard for EVOO [to which imported products must adhere]."
  • "While there are standards for EVOO in other markets, meanwhile, they typically apply to olive oil sold in those countries, not olive oil produced there, and exported to the US, for example."
Quotes
  • "The main message reported back from the campaign The Olive Oil Promise, launched by the IOC in the United States as the first global importer of this health product par excellence, is that an increasing number of Americans are opting for a diet based on extra virgin olive oil. Confirmation in this regard was received from UC Davis in Sacramento, California, where an international scientific symposium was organised to promote the consumption of olive oil and make US consumers aware of the benefits of this “perfect product”."
From Part 10
Quotes
  • "Major drivers for the growth in the consumption of packaged coconut water in North America are shifting consumer preferences for healthier alternatives and implementing federal education programs informing the ill-effects of sugar-loaded drinks."
Quotes
  • "Coconut water is one of the fastest growing beverage categories in the Western Europe, the United States and Brazil due to its natural hydrating qualities, great taste and nutritional benefits, not to mention the large number of celebrities drinking it. It is a great source of nutrients, contains calcium and magnesium, and the same amount of heart healthy potassium as a banana or a glass of orange juice. And that's just a few of its superdrink claims. With a mass appeal to ethical and health conscious consumers and those leading an activity lifestyle, and some are predicting it could overtake the sales of orange juice."
Quotes
  • "The packaged coconut water market in North America is expected to cross $2 billion by 2023 "
Quotes
  • " Coca-Cola has spent millions to add brands like Honest Tea and ZICO coconut water to its portfolio"
From Part 11
Quotes
  • "With distinctive graphics and shapes, aluminum cans can create a lasting impression among consumers"
  • "The two biggest enemies for any beverage is light and oxygen. Aluminum cans are effective in keeping out these damaging elements, locking in flavor."
  • "Other senses can be trigged by the aluminum can — from seeing the 360-degree brand advertising, to touching the cold beverage, and then hearing the cracking sound when opening the beverage. Triggering these senses leads to the transformation the drinker expects."
  • "The desire for sustainable packaging is a high value for consumers. In a fall 2018 survey by G&S Business Communications for the Flexible Packaging Association, glass bottles and jars came out on top (57 percent) as the packaging format that U.S. consumers believe is most sustainable, followed by corrugated boxes (51 percent), metal cans (38 percent), flexibles (37 percent) and plastic (34 percent)."
  • "Cans are infinitely recyclable.The recycled contact of aluminum cans average [about] 70 percent. The intrinsic value of aluminum allows cans to self-finance their own recycling with a value of more than $1,000 per ton. Meanwhile, less energy is required to produce and transport canned beverages, reducing the carbon footprint."
Quotes
  • "When shopping for healthy beverages, packaging that “doesn’t impact the taste” is extremely or very important to 76% of grocery shoppers in 2018. Also, they have firm views already on what packaging “can change the taste of my beverage.”"
  • "65% of grocery shoppers in 2018 strongly agree or agree “healthy beverage brands need to do a better job of providing alternatives to plastic packaging.”"
  • "Grocery shoppers in 2018 are most likely to say glass bottles (71%) and refrigerated cartons (59%) “fit extremely or very well with how you [they] think about healthy beverages.”"
  • "Steel cans (33%) or plastic bottles (38%) show much lower scores for “fit extremely well” with healthy beverages."
Quotes
  • "Amy & Brian Naturals: The company sources its coconuts from Thailand. The products are offered in various flavors such as cinnamon, grape, and lime. Its products are packaged in aluminum and steel cans."
Quotes
  • "We sampled 19 tetra-paks, cans, and bottles of nature's sports drink, ultimately deeming Zola the best coconut water. Zola has a pleasingly subtle flavor with just a bit of tropical aroma and natural sweetness, and a tart, refreshing finish."
  • "Some other coconut water taste tests mention the effect various types of packaging can have on the flavor of coconut water. While we did find that cans and tetra-paks of one brand could have variances in flavor, we found no correlation between packaging material and ranking on our own list."
Quotes
  • "Plastic and paperboard remain to be major packaging materials, constituting more than three-fourths of the usage. The share of plastic, paper, and paperboard in the packaging of coconut water is likely to grow and outperform metal over the forecast period."
Quotes
  • "I knew that most canned coconut waters tasted nothing like the fresh young coconuts I drank straight from the shell in Asia or South America."
  • "Both C2O and Whole Foods 365 Everyday come in tall-boy steel cans and have a very decent—if not totally fresh-tasting—sweet/savory balance with no off flavors and a very reasonable price point. Bear in mind that they are also available in Tetra Pak format, but I suggest seeking out the cans instead."