Vita Coco-Cedar Herald Index

The Vita Coco Company, doing business as simply Vita Coco, is an American beverage company which mainly sells coconut water. The largest brand globally in coconut/plant waters, Vita Coco has operations in 31 countries as of 2016. It is a benefit corporation. The company is owned by All Market Inc.

History

Vita Coco was started after Michael Kirban and Ira Larin met two Brazilian women in a New York City bar in 2003 and asked them what they had missed the most about their home country, with them answering coconut water. Noticing that there could be a potential business in bringing the drink to the States, the two thought about starting a business, but Larin sold everything he owned, married one of the Brazilian women, and went to Brazil. On a visit to Brazil to see Larin, Kirban noticed the prevalence of coconut water in many of the stores he went to, and decided to enlist Larins help to start the company, succeeding in 2004.

Vita Coco

The two found a local co-manufacturer and a distributor centered in lower Manhattan and Brooklyn, and Kirban roller-skated through neighborhoods, selling the drink and offering samples. In 2009, The Coca-Cola Company and PepsiCo entered the market via acquisitions of Zico and O.N.E., respectively, sparking "The Coconut Water Wars." Vita Coco ended up defeating the competitors and held its place as the brand with the largest market share. The company, which mainly sourced its coconuts from Brazil, expanded its operations to Southeast Asia, starting in the Philippines. The brand was initially laughed at due to the status of coconut water in these countries as a byproduct, but they consented to an offer for the right equipment in exchange for a long-term exclusive supply agreement. After the Philippines, the company contacted coconut farmers in Sri Lanka, Indonesia, Malaysia, and Thailand and offered the same contract.

Vita Coco

Starting in 2014, the company built almost 30 schools, offered numerous scholarships, and trained farmers to be very efficient through The Vita Coco Project. This allowed Vita Coco to become a benefit corporation. In 2017, PepsiCo attempted to buy All Market Inc., the owner of Vita Coco, but did not meet the price All Market sought, which was at least $1 billion. Previously, Reignwood Group, the owner of Red Bull China, bought a 25% stake in All Market in 2014.

Vita Coco

The packaging and logo became more simplified in 2019, to show the growth of the brand since it had started. The company got an over 100% boost in sales during the COVID-19 pandemic. In 2021, it had a 46% market share. Vita Coco also went public in 2021, debuting on the Nasdaq as COCO.

Products

Coconuts

Vita Coco's coconut water is mainly sourced from Asia, with two-thirds coming from the continent and the other third being from Latin America.

The original coconut water also comes in Pineapple and Peach & Mango flavors.

There are six variations of coconut water, not including flavors: Pressed, which has more coconut flavor Coconut Juice, which comes in a can and contains the pulp Milk, which is coconut milk, has no dairy Comes in Original and Vanilla flavors Barista variety is creamy and is meant to be added to coffee Farmers Organic, which uses only organic coconuts Boosted, which is caffeinated Super Sparkling, which is carbonated

The company also sells a drink mix which is designed to stimulate hydration, containing antioxidants, vitamins, and electrolytes. It comes in Watermelon, Orange, Lemon Lime, and Coconut flavors.

Other products

In addition to the coconut water which the brand is known for, the company has other side products such as Runa, a sports drink mixed with Ilex guayusa, a caffeinated holly tree, which it acquired in 2018, Ever & Ever, aluminum-canned water, and PWR LIFT, water infused with protein, which were founded in 2019 and 2021, respectively.

Philanthropy

Vita Coco donated $1 million to No Kid Hungry and Feeding America during the COVID-19 pandemic, as they had a surplus of money from the jump in sales.