ココナッツウォーターの世界市場：タイプ別、形態別、包装別、流通チャネル別、地域別、市場規模・動向、COVID-19の影響、分析と予測（2027年まで）

世界のココナッツウォーターの市場規模は、2021年の50億米ドルから、2027年には117億2,000万米ドルに達する見込みです。市場は、2022年～2027年の予測期間中に、CAGRで15.27％の成長が予測されています。

当レポートでは、世界のココナッツウォーター市場について調査分析し、世界市場分析、地域市場分析、COVID-19の影響、市場力学、競合情勢、主要企業などについて、最新の情報を提供しています。

目次

第1章 エグゼクティブサマリー

第2章 イントロダクション

第3章 世界市場分析

• 世界のココナッツウォーター市場：分析
  • 世界のココナッツウォーター市場：概要
  • 世界のココナッツウォーター市場：金額別
  • 世界のココナッツウォーター市場：タイプ別（純、混合）
  • 世界のココナッツウォーター市場：形態別（液体、粉末）
  • 世界のココナッツウォーター市場：包装別（テトラパック、ペットボトル、その他）
  • 世界のココナッツウォーター市場：流通チャネル別（オフライン、オンライン）
  • 世界のココナッツウォーター市場：地域別（アジア太平洋、北米、欧州、その他の地域）
• 世界のココナッツウォーター市場：タイプ別の分析
• 世界のココナッツウォーター市場：形態別の分析
• 世界のココナッツウォーター市場：包装別の分析
• 世界のココナッツウォーター市場：流通チャネル別の分析

第4章 地域市場分析

• アジア太平洋のココナッツウォーター市場：分析
  • アジア太平洋のココナッツウォーター市場：概要
  • アジア太平洋のココナッツウォーター市場：金額別
  • アジア太平洋のココナッツウォーター市場：地域別（中国、インドネシア、台湾、タイ、日本、その他）
• 北米のココナッツウォーター市場：分析
  • 北米のココナッツウォーター市場：概要
  • 北米のココナッツウォーター市場：金額別
  • 北米のココナッツウォーター市場：地域別（米国、カナダ、メキシコ）
• 欧州のココナッツウォーター市場：分析
  • 欧州のココナッツウォーター市場：概要
  • 欧州のココナッツウォーター市場：金額別
  • 欧州のココナッツウォーター市場：地域別（英国、フランス、スペイン、ドイツ、イタリア、その他）
• その他の地域のココナッツウォーター市場：分析
  • その他の地域のココナッツウォーター市場：概要
  • その他の地域のココナッツウォーター市場：金額別

第5章 COVID-19の影響

• COVID-19の影響
  • ココナッツウォーター市場に対するCOVID-19の影響
  • 植物由来飲料の急速な普及
  • COVID後のシナリオ

第6章 市場力学

• 成長促進要因
• 課題
• 市場動向

第7章 競合情勢

• 米国のココナッツウォーター企業：市場シェア別

第8章 企業プロファイル

• The Vita Coco Company
• GraceKennedy Group
• New Age Inc.
• Harmless Harvest, Inc.
• Goya Foods, Inc.
• Celebes Coconut Corporation
• VaiVai
• C2O Pure Coconut Water LLC
• Naked Juice Company
• Amy and Brian Naturals
• ZICO Beverages, LLC (Powerplant Ventures, LLC)
• Taste Nirvana International

List of Figures

• Figure 1: Health Benefits of Coconut Water
• Figure 2: Properties & Reactions of Coconut Water
• Figure 3: Coconut Water Segmentation by Type & Form
• Figure 4: Coconut Water Segmentation by Packaging & Distribution Channel
• Figure 5: Global Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 6: Global Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 7: Global Coconut Water Market by Type; 2021 (Percentage, %)
• Figure 8: Global Coconut Water Market by Form; 2021 (Percentage, %)
• Figure 9: Global Coconut Water Market by Packaging; 2021 (Percentage, %)
• Figure 10: Global Coconut Water Market by Distribution Channel; 2021 (Percentage, %)
• Figure 11: Global Coconut Water Market by Region; 2021 (Percentage, %)
• Figure 12: Global Pure Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 13: Global Pure Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 14: Global Mixed Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 15: Global Mixed Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 16: Global Liquid Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 17: Global Liquid Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 18: Global Powder Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 19: Global Powder Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 20: Global Tetra Pack Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 21: Global Tetra Pack Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 22: Global Plastic Bottle Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 23: Global Plastic Bottle Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 24: Global Other Packaging Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 25: Global Other Packaging Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 26: Global Offline Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 27: Global Offline Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 28: Global Online Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 29: Global Online Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 30: Asia Pacific Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 31: Asia Pacific Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 32: Asia Pacific Coconut Water Market by Region; 2021 (Percentage, %)
• Figure 33: China Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 34: China Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 35: Indonesia Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 36: Indonesia Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 37: Taiwan Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 38: Taiwan Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 39: Thailand Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 40: Thailand Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 41: Japan Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 42: Japan Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 43: Rest of Asia Pacific Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 44: Rest of Asia Pacific Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 45: North America Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 46: North America Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 47: North America Coconut Water Market by Region; 2021 (Percentage, %)
• Figure 48: The US Coconut Water Market by Value; 2017-2021 (US$ Billion)
• Figure 49: The US Coconut Water Market by Value; 2022-2027 (US$ Billion
• Figure 50: Canada Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 51: Canada Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 52: Mexico Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 53: Mexico Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 54: Europe Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 55: Europe Coconut Water Market by Value; 2022-2027 (US$ Billion)
• Figure 56: Europe Coconut Water Market by Region; 2021 (Percentage, %)
• Figure 57: The UK Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 58: The UK Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 59: France Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 60: France Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 61: Spain Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 62: Spain Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 63: Germany Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 64: Germany Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 65: Italy Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 66: Italy Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 67: Rest of Europe Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 68: Rest of Europe Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 69: Rest of World Coconut Water Market by Value; 2017-2021 (US$ Million)
• Figure 70: Rest of World Coconut Water Market by Value; 2022-2027 (US$ Million)
• Figure 71: The US Plant-based Ready To Drink Beverage Market, 2018-2020 (US$ Million)
• Figure 72: The US Health and Wellness E-commerce Sales; 2018-2024 (US$ Billion)
• Figure 73: Global Number of Overweight & Obese People; 2020 & 2045 (Billion)
• Figure 74: Global Energy+ Drink Market; 2020 & 2045 (US$ Billion)
• Figure 75: Global Population Aged 65 Years and Above ; 2017-2021 (Million)
• Figure 76: Global Urban Population; 2016-2021 (Percentage, %)
• Figure 77: Global Annual CO2 Emissions; 2016-2021 (Billion Metric Tons)
• Figure 78: Global Health and Fitness Club Market; 2020 & 2028 (US$ Billion)
• Figure 79: Global Plant-based Beverage Market; 2018-2023 (US$ Billion)
• Figure 80: The US Coconut Water Players by Market Share; 2021 (Percentage,%)
• Figure 81: The Vita Coco Company Net Sales by Segments; 2021 (Percentage, %)
• Figure 82: GraceKennedy Group Revenues by Operating Segments; 2021 (Percentage, %)
• Figure 83: New Age Inc. Net Revenue by Segments; 2021 (Percentage, %)

The global coconut water market was valued at US$5 billion in 2021, and is expected to be worth US$11.72 billion in 2027. Coconut water is the clear liquid found inside green coconuts. It has a sweet and nutty flavor and contains easily digestible carbohydrates in the form of natural electrolytes and sugars. Rich in potassium, sodium, manganese, calcium and magnesium, it is widely consumed as a low-calorie refreshing beverage that aids in preventing dehydration. It also contains cytokines and phytohormones, which have various antiaging, anticarcinogenic and antithrombic properties.

Coconuts harvested for the coconut water, are usually gathered when around 5-7 months old and each coconut provides between 200-1000ml of coconut water. Coconut water is a fat-free, plant-based beverage rich with nutrients, minerals and electrolytes that provides enhanced hydration with fewer calories compared to other natural juices and sports drinks. The global coconut water market is determined to grow at a CAGR of 15.27% over the forecasted period of 2022-2027.

Market Segmentation Analysis:

By Type: The report identifies two segments on the basis of type: Pure Coconut Water and Mixed Coconut Water. The pure coconut water segment held the largest market share (more than 60%) in 2021. Pure coconut water, also known as organic coconut water, is healthier as compared to mixed or conventional coconut water. Growing demand for pure coconut water especially in areas wherein there is scarcity of coconut palms, increasing health consciousness among consumers, rising disposable income of the populace and growing form of coconut water in food & beverages industry provided a boost to the global pure coconut water market.

By Form: The report identifies two segments on the basis of form: Liquid and Powder. Liquid coconut water segment held the largest market share (more than 75%) in 2021. Since liquid versions of the product are ready for consumption and portable, the majority of industry manufacturers offer it in this form. Several players have started offering coconut water with different flavors. For example, coconut water with the brand name Protein & Coconut was introduced by Harmless Harvest in September 2019. Thus, the combination of the fruits or flavors with coconut water, enhancing the taste and richness of liquid form of coconut water, has provided new opportunities to the market.

By Packaging: The report identifies three segments on the basis of packaging: Tetra Pack, Plastic Bottle and Other. In 2021, Tetra pack held the market's leading position and had a share of more than 40%. The packaging gives the liquid it contains a long shelf life, preventing bacteria and other microbes from contaminating the substance. It protects the product for several months. There are several layers to the tetra pack. Aluminum, paperboard made from wood, a type of polymer called polyethylene, and each layer are made of different materials. The component selection also contributes to the packaging's light weight, thus driving the market growth.

By Distribution Channel: The report identifies two segments on the basis of distribution channel: Offline and Online. Online distribution channel segment is expected to be the fastest growing segment throughout the forecast period. The new preferred shopping channel for generations Y, Z, and Alpha has emerged as the internet. The 24/7 accessibility of these stores accounts for the preference. One of the most profitable features of the channel is the simplicity of shopping it provides to its customers while they unwind at home. Increased internet and smartphone penetration have enabled consumer to explore various e-commerce portals and shop daily needs online. Additionally, the companies have opportunities to promote a wide range of products on the online platform is a crucial factor driving the coconut water market via online distribution channels.

By Region: In the report, the global coconut water market is divided into four regions: Asia Pacific, North America, Europe, and ROW. Asia Pacific accounted for the maximum share of more than 36% of the global market in 2021. In the Asia Pacific region, coconut water is used in various culinary dishes and drinks as a flavoring agent and base for cocktails. It is also consumed as a refreshing and natural energy drink. Moreover, rising preference for ready-to-drink (RTD) beverages, especially among health-conscious consumers, growing number of coconut plantations and increasing adoption of a vegan diet and non-dairy products were the major factors responsible for the growth of coconut water market in the region.

Europe offers strong growth potential to the coconut water market. In the European region, coconut water is increasingly being consumed by individuals as it replenishes the body while preventing dehydration, especially after strenuous activity or workouts.

Market Dynamics:

Growth Drivers: One of the key drivers of the market's expansion is the surging increasing inclination of consumers towards health & wellness. Given the increasing inclination of consumers towards health and wellness products, the consumption of functional drinks such as coconut water is rising in the western countries including the US, U., and Germany. Moreover, the growing consumer awareness towards numerous health benefits of coconut water in improving digestive functioning, reducing hypertension, and maintaining hydration levels is further propelling the market growth. Other significant growth factors of the market include, growing prevalence of lifestyle disorders, rising interest in hydration and energy drinks, surging geriatric population, rapid urbanization and escalating global average temperature.

Challenges: However, some challenges are impeding the growth of the market such as huge gap between the two ends of the coconut water supply chain, preservation of tender coconut water and misleading practices of some of the coconut water brands. Coconut water is a refreshing natural drink, low in calories and fat, rich in minerals, vitamins, and beneficial phytohormones. The nutritional and therapeutic value of tender coconut water has resulted in increased consumption and demand globally. In the present scenario, preservation, and processing is of prime importance to meet the global demand for coconut water throughout the year. Preservation of tender coconut water is the biggest challenge as the processing methods may result in loss of nutritional and therapeutic values of the water.

Trends: The market is projected to grow at a fast pace during the forecast period, due to surging number of fitness and health clubs, growing preference for natural & plant-based drinks and rising government initiatives for promoting coconut farming. Consumers are becoming more health-conscious and seeking healthier products due to which plant-based diets are becoming increasingly popular across the world. Some of the replacements for dairy drinks that are used most often are cereal, nut and coconut-based drinks. Coconut water is also used as an ingredient in plant-based drinks, not only because of the reduction of sugar intake, but also because it improves the overall nutritional value of the final product. The growth in plant-based beverage market is continuously helping in increasing the adoption of coconut water.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic has led to the temporary shutdown of production plants in several countries, impacting food and beverage industry in the initial stages. However, as much as the pandemic has affected the supply chain operations, the pandemic has generated the need for healthy living among the consumers, due to which, consumers have shifted their attention toward nutritional food products, providing new opportunities to the coconut water market.

Concerns about personal health, planetary sustainability and the ethical treatment of animals fueled this increased attention to plant-based diets, and it appears the coronavirus pandemic has only helped accelerate this trend. Thus, the growing trend of consumption of functional and immunity-booster products, the demand for coconut water increased substantially during the pandemic times and theis trend is expected to continue.

Competitive Landscape:

The global coconut water market is highly dominated. The producers are making investments in e-commerce through various channels. The players are collaborating with retailers to expand the e-commerce business and establishing a Digital Command Centers in various regions to examine connections between consumer behaviour and financial results.

The key players in the global coconut water market are:

The Vita Coco Company

GraceKennedy Group

New Age Inc.

Harmless Harvest, Inc.

Goya Foods, Inc.

Celebes Coconut Corporation

Vaivai

C2O Pure Coconut Water, LLC

Naked Juice Company

Amy and Brian Naturals

ZICO Beverages, LLC (Powerplant Ventures, LLC)

Taste Nirvana International

The major market players are concentrating on growth strategies like mergers and acquisitions, increasing their distribution capacities, and increasing their market presence. For example, Kalbe Farma introduced coconut water Hydro Coco with vitamin D3. According to Kalbe Farma of Indonesia, Hydro Coco VITA-D is the first beverage containing vitamin D3.

Table of Contents

1. Executive Summary

2. Introduction

• 2.1 Coconut Water: An Overview
  • 2.1.1 Health Benefits of Coconut Water
  • 2.1.2 Properties & Reactions of Coconut Water
• 2.2 Coconut Water Segmentation: An Overview
  • 2.2.1 Coconut Water Segmentation by Type & Form
  • 2.2.2 Coconut Water Segmentation by Packaging & Distribution Channel

3. Global Market Analysis

• 3.1 Global Coconut Water Market: An Analysis
  • 3.1.1 Global Coconut Water Market: An Overview
  • 3.1.2 Global Coconut Water Market by Value
  • 3.1.3 Global Coconut Water Market by Type (Pure coconut water and Mixed Coconut Water)
  • 3.1.4 Global Coconut Water Market by Form (Liquid and Powder)
  • 3.1.5 Global Coconut Water Market by Packaging (Tetra Pack, Plastic Bottle and Other)
  • 3.1.6 Global Coconut Water Market by Distribution Channel (Offline and Online)
  • 3.1.7 Global Coconut Water Market by Region (Asia Pacific, North America, Europe, and Rest of the World (ROW).
• 3.2 Global Coconut Water Market: Type Analysis
  • 3.2.1 Global Coconut Water Market by Type: An Overview
  • 3.2.2 Global Pure Coconut Water Market by Value
  • 3.2.3 Global Mixed Coconut Water Market by Value
• 3.3 Global Coconut Water Market: Form Analysis
  • 3.3.1 Global Coconut Water Market by Form: An Overview
  • 3.3.2 Global Liquid Coconut Water Market by Value
  • 3.3.3 Global Powder Coconut Water Market by Value
• 3.4 Global Coconut Water Market: Packaging Analysis
  • 3.4.1 Global Coconut Water Market by Packaging: An Overview
  • 3.4.2 Global Tetra Pack Coconut Water Market by Value
  • 3.4.3 Global Plastic Bottle Coconut Water Market by Value
  • 3.4.4 Global Other Packaging Coconut Water Market by Value
• 3.5 Global Coconut Water Market: Distribution Channel Analysis
  • 3.5.1 Global Coconut Water Market by Distribution Channel: An Overview
  • 3.5.2 Global Offline Coconut Water Market by Value
  • 3.5.3 Global Online Coconut Water Market by Value

4. Regional Market Analysis

• 4.1 Asia Pacific Coconut Water Market: An Analysis
  • 4.1.1 Asia Pacific Coconut Water Market: An Overview
  • 4.1.2 Asia Pacific Coconut Water Market by Value
  • 4.1.3 Asia Pacific Coconut Water Market by Region (China, Indonesia, Taiwan, Thailand, Japan, and Rest of the Asia Pacific)
  • 4.1.4 China Coconut Water Market by Value
  • 4.1.5 Indonesia Coconut Water Market by Value
  • 4.1.6 Taiwan Coconut Water Market by Value
  • 4.1.7 Thailand Coconut Water Market by Value
  • 4.1.8 Japan Coconut Water Market by Value
  • 4.1.9 Rest of Asia Pacific Coconut Water Market by Value
• 4.2 North America Coconut Water Market: An Analysis
  • 4.2.1 North America Coconut Water Market: An Overview
  • 4.2.2 North America Coconut Water Market by Value
  • 4.2.3 North America Coconut Water Market by Region (The US, Canada and Mexico)
  • 4.2.4 The US Coconut Water Market by Value
  • 4.2.5 Canada Coconut Water Market by Value
  • 4.2.6 Mexico Coconut Water Market by Value
• 4.3 Europe Coconut Water Market: An Analysis
  • 4.3.1 Europe Coconut Water Market: An Overview
  • 4.3.2 Europe Coconut Water Market by Value
  • 4.3.3 Europe Coconut Water Market by Region (The UK, France, Spain, Germany, Italy and Rest of the Europe)
  • 4.3.4 The UK Coconut Water Market by Value
  • 4.3.5 France Coconut Water Market by Value
  • 4.3.6 Spain Coconut Water Market by Value
  • 4.3.7 Germany Coconut Water Market by Value
  • 4.3.8 Italy Coconut Water Market by Value
  • 4.3.9 Rest of Europe Coconut Water Market by Value
• 4.4 Rest of World Coconut Water Market: An Analysis
  • 4.4.1 Rest of World Coconut Water Market: An Overview
  • 4.4.2 Rest of World Coconut Water Market by Value

5. Impact of Covid-19

• 5.1 Impact of COVID-19
  • 5.1.1 Impact of COVID-19 on Coconut Water Market
  • 5.1.2 Surging Adoption of Plant-Based Beverages
  • 5.1.3 Post-COVID Scenario

6. Market Dynamics

• 6.1 Growth Drivers
  • 6.1.1 Increasing Inclination of Consumers towards Health & Wellness
  • 6.1.2 Growing Prevalence of Lifestyle Disorders
  • 6.1.3 Rising Interest in Hydration and Energy Drinks
  • 6.1.4 Surging Geriatric Population
  • 6.1.5 Rapid Urbanization
  • 6.1.6 Escalating Global Average Temperature
• 6.2 Challenges
  • 6.2.1 Huge Gap between the Two Ends of the Coconut Water Supply Chain
  • 6.2.2 Preservation of Tender Coconut Water
  • 6.2.3 Misleading Practices of Some of The Coconut Water Brands
• 6.3 Market Trends
  • 6.3.1 Surging Number of Fitness and Health Clubs
  • 6.3.2 Growing Preference for Natural & Plant-based Drinks
  • 6.3.3 Rising Government Initiatives for Promoting Coconut Farming

7. Competitive Landscape

• 7.1 The US Coconut Water Players by Market Share

8. Company Profiles

• 8.1 The Vita Coco Company
  • 8.1.1 Business Overview
  • 8.1.2 Operating Segments
  • 8.1.3 Business Strategy
• 8.2 GraceKennedy Group
  • 8.2.1 Business Overview
  • 8.2.2 Operating Segments
  • 8.2.3 Business Strategy
• 8.3 New Age Inc.
  • 8.3.1 Business Overview
  • 8.3.2 Operating Segments
  • 8.3.3 Business Strategy
• 8.4 Harmless Harvest, Inc.
  • 8.4.1 Business Overview
  • 8.4.2 Business Strategy
• 8.5 Goya Foods, Inc.
  • 8.5.1 Business Overview
  • 8.5.2 Business Strategy
• 8.6 Celebes Coconut Corporation
  • 8.6.1 Business Overview
• 8.7 VaiVai
  • 8.7.1 Business Overview
• 8.8 C2O Pure Coconut Water LLC
  • 8.8.1 Business Overview
• 8.9 Naked Juice Company
  • 8.9.1 Business Overview
• 8.10 Amy and Brian Naturals
  • 8.10.1 Business Overview
• 8.11 ZICO Beverages, LLC (Powerplant Ventures, LLC)
  • 8.11.1 Business Overview
• 8.12 Taste Nirvana International
  • 8.12.1 Business Overview