46人的泰国公司在中国狂赚11亿，但椰子水市场隐忧已现

Group 1 - The coconut water market in Greater China is experiencing significant growth, with the market size projected to increase from $10.18 million in 2019 to $109.33 million by 2024, representing a compound annual growth rate (CAGR) of 60.8% [1] - The Thai coconut water brand IF has captured over 50% of the market share in China, and its parent company IFBH has submitted an IPO application in Hong Kong [2][9] - IMCOCO, a Thai group involved in the entire coconut water supply chain, has completed a Pre-A round financing of over 100 million yuan to expand its own brand [3] Group 2 - IF's market share in China has been around 30% since 2023, reaching as high as 55.53% in Q1 2024, making it the leading coconut water brand [5] - IF's revenue for 2024 is projected to be $158 million (approximately 1.14 billion yuan), with a year-on-year growth of 80.7%, and a gross profit of $57.86 million (approximately 416 million yuan) [9][10] - The coconut water industry is facing challenges such as rising coconut prices and a potential price war, with some brands lowering prices despite increasing raw material costs [4][32] Group 3 - The coconut water production process is relatively simple, leading many brands to adopt a "light asset" model, which lacks self-owned factories and warehouses [16][17] - The supply chain and sales channels are critical competitive barriers for coconut water brands, with the ability to control raw material sources being a key factor [18][19] - IMCOCO is expanding its presence in the Chinese market and has established partnerships with various coconut factories to enhance its production capabilities [21][22] Group 4 - The consumer base for coconut water includes urban white-collar workers (45%), sports hydration scenarios (32%), and mothers and infants (18%), driven by its natural and healthy attributes [29] - The industry is experiencing structural challenges, including a reliance on Thai coconut imports and a lack of clear standards, leading to trust issues among consumers [31][32] - The coconut water market is currently characterized by intense competition and price wars, which may hinder long-term industry development [32][33]