Recently listed Century Pacific Food Inc. (CNPF) has bagged the exclusive rights to distribute in the Philippines coconut water sourced to produced and packaged by US brand Vita Coco.
In a disclosure to the Philippine Stock Exchange, Century Pacific said it has entered into an agreement to be the exclusive national distributor of Vita Coco in the Philippines.
Introduced in New York City in 2004, the Vita Coco brand is now sold in more than 80,000 stores throughout the United States.
Over the past four years, the beverage brand has sold coconut water globally, and is now also sold in Europe, Japan, and South Korea.
Initially, CNPF will distribute Vita Coco’s 330-ml size beverage in Tetra Pak containers throughout the country.
Coconut water is marketed as a post-exercise hydration drink due to its electrolytes, which make it able to compete with more common sports drinks.
The coconuts used in the product reportedly come from locations across Brazil and South East Asia.
While Vita Coco has sourced some of its popular coconut water from the Philippines since 2010, this is the first time the brand will be sold on the domestic market. According to the company, its affiliate in General Santos has been supplying coconut water to Vita Coco for beverages sold in the US and Europe since 2013.
“We believe in the appeal of healthy products for Philippine consumers, so we are proud to enter into a new stage of our relationship with this distribution agreement and bring Vita Coco Brand to the Philippines,” Christopher Po, president of CNPF, said.
Explaining the company’s decision to venture into the Philippines, Vita Coco co-founder and chief executive officer Michael Kirban said consumers in the country have long understood and appreciated the taste and functionality of fresh coconut water.
“Because the Philippines has been a key partner in helping increase Vita Coco’s production to meet rising demand in many countries, we’re thrilled to be able to deepen our ties to the country and its people by selling Vita Coco here for the first time,” Kirban said in a statement.
CNPF President Po added that he is optimistic about the prospects of Vita Coco in the Philippines.