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Last week, Coca-Cola took a step closer to becoming Coco-Cola.
The world's largest beverage brand announced it had acquired a majority share of Zico, the number two brand in the estimated $350 million coconut water space.
It was another moment of affirmation for the coconut water business and for those with a piece of the pie.
But while some have called Coke's further investment in Zico the next step to making it the next great beverage, others say coconut water, which has been heavily marketed as nature's sports drink, might be at its peak today.
The two sides of the story can be seen through the eyes of Coke's competitor, Pepsi, which led the charge in 2009 by acquiring Amacoco, Brazil's largest coconut water company. A year later, the company bought a greater piece of O.N.E., the third largest US brand after Vita Coco and Zico.
But not everything Pepsi did turned to gold. A partnership with GNCto produce a coconut water brand called Phenom is selling its inventory and getting out of the market after a year test run. It's believed that GNC didn't think it could get enough market share to make the venture worth it.
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