MANILA, Philippines - AgriNurture Inc. (ANI) has signed a five-year manufacturing and purchasing agreement with All Market, Inc., a Delaware corporation engaged in the sale of non-carbonated beverages in the United States, Canada and United Kingdom.
In a disclosure yesterday to the Philippine Stock Exchange, ANI said it will manufacture and supply All Market Inc.’s coconut-water based products under the latter’s Vita Coco brand, a leading brand of coconut juice drink in the US.
ANI will process at least 50 million liters of coconut water over the next five years to meet the requirements of All Market, Inc.
In a related development, ANI has forged a memorandum of understanding with the local government of Camarines Sur, the Department of Agriculture, and the Department of Agrarian Reform.
The parties will join forces to establish a coconut water processing facility in Camarines Sur.
Interest in coconut water has been increasing as a health drink in the US.
Global beverage firm PepsiCo had earlier entered the coconut water beverage market through an investment with ONE (One Natural Experience) for the distribution of coconut water with the Philippines being eyed as a source.