Report

TABLE OF CONTENTS
1 INTRODUCTION 62
1.1 OBJECTIVES OF THE STUDY 62
1.2 MARKET DEFINITION 62
1.3 OVERVIEW OF THE GLOBAL COCONUT WATER AND MILK MARKET 62
1.4 CURRENCY AND PRICING 63
1.5 LIMITATIONS 63
1.6 MARKETS COVERED 64
2 MARKET SEGMENTATION 68
2.1 MARKETS COVERED 68
2.2 YEARS CONSIDERED FOR THE STUDY 69
2.3 GEOGRAPHIC SCOPE 70
2.4 DBMR TRIPOD DATA VALIDATION MODEL 71
2.5 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 74
2.6 DBMR MARKET POSITION GRID 75
2.7 VENDOR SHARE ANALYSIS 76
2.8 MULTIVARIATE MODELLING 77
2.9 SECONDARY SOURCES 78
2.10 ASSUMPTIONS 78
3 EXECUTIVE SUMMARY 79
4 PREMIUM INSIGHTS 83
4.1 PESTLE ANALYSIS 84
4.1.1 POLITICAL FACTORS 84
4.1.2 ECONOMIC FACTORS 85
4.1.3 SOCIAL FACTORS 85
4.1.4 TECHNOLOGICAL FACTORS 85
4.1.5 ENVIRONMENTAL FACTORS 85
4.1.6 LEGAL FACTORS 86
4.2 MACROECONOMIC REVIEW 87
4.2.1 GLOBAL ECONOMIC CONDITIONS 87
4.2.2 MARKET SIZE AND GROWTH 87
4.2.3 TRADE AND GLOBALIZATION 87
4.2.4 MARKET COMPETITION 87
4.3 PRODUCTION CAPACITY OF KEY MANUFACTURERS 88
4.3.1 ESTIMATED PRODUCTION CAPACITY 88
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4.4 BRAND OUTLOOK 89
4.4.1 COMPARATIVE BRAND ANALYSIS 89
4.4.2 PRODUCT VS BRAND OVERVIEW 90
4.4.3 PRIVATE LABEL VS BRAND ANALYSIS 90
4.5 CONSUMER DISPOSABLE INCOME DYNAMICS / SPEND DYNAMICS 91
4.6 CONSUMER TRENDS 92
4.6.1 NORTH AMERICA (U.S. CANADA) 92
4.6.2 CHINA AND HONGKONG 92
4.6.3 ASEAN COUNTRIES (TH, ID, MY, VN, SG AND PH) 93
4.6.4 AUSTRALIA AND INDIA 93
4.7 ENTRY BARRIERS 95
4.7.1 HIGH COMPETITION 95
4.7.2 BRAND LOYALTY AND CONSUMER TRUST 95
4.7.3 HIGH MARKETING COSTS 95
4.7.4 SUPPLY CHAIN AND SOURCING CHALLENGES 95
4.7.5 DISTRIBUTION NETWORK 95
4.7.6 REGULATORY AND COMPLIANCE HURDLES 95
4.7.7 PRODUCT DIFFERENTIATION 95
4.7.8 PRICING PRESSURES AND COMPETITION 95
4.7.9 CHANGING CONSUMER PREFERENCES 95
4.7.10 CAPITAL INTENSITY 96
4.8 FACTOR INFLUENCING PURCHASE DECISION 97
4.8.1 HEALTH AND NUTRITIONAL BENEFITS 97
4.8.2 TASTE AND FLAVOR PREFERENCES 97
4.8.3 PACKAGING AND CONVENIENCE 97
4.8.4 BRAND REPUTATION AND TRUST 97
4.8.5 PRICE AND VALUE FOR MONEY 97
4.8.6 DIETARY PREFERENCES AND RESTRICTIONS 97
4.8.7 MARKETING AND PROMOTIONS 98
4.8.8 SUSTAINABILITY AND ETHICAL PRACTICES 98
4.8.9 AVAILABILITY AND ACCESSIBILITY 98
4.8.10 CULTURAL INFLUENCES AND TRENDS 98
4.9 IMPACT OF ECONOMIC SLOWDOWN ON MARKET 99
4.9.1 OVERVIEW 99
4.9.2 IMPACT ON PRICE 99
4.9.3 IMPACT ON SUPPLY CHAIN 99
4.9.4 IMPACT ON SHIPMENT 100
4.9.5 IMPACT ON COMPANY'S STRATEGIC DECISIONS 100
4.10 INDUSTRY TRENDS AND FUTURE PERSPECTIVE 101
4.10.1 HEALTH AND WELLNESS BOOM 101
4.10.2 REGIONAL MARKET GROWTH 101
4.10.3 INNOVATION AND PRODUCT DIVERSIFICATION 101
4.10.4 PREMIUMIZATION AND BRANDING STRATEGIES 101
4.10.5 SUSTAINABILITY AND ETHICAL PRACTICES 101
4.10.6 PACKAGING INNOVATION 102
4.10.7 E-COMMERCE AND DISTRIBUTION 102
4.10.8 RESEARCH AND DEVELOPMENT 102
4.10.9 MARKET EXPANSION AND GLOBAL DEMAND 102
4.10.10 CHALLENGES AND OPPORTUNITIES 102
4.11 KEY SUCCESS FACTORS 103
4.11.1 QUALITY ASSURANCE AND SOURCING 103
4.11.2 INNOVATION IN PRODUCT DEVELOPMENT 103
4.11.3 MARKETING AND BRANDING STRATEGIES 103
4.11.4 GLOBAL DISTRIBUTION NETWORKS 103
4.11.5 REGULATORY COMPLIANCE AND CERTIFICATION 103
4.12 MEETING CUSTOMER REQUIREMENT 104
4.12.1 PRODUCT INNOVATION AND DIVERSIFICATION 104
4.12.2 QUALITY ASSURANCE AND SUSTAINABILITY INITIATIVES 104
4.12.3 GLOBAL MARKET EXPANSION AND DISTRIBUTION NETWORKS 104
4.12.4 CONSUMER EDUCATION AND MARKETING CAMPAIGNS 104
4.13 NEW PRODUCT LAUNCH 105
4.13.1 LINE EXTENSION 105
4.13.2 NEW PACKAGING 105
4.13.3 RE-LAUNCHED 105
4.13.4 NEW FORMULATION 105
4.14 PRICING ANALYSIS 106
4.14.1 FACTORS AFFECTING PRICING 106
4.14.1.1 PRODUCTION COSTS 106
4.14.1.2 MARKET DEMAND 106
4.14.1.3 COMPETITION 106
4.14.1.4 DISTRIBUTION CHANNELS 106
4.15 PROMOTIONAL ACTIVITIES 107
4.15.1 ADVERTISING CAMPAIGNS 107
4.15.2 INFLUENCER MARKETING 107
4.15.3 SAMPLING PROGRAMS AND PRODUCT DEMONSTRATIONS 107
4.15.4 PARTNERSHIPS AND SPONSORSHIPS 107
4.15.5 DIGITAL MARKETING AND CONTENT CREATION 107
4.15.6 SPECIAL PROMOTIONS AND DISCOUNTS 107
4.15.7 RETAIL DISPLAYS AND POINT-OF-SALE MATERIALS 107
4.15.8 CONSUMER ENGAGEMENT AND CONTESTS 107
4.15.9 PR CAMPAIGNS AND PRESS RELEASES 108
4.15.10 LOCALIZED MARKETING CAMPAIGNS 108
4.16 SHOPPING BEHAVIOR AND DYNAMICS 109
4.16.1 RECOMMENDATION FROM FAMILY & FRIENDS 109
4.16.2 RESEARCHES 110
4.16.3 IMPULSIVE 110
4.16.4 ADVERTISEMENT 110
4.16.4.1 TELEVISION ADVERTISEMENT 110
4.16.4.2 ONLINE ADVERTISEMENT 110
4.16.4.3 IN-STORE ADVERTISEMENT 111
4.16.4.4 OUTDOOR ADVERTISEMENT 111
4.17 SUPPLY CHAIN ANALYSIS 112
4.17.1 OVERVIEW 112
4.17.2 LOGISTIC COST SCENARIO 112
4.17.3 IMPORTANCE OF LOGISTICS SERVICE PROVIDERS 112
4.17.4 SUPPLY OF COCONUT WATER & MILK BREAKDOWN BY COUNTRY OF ORIGN IN THESE COUNTRIES 114
4.17.4.1 EUROPE 114
4.17.4.2 U.S. 114
4.17.4.3 CANADA 115
4.17.4.4 PHILIPPINES 115
4.17.4.5 THAILAND 116
4.17.4.6 INDONESIA 116
4.17.4.7 INDIA 117
4.17.4.8 CHINA 117
4.17.4.9 VIETNAM 118
4.17.4.10 MALAYSIA 118
4.17.4.11 SINGAPORE 119
4.17.4.12 HONG KONG 119
4.17.4.13 AUSTRALIA 120
4.18 VALUE CHAIN ANALYSIS: COCONUT WATER AND MILK MARKET 121
5 REGULATION LANDSCAPE 123
5.1 FEASIBILITY TO ENTER THE MARKET 128
5.1.1 100% FOREIGN-OWNED 128
5.1.2 PARTNERSHIP WITH A LOCAL MAJORITY 128
5.1.3 PARTNERSHIP WITH A LOCAL MAJORITY-MINORITY 128
5.2 FEASIBILITY TO OPERATE (DISTRIBUTE) IN THE MARKET 129
5.2.1 100% FOREIGN-OWNED OPERATION AND DISTRIBUTION 129
5.2.2 PARTNERSHIP WITH A LOCAL MAJORITY FOR OPERATION AND DISTRIBUTION 129
5.2.3 PARTNERSHIP WITH A LOCAL MAJORITY-MINORITY FOR OPERATION AND DISTRIBUTION 129
6 MARKET OVERVIEW 130
6.1 DRIVERS 132
6.1.1 POSITIVE OUTLOOK TOWARDS THE ADOPTION OF PLANT-BASED DIET 132
6.1.2 RISING AWARENESS OF HEALTH CONSCIOUSNESS AMONG THE POPULATION 133
6.1.3 GROWING PREFERENCE FOR NATURAL AND FUNCTIONAL BEVERAGES 133
6.2 RESTRAINT 134
6.2.1 STRINGENT REGULATORY STANDARDS AND CERTIFICATION REQUIREMENTS 134
6.3 OPPORTUNITIES 135
6.3.1 INCREASING VARIATIONS OF COCONUT WATER AND MILK 135
6.3.2 RISING TREND IN CONSUMER INCLINATION TOWARD DAIRY-FREE ALTERNATIVES 136
6.4 CHALLENGES 137
6.4.1 DIFFICULTIES IN SOURCING QUALITY COCONUT 137
6.4.2 COMPETITION FROM NON-COCONUT BASED FUNCTIONAL BEVERAGES AND PLANT-BASED MILK 137
7 GLOBAL COCONUT WATER AND MILK MARKET, BY PRODUCT 139
7.1 OVERVIEW 140
7.2 WATER 141
7.3 MILK 142
7.4 COCONUT WATER WITHOUT PULP 143
7.4.1 UNSWEETNESS (NO SUGAR ADDED) 144
7.4.2 SWEETNESS (SUGAR ADDED) 144
7.4.2.1 STILL 144
7.4.2.2 SPARKLING 144
7.5 COCONUT WATER WITH PULP 145
7.5.1 UNSWEETNESS (NO SUGAR ADDED) 145
7.5.2 SWEETNESS (SUGAR ADDED) 145
7.5.2.1 STILL 145
7.5.2.2 SPARKLING 146
7.5.3 UNSWEETNESS (NO SUGAR ADDED) 146
7.5.4 SWEETNESS (SUGAR ADDED) 146
7.5.4.1 STILL 146
7.5.4.2 SPARKLING 147
7.6 ORGANIC 147
7.6.1 COCONUT WATER WITHOUT PULP 147
7.6.2 COCONUT WATER WITHOUT PULP 147
7.7 CONVENTIONAL 148
7.7.1 COCONUT WATER WITHOUT PULP 148
7.7.2 COCONUT WATER WITHOUT PULP 148
7.8 ORIGINAL 148
7.9 FLAVORED 149
7.9.1 MANGO 149
7.9.2 PINEAPPLE 149
7.9.3 BLUEBERRY 149
7.9.4 LIME 149
7.9.5 MINT 150
7.9.6 PEACH 150
7.9.7 ESPRESSO 150
7.9.8 OTHERS 150
7.10 BRANDED 150
7.10.1 PRIVATE LABEL 151
7.10.1.1 301-400 ML 151
7.10.1.2 201-300 ML 151
7.10.1.3 501-700 ML 151
7.10.1.4 100-200 ML 151
7.10.1.5 401-500 ML 151
7.10.1.6 700-1000 ML 152
7.10.1.7 MORE THAN 1000 ML 152
7.10.2 CANS 152
7.10.3 BOTTLES 152
7.10.4 TETRA PACKS 152
7.10.5 POUCHES 152
7.10.6 HOUSEHOLD/ RETAIL 153
7.10.6.1 COCONUT WATER WITHOUT PULP 153
7.10.6.2 COCONUT WATER WITH PULP 153
7.10.7 FOOD SERVICE SECTOR 153
7.10.7.1 CAFE 154
7.10.7.2 RESTAURANTS 154
7.10.7.3 HOTELS 154
7.10.7.4 BARS / CLUBS 154
7.10.7.5 CATERING 154
7.10.7.6 OTHERS 155
7.10.7.7 COCONUT WATER WITHOUT PULP 155
7.10.7.8 COCONUT WATER WITH PULP 155
7.10.8 STORE BASED RETAILERS 156
7.10.8.1 SUPERMARKETS/ HYPERMARKETS 156
7.10.8.2 GROCERY RETAILERS 156
7.10.8.3 CONVENIENCE STORES 156
7.10.8.4 SPECIALTY STORES 156
7.10.8.5 WHOLESALERS 156
7.10.8.6 OTHERS 157
7.10.9 NON-STORE RETAILERS 157
7.10.9.1 ONLINE 157
7.10.9.2 COMPANY WEBSITE 157
8 GLOBAL COCONUT WATER AND MILK MARKET, BY REGION 158
8.1 OVERVIEW 159
8.2 ASIA-PACIFIC 162
8.2.1 PHILIPPINES 173
8.2.2 THAILAND 180
8.2.3 INDONESIA 187
8.2.4 INDIA 194
8.2.5 CHINA 201
8.2.6 VIETNAM 208
8.2.7 JAPAN 215
8.2.8 MALAYSIA 222
8.2.9 SINGAPORE 229
8.2.10 SOUTH KOREA 236
8.2.11 HONG KONG 243
8.2.12 TAIWAN 250
8.2.13 AUSTRALIA 257
8.2.14 REST OF ASIA-PACIFIC 264
8.3 NORTH AMERICA 265
8.3.1 U.S 274
8.3.2 CANADA 281
8.3.3 MEXICO 288
8.4 EUROPE 295
8.4.1 U.K. 305
8.4.2 FRANCE 312
8.4.3 SPAIN 319
8.4.4 GERMANY 326
8.4.5 ITALYI 333
8.4.6 TURKEYT 340
8.4.7 SWITZERLAND 347
8.4.8 BELGIUM 354
8.4.9 NETHERLANDS 361
8.4.10 RUSSIA 368
8.4.11 REST OF EUROPE 375
8.5 SOUTH AMERICA 376
8.5.1 BRAZIL 385
8.5.2 ARGENTINA 392
8.5.3 REST OF SOUTH AMERICA 399
8.6 MIDDLE EAST AND AFRICA 400
8.6.1 U.A.E. 409
8.6.2 KUWAIT 416
8.6.3 SOUTH AFRICA 423
8.6.4 SAUDI ARABIA 430
8.6.5 REST OF MIDDLE EAST AND AFRICA 437
9 GLOBAL COCONUT WATER AND MILK MARKET: COMPANY LANDSCAPE 438
9.1 COMPANY SHARE ANALYSIS: GLOBAL 438
9.2 COMPANY SHARE ANALYSIS: ASIA-PACIFIC 439
9.3 COMPANY SHARE ANALYSIS: NORTH AMERICA 440
9.4 COMPANY SHARE ANALYSIS: EUROPE 441
9.5 COUNTRY SHARE ANALYSIS: THE VITA COCO COMPANY 442
9.6 COUNTRY SHARE ANALYSIS: ZICO RISING, INC. 442
9.7 COUNTRY SHARE ANALYSIS: HARMLESS HARVEST 443
9.8 COUNTRY SHARE ANALYSIS: AMY & BRAIN NATURALS 443
9.9 COUNTRY SHARE ANALYSIS: PEPSICO, INC. 444
10 SWOT ANALYSIS 445


8.3 NORTH AMERICA 265
8.3.1 U.S 274
8.3.2 CANADA 281
8.3.3 MEXICO 288
8.4 EUROPE 295
8.4.1 U.K. 305
8.4.2 FRANCE 312
8.4.3 SPAIN 319
8.4.4 GERMANY 326
8.4.5 ITALYI 333
8.4.6 TURKEYT 340
8.4.7 SWITZERLAND 347
8.4.8 BELGIUM 354
8.4.9 NETHERLANDS 361
8.4.10 RUSSIA 368
8.4.11 REST OF EUROPE 375
8.5 SOUTH AMERICA 376
8.5.1 BRAZIL 385
8.5.2 ARGENTINA 392
8.5.3 REST OF SOUTH AMERICA 399
8.6 MIDDLE EAST AND AFRICA 400
8.6.1 U.A.E. 409
8.6.2 KUWAIT 416
8.6.3 SOUTH AFRICA 423
8.6.4 SAUDI ARABIA 430
8.6.5 REST OF MIDDLE EAST AND AFRICA 437
9 GLOBAL COCONUT WATER AND MILK MARKET: COMPANY LANDSCAPE 438
9.1 COMPANY SHARE ANALYSIS: GLOBAL 438
9.2 COMPANY SHARE ANALYSIS: ASIA-PACIFIC 439
9.3 COMPANY SHARE ANALYSIS: NORTH AMERICA 440
9.4 COMPANY SHARE ANALYSIS: EUROPE 441
9.5 COUNTRY SHARE ANALYSIS: THE VITA COCO COMPANY 442
9.6 COUNTRY SHARE ANALYSIS: ZICO RISING, INC. 442
9.7 COUNTRY SHARE ANALYSIS: HARMLESS HARVEST 443
9.8 COUNTRY SHARE ANALYSIS: AMY & BRAIN NATURALS 443
9.9 COUNTRY SHARE ANALYSIS: PEPSICO, INC. 444
10 SWOT ANALYSIS 445
11 COMPANY PROFILES 446
11.1 THE VITA COCO COMPANY 446
11.1.1 COMPANY SNAPSHOT 446
11.1.2 REVENUS ANALYSIS 446
11.1.3 COMPANY SHARE ANALYSIS 447
11.1.4 COMPANY SHARE ANALYSIS: BY COUNTRY 447
11.1.5 PRODUCT PORTFOLIO 448
11.1.6 RECENT DEVELOPMENT 448
11.2 ZICO RISING, INC. 449
11.2.1 COMPANY SNAPSHOT 449
11.2.2 COMPANY SHARE ANALYSIS 449
11.2.3 COMPANY SHARE ANALYSIS: BY COUNTRY 450
11.2.4 PRODUCT PORTFOLIO 450
11.2.5 RECENT DEVELOPMENTS 450
11.3 HARMLESS HARVEST 451
11.3.1 COMPANY SNAPSHOT 451
11.3.2 COMPANY SHARE ANALYSIS 451
11.3.3 COMPANY SHARE ANALYSIS: BY COUNTRY 452
11.3.4 PRODUCT PORTFOLIO 452
11.3.5 RECENT DEVELOPMENTS 452
11.4 AMY & BRAIN NATURALS 453
11.4.1 COMPANY SNAPSHOT 453
11.4.2 COMPANY SHARE ANALYSIS 453
11.4.3 COMPANY SHARE ANALYSIS: BY COUNTRY 454
11.4.4 PRODUCT PORTFOLIO 454
11.4.5 RECENT DEVELOPMENTS 454
11.5 PEPSICO, INC. 455
11.5.1 COMPANY SNAPSHOT 455
11.5.2 REVENUS ANALYSIS 455
11.5.3 COMPANY SHARE ANALYSIS 456
11.5.4 COMPANY SHARE ANALYSIS: BY COUNTRY 456
11.5.5 PRODUCT PORTFOLIO 457
11.5.6 RECENT DEVELOPMENTS 457
11.6 ARCADIA BIOSCIENCES 458
11.6.1 COMPANY SNAPSHOT 458
11.6.2 REVENUS ANALYSIS 458
11.6.3 PRODUCT PORTFOLIO 459
11.6.4 RECENT DEVELOPMENT 459
11.7 BEN TRE 460
11.7.1 COMPANY SNAPSHOT 460
11.7.2 PRODUCT PORTFOLIO 460
11.7.3 RECENT DEVELOPMENTS 460
11.8 COAQUA 461
11.8.1 COMPANY SNAPSHOT 461
11.8.2 PRODUCT PORTFOLIO 461
11.8.3 RECENT DEVELOPMENTS 461
11.9 C-COCONUT WATER 462
11.9.1 COMPANY SNAPSHOT 462
11.9.2 PRODUCT PORTFOLIO 462
11.9.3 RECENT DEVELOPMENTS 462
11.10 COCOCOAST 463
11.10.1 COMPANY SNAPSHOT 463
11.10.2 PRODUCT PORTFOLIO 463
11.10.3 RECENT DEVELOPMENTS 463
11.11 COCOMI BIO ORGANIC 464
11.11.1 COMPANY SNAPSHOT 464
11.11.2 PRODUCT PORTFOLIO 464
11.11.3 RECENT DEVELOPMENTS 464
11.12 DABUR INDIA LTD. 465
11.12.1 COMPANY SNAPSHOT 465
11.12.2 REVENUS ANALYSIS 465
11.12.3 PRODUCT PORTFOLIO 466
11.12.4 RECENT DEVELOPMENTS 466
11.13 INNOVATIVE FOOD & BEVERAGE 467
11.13.1 COMPANY SNAPSHOT 467
11.13.2 PRODUCT PORTFOLIO 467
11.13.3 RECENT DEVELOPMENTS 467
11.14 LIFE REFRESHED BRANDS - REAL COCO 468
11.14.1 COMPANY SNAPSHOT 468
11.14.2 PRODUCT PORTFOLIO 468
11.14.3 RECENT DEVELOPMENTS 468
11.15 LIFETREE AGRO FOODS PVT LTD 469
11.15.1 COMPANY SNAPSHOT 469
11.15.2 PRODUCT PORTFOLIO 469
11.15.3 RECENT DEVELOPMENTS 469
11.16 MADE (AUST) PTY LTD. 470
11.16.1 COMPANY SNAPSHOT 470
11.16.2 PRODUCT PORTFOLIO 470
11.16.3 RECENT DEVELOPMENTS 470
11.17 MADHURA COCO FRESH 471
11.17.1 COMPANY SNAPSHOT 471
11.17.2 PRODUCT PORTFOLIO 471
11.17.3 RECENT DEVELOPMENTS 471
11.18 NILO 472
11.18.1 COMPANY SNAPSHOT 472
11.18.2 PRODUCT PORTFOLIO 472
11.18.3 RECENT DEVELOPMENTS 472
11.19 PAMPOSH FOODS INDIA PVT. 473
11.19.1 COMPANY SNAPSHOT 473
11.19.2 PRODUCT PORTFOLIO 473
11.19.3 RECENT DEVELOPMENTS 473
11.20 RAW C 474
11.20.1 COMPANY SNAPSHOT 474
11.20.2 PRODUCT PORTFOLIO 474
11.20.3 RECENT DEVELOPMENTS 474
11.21 RITA FOOD & DRINK CO., LTD. 475
11.21.1 COMPANY SNAPSHOT 475
11.21.2 PRODUCT PORTFOLIO 475
11.21.3 RECENT DEVELOPMENTS 475
11.22 ROLIGT FOODS PVT LTD 476
11.22.1 COMPANY SNAPSHOT 476
11.22.2 PRODUCT PORTFOLIO 476
11.22.3 RECENT DEVELOPMENTS 476
11.23 THAICOCONUT 477
11.23.1 COMPANY SNAPSHOT 477
11.23.2 REVENUS ANALYSIS 477
11.23.3 PRODUCT PORTFOLIO 478
11.23.4 RECENT DEVELOPMENTS 478
11.24 THE NEIGHBORHOOD BEVERAGE CO. 479
11.24.1 COMPANY SNAPSHOT 479
11.24.2 PRODUCT PORTFOLIO 479
11.24.3 RECENT DEVELOPMENTS 479
11.25 TROPICAL SUN 480
11.25.1 COMPANY SNAPSHOT 480
11.25.2 PRODUCT PORTFOLIO 480
11.25.3 RECENT DEVELOPMENTS 480
12 QUESTIONNAIRE 481
13 RELATED REPORTS 483