Coconut wraps are sheets made from coconut meat and coconut water that can be used as an alternative to wheat-based tortillas, flatbreads, and chips. Coconut wraps offer various health benefits such as being gluten-free, high in fiber and nutrients, dairy-free, and vegan-friendly. The growing preference for plant-based and organic foods is driving the demand for coconut wraps. Coconut wraps are a versatile alternative for burritos, sandwiches, and snacking.
The global Coconut Wraps Market is estimated to be valued at US$ 1.65 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The demand for coconut wraps is projected to grow substantially during the forecast period, propelled by the growing demand for plant-based foods. Consumers are increasingly preferring vegan and gluten-free food products due to rising health consciousness and awareness about the negative effects of excessive gluten and dairy consumption. Coconut wraps, being naturally gluten-free and containing high fiber content, appeal to health-conscious consumers. Furthermore, coconut wraps offer a versatile alternative to wheat or grain-based flatbreads and wraps. Product launches catering to on-the-go consumption and convenience snacking are also driving the uptake of coconut wraps.
SWOT Analysis
Strength: Coconut wraps are gaining popularity as a healthy and sustainable alternative to plastic-based wraps. They are 100% biodegradable and compostable.
Weakness: Production of coconut wraps requires extensive manual labor which increases the cost of production. Availability is also limited compared to plastic wraps.
Opportunity: Growing consumer preference for eco-friendly products presents an opportunity for coconut wraps manufacturers. The market growth can be supported by various government initiatives promoting sustainable packaging solutions.
Threats: Stiff competition from conventional plastic wraps poses a challenge. Volatility in raw material prices due to changing climatic conditions can increase production costs.
Key Takeaways
The Global Coconut Wraps Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Coconut Wraps Market is estimated to be valued at US$ 1.65 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market with the largest share in terms of both production and consumption. Countries like India, Thailand, and Indonesia are the major producers of coconuts and have a well-established coconut wraps manufacturing industry.
Key players operating in the coconut wraps market are The Coconut Company, Coconut Wraps, Green Label Packaging, Tief Vita, and Nature’s Charm. The increasing retail availability of coconut wraps through modern grocery stores and online channels is helping these key players to boost market visibility and sales. Additionally, strategic partnerships with food delivery businesses are aiding global expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it