The global Coconut Wraps Market is estimated to be valued at US$ 1.65 Bn or Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coconut Wraps are thin sheets made from coconut and used as an alternative to regular tortillas or flatbreads. They are gluten-free, highly nutritious, and have a subtle tropical flavor. The flexibility and texture of coconut wraps make them ideal for wrapping sandwiches, veggie fillings, or meat and allow for easy packing as part of lunch boxes or snacks on-the-go.
Market key trends:
One of the major trends in the coconut wraps market is the launch of innovative flavors. Various companies are coming up with exciting flavor variants such as cinnamon coconut, cheese coconut, and multi-grain coconut to appeal to evolving consumer preferences for unique tastes. Another key trend is increased adoption among health-conscious consumers. Coconut wraps are gaining prominence as a healthy substitute for wheat or maize-based wraps due to their high nutritional value and various health benefits associated with coconut. The rising awareness about health advantages is fueling the demand for coconut wraps.
SWOT Analysis
Strength: Coconut wraps are gluten-free, keto-friendly, and vegan friendly alternatives to regular wraps which increases their appeal among health conscious consumers. They are also more sustainable than plastic or paper wraps.
Weakness: Coconut wraps have a smaller shelf life of approximately 2 months as compared to other wraps. They may not provide the same texture and flexibility as wheat or flour wraps.
Opportunity: Rising awareness about benefits of coconut products and growth in the vegan and gluten-free food market present lucrative opportunities. Increasing demand for sustainable and planet-friendly packaging further expands the growth prospects.
Threats: Fluctuations in price and availability of coconuts due to climate change and unpredictable weather conditions pose threats. Stiff competition from other gluten-free vegan alternatives like rice wraps can hinder the market expansion.
Key Takeaways
The global coconut wraps market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing preference for plant-based gluten-free options. North America currently dominates the market owing to rising health consciousness.
Regional analysis: North America dominates the coconut wraps market, accounting for around 35% of the global sales. Rising popularity of vegan and low-carb diets is fueling the demand particularly in the US and Canada. Asia Pacific is poised to be the fastest growing market with India, China, and Southeast Asian countries projected to push market growth on back of burgeoning middle class and shift towards natural foods.
Key players: Key players operating in the coconut wraps market include LettUs Foods, Cocobella, Crepini, Coconut Bowls, Nature’s Path Foods, Coconut Cartel, Chefman, Aum Kitchen, Dang Foods, COCO&CO, Hello Coco, Earnest Eats, Three Babes Bakeshop, Pure Wraps, Taste Nirvana, Coconut Merchant, COCO Joy, Nutiva, Nua Naturals, Edward & Sons. Major players are launching innovative product ranges and focusing on strategic collaborations to strengthen their foothold in this evolving space.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
