Market Overview:
The coconut wraps market is estimated to be valued at US$ 1.65 Bn in 2022 and is expected to exhibit a CAGR of 10.1% over the forecast period 2023-2030. Coconut wraps have gained popularity as a convenient and healthier alternative to traditional bread-based wraps. Made from coconut flakes or coconut flour, these wraps are gaining traction among health-conscious consumers looking for low-carb and gluten-free snack options.
Market Dynamics:
The market is driven by two key factors. Firstly, the growing demand for plant-based and vegan food products is propelling the sales of coconut wraps. Many consumers are switching to veganism and adopting flexitarian diets for health and environmental reasons. Secondly, the increasing prevalence of lifestyle diseases such as diabetes and cardiovascular issues has prioritized low-glycemic diet options. Coconut wraps score high on nutrition as they are rich in fiber and MCT oil, with fewer calories and carbs compared to bread or tortillas. This makes them suitable for managing blood sugar levels and weight loss.
Market key trends:
Coconut wraps are gaining popularity as a healthier alternative to traditional flour wraps. Their rising demand can be attributed to the increasing health consciousness among consumers and growing preference for plant-based and gluten-free products. Coconut wraps are lower in calories and contain fewer carbohydrates as compared to wheat or flour wraps. Moreover, they are rich in nutritional elements like fiber, vitamin C, iron, and potassium which make them a good choice for weight management.
SWOT Analysis
Strength: Coconut wraps are highly nutritious, gluten-free, vegan, and Paleo-friendly. They have a mild coconut flavor that appeals to most.
Weakness: Coconut wraps have a short shelf life of 30-45 days due to perishable nature. Their texture is not same as traditional wraps.
Opportunity: Growing vegan and health-conscious population globally creates demand. Innovation in flavors and ingredients can attract new customers.
Threats: Availability of several substitute snack options like flatbreads, rice papers, or lettuce leaves. Vulnerability to cost fluctuations of raw materials.
Key Takeaways
The global Coconut Wraps Market Share is expected to witness high growth, exhibiting CAGR of 10.1% over the forecast period, due to increasing health consciousness among consumers. The market size for coconut wraps is estimated to reach US$ 2.85 billion by 2030.
Regional analysis: North America represents the largest market for coconut wraps currently due to large health-conscious consumer base. The Asia Pacific region is expected to grow at the fastest pace during the forecast period with increasing adoption of western food habits in countries like India and China.
Key players: Key players operating in the coconut wraps market are 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. These players are focusing on new product launches and innovations to cater to the diverse food preferences of global consumers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.