The coconut wraps market is estimated to be valued at US$ 1.65 Bn 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.
The coconut wraps market is highly fragmented, with a number of small manufacturers developing coconut-based wraps and sheets to cater to various dietary preferences. Wraps made from coconut have gained immense popularity in the recent years owing to the increasing demand for plant-based and gluten-free alternatives to wheat wraps and tortillas from health-conscious consumers. Coconut wraps offer a nutrient-rich and fiber-packed alternative to traditional grain-based wraps and flatbreads.
Market Overview:
Coconut wraps are flatbread made using shredded or grated coconut as the primary ingredient. Some coconut wraps also contain additional ingredients like plant-based proteins, coconut flour, coconut milk, etc. to enhance the nutritional profile. Coconut wraps come in a variety of flavors like plain, chili, basil pesto, etc. They offer versatile alternatives to regular wheat or flour tortillas and wraps. Being gluten-free and grain-free, coconut wraps are gaining preference among health-conscious consumers, vegetarians, vegans as well as individuals with celiac disease or gluten intolerance.
Market key trends:
One of the major trends fueling the growth of coconut wraps market is the rising demand for plant-based and gluten-free alternatives to traditional flour tortillas and wraps. Coconut wraps meet the dietary requirements of consumers seeking low-carb and keto-friendly options. Furthermore, increasing awareness about the various health benefits of coconuts such as rich in medium-chain triglycerides and fibers is boosting the popularity of coconut-based food products including coconut wraps. Manufacturers are launching new product variants with exotic flavors and additional superfood ingredients to expand their consumer base. For instance, coconut wraps infused with chia seeds, flaxseeds, plant-based proteins etc. Emergence of innovative packaging solutions such as re-sealable pouches is further contributing to the growing consumption of coconut wraps.
Porter’s Analysis
Threat of new entrants: Coconut wraps industry has moderate barriers for new entrants to enter the market. The established players have strong brand recognition and distribution channels. Bargaining power of buyers: Buyers have moderate bargaining power as there are numerous established players providing coconut wraps at competitive prices and with varied product offerings. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of coconut and other raw materials from various sources globally. Threat of new substitutes: Growth in demand for gluten-free and plant-based options like rice paper and vegetable wraps pose threat of substitution. Competitive rivalry: High as major players compete on the basis of product variety, quality, flavors, pricing and marketing.
SWOT Analysis
Strengths: Coconut wraps are gaining popularity due to their nutritional profile, vegan credentials and versatility in preparing dishes. Weaknesses: Higher pricing of coconut wraps compared to plastic-based wraps limits their adoption. Requirement of careful handling and shorter shelf-life are challenges. Opportunities: Increasing health consciousness and trend of clean label food products present opportunities for market expansion. Threats: Stiff competition from substitutes like rice paper wraps and vegetable-based wraps is a threat. Vulnerability to price fluctuations of raw materials is another threat.
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 and gluten-free options. North America dominates the coconut wraps market currently owing to rising health awareness and flexible lifestyles in the region. 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.| https://www.newswirestats.com/coconut-wraps-market-size/ |
