The global Coconut Wraps Market is estimated to be valued at US$ 1.65 Bn or Mn in 2022 and is expected to exhibit a CAGR of 10.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Coconut wraps are plant based wraps made from coconut and coconut water that provide a better alternative to wheat or flour based wraps. They are gluten free, grain free and paleo friendly wraps. Coconut wraps are low in calories and high in fiber content. Being rich in vitamins, minerals and healthy fats, coconut wraps are ideal for snacking and meal replacement. The rising demand for healthier snacking options has boosted the growth of coconut wraps market.
Market key trends:
One of the key trends in the coconut wraps market is the rising demand for plant based and gluten free products. With growing health consciousness, consumers are increasingly opting for natural products free from gluten, grains and processed ingredients. The clean label trend has also increased the popularity of coconut wraps. Another major trend is the increasing use of coconut wraps as an alternative to bread. The low calorie content of coconut wraps make them suitable for weight management. The improved availability of coconut wraps through retail stores and e-commerce platforms have further augmented their demand globally. The market players are launching innovative flavors to attract newer consumer base.
Threat of new entrants: The threat of new entrants in the coconut wraps market is low as it requires high initial investments and resources to set up production facilities and infrastructure. Bargaining power of buyers: The bargaining power of buyers is moderate. There are a number of established brands in the market providing buyers with alternatives to buy from. Bargaining power of suppliers: The bargaining power of suppliers is moderate. The raw material suppliers have moderate dependence on this market. Threat of new substitutes: The threat of new substitutes is moderate. Alternatives like wheat tortillas are available but coconut wraps have established themselves as a niche product. Competitive rivalry: One line explanation.
The global Coconut Wraps Market Share is expected to witness high growth, exhibiting CAGR of 10.1% over the forecast period, due to increasing demand for plant-based and healthy snacks.
Regional analysis: North America dominates the global coconut wraps market and is expected to grow at a CAGR of 9.5% during the forecast period. Increasing health consciousness among consumers and growing adoption of vegan lifestyle are some of the key factors driving the market in the region. The Asia Pacific market is anticipated to be the fastest growing region, expanding at a CAGR of 11.1% due to rising disposable incomes in developing countries such as 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, and Edward & Sons.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it