by The Coconut Wraps Market is estimated to be valued at US$ 1.65 billion in 2023 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.
Market Overview:
Coconut wraps are plant-based alternatives to wheat tortillas, flatbread, or pita. They are made from coconut and other plant-based ingredients like sweet potato, pumpkin, chia seeds etc. Coconut wraps provide several health benefits such as high in fiber, low in calories, rich in antioxidants, proteins, and fats. These are ideal for gluten-free, paleo or keto diet. They are versatile and used as wraps, burritos or pizza crusts. The rise in sales of coconut wraps can be attributed to growing health and wellness trends, increasing flexibility in lifestyle and dietary preferences.
Market Dynamics:
The key drivers fueling the coconut wraps market include rising health consciousness and growing prevalence of diabetes and obesity. Adoption of healthy yet convenient lifestyles has risen significantly in recent times. Coconut wraps are a healthier substitute for conventional wheat or grain based wraps as they are gluten-free, low in carbs and high in fibers. Their nutritional profile makes them suitable for several dietary regimens like keto, paleo etc.Furthermore, increased flexibility and customization in modern lifestyles have led to demand for portable and convenient snacks and meals. Coconut wraps address this need well by providing an easy to use, robust yet lightweight wrap option. Their long shelf life makes them suitable for outdoor activities or travel meals. The market is expected to experience steady growth over the forecast period led by these factors.
Segment Analysis
The coconut wraps market is dominated by the conventional coconut wraps segment. Conventional coconut wraps are made from coconut water, coconut oil or desiccated coconut and may contain binders like arrowroot powder. They have a longer shelf life compared to fresh coconut wraps. Conventional coconut wraps are the preferred choice for consumers due to convenience of storage and usage.
PEST Analysis
Political: There are no significant political risks impacting the coconut wraps market currently.
Economic: The growing health consciousness and demand for plant-based alternatives to plastic packaging is driving the economic growth of the coconut wraps market.
Social: Increasing preference for organic, non-GMO and sustainable products is influencing consumers to buy coconut wraps. The rise of veganism and flexitarian diets also favors market growth.
Technological: Advanced packaging solutions extend the shelf life of coconut wraps. Technologies for industrial-scale production help meet the rising demand.
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 awareness about environmental and health benefits of coconut wraps.
The Asia Pacific coconut wraps market is projected to be the fastest growing as well as the largest market during the forecast period. India, Thailand and Indonesia are the major producers and consumers of coconuts in the world. Growing health-conscious middle-class population and innovative product offerings will drive market expansion in Asia Pacific.
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. Major players are investing in expanding their production facilities and new product launches to capitalize on market demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
