by Coconut wraps are emerging as a popular alternative to traditional wheat and flour tortillas owing to their various health benefits. Made from naturally gluten-free coconut and containing high amounts of fibers and minerals, coconut wraps aid digestion and help maintain cholesterol levels. Being plant-based and vegan friendly, they are suitable for various dietary requirements and are increasingly adopted by health-conscious consumers. The global coconut wraps market provides a filling snack or appetizer that is more nutritious than highly processed snacks.
The global Coconut Wraps Market is estimated to be valued at US$ 1.65 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the Global Coconut Wraps Market Size is the increasing availability of innovative flavors. Traders and manufacturers are innovating product offerings by introducing new flavors using natural ingredients to cater to evolving consumer preferences. For instance, coconut wraps infused with herbs and spices are witnessing high demand from health-conscious demographics. Similarly, coconut wraps blended with nut butters, coconut oil, and dried fruits provide multiple flavor profiles in one package. Moreover, coconut wraps with probiotic formulations are gaining popularity among consumers looking for gut-healthy snacking options. The introduction of novel flavors is expected to drive the coconut wraps market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low, as the coconut wraps market is highly fragmented with presence of local players. However, requirement of high initial investment and established supply chain acts as a barrier for new players.
Bargaining power of buyers: High, as there are numerous local players providing coconut wraps. Buyers can easily switch to substitute products like tortillas, lavash, etc.
Bargaining power of suppliers: Moderate, as suppliers of raw materials like coconut have established presence globally. However, dependence on climatic conditions impact supply.
Threat of new substitutes: High, as alternative products like tortillas, lavash provide similar usage and taste. Technological advancements can further increase substitute threats.
Competitive rivalry: Intense, as the market has high presence of local and private label brands competing on pricing and product innovations.
Key Takeaways
The global coconut wraps market is expected to witness high growth. The global Coconut Wraps Market is estimated to be valued at US$ 1.65 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030.
Regional analysis comprises Regional analysis Middle East region dominates the global coconut wraps market and is expected to retain its leading position, primarily attributed to high coconut production. Countries like India and Philippines are also emerging as high growth markets.
Key players related content comprises Key players operating in the coconut wraps market are The Coconut Company, Wrap it Up, Food2Live, Greenlife Coconut Products, Elysian Health, Bob’s Red Mill Natural Foods, Mary’s Gone Crackers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
