by 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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Coconut wraps are flatbread made using coconut flour as their primary ingredient. They provide an alternative to wheat-based wraps and tortillas. Coconut flour wraps are naturally gluten-free, grain-free, and lower in carbohydrates than regular wraps. They offer various health benefits such as being a good source of fiber, protein, and plant-based fats. Coconut wraps can be used as a tortilla or flatbread to make wraps, tacos, sandwiches, and burritos, among other meals and snacks. Their flaky and buttery taste makes them an enjoyable substitute for carb-heavy wheat wraps.
Market key trends:
The global coconut wraps market is driven by rising health consciousness among consumers and growing demand for gluten-free and keto-friendly options. People are increasingly looking to reduce or eliminate gluten from their diets to manage various health conditions like celiac disease, irritable bowel syndrome, etc. Coconut wraps provide a tasty and convenient solution. Furthermore, the ketogenic diet has gained widespread popularity for weight loss in recent years. Coconut wraps are well-suited for the keto diet owing to their low net carbohydrate content. Leading manufacturers are launching new product lines and innovative flavors of coconut wraps to cater to the evolving tastes of health-centric customers. For example, some popular coconut wrap brands offer unique flavors like spice jalapeno and garlic herb to make healthy eating more enjoyable.
Porter’s Analysis
Threat of new entrants: New entrants will face high costs associated with R&D, brand building, and distribution channel development. Established players have significant economies of scale and brand loyalty advantages.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and undifferentiated products. However, some buyers prefer branded products.
Bargaining power of suppliers: Suppliers of raw materials like coconut have moderate bargaining power due to availability of substitute materials like rice, corn, potato etc.
Threat of new substitutes: Substitutes like sandwiches, wraps made from rice, corn and wheat flour pose low to moderate threat as coconut wraps offer distinct nutritional profile and taste.
Competitive rivalry: Intense competition among existing players to gain market share.
Key Takeaways
The global Coconut Wraps market is expected to witness high growth, exhibiting a CAGR of 10.% over the forecast period, due to increasing demand for plant-based and gluten-free products.
Regional analysis: North America dominates the market holding more than 40% share due to growing vegan and flexitarian population. Asia Pacific is expected to witness fastest growth over the forecast period supported by burgeoning middle class, changing dietary preferences and growing health consciousness.
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 . Key players are focusing on new product launches, mergers and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
