The coconut wraps market is estimated to be valued at US$ 1.65 Bn in 2023 and is expected to exhibit a CAGR of 10.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market Overview:
Coconut wraps are sheet made from 100% coconut meat, coconut flour or a blend of cassava and coconut flours that are used as an alternative to wheat-based wraps. They offer a dairy/wheat/gluten-free, low-carb option for binding sandwiches, tacos, burritos and other foods. The coconut flavor is subtle and doesn't overpower other ingredients. Compared to tortillas and sandwich breads, coconut wraps are higher in fiber and medium-chain triglycerides that provide sustained energy.
Market Dynamics:
The coconut wraps market growth is driven by the rising health awareness among consumers regarding the consumption of gluten-free and plant-based products. According to data by International Food Information Council Foundation's 2022 Food & Health Survey, 49% of American consumers say they are trying to limit or avoid gluten in their diets. Additionally, the global vegan population has doubled from 2.5% to 5% between 2014-2018 as per research findings. Coconut wraps with their vegan and dairy-free composition are gaining significant traction among this demographic. Furthermore, the easy availability of coconut wraps through e-commerce and increasing product launches claiming to be low carb and grain-free are also fueling the market expansion.
SWOT Analysis
Strength: Coconut wraps are highly nutritious and healthy alternative to traditional wraps. Being gluten-free and low calorie makes it appealing to health conscious consumers. The market is witnessing increased product launches catering to diverse dietary needs.
Weakness: Coconut wraps have a shorter shelf life than traditional wraps. Their high price point compared to wheat/corn wraps restricts its adoption across mass market.
Opportunity: Rising awareness about health benefits of coconut products and shift towards plant-based diet presents an opportunity to educate consumers. Growth of on-the-go food consumption habit supports demand for portable snack/meal solutions like coconut wraps.
Threats: Stringent food safety regulations pose compliance challenges for manufacturers. Intense competition from established players and frequent new entrants pose pricing and supply security threats.
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 inclination towards healthier snacks and on-the-go eating habits. North America dominates the regional market landscape currently owing to health consciousness and frequent new product launches. Asia Pacific is anticipated to be the fastest growing regional market attributed to growing coconut production and rising living standards in various countries.
Regional analysis
North America accounts for over 35% of the global coconut wraps market share currently. U.S. occupies the leading position in the region catering to evolving snacking and breakfast trends. Asia Pacific exhibits greatest potential for growth, expanding at a CAGR 12.5% during the forecast period. Thailand, Philippines, and Indonesia are largest coconut producing countries attracting numerous international players to tap into opportunities.
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, Edward & Sons. Majority players are focusing on new product launches, strengthening distribution networks and geographical expansions.
Read More,
https://www.trendingwebwire.com/the-emerging-functional-food-market-trends-size-and-share-analysis/
