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 made using coconut meat and naturally occur coconut fibers rolled into thin sheets to use as an alternative to traditional bread, tortillas or lettuce wraps. They offer advantages like being gluten-free, grain-free, vegan, paleo-friendly and a good source of fiber, minerals and antioxidants. The growing health consciousness among consumers and preference for clean label products has been driving the demand for coconut wraps as a healthier snacking option.
Market key trends:
One of the key trends contributing to the growth of coconut wraps market is the increasing demand for convenient snacking options. Coconut wraps provide a portable and easy to consume snacking solution. They can be filled with ingredients of choice and consumed anywhere without utensils. The fast paced lifestyle has prompted consumers to opt for portable and quick snacking options, thus boosting the popularity of coconut wraps. Additionally, the rising health trends like keto, paleo and vegan diets have further augmented the demand.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs in terms of building their brands, establishing distribution channels and attracting customers. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like tortilla wraps and rice papers. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives. Threat of new substitutes: Substitute products like rice paper and tortilla wraps pose threat to coconut wraps. Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strength: Coconut wraps are gluten free, paleo friendly and non-GMO verified. They are lower in calories than flour or corn tortillas. Weakness: Limited shelf life of coconut wraps compared to packaged tortillas and breads. Higher prices than substitutes act as a barrier. Opportunity: Growth in health conscious population and rise in popularity of plant-based and coconut-based diet drives the demand. Threats: Fluctuation in supply and prices of coconuts pose a threat. Substitute products gaining wider acceptance threatens market share.
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 demand for gluten-free and paleo-friendly snacks and wraps.
Regional analysis North America dominates the global coconut wraps market, accounting for over 35% share. Rise in health-conscious consumers, vegan population, and adoption of paleo diet drive demand in the region. Asia Pacific is fastest growing region for coconut wraps market attributed to growing middle class population and their increasing expenditure on healthy snacks and wraps.
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, expanding their regional presence and collaborating with retail chains to strengthen their market position.
Read More,
https://www.newsstatix.com/coconut-wraps-market-trends-size-and-share-analysis/
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