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 or wraps made from coconut. They are often used as an alternative to wheat flour-based wraps and breads. Coconut wraps are naturally gluten-free, grain-free, dairy-free and vegan. They are a good source of fiber, vitamins, minerals and healthy fats. The rising preference for healthier alternatives to grains and demand for specialty products have increased sales of coconut wraps globally.
Market key trends:
One of the key trends driving the growth of the coconut wraps market is the rising popularity of plant-based diets. More consumers are cutting down or removing meat and dairy from their diets due to health, sustainability and ethical reasons. Coconut wraps provide a perfect substitution for wheat-based wraps and breads in plant-based diets. Another major trend is the increasing awareness about gluten-free and grain-free products. Coconut wraps are naturally devoid of gluten and grains, which makes them suitable for consumers with celiac disease or gluten intolerance. This is expanding their market coverage globally.
Segment Analysis
The global coconut wraps market is segmented on the basis of product type, distribution channel, and region. By product type, the market is bifurcated into coconut wraps and coconut bowls. The coconut wraps segment dominates the market owing to its usage for snacking and as a healthy packaging alternative to processed bread or tortilla wraps. It is expected to remain the highest revenue generating segment during the forecast period.
On the basis of distribution channel, the coconut wraps market is categorized into hypermarkets & supermarkets, convenience stores, online retail, and others. The hypermarkets & supermarkets segment holds the major share of the market owing to high footfall and wide availability of coconut wraps. However, the online retail segment is expected to exhibit the highest growth rate during the forecast period due to rising internet penetration and e-commerce sales.
Key Takeaways
The global coconut wraps market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing health consciousness among consumers and rising demand for plant-based food products.
Regional analysis - North America dominates the coconut wraps market and is expected to continue its dominance over the forecast period. This is attributed to rising vegan population and growing adoption of healthy snacking options in the region. Asia Pacific is projected to be the fastest growing market owing to increasing disposable income and changing demographic trends in developing countries like India and China.
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. LettUs Foods and Cocobella hold a significant share of the market
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