Coconut Wraps Market are Estimated to Witness High Growth Owing to...

Coconut Wraps Market are Estimated to Witness High Growth Owing to Growing Demand for Healthy Convenient Food Options

Posted 2024-01-10 07:56:17

Coconut wraps are thin, round and flexible sheets made from coconut meat and coconut water. They are gluten-free, vegan and keto-friendly alternative to wheat tortillas and flour wraps. Coconut wraps are gaining popularity due to their nutritional benefits. They are a good source of fiber, fat, protein and various vitamins and minerals. The growing focus toward healthy lifestyles has increased the demand for convenient and nutritious food options. Coconut wraps can be used as a healthier substitute for bread and flour wraps for making sandwiches, burritos and more.

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 Opportunity:

Growing demand for healthy convenient food options presents a key market opportunity for coconut wraps. With increasing health consciousness, consumers are seeking nutritious substitutes for traditional wheat and flour wraps. Coconut wraps meet the evolving nutritional needs of consumers as they are gluten-free, vegan, low in saturated fat and a good source of fiber. Moreover, coconut wraps have a long shelf life and can be easily stored and consumed on-the-go, making them a convenient snack and meal replacement option. The versatile usage of coconut wraps for making sandwiches, burritos and more is also driving their uptake. Leading producers are launching new product varieties with exotic flavors to cater to the changing tastes of health-conscious consumers. This growing demand for healthy convenient food bodes well for the coconut wraps market over the forecast period.

Porter's Analysis

Threat of new entrants: Low as the coconut wrap market is highly fragmented and requires high initial capital to start commercial production.

Bargaining power of buyers: Moderate as there are numerous established brands in the market providing substitutes.

Bargaining power of suppliers: Moderate as raw materials required are easily available.

Threat of new substitutes: Moderate as new alternatives like rice wraps are emerging.

Competitive rivalry: High as the market has numerous regional and international brands competing on the pricing and quality.

SWOT Analysis

Strengths: Health benefits of coconut wraps, rising demand for gluten-free and vegan products.

Weaknesses: High dependency on climatic conditions for raw material production, limited shelf life.

Opportunities: Increasing awareness about eco-friendly packaging, growth in online retail.

Threats: Price fluctuations of raw material, stringent food safety regulations.

Key Takeaways

The Global Coconut Wraps Market Size is expected to witness high growth supported by growing health consciousness among consumers. 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 for coconut wraps market comprises fastest growing markets in Asia Pacific region led by India, China and ASEAN countries due to abundant availability of raw materials, large population base and growing fast food consumption. North America and Europe are established yet growing markets driven by vegan and gluten free trends. Latin America regions like Brazil are also emerging markets with new product launches by regional players catering to health conscious middle income demography.

Key players operating in the coconut wraps market are The Coconut Company, Quinn Snacks, Amy and Brian Naturals and Edward and Sons Trading Co. The Coconut Company is among the early innovators in the market with wide range of coconut based products. Quinn Snacks offers organic coconut wraps made from simple ingredients focussing on clean label positioning.

Get More Insights On This Topic: https://www.newswirestats.com/coconut-wraps-market-forecast-outlook-trend-2023-2030/

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