COCONUT WRAPS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global coconut wraps market size was valued at US$ 999 Mn in 2023 and is expected to reach US$ 1,678.3 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.7% during forecast period (2024 to 2031).

Coconut wraps are made from coconut meat and can be used as an alternative to bread and tortillas. The wraps are gluten-free, high in fiber, low in carbohydrates, and contain healthy fats. The rising popularity of plant-based and gluten-free diets boosts demand for coconut wraps. The coconut wraps market is segmented into product type, category, distribution channel, end-use, packaging, and region. Wraps are the most popular coconut wrap product due to their versatility and ease of use.

Coconut Wraps Market- Regional Insights

• North America is expected to be the largest market for coconut wraps during the forecast period, and accounted for 35% of the market share in 2023. The market growth in North America can be attributed to the rising adoption of plant-based diets and growing health consciousness among consumers.
• Asia Pacific accounted for 25.3% of the coconut wraps market share in 2023. The market growth can be attributed to increasing disposable incomes and expanding retail sector in emerging economies.
• Europe accounted for 17% of the coconut wraps market share in 2023. The market growth in Europe can be attributed to the high demand for gluten-free and vegan food products.

Figure 1. Global Coconut Wraps Market Share (%), By Region, 2023

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Coconut Wraps Market Drivers:

• Growth in plant-based and vegan diets: The growing popularity of plant-based and vegan diets is expected to drive the growth of coconut wraps market. Coconut wraps provide the perfect solution for vegans looking to replace bread and tortillas. With rising ethical concerns related to animal products, many consumers are transitioning to veganism Leading food brands are innovating with coconut wraps to cater to the nutritional needs of the vegan demographic. The eggless, dairy-free, and gluten-free attributes of coconut wraps makes them a preferred choice for the vegan population.
• Increase in cases of gluten intolerance and celiac disease: Coconut wraps address the nutritional requirements of consumers suffering from medical conditions like gluten intolerance and celiac disease. The number of people with gluten and wheat allergies has risen substantially in recent years. This has boosted demand for gluten-free foods such as coconut wraps. Coconut wraps provide gluten-intolerant consumers with a healthy, tasty, and convenient alternative to regular wheat-based wraps without compromising on texture or nutrition. Leading brands are marketing their coconut wraps as a superior gluten-free solution, which is attracting consumers looking for gluten-free options.
• Innovation in flavors and varieties: Manufacturers are innovating with exciting flavors and varieties of coconut wraps to attract new consumers. From turmeric, black pepper and activated charcoal to unique flavors like beet, spinach, and sweet potato, brands are experimenting with innovative coconut wrap varieties. This provides consumers with more choice, along with the health benefits of coconut wraps. The launch of ready-to-eat, pre-seasoned coconut wraps is also driving the market growth as it offers convenience to time-pressed consumers. The innovations in flavors, colors, and packaging are expected to continue drive the coconut wraps market.

Coconut Wraps Market Opportunities:

• Emerging markets represent untapped growth potential: Emerging economies in Asia, Africa, and South America offer massive untapped potential for coconut wrap products. Rising incomes, growing middle-class population, and increasing health awareness in these markets can provide opportunity for coconut wrap brands. Localization of flavors, along with competitive pricing, can help brands gain a foothold in high-potential emerging markets. Investments in distribution infrastructure and strategic partnerships with local retailers can further help in increasing penetration and sales of these products.
• Growing demand from food service industry: Restaurant chains and cafes are looking to introduce healthier menu options to meet evolving consumer preferences as consumer are becoming more health conscious. This presents a major opportunity for coconut wrap brands to market their products to the food service industry as a healthy bread alternative. Leading brands can potentially partner with restaurant chains and food delivery platforms to increase the availability of coconut wrap-based menu options for on-the-go consumption. Global coconut wraps market is experiencing significant growth due to rising health consciousness among consumers and the increasing demand for food products devoid of gluten.
• Increasing adoption in households: Coconut wraps have long been restricted to diet-conscious individuals. However, the improved taste, along with health benefits and convenience, is leading to increased household adoption of coconut wraps. Brands have an opportunity to position coconut wraps as an everyday alternative to sandwiches and breakfast wraps through the right pricing and packaging strategies. Bulk packs with a longer shelf life can boost adoption of these wraps for household consumption. Marketing the versatility of coconut wraps for a range of food applications can also accelerate household penetration.
• Rapid growth of online sales channels: The expansion of e-commerce and Direct to the consumer (D2C) channels has opened new sales avenues for coconut wrap brands. Online retail allows brands to easily target and market specialty products like coconut wraps to the intended health-conscious demographic. Social media and digital marketing campaigns further create awareness and boost adoption of these wraps. Direct-to-consumer (D2C) sales through a brand website provide more control over messaging while also gathering customer data. Coconut wrap brands can potentially leverage e-commerce channels to unlock access to new markets and customers.

Coconut Wraps Market Trends:

• Increasing demand for organic and non- Genetically Modified Organism (GMO) coconut wraps: There is a growing consumer demand for coconut wraps made from organic, non-GMO ingredients. Buyers are willing to pay a premium for organic coconut wraps sourced from ethical and sustainable farms. To cater to this demand, brands are investing in procuring organic certifications for both ingredients and final products. The non-GMO claim is also being highlighted prominently to target consumers apprehensive about genetically modified crops. Transparent product information and ethical sourcing narratives are becoming key components of branding in this market.
• Focus on innovative and sustainable packaging: In line with growing environmental consciousness among buyers, brands are focusing on innovative packaging solutions that have a lower carbon footprint. For example, some brands have introduced biodegradable cellulose wraps made from wood pulp. Compostable pouches made from plant-based sources are also gaining popularity. Along with sustainability, brands are improvising packaging with features like zip-lock pouches for better convenience and increased shelf life. The attention on packaging is only expected to intensify as brands try to align with eco-conscious consumer preferences.
• Expanding distribution through private label offerings: Retail chains like Whole Foods, Sprouts, and Krogers have started stocking coconut wraps under their own private labels. This allows the product to reach a wider audience beyond the niche health-food segment. Private label penetration will continue to rise as large chains aim to enhance their portfolio of specialty and healthy offerings. Coconut wrap makers can potentially leverage this trend to scale up their production volumes and distribution footprint.
• Increasing use of coconut wraps outside food industry: Coconut wraps is witnessing huge adoption across industries beyond food, like beauty and cosmetics. Sheet masks infused with coconut provide hydration benefits for skin and hair. Coconut wraps are also being used to create biodegradable disposable headbands for facials. The anti-microbial properties of coconut wraps leads to its innovative use cases like yoga mats, fruit and vegetable wraps, and contraceptive products. Coconut wrap brands have an opportunity to expand their addressable market by exploring and marketing new application areas beyond conventional food usage.

Coconut Wraps Market Restraints:

Manufacturing and supply chain challenges: Coconut wrap manufacturing can be complex due to the uncertainties around optimal process design. For example, brands face technical challenges in achieving the right texture, taste, and shelf life. Scaling up production volumes also requires overcoming issues like standardization of recipes and packaging materials. Coconut, being a tropical crop, also poses sourcing risks due to its vulnerability to adverse weather conditions. Building resilient and high-quality supply chains from farm to factory is vital for long-term success in this market.

Low visibility and consumer awareness: Despite huge popularity, coconut wraps are still a new concept for many consumers. The availability is also limited to select retail outlets, thus, hampering visibility. Many consumers are unaware about the benefits, convenient applications, and available product varieties of coconut wraps. Effective marketing and sampling strategies are critical for educating consumers and overcoming the skepticism associated with trying new products. Consumer education is a key challenge that needs to be prioritized for taking coconut wraps mainstream.

Coconut Wraps Market -Recent Developments

New product launches

• Cocobella is a multi-category food & beverage company. Its products include coconut water, coconut yoghurt in a variety of flavors such as vanilla, strawberry, and passionfruit, and coconut water in flavors such as mango, pink guava, pineapple, watermelon mint, chocolate, peach mango. In September 2022, Cocobella launched a new line of coconut wraps made with extra virgin coconut oil. The wraps are available in three flavors: original, turmeric, and vanilla.
• Nature's Path Foods, commonly known as Nature's Path, is a privately held, family-owned producer of certified organic foods. In January 2022, Nature's Path Foods introduced new gluten-free coconut wraps as part of its Superfood Wraps line. The wraps contain a fiber-rich coconut flour.
• Nutiva is the pioneer of organic plant-based foods. In November 2021, Nutiva launched a new line of coconut wraps made with organic coconut flour. The wraps are certified organic, non-GMO, and vegan.

Acquisition and partnerships

• In October 2022,  Taste Nirvana partnered with Europe-based distributor Sanduka to expand its coconut wrap distribution in the European market
• In May 2022, LettUs Foods acquired a minority stake in The Coconut Company to secure a steady supply of coconut-based ingredients
• Coconut Merchant ethically source, pack, ship organic coconut food products. In March 2021, Coconut Merchant collaborated with Whole Foods Market to launch a new line of coconut wraps at Whole Foods stores across the U.S.

Figure 2. Global Coconut Wraps Market Share (%), by Category, 2023

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Top companies in Coconut Wraps Market

• LettUs Foods
• Cocobella
• Crepini
• Coconut Bowls
• Nature's Path Foods
• Coconut Cartel
• Chefman
• Aum Kitchen
• Dang Foods

Definition: Coconut wraps are made from coconut water, coconut meat, and extra virgin coconut oil, and are all-natural, organic alternatives to traditional bread and tortillas wraps. These are free from gluten, corn, soy, dairy, and egg, making them suitable for various diet types, including vegan, vegetarian, paleo, and keto. These are also rich in beneficial nutrients and can be a healthy addition to any lifestyle diet.

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