May 25, 2024
Coconut Wraps Market

Coconut Wraps Market is Expected to be Flourished by Growing Demand for Plant-based Alternatives

Coconut wraps are edible alternatives to plastic and paper wraps made from coconut pulp fibers, coconut water, and natural binders. They can be used to wrap sandwiches, burritos, and other food items while preserving freshness. Being biodegradable and plant-based, coconut wraps offer a sustainable solution for on-the-go consumption. Their versatility makes them suitable for both commercial and household use. Popular fast food chains and restaurants are increasingly adopting coconut wraps to package menu items. The global coconut wraps market is estimated to be valued at US$ 1.65 billion 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 Dynamics:

The growing demand for plant-based and sustainable packaging alternatives is expected to be a major driver for the coconut wraps market over the forecast period. Consumers are increasingly conscious of environmental footprint of plastic packaging waste and seek eco-friendly substitutes. Coconut wraps directly address these concerns by providing a biodegradable and compostable option. Secondly, coconut wraps’ versatility makes them popular among both foodservice providers as well as households to conveniently pack and consume food items on the go. This wide scope of applications further fuels market growth.

Segment Analysis

Coconut wraps market is dominated by the organic coconut wraps segment occupying around 55% of the total market share. Growing consumer preference for organic and natural food products has propelled the demand for organic coconut wraps. Organic coconut wraps contain no artificial flavors, colors, sweeteners, or preservatives which appeals to health-conscious customers. Tropical regions like Asia Pacific and Latin America are key producers of coconut and account for the bulk of raw materials required for organic coconut wraps production making them highly cost-competitive and sufficient locally sourced.

PEST Analysis

Political: Trade policies and regulations governing the import and export of food products influence the coconut wraps market. Stringent norms related to the use of chemicals and artificial ingredients boost demand for organic coconut wraps.
Economic: Rising disposable incomes and growing health awareness are driving consumers toward nutritious yet convenient snacking options like coconut wraps. Developing nations in Asia Pacific witness fast economic growth helping market expansion.
Social: Changing lifestyles and busy schedules increase the demand for on-the-go meals and snacks prompting product innovation in wraps made from natural ingredients. Adoption of vegan and flexitarian diets also augurs well for coconut wraps.
Technological: Advancements in processing, packaging, and preservation methods help minimize wastage and extend shelf life of coconut wraps. Vacuum sealing and biodegradable packaging aid transportation of wraps while retaining freshness.

Key Takeaways

The Global Coconut Wraps Market Size is expected to witness high growth over the forecast period owing to increasing preferences for healthy and sustainable snacks made from natural plant-based ingredients.

Regional analysis: The Asia Pacific region accounts for around 45% share of the global coconut wraps market led by India, Indonesia, Malaysia and the Philippines. Abundant coconut cultivation coupled with a large health-conscious middle-class drives high demand. Rapid economic development in the region also supports the market. Latin America stands as the second largest regional market supported by prominent coconut producing countries like Brazil.

Key players: Key players operating in the coconut wraps market are Huawei Technologies Co., Ltd.,ZTE Corporation,Nokia Corporation,ADTRAN, Inc.,Calix, Inc.,Cisco Systems, Inc.,Ericsson AB,FiberHome Technologies Group,Fujitsu Ltd.,NEC Corporation,Sumitomo Electric Industries, Ltd.,Dasan Zhone Solutions, Inc.,Iskratel d.o.o.,Mitsubishi Electric Corporation,Tellabs, Inc. These key players compete based on product portfolio, quality, pricing and production capacity. Large multi-nationals strategize expansions in high growth markets through partnerships, acquisitions and by developing innovative products.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it