April 12, 2024
Coconut Wraps

Coconut Wraps Market Primed To Achieve Growth Due To Increasing Adoption Of Plant-Based Food Products

The coconut wraps market has seen high growth in recent years due to increasing preference for healthy and plant-based food products. Coconut wraps are made from coconut meat and coconut water which are rich in nutrients, fibers, and plant proteins. They provide an alternative to wheat-based tortillas, naan, and pita breads. Coconut wraps are gluten-free and help support digestion. They offer the perfect base or wrapping for various cuisine from burritos and tacos to curries and stir fries. The global Coconut Wraps Market Growth is estimated to be valued at US$ 1.91 Mn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.

Key Takeaways

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. The market offers immense opportunities such as product innovation, increased shelf life, and new flavors. Advancements in food processing technologies have helped manufacturers improve the texture and versatility of coconut wraps.

Market Drivers

Changing lifestyles and hectic schedules have increased the demand for healthy and convenient snacks and foods. Coconut wraps are ideal for on-the-go consumption. The growing vegan and plant-based food movement has also propelled the market growth. Rising health consciousness among consumers regarding the benefits of natural and nutrient-rich foods works in favor of coconut wraps. Furthermore, the growing popularity of ethnic cuisines utilizing ingredients like coconut has augmented the market for coconut-based culinary products.

Current Challenges in Coconut Wraps Market

The coconut wraps market is facing few challenges currently which includes high price of raw materials, limited availability of coconuts and preference of customers towards conventional wraps. As coconut is a seasonal fruit, it suffers from supply issues during certain months which hampers the consistent production of coconut wraps. Further, customers in some regions still prefer conventional wraps made of wheat, corn or rice flour over Coconut Wraps Market due to traditional habits. Educating and promoting health benefits of coconut wraps can help address this challenge.

SWOT Analysis

Strength: Coconut wraps are gluten-free, high in fibers and proteins. They have low glycemic index which makes them suitable for people with diabetes.
Weakness: Raw material availability issues and high price of coconuts. Preference of customers towards conventional wraps in some regions.
Opportunity: Growing health conscious population and increasing adoption of plant-based diet can boost the demand of coconut wraps.
Threats: Entry of new alternative wraps made from other plant-based ingredients. Supply uncertainties and price fluctuations of coconuts.

Geographical Regions

The Asia Pacific region holds the major share of coconut wraps market currently due to easy availability of raw materials and established production facilities. Countries like Indonesia, India, Philippines and Sri Lanka are major coconut producers.

North America region is expected to witness fastest growth during the forecast period owing to rising vegan population, increasing awareness about nutrition rich plant-based foods and growing launch of coconut wraps by regional players.

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