February 25, 2024
Coconut Wraps Market

Coconut Wraps Market Growth Is Driven By Rising Demand For Plant-Based And Vegan Food Alternatives

Coconut wraps are gaining immense popularity owing to their numerous advantages over traditional wheat-based wraps. Coconut wraps are made from coconut meat and coconut water which makes it an ideal alternative for gluten-sensitive people and vegans. Moreover, coconut wraps are thin, pliable and taste neutrally which allows them to take on flavors beautifully. Their nutritional profile makes them a healthier choice compared to wheat or flour wraps as they are lower in calories and carbohydrates while being a good source of fiber, vitamins, and minerals. Coconut wraps do not lose their shape when filled with ingredients and can be frozen for longer shelf life, making them convenient to use.

The global coconut wraps market 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, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the coconut wraps market is the constant innovation in product varieties. Manufacturers are focusing on developing different flavors and forms of coconut wraps to appeal to the changing tastes of health-conscious consumers. For instance, coconut wraps infused with herbs, chillies or tropical fruits are gaining popularity. Furthermore, ready-to-eat packs containing coconut wraps along with fillings are convenient options for on-the-go consumption. Rising awareness about the health benefits of coconut is another driver for the growth of this market. Social media influencers are promoting coconut wraps as a lower-calorie and nutritious alternative to traditional wraps, improving their visibility among millennials and gen Z population.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low since it requires high initial capital investments to establish manufacturing facilities and distribution channels.

Bargaining power of buyers: The bargaining power of buyers is high since there are many established brands in the market providing substitutes. Buyers can switch to alternatives easily if prices increase.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials like coconut are abundantly available. However, suppliers may bargain for higher prices if demand increases significantly.

Threat of new substitutes: The threat of new substitutes is moderate as alternatives like plastic wrap, parchment paper are widely used. However, coconut wraps have an advantage being natural and biodegradable.

Competitive rivalry: The competitive rivalry is high among the key players to achieve greater market share and brand loyalty. Players compete on parameters like pricing, product quality, and innovation.

Key Takeaways

The Global Coconut Wraps Market Demand  is expected to witness high growth over the forecast period. The global coconut wraps market 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.

Regional analysis comprises: The Asia Pacific region is currently the fastest growing as well as dominating regional market for coconut wraps. Countries like Thailand, Philippines and Indonesia are the major producers of coconuts allowing easy availability of raw materials.

Key players analysis comprises: 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., and Mitsubishi Electric Corporation, Tellabs, Inc. Players are focusing on strengthening their distribution channels and launching innovative products to gain higher market shares.

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