June 13, 2024
Coconut Wraps Market

Coconut Wraps Market Is Set To Become The Top Choice Of Snack Wraps Thanks To Rising Health Consciousness

Coconut wraps is a portable, convenient and nutritious alternative to traditional plastic or paper wraps, making it a top choice among health-conscious consumers. Made from coconut meat and fibre, coconut wraps offer nutritional benefits like good fats, fibres and important vitamins and minerals. They serve as an ideal vegan and gluten-free option for wrapping sandwiches, salads, snacks or as an edible platter. The global coconut wraps market offers convenience through its wide availability in various sizes and formats like sheets or rolls.

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.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.

Key Takeaways

Key players: Huawei Technologies Co., Ltd. is a leading provider of coconut wraps. The company offers Coconut Wraps Market Growth in the form of sheets and rolls through major retailers and online stores. ZTE Corporation also offers a wide range of coconut wraps targeting health-conscious individuals.

Growing demand: Rising awareness about nutritious and sustainable snacking options is driving the demand for coconut wraps globally. Busy lifestyles are also propelling the demand for portable and convenient snack wraps.

Global expansion: Major players are focusing on expanding their presence globally, especially in North America and Asia Pacific regions. The market is anticipated to witness fastest growth in the Asia Pacific region owing to increasing health consciousness.

Market Key Trends

One of the key trends boosting the coconut wraps market is increasing preference for plant-based and vegan food products. More consumers are switching to 100% natural and organic products for health reasons. Coconut wraps, being made from coconut meat fiber, qualify as a natural vegan alternative. Additionally, the market is witnessing introduction of new flavors in coconut wraps to cater to evolving consumer tastes. For example,Huawei Technologies offers coconut wraps flavored with herbs or chili to make snacks more appetizing.

Porter’s Analysis

Threat of new entrants: The coconut wraps market has a moderate threat of new entrants as it requires significant initial investments for R&D and manufacturing facilities, certifications, and branding. However, the market is growing at a good pace attracting new startups.
Bargaining power of buyers: The bargaining power of buyers is moderate to high in this market as there are many established brands to choose from and coconut wraps can be substituted by other alternatives like tortillas and pita breads. Buyers can negotiate on price and demand promotional offers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key raw materials required are coconuts and coconut oil which have many small producers globally. However, the suppliers of advanced wrapping machines and packaging materials have some control over prices.
Threat of new substitutes: The threat of substitutes is relatively high as other flatbread options, protein bars, and on-the-go snacks are easily substitutable for coconut wraps.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many global and local manufacturers competing on the basis of product quality, innovation, pricing and branding.

Geographical Regions

The coconut wraps market, in terms of value is majorly concentrated in Asia Pacific region led by India, Sri Lanka, Indonesia and the Philippines which are among the top coconut producing countries globally.

The United States market is currently the fastest growing region for coconut wraps driven by the increasing consumer demand for healthier and plant-based food options. The demand is further fueled by the growing vegan population, rising health consciousness, and frequent new product launches by regional and international brands in the country.

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