Coconut wraps are edible sheets made from coconut meat and fiber that are used as an alternative to wheat flour-based tortillas, flatbreads or sandwich wraps. They are naturally gluten-free as they do not contain any grains and are typically vegan. Coconut wraps provide various nutritional benefits as they are a good source of fiber, minerals like iron and manganese along with antioxidants. Their unique flavor and texture adds interesting taste experiences to salads, sandwiches or as bread substitutes. Coconut wraps offer digestive health benefits due to their high fiber content and are easily digestible. This makes them suitable for people with celiac disease, gluten intolerance or those following a plant-based diet. The texture and mouthfeel of coconut wraps closely resembles wheat or grain-based wraps and they serve as an ideal substitute.
The global Coconut Wraps Market is estimated to be valued at US$ 1.65 Bn 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 key trends:
One of the key trends driving the growth of the coconut wraps market is the rising popularity of plant-based and gluten-free diets. With growing health awareness, many consumers are switching to healthy plant-based alternatives and avoiding gluten products. Coconut wraps perfectly fit the requirements of this consumer segment being naturally free of grains, gluten and vegan-friendly. Another factor fueling the demand is their versatility and convenience of usage. Coconut wraps can be consumed directly or used to make innovative snacks and meals on-the-go. Their shelf-stability without any preservatives is contributing to their rising sales from modern retail channels as well as e-commerce platforms.
Threat of new entrants: The threat of new entrants in the coconut wraps market is low as it requires high initial investment and technological expertise. However, market growth opportunities attract new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have many substitutes but shifting to substitutes requires habit changes.
Bargaining power of suppliers: The bargaining power of suppliers is high as supply of raw material coconut mainly depends on climate conditions.
Threat of new substitutes: The threat of new substitutes is moderate. While conventional plastic wraps are substitutes, health and sustainability benefits of coconut wraps attract consumers.
Competitive rivalry: The coconut wraps market sees high competition as key players focus on product innovation.
The global coconut wraps market size is expected to witness high growth.
Regional analysis: Asia Pacific dominates the market with largest producers and consumers being India, Indonesia, and Philippines. North America and Europe are other major regions due to health and environmentally conscious consumers.
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. Major players focus on product innovation and expansion in different regions to consolidate market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it