Coconut wraps are gaining popularity as an alternative to plastic/paper wraps or cling films due to their eco-friendly and compostable nature. Made from the organic fiber obtained from coconut husks, coconut wraps help preserve the freshness of foods while allowing permeability for airflow. They are ideal for wrapping cheeses, sandwiches or baking ingredients due to their natural antibacterial properties.
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:
The increasing demand for coconut wraps can be attributed to the growing focus on sustainable packaging solutions. Coconut wraps are 100% bio-based, compostable and plastic-free option. They help reduce plastic waste while retaining their moisture barrier properties. Furthermore, coconut wraps offer health benefits such as antioxidant and antimicrobial properties which help boost freshness retention and shelf life of food products. The rising awareness about environmental sustainability and health consciousness among consumers has accelerated the adoption of coconut wraps over plastic films in the food packaging industry. The market players are also focusing on new product innovations such as introducing scented or flavored coconut wraps variants to appeal to a larger customer segment.
Segment Analysis
The global coconut wraps market is dominated by the fruit-based segment, which accounts for over 50% share of the total market. Coconut wraps made using natural coconut are gaining popularity among consumers as they are gluten-free, Paleo, vegan, and keto-friendly. Their nutritional composition makes them a healthier alternative to wheat-based wraps. The high protein and fiber content in coconut wraps help in weight management and controlling hunger levels.
Key Takeaways
The Global Coconut Wraps Market Size is expected to witness high growth over the forecast period.
Regional analysis: The Asia Pacific region currently dominates the global coconut wraps market and is expected to witness the fastest growth during the forecast period. Countries like India, Thailand, Indonesia, and the Philippines are the leading producers of coconuts in the world. Abundant availability of raw materials along with the growing popularity of coconut-based products is driving the market growth.
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.
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