Coconut wraps are a natural alternative to plastic wraps made from coconut husks. They are biodegradable and compostable providing a sustainable option for food packaging and storage. Coconut wraps help preserve freshness while allowing breathability to prevent spoilage. They regulate moisture and can extend the shelf life of fruits and vegetables.
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:
Increased focus on eco-friendly packaging has driven the demand for natural and plant-based alternatives like coconut wraps. Their biodegradable nature reduces the environmental impact of plastic waste in landfills and oceans. Coconut wraps have emerged as a popular eco-friendly option for on-the-go snacks and meals. The millennial population especially is inclined towards sustainable products and companies are leveraging coconut wraps to boost their green credentials. Various initiatives by governments worldwide to curb plastic usage have further supported market growth of natural substitutes.
Segment Analysis
The global coconut wraps market is segmented based on type, distribution channel, and geography. Based on type, the market is divided into non-filled coconut wraps and filled coconut wraps. Non-filled coconut wraps dominate the segment as they provide health and convenience benefits without requiring any extra ingredients to be added by consumers. Based on distribution channel, the coconut wraps market is bifurcated into online and offline channels. The offline channel is expected to dominate with maximum sales generated from supermarkets and hypermarkets due to the one-stop shopping experience offered to consumers.
Key Takeaways
The Global Coconut Wraps Market Demand is expected to witness high growth during 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 - Asia Pacific region accounts for the largest share of the global coconut wraps market and is also projected to register the highest CAGR over the forecast period. Growing health consciousness coupled with increasing disposable incomes in developing countries such as India and Indonesia is expected to drive market growth.
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. Huawei Technologies emerged as the market leader with wide geographical presence and strong R&D capabilities helping them provide innovative solutions.
The global coconut wraps market is fragmented with the presence of several small and large manufacturers. Mergers & acquisitions and new product launches are some of the strategies adopted by key players to gain a competitive edge in the market. Focus on organic and inorganic growth strategies is expected to continue over the forecast period.
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