Global Coco Coir Market: By Product
Coco Coir Grow Bags, Bales, Coir Material, Open Tops, Blends and Loose Substrate, Others; By Application: Rope and Cordage, Others; By Consumers; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Coco Coir Market Outlook
The global coco coir market stood at a value of around USD 304.8 million in 2020. The market is expected to grow at a CAGR of 8.1% in the forecast period of 2022-2027 to attain a value of around USD 485.9 million by 2026.
Sellers Segment to Account for a Significant Market Share of the Global Coco Coir Industry
Based on consumers, the seller segment is predicted to hold a significant market share in the coco coir industry in the forecast period. Many leading manufacturers of coco coir are increasingly investing in developing their products to retain profitability and remain relevant in the highly competitive market. Recently, FibreDust LLC, a leading American coco coir manufacturer, has announced a new coir blend: Coir WTF 70/30. This coir blend is mixed with wood fibre, which is known to be a competent organic substrate for hydroponics. The combination of coir with wood fibre offers a high air porosity and excellent water retention and is available in bricks, blocks, and variously sized grow bags. Such developments are expected to aid the market in the forecast period.
The Asia Pacific Region to Occupy a Substantial Market Share of the Global Coco Coir Industry
The Asia Pacific is estimated to possess a substantial share of the global coco coir industry in the forecast period. The market growth in the region can be attributed to the increased coir production in Asian countries, namely, India and Sri Lanka, which together account for about 90% of the global coir fibre production as per the estimates by the Coir Board of India, under the Ministry of Micro, Small and Medium Enterprises. In addition, the increasing investment in the research and development of coir production, such as the machinery and equipment required in the process, to increase the productivity and the overall profit is expected to further aid the market.
Coco Coir: Market Segmentation
Coco coir refers to the natural fibre obtained from the outer husk of coconut by soaking it into freshwater or saltwater water and leaving it dry for an extensive amount of time; as the longer it matures, the better the results would be. After the drying process, it is organised into bales. It is extensively used to make rugs, doormats, plant basket liners, upholstery stuffing, and ropes. Some of its beneficial properties include durability, resistance to rotting, excellent water retention and hydrophilicity, anti-fungal nature, and recyclability.
By product, the market is categorised into:
Coco Coir Grow Bags
Blends and Loose Substrate
On the basis of application, the market can be segregated into:
Rope and Cordage
Coco Nets and Twines
Based on consumers, the market can be bifurcated into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Escalating Eco-Consciousness Among Consumers and the Increasing Problems of Global Warming to Drive the Global Coco Coir Industry
The coco coir industry is estimated to grow significantly in the forecast period due to the increasing environmental awareness among consumers owing to rising pollution levels worldwide and the adverse impact of global warming on the ecosystem. In addition, governments worldwide are developing strategies and initiatives to combat climate change and find alternatives to fossil fuels and non-biodegradable materials such as plastic. In this regard, coco coir fibres offer a sustainable, eco-friendly, and cost-effective option. Moreover, coir fibre can be manufactured both manually and mechanically, as they are both economically feasible.
In a UN report titled «Exploring the potential for adopting alternative materials to reduce marine plastic litter,» dated May 2018, coco coir is one of the alternatives discussed, as it is a promising source of cellulose and lignin, a natural and plant-based polymer. It is biodegradable, and, therefore, can be decomposed without any human interference. While the lignin polymer is increasingly used in fuel and newsprint creation, cellulose polymer is used in clothing, paper generation, and as raw material in biopolymer generation. These factors are expected to provide a thrust to the overall growth of the global coco coir industry in the forecast period.