Report Ocean has recently published a new research study on the global coco coir market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Coco Coir Market by Product (Coco Coir Grow Bags, Bales, Coir Material, Open Tops, Blends & Loose Substrate, and Others ), Application (Rope & Cordage, Coco Nets & Twines, Stitched Mats, Coconut Meals, Husk, and Others), and Consumer (Green Houses and Sellers): Global Opportunity Analysis and Industry Forecast, 2020–2027” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.
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The report is prepared after a detailed analysis of the worldwide market for coco coir, including individual assessment of each of the segments. According to it, the global market stood approximately at US$369.7 mn in 2019. Over the period from 2020 to 2027, it is expected to rise at a CAGR of more than 8.20% and reach US$525.70 mn by the end of the forecast period.
The robustness and eco-friendly properties of coco coir and its suitability for hydroponic and horticultural applications have increased its popularity among consumers. The rising demand for coir in the geotextile and farming industries and the growing inclination of consumers toward green products are boosting the global coco coir market significantly. Moreover, the increase in government initiatives for the promotion of horticulture-based farming of vegetables and fruits and the surge in the awareness level of consumers regarding environment are likely to support the growth of this market in the years to come. On the other hand, the increasing application of synthetic-based products may limit the market over the period of the forecast. However, technological innovations and new product launches by key market players are also projected to create a lucrative demand for coco coir in the long run.
Impact of Covid 19 on Global Coco Coir Market
The global coco coir market received quite a blow due to the global spread of Coronavirus. Many end-use industries, such as geotextile and farming have stopped functioning for now, which has affected the demand for coco coir and, in turn, reflected negatively on this market. However, with industries gradually coming back to work, the momentum in this market is also projected to return soon.
Global Coco Coir Market: Dynamics
In this study, the global coco coir market has been assessed on four fronts: product, application, consumer, and region. Coco coir grow bags, bales, coir materials, open tops, and blends and loose substrate have surfaced as the key products sold in this market. These products are highly utilized by consumers due to the strength and flexibility of coco coir. Coco coirs find substantial application in rope and cordage, coco nets and twines, stitched mats, coconut meals, husk, and others. Green houses and sellers have emerged as the key consumers of coco coir across the world.
Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa have been considered as the key geographical segments of the worldwide market in this report. The leading regional market for coco coir across the world is North America. The increasing usage of ecofriendly products in a number of end-use industries is supporting the growth of this regional market. With hydroponics concept increasingly becoming favorable to consumers in this region, the North America coco coir market is expected to continue to lead over the forecast period. On the other hand, the Asia Pacific market for coco coir is anticipated to register the highest CAGR during the next few years, states the market study.
- The rising application of coco coir in the geotextile and the farming industries is expected to boost the market’s growth.
- The Asia Pacific market for coco coir is anticipated to register the highest CAGR during the next few years.
The global coco coir market is segmented into:
- Coco Coir Grow Bags
- Coir Material
- Open Tops
- Blends & Loose Substrate
- Rope & Cordage
- Coco Nets & Twines
- Stitched Mats
- Coconut Meals
- Green Houses
- North America
- Asia Pacific
Companies Mentioned in the Report
- Pilipinas Ecofiber Corporation
- Universal Coco Indonesia
- Lima Group
- Pelemix Ltd.
- Consarc Pvt Ltd.
- Bali Coco Fiber
- Coco Green Pvt Ltd.
- Lanka Coco Products
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