The new report by Expert Market Research titled, Global Coco Coir Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis global coco coir market assessing the market based on product, application, consumers and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 304.8 Million
- Forecast CAGR (2023-2028): 8.1%
- Forecast Market Size (2026): USD 485.9 Million
The rising awareness and demand for eco-friendly products with lightweight features will drive the coco coir market. Rising awareness about the benefits of coco coir such as durability, absorbency, and ability to minimize soil erosion are further driving the market. The expansion of the coco coir market is attributed to the rising use of coco coir in various end-user verticals such as packaging, bedding and flooring, agriculture, car, and others.
Coco Coir Industry Definition and Major Segments
Coco coir, also known as coco fiber, is a natural fiber that is removed from the outer shell of the coco fruit. It is a stiff, coarse natural fiber that is spun into a flexible natural yarn that is extracted from the coco’s outer husk, either manually or mechanically.
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By product, the market is categorised into:
- Coco Coir Grow Bags
- Coir Material
- Open Tops
- Blends and Loose Substrate
On the basis of application, the market can be segregated into:
- Rope and Cordage
- Coco Nets and Twines
- Stitched Mats
- Coconut Meals
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.
Coco Coir Market Trends
The coconut meals sector dominated the coco coir market in terms of application, and it is projected to continue to dominate the market for the duration of the forecast period for the coco coir market. Because of its homogenous and fine structure, it has a wide range of applications in the agricultural sector, which is ascribed to this. Coconut meal is primarily used as a substrate for various crops, and as a result, the demand for it from the agriculture sector is predicted to increase in the future years, which will help the expansion of the coco coir market in the long run.
In terms of revenue, greenhouses have generated the most, as food consumption is predicted to rise. In ways we have never seen before, the coco coir markets will be reshaped by this. Global farmers will have to enhance crop production, either by increasing the amount of agricultural area used to grow crops or by improving the productivity of already existing agricultural products. As a result, the rise of greenhouses is expected to increase the demand for coco coir during the forecast period, as a result of the aforementioned factors.
Key Market Players
The major players in the market are Bali Coco Company, Klasmann-Deilmann GmbH, CocoLand Lanka (pvt.) Ltd., Consarc (Pvt.) Ltd., FibreDust LLC and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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