Global Coco Coir Market Grows Steadily at a CAGR of 8.3%

Introduction

Coco coir is the natural fiber taken from the coconut husk by soaking it in freshwater or saltwater and leaving it to dry for an extended time; the longer it grows, the better the results. After the drying process, bales are created. It is utilized extensively in manufacturing rugs, doormats, plant basket liners, upholstery stuffing, and ropes. Among their benefits are durability, resistance to rotting, high water retention and hydrophilicity, antifungal properties, and recyclability. Rubberized coir is extensively utilized in the automotive sector due to its eco-friendly properties. Sustainability and environmental protection concerns drive the demand for eco-friendly products, which drives the need for coir products and the coir market. Numerous sectors use coir products extensively because of their high-water absorption, extended durability, and ability to prevent soil erosion.

Market Dynamics

Increasing Coir Demand from Geotextile Industry Drives the Global Market

A continuous sheet called coir geotextile shows erodible slopes or surfaces. This coir-based sheet reduces surface erosion, runoff velocity, and raindrop force on disturbed soils. Additionally, slowing down the rate at which soil moisture evaporates might safeguard young plants and promote plant growth. Today, soil behavior is successfully improved, erosion is prevented, and soil consolidation is helped by using coir geotextile, a 100% organic, environmentally friendly fiber with high durability. The market is anticipated to expand more quickly due to the rise in demand for valuable and high-performing textiles used in applications for erosion control, road construction, and agriculture, as well as the development of the construction industry.

Advantages of Coir Plywood Creates Tremendous Opportunities

Plywood is replaced with coir plywood, a unique material made of resin and a few veneers of pre-treated wood. The product has been favorably appreciated on the Indian market as a plywood alternative. Using coir instead of other timber products could prevent the enormous number of tropical trees currently being cut down for this purpose. Coir ply possesses all of the properties of phenol-bonded ply and the enhanced strength of fiber-reinforced phenol bonding. It is resistant to temperature-related contraction, expansion, and surface abrasion. Coir board has a lower consumption rating per square foot for paints and varnishes than wood plywood, reducing the total finishing cost. Moreover, because eco-friendly construction incorporates renewable building materials, it is anticipated that the need for coir plywood will increase in the near future. Consequently, the assets mentioned above are expected to contribute to the market's expansion.

Regional Analysis

North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 6.9% over the projection period. The US, Canada, and Mexico are the primary countries in North America where the coco coir market is researched. The U.S. market contributed the most to the North American coco coir market because of the increased demand for coir in greenhouses and home applications. Early in the 1990s, coir pith was utilized in place of soil in North America. It is currently utilized more commonly as a soil conditioner and medium. Farmers are now aware of the benefits and uses of coconut coir for improving soil, which sharply raises demand and accelerates market expansion. The leading North American markets of the United States, Canada, and Mexico import most of the coco peat products in the region. The growth of new small enterprises in the local market contributes to the expansion of the coco coir market in the area.

Europe is anticipated to exhibit a CAGR of 7.5% during the forecast period. The European coco coir market analysis covers Germany, France, the U.K., Italy, the Netherlands, and Denmark. The U.K. and the Netherlands contributed significantly to the European region due to increased greenhouses. The market has expanded due to rising internet usage in Europe and an uptick in coir product sales on online marketplaces. Europe's coco coir market is steadily growing. The industry is anticipated to expand as greenhouse building picks up and coir-based goods gain popularity among retail consumers. Market growth has been supported by the expanding use of coir peat in the agricultural sector due to an increase in greenhouse development. The market is expected to grow due to initiatives taken by the governments of Russia and the Netherlands to construct more greenhouses and improve fruit and vegetable output. The market is growing due to the rising demand for coir goods, including ropes and mats in the building, maritime, and domestic industries. Sales of coir items in the area are expected to rise as coir products are made more accessible online.

Key Highlights

• The global coco coir market was valued at USD 350.2 million in 2022. It is expected to reach USD 717.7 million by 2031, growing at a CAGR of 8.3% during the forecast period (2023–2031).
• Based on the product, the global coco coir market is bifurcated into coco coir grow bags, bales, coir material, open tops, blends and loose substrate. The coco coir grow bags segment is the highest contributor to the market and is expected to grow at a CAGR of 6.8% during the forecast period.
• Based on the application, the global coco coir market is bifurcated into rope and cordage, coco nets and twines, stitched mats, coconut meals, and husk. The coconut meals segment is the highest contributor to the market and is expected to grow at a CAGR of 12.3% during the forecast period.
• Based on consumers, the global coco coir market is bifurcated into greenhouse and sellers. The greenhouse segment is the highest contributor to the market and is expected to grow at a CAGR of 7.6% during the forecast period.
• North America is the most significant revenue contributor and is expected to grow at a CAGR of 6.9% during the forecast period.

Competitive Players

Competitive Players

The global coco coir market's major key players are Bali Coco, Coco Green (Pvt) Ltd, Cocolandlanka (Pvt) Ltd., Consarc (Pvt) Ltd., Fibredust Llc, Lanka Coco Products, Lima Group, Pelemix Ltd, Pilipinas Eco fiber Corporation, and Universal Coco Indonesia.

Recent Developments

Market News

• In September 2022, In the wake of a ban on plastic grow bags, e-coir bags, developed by the National Coir Research and Management Institute (NCRMI) based in Thiruvananthapuram, are set to be in huge demand.
• In October 2022, a Leading manufacturer of specialty agriscience materials, US-based Profile Products LLC, acquired Nivetha Exporters, an international producer of high-quality coco coir products in Tamil Nadu.

 

Segmentation

Global Coco Coir Market: Segmentation

By Product

• Coco Coir Grow Bags
• Bales
• Coir Material
• Open Tops
• Blends and Loose Substrate
• Others

By Application

• Rope and Cordage
• Coco Nets and Twines
• Stitched Mats
• Coconut Meals
• Husk
• Others

By Consumer

• Green Houses
• Sellers

By Region

• North America
• Europe
• Asia-Pacific
• LAMEA