A recently published research study states that the global market for coco coir will demonstrate tremendously high growth over the next few years. The study has been published by Report Ocean and is titled “Global Coco Coir Market Size study, by Product (Coco Coir Grow Bags, Bales, Coir Material, Open Tops, Blends & Loose Substrate and Others), by Application (Rope & Cordage, Coco Nets & Twines, Stitched Mats, Coconut Meals, Husk and Others), by Consumer (Green Houses and Sellers) and Regional Forecasts 2020-2027.”
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 6.30%.
The strength 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 flip side, the usage 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.
Participants are focusing on expanding their geographical reach to increase their visibility across the world. For instance, recently Pelemix set up a new unit and warehouse in China, expanding its business in Asia. The company has plans to create a loyal customer base in Asian countries.
The geographical assessment of the global market for coco coir has also been offered in this research study. It has considered Asia Pacific, North America, Europe, Latin America, and the Rest of the World as the key geographical segments of the worldwide market. 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.
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.
- The leading regional market for coco coir across the world is North America.
- 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
- Latin America
- Rest of the World
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
Company Name: Report Ocean
Contact Person: Nishi Sharma
Email: Send Email
Address:Classic Tower, Rajnagar Extension
State: UP, 201017