Increase in demand for coir in farming and geotextile industry and inclination of consumers toward ecofriendly products fuel the growth of the global coco coir market
PORTLAND, Ore., Oct. 5, 2020 /PRNewswire/ — Allied Market Research published a report, titled,Allied Market Research published a report, 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.” According to the report, the global coco coir industry was estimated at $369.70 million in 2019, and is expected to hit $525.70 million by 2027, registering a CAGR of 8.2% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for coir in farming and geotextile industry and inclination of consumers toward eco-friendly products fuel the growth of the global coco coir market. On the other hand, use of synthetic-based products has worked as arestraining factor. Nonetheless, several beneficial properties of coir ply are projected to create multiple opportunities for the key players in the near future.
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The outbreak of Covid-19 led to the enforcement of lockdown in almost all the countries across the world. It caused significant hardship to several industrial verticals along with the coco coir market. There were huge disruptions in the supply chain as well.
Nevertheless, the government bodies are now coming up with relaxations on the existing regulations to help different sectors get back on theirfeet yet again.
The coco coir grow bags segment to dominate by 2027-
Based on product, the coco coir grow bags segment accounted for around one-fourth of the global coco coir market share in 2019, and is anticipated to retain its dominance by 2027, owing to the ability of coir grow bags to reduce transplant shock when they are moved, which promotes plants growth. The coir material segment, on the other hand, would portray the fastest CAGR of 9.9% throughout the forecast period. This is because coir material finds its huge application in making bricks and particleboards.
The green houses segment to lead the trail-
Based on consumer, the green houses segment contributed to around four-fifths of the global coco coir market revenue in 2019, and is expected to maintain the lion’s share by the end of 2027. This is attributed to the fact that food demand is expected to increase between 59% and 98% by 2050. This will shape agricultural markets in ways we have not seen before. Farmers worldwide will be required to increase crop production, either by increasing the amount of agricultural land to grow crops or by enhancing productivity on existing agricultural products. At the same time, the sellers segment would manifest the fastest CAGR of 11.0% during the study period, due to increase in demand of coir-based products from retail consumers.
North America garnered the highest share in 2019-
Based on geography, North America held the major share in 2019, generating nearly one-third of the global coco coir market. This is due to the fact that coir pith is now increasingly being applied as soil conditioner and soil medium in this province. Simultaneously, Asia-Pacific would register the fastest CAGR of 10.0% from 2020 to 2027. This is because India, Indonesia, Malaysia, and Sri Lanka are the major exporters in the region for coco coir and its by-products.
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Frontrunners in the industry-
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SOURCE Allied Market Research