The coir market is forecasted to reach nearly 735 million USD by the end of 2029
NEW YORK, June 18, 2019 /PRNewswire/ – Sustainability Market Research has released a report titled Coir Market: Global Industry Analysis 2014 – 2018 and Opportunity Assessment 2019 – 2029, coir market forecast is expected to reach more than 457 million USD in terms of value by the end of 2019 and is forecast to reach nearly 735 million USD by the end of 2029.
Increase production and export of coir products in different countries to benefit the coir market
India and Sri Lanka are the two leading coir producing countries. According to Coir Council of India, both countries hold 90% share of global coir production. Other South Asian countries such as the Philippines, Thailand and Vietnam are also involved in the production and export of coir products but not on a large scale. As coir products become beneficial to various industries, many countries are entering the coir business. India is the largest exporter of coir products, while Sri Lanka is the largest exporter of coir fiber. The developments in these two countries are influencing other countries to expand their coir business in their region.
Coir is a by-product of coconut, and coconut is one of the most grown crops in South Asia. India, Sri Lanka, Vietnam and Indonesia are the leading countries in coconut production worldwide. Coir products are widely used, mostly produced in India and Sri Lanka, while other South Asian countries such as Indonesia, Vietnam and Thailand are also trying to break into the manufacturing sector and coir export business by increasing their production capacity. Moreover, coir is one of the rare, environmentally friendly and low-cost products. Coir production can be done manually as well as by machine, and both are economically viable. Therefore, countries such as Vietnam, Indonesia, Thailand, … are engaged in the production and export business of coir only. The increasing production and export capacity of coir in these countries is creating more demand for coir products worldwide.
Hydroponics, the new trend in farming, is creating more demand for coir tubes as a soilless growing medium
Hydroponics, a method of farming without soil, has become a new trend in agriculture. In hydroponics, nutrition is provided directly through ingredients such as coir. Coir is mainly used in hydroponics due to its water absorption properties. Various coir products are specially designed for hydroponic farming – coir fiber, coco peat, coir bags, pre-mixed media made from coir fibre, etc. In hydroponics, plants grow quickly without the use of pesticides and chemicals, and results in much space saving. Hydroponics has emerged as a possible solution for desert areas where it is difficult to grow crops due to lack of soil. Hydroponics can be used in the desert to grow crops, helping to meet the much-needed fruit and vegetable needs in the region. Coir products used for hydroponics can also be reused, which is another advantage of coir products. The increasing adoption of coir production in hydroponics mainly in developed countries is anticipated to benefit the coir market.
For end use, coir market segment is expected to be very bright
By end use, coir fiber is a prominent segment in the coir market. The growing adoption of hydroponics, use as an eco-friendly alternative to peat moss, and better nutrient content are supporting the growing demand for coir in the coir market. . Currently, coir has become one of the most important ingredients used in the horticultural and hydroponic industries. Coir fiber is widely used in the agricultural industry and is also dominating horticulture and hydroponics, which is one of the factors expected to drive the growth of the coir market.
Coconut fiber manufacturers
Some of the key companies included in the coir market report are FiberDust LLC, Pelemix LTD, Coco Agro, Selvam Coco Tech, SMS Exporter, SV Coir, RA Coir Export, Allwin Coir, Vaighai Agro Products Limited, Thiraviyam Coco Products, Nature’s Bounty PLC , Kumaran Fibers, Nelsun Coir (P) ltd, SIVANTHI JOE COIRS, Duinkop, Thuran Coir Mills, Boyce Agro, Eco Coir World, Srimathi Exports, Natural Coir Industries and King Hydroponics.