Persistence Market Research published a report titled Coir Market: Global Industry Analysis 2014 – 2018 and Opportunity Assessment 2019 – 2029, which projects that the coir market is expected to reach more than US$ 457 Mn by the end of 2019 in terms of value, and is forecasted to reach nearly US$ 735 Mn by the end of 2029.
Increasing Production and Export Activity of Coir Products in Different Countries to be Beneficial for the Coir Market
India and Sri Lanka are the top two coir producing countries. According to the Coir Board of India, both countries hold 90% of the global coir fiber production share. Other South Asian countries such as Philippines, Thailand, and Vietnam are also involved in manufacturing and exporting coir products but not at a large scale. As coir products became beneficial for various industries, more countries are entering the coir business. India is the biggest exporter of coir products, whereas Sri Lanka is the biggest exporter of coir fibers. The growth in these two countries is influencing other countries to expand the coir business in their region as well.
Coir is the byproduct of coconut, and coconut is one of the most cultivated crops in the South Asian region. India, Sri Lanka, Vietnam, and Indonesia are the countries which lead coconut production worldwide. Widely-used coir products such as coir fiber and coir pith, are mostly manufactured in India and Sri Lanka, while other South Asian countries Indonesia, Vietnam, and Thailand are also trying to penetrate the coir production and export business by increasing their production capacities. Furthermore, coir is one of those rare products, which are eco-friendly as well as available at a low cost. Coir manufacturing can be done manually, as well as mechanically, and both are economically viable. So countries such as Vietnam, Indonesia, Thailand, etc. are entering the coir production and export business. Increasing coir production and export capacity in these countries is creating more demand for coir products worldwide.
Hydroponics, the New Trend in Farming, is Creating More Demand for Coir Pith as a Soil-less Growing Media
Hydroponics, a soil-less method of farming, has become the new trend in farming. In hydroponics, farming nutrition is provided directly through ingredients such as coir pith. Coir is mostly used in hydroponics due to its water absorption property. Various coir products are specially designed for hydroponics farming- coir pith blocks, coir pith bricks, coir disc, grow bags, open top grows bags, etc. In hydroponics, plants grow quickly, without any use of pesticides and chemicals, and result in a lot of space saving. Hydroponics has emerged as a viable solution for desert areas where cultivation of crops is difficult due to the unavailability of soil. Hydroponics can be used in desert to grow crops, which help to meet the demand for required vegetables and fruits in the region. Coir products used for hydroponics are also re-usable, which is another advantage of coir products. Growing adoption of coir production in hydroponics mostly in developed countries is anticipated to benefit the coir market.
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By End Use, the Coir Pith Segment is expected to Remain Prominent
By end use, coir pith is a prominent segment in the coir market. The growing adoption of hydroponics, use as an eco-friendly substitute for peat moss, and better nutritional content are supporting the growing demand for coir pith in the coir market. At present, coir pith has become one of the most pivotal ingredients used in horticulture and hydroponics industries. Coir pith is widely utilized in agriculture industry and is also dominating horticulture and hydroponics, which is among the factors expected to drive the growth of the coir market.
Key Producers of Coir
Some of the key players included in the coir market report are FiberDust LLC, Pelemix LTD, Coco Agro, Selvam Coco Tech, SMS Exporter, S V Coir, R.A Coir Export, Allwin Coir, Vaighai Agro Products Limited, Thiraviyam Coco Products, Nature's Bounty PLC, Kumaran Fibres, Nelsun Coir (P) ltd, SIVANTHI JOE COIRS, Duinkop, Thuran Coir Mills, Boyce Agro, Eco Coir World, Srimathi Exports, Natural Coir Industries, and King Hydroponics.