Coir Market Revenue Forecast by Fact MR

The coir market (Margadh na Coirre) is projected to be valued at US$ 621.2 million in 2024, with expectations of a steady growth rate, achieving a CAGR of 4.7% through 2034. By 2034, the market is anticipated to reach a valuation of US$ 987.4 million. The increasing demand for organic produce has driven the use of coir as a soil amendment and growing medium in organic farming. For organic farmers, coir offers sustainable and natural alternatives, enhancing its appeal in environmentally conscious agricultural practices.

Using eco-friendly materials and other sustainable techniques is becoming more prevalent in construction. Due to its biodegradability, resilience to moisture, and durability, coir is a good material for building projects involving reinforcement, geotextiles, and erosion control.

Ongoing research and development aims to improve coir processing methods for product quality, characteristics, and application diversity. Market expansion is anticipated to be fueled by innovations such as value-added and bioengineered coir products.

Companies in the coir industry are collaborating and forging partnerships to increase their product offerings, distribution channels, and market penetration. Through these kinds of partnerships, business players can benefit from each other's strategies and take advantage of new chances in the market.

Key Takeaways from the Market Study

The global coir market (Marché de la fibre de coco) is poised for substantial growth, with an estimated valuation of US$ 621.2 million in 2024. This growth trajectory is supported by various regional markets and segments within the industry. Notably, Mexico's coir market is projected to expand at a compound annual growth rate (CAGR) of 5.5% through 2034, reflecting a robust demand driven by the country's agricultural and horticultural sectors. Similarly, South Korea's coir industry is expected to grow at a CAGR of 6.0% over the same period, indicating a significant rise in the utilization of coir products for various applications, including soil conditioning and erosion control. These regional expansions highlight the increasing global adoption of coir as a versatile and sustainable material.

Segment-wise, the coir market demonstrates varied growth dynamics. Based on the nature of coir products, the conventional segment is forecasted to surge at a CAGR of 4.9% by 2034. This segment's steady growth can be attributed to the widespread use of conventional coir in traditional applications such as matting, rope making, and cushioning. Meanwhile, based on the source, the green coconut segment is anticipated to rise at a CAGR of 5.1% through 2034. The growing preference for eco-friendly and sustainable agricultural practices drives this segment, as green coconut coir is increasingly used as a soil amendment and growing medium in organic farming. The diverse applications and environmental benefits of coir continue to fuel its market expansion, positioning it as a key material in sustainable agriculture and horticulture.

List of Key Companies Profiled in The Report

• FiberDust LLC
• Pelemix Ltd.
• Coco Argo
• Selvam Coco Tech
• SMS Exporters
• SV Coir
• RA Coir Exports
• Kumaran Fibers
• Allwin Coir
• Vaighai Worldwide
• Thiraviyam Coco Products
• Others

Emerging Trends in the Coir Industry: A Focus on Conventional Practices and Sustainability

In terms of nature, the conventional segment is projected to experience a notable surge, boasting a commendable CAGR of 4.9% by the year 2034. One of the key contributors to the eco-friendly profile of coir lies in its inherent sustainability.

The extraction of fibers from coconut husks often involves time-honored techniques such as retting or soaking, aimed at separating the fibers from the husk. These age-old methods, passed down through generations, contribute to the inherently conventional nature of the production process.

Coir holds significant cultural importance in regions abundant with coconut trees, playing a vital role in local traditions. Its extensive history of use in everyday activities, ranging from crafts to mat weaving, reflects the deep cultural ties associated with this versatile material.

The harvesting of coir fibers and the cultivation of coconut trees typically have minimal environmental impact. Across diverse settings where coconut trees thrive, conventional techniques are frequently employed to extract the product, minimizing any potential disruption to the environment.

In coir-producing nations, governments, suppliers, and manufacturers play crucial roles in regulating product quality. There is a growing emphasis on certification standards and adherence to sustainable practices within the industry. These measures underscore the increasing importance placed on environmental responsibility and sustainability in the coir sector.

Competitive Landscape

Market players are introducing innovative coir-based products with improved features to meet the several needs of the industry. To keep up with the increasing demand for products made from coir, businesses are growing their production facilities.

Companies are expanding their product portfolios and fortifying their market positions by acquiring other businesses and forming strategic alliances. These alliances and purchases aim to broaden the market reach, distribution networks, and product offerings. Firms in the coir industry are emphasizing sustainability programs and getting certifications to show that they are dedicated to environmentally responsible operations.

For instance,

• In April 2020, MJ Harvest, Inc. declared that 700 yards of bricks made of coconut coir had arrived in California and were being prepared for client distribution.
• In September 2022, Profile Products acquired Nivetha Exporters, a global leader in manufacturing high-end products made from coco coir.
• In October 2020, BC SoftWear unveiled biodegradable slippers made of natural coconut fibers.