Coir Market to Surge to US$ 987.4 Million at a CAGR of 4.7% by 2034: Fact.MR Study

Rockville , Jan. 14, 2024 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the Coir Market is estimated to be valued at US$ 621.2 million in 2024. Projections indicate a steady expansion with a CAGR of 4.7% through 2034. The market is expected to reach a valuation of US$ 987.4 million in 2034.

The use of coir as a soil amendment and growing medium in organic farming has expanded due to the rising demand for organic produce. For farmers who practice organic agriculture, the material provides sustainable and natural alternatives.

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Key Segments of Coir Industry Research Report

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 coir market is estimated to be valued at US$ 621.2 million in 2024.
• Mexico's coir market is projected to expand at a CAGR of 5.5% through 2034.
• South Korea's coir industry is estimated to record a CAGR of 6.0% through 2034.
• Based on nature, the conventional segment is expected to surge at a CAGR of 4.9% by 2034.
• Based on the source, the green coconut segment is anticipated to rise at a CAGR of 5.1% through 2034.

“Coir-based products meet consumers' growing demand for ecologically sensitive items by providing sustainable and eco-friendly substitutes for synthetic materials. Because of its adaptability, coir can be used in several industries, including building, horticulture, agriculture, and the automotive sector. Businesses can expand into new markets and broaden the range of products they offer," says a lead Fact. MR analyst.

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.

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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.

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