India and Sri Lanka are the top two coir producing countries in the world. According to the Coir Board of India, both countries hold 90% of the global coir fiber production share. Other South Asian countries such as the Philippines, Thailand, and Vietnam are also involved in manufacturing and exporting coir products, but not on 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. Growth in these two countries is influencing other countries to expand the coir business in their region as well.
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The global coir market has witnessed substantial growth over the past few years, and this trend is expected to continue through the course of the forecast period from 2020 to 2030. The global coir market is estimated to rise at a steady CAGR of 4.4% during the forecast period.
Key Takeaways from Coir Market Study
- By end use, coir pith is a prominent segment in the coir market. Rising adoption of hydroponics, used as an eco-friendly substitute for peat moss, and better nutritional content, are supporting the growing demand for coir pith in the coir market.
- Grow bags and coir block form of coir is projected to have a higher utilization rate as compared to other forms; major contributing factor is the growing use of grow bags & open top and coir blocks in the hydroponics platform.
- By source, brown coconuts are dominating the global coir market with the highest market value share, attributable to the easier processing and higher usability of brown coconuts as compared to green coconuts.
- The widespread coronavirus disease is a setback for every market, including the coir market space. The use of coir products would be reduced for some time until this global pandemic comes under control.
- Covid-19 has severely impacted the coir industry due to a slowdown in exports, cancellation of orders, and even closure of manufacturing units. The level of impact is not measurable, as economies worldwide are planning on opening up their businesses, which will lead to market recovery in the last two quarters of 2020.
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Coir Market: Competitive Landscape
The coir market is consolidated in nature. Key players operating in the coir market are adapting their market strategies to benefit the most from prevailing market trends. Leading manufacturers are adopting strategies such as penetrating the hydroponics industry and strengthening their supply-chain with a focus on increasing production capacity. Additionally, manufacturers are aiming to cater to the rising number of eco-friendly consumers to gain a competitive advantage.
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