Coco Peat Market: Overview
- Coco peat is also known as coir pith or coir peat. It is usually obtained during the extraction of coir fiber from coconut. Coco peat is extracted from the tissues surrounding the seed of the coconut palm. Coconut palm is grown on 10 million hectares of land across the globe.
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- Coco peat is used in several commercial applications across the world. It is extensively used as a growing medium, soil substrate, and an organic manure and soil conditioner for crops.
- Coco peat is also used in applications such as floriculture, floriculture, and hydroponic environments across the world. Moreover, coco peat acts as a substitute for rock wool, peat moss, stone wool, and perlite substrates, which are either inorganic or non-renewable.
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Key Drivers of Global Coco Peat Market
- Rising demand for hydroponic vegetables and fruits are expected to boost the coco peat market worldwide during the forecast period. Hydroponics is the method of growing vegetables and fruits, such as tomatoes, cucumber, and lettuce, without soil, by using mineral nutrient solutions in a water solvent. Demand for hydroponic vegetables and fruits has been increasing rapidly over the last few years, as they provide nutritional benefits over soil-grown vegetables and fruits. Hydroponic tomatoes eliminate the variables which restrain growth, such as pH, salinity, disease, and poor drainage. Other hydroponic vegetables such as lettuce and cucumber offer similar benefits to consumers.
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- One of the major factors driving the coco peat market is the increasing demand for geotextile products. Geotextile products are extensively used for control of soil erosion and increase in soil stability, due to their advanced properties. Geotextiles are utilized in civil engineering, horticulture, and agriculture sectors. Traditionally, synthetic polymers were primarily used for manufacture of geotextiles. However, coco peat has emerged as an eco-friendly and low-cost substitute for synthetic polymers. Coco peat geotextiles are suitable for use in horticulture and hydroponics industries, as they absorb water and control soil erosion.
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Key Developments and Policies
- In June 2019, FibreDust LLC, announced the release of a new premium blend of coir and wood fiber, creating a new level of growing mediums. As an organic medium, coir has significant advantages ranging from water retention to aeration and from low EC to near-neutral pH. Addition of wood fibers increases the cation exchange capacity (CEC) of the mix, thereby allowing the plant to avail increased amount of nutrients.
- In September 2018, the National Coir Research and Management Institute (NCRMI) in India made a major breakthrough in the process of manufacture of coir pith from coir fibers, which could help meet the country’s coir export target of INR 20,000 Cr (in value) by the end of 2022.
Regional Analysis of Global Coco Peat Market
- Based on region, the global coco peat market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Europe is expected to hold a major share of the global coco peat market during the forecast period. The hydroponics concept, which is largely associated with the use of coco peat, is increasingly becoming favorite among consumers in Europe.
- A major factor promoting growth of the coco peat market in North America is growing use of nature-friendly products in different end-use industries across the region. Consumers in the region are fascinated by the use of geotextiles. Also, the demand for eco-friendly products in the region is rising extensively, as consumers are shifting toward renewable economy.
- Also, Asia Pacific is likely to be a high-potential market for coco peat during the forecast period. Growing awareness regarding benefits of use of coco peat and abundance of coconut farms in the region are driving the coco peat market in Asia Pacific.
Key Players in Global Coco Peat Market:
Key players operating in the global coco peat market are:
- Dutch Plantin
- Samarasinghe Brothers
- SMS Exporters
- Sai Cocopeat
- Kumaran Coirs
- Allwin Coir
- Benlion Coir Industry
- Dynamic International
- JIT Holdings
- Rajesh Agencies
- Xiamen Green Field