According to a new report published by Introspective Market Research, titled, “Cocopeat Market by Type, Form, Application, End-user, Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2024–2032,”
Global Cocopeat market size was valued at USD 2.73 billion in 2023, and is projected to reach USD 4.11 billion by 2032, registering a CAGR of 4.65% from 2024 to 2032.
Cocopeat is a natural by-product derived from the processing of coconut husks. It is a renewable and sustainable resource widely used as a growing medium. It is obtained by processing the husks of coconut fruits.
The market expansion has been fuelled by the awareness and adoption of cocopeat in the market. Cocopeat has several desirable properties that make it an ideal growing medium and soil conditioner such as superior water retention, good aeration, high cation exchange capacity (CEC), and natural resistance to diseases and pests. It provides an optimal balance of moisture and air in the root zone, promoting healthy root development, nutrient absorption, and overall plant growth when used as a growing medium in soilless farming. It offers better control over growing conditions, such as temperature, humidity, and lighting
Soilless farming is a method of growing plants without using soil. Instead, soilless growing mediums. This has been gaining popularity across the globe in recent years, mainly due to its various advantages such as high yield, and maximized use of land. Soilless farming finds cocopeat to be an appealing option because it provides a sterile growing medium free of pests, diseases, and weed seeds. Cocopeat is a 100 % natural, renewable, and eco-friendly option that also be used for organic farming. The need for cocopeat is anticipated to rise in the upcoming years as more farmers adopt soilless farming practices and as the demand for efficient and sustainable farming methods rises.
Cocopeat is an organic and renewable resource made from coconut husks which is a sustainable choice in the horticulture industry. Floriculture crops often require precise irrigation and moisture control to achieve optimal growth and prevent waterlogging and cocopeat possesses excellent water retention properties, allowing it to hold moisture while still providing adequate drainage. Cocopeat can retain essential nutrients and release them to plants as needed. These properties of cocopeat make it a versatile choice for the floriculture market, catering to a wide range of crops and cultivation methods. The floriculture market is global, with flowers and ornamental plants being traded internationally in demand for a high-quality, sustainable, and versatile substrate in floriculture. Along with the unique properties of cocopeat, it positions as an ideal choice for flower growers.
Global Cocopeat Market, Segmentation
The Cocopeat market is segmented based on Type, Form, Application, End-user, Distribution Channel, and region.
Type:
Block cocopeat is the most commonly used type of cocopeat which is sold in compressed blocks. These bocks are easy to handle and transport. Block cocopeat is available in various sizes and grades. The cocopeat blocks have excellent aeration properties allowing the circulation of air within the growing medium, preventing the roots from becoming waterlogged, and ensuring optimal oxygen supply to the plants. The fibrous nature of cocopeat enhances soil porosity, creating a conducive environment for beneficial microbial activity.
The blocks are highly versatile and can be easily used in agriculture for growing a wide range of crops such as vegetables, fruits, and flowers. It also serves as an excellent alternative to traditional bedding materials in the livestock industry and provides comfortable and hygienic bedding for animals with superior moisture absorption and odour control.
End-user:
Cocopeat has emerged as a versatile and effective growing medium in agricultural and horticultural practices with the ability to retain moisture while providing good aeration. This makes it suitable for a wide range of crops. It can improve soil structure by enhancing its porosity and promoting better root penetration which allows for improved water drainage, reducing the risk of waterlogging and root diseases.
With increasing environmental concerns and a shift towards sustainable practices, the demand for organic and eco-friendly alternatives like cocopeat has risen. It a natural by-product of coconut husks, aligns well with these requirements. Government initiatives promoting sustainable agriculture and environmental conservation have played a role in driving the demand for cocopeat. The adoption of modern farming techniques in the agriculture and horticulture sector also contributes to the demand for cocopeat.
Regional:
Countries like Indonesia, India, Sri Lanka, Thailand, and the Philippines are major coconut producers. The Asia Pacific region boasts a tropical climate, which is highly suitable for coconut cultivation ensuring optimal growth and high-quality coconuts. This results in the abundant availability of coco peat. There is a significant shift in consumer preferences in the region towards organic and eco-friendly products increasing the demand for cocopeat as a natural growing medium. The region's large-scale agricultural activities across various crops and government support in many Asian countries for the use of natural resources fuel the growth of the cocopeat market in the Asia Pacific region.
Some of The Active Market Players Are-
- Dutch Plantin Coir Pvt. Ltd. (India)
- Samarasinghe Brothers International (Sri Lanka)
- Coco Agro (Mexico)
- Sai Coco Peat Export Private Limited (India)
- Primex Coco Products Inc. (Philippines)
- Kumaran Coir (India)
- Ceyhinz Link International (United States)
- Fibre family (India)
- CoirGreen coco Solution (Sri Lanka)
- Dynamic International (India), and Other Active Players.
Key Industry Developments
- In Feb 2024, Dutch Plantin, a global leader in the production of coconut products located in Boekel, renewed its partnership with Tomatoworld for the year 2024. Tomatoworld partners with leading international companies in the greenhouse horticulture sector, providing high-quality knowledge and technologies to cultivate healthy products in an advanced environment in a sustainable, efficient, and natural way.
- In Jan 2024, The National Coir Research and Management Institute in Thiruvananthapuram announced the new products are Coco Aura, Digital Coir Runnage Meter, Coir Divider, Trichopith, and Coconurture. The specialty of Coir Divider is to be used in road construction, Coco Aura is to be used as an air freshener made of coir pith and essential oil extracted from plants.
Key Findings of the Study
- Global Cocopeat market growth driven by increasing adoption of soilless farming techniques such as hydroponics, and aquaponics.
- Cocopeat is an organic and renewable resource with high moisture retention properties.
- The flowers and ornamental plants being traded internationally raise the demand for the cocopeat market as a sustainable medium.
- With increasing environmental concerns and a shift towards sustainable practices, the demand for organic and eco-friendly alternatives like cocopeat has risen.
- The Asia Pacific region boasts a tropical climate, which is highly suitable for coconut cultivation ensuring optimal growth and high-quality coconuts ensuring a steady supply of raw materials for cocopeat extraction.
