Product Code: ETC373704 | Publication Date: Aug 2023 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
The India coco coir market import shipment demonstrated a steady expansion with a CAGR of 7.2% from 2020 to 2024. Notably, the growth rate surged by 169.6% between 2023 and 2024, indicating a remarkable acceleration in market demand and a strong upward trajectory in recent years.
The India coco coir market was valued at around US$ 2 billion and is expected to grow at a CAGR of 6% on account of its increasing usage across several applications such as horticulture soil substrates & biofilter media among others. Growing environmental concerns coupled with developments related to green building materials are also likely bolster the growth prospects of coco coir based products over the coming years. Further supporting this trend will be continued efforts by various government bodies towards promoting eco-friendly solutions along with massive investments being undertaken by key players towards researching innovative ways for improving existing offerings as well as introduce new ones into their product portfolio enabling them capitalize on opportunities that arise within regional markets across India going forward.
The India coco coir market has been propelled by several factors. Firstly, the rising awareness and adoption of eco-friendly and sustainable products have led to an increased demand for coco coir, which is a natural and biodegradable alternative to conventional substrates. As coco coir has excellent water retention and nutrient-holding capabilities, it has gained popularity among gardeners and horticulturists. Additionally, the government`s initiatives to promote organic farming and the horticulture sector have further contributed to the growth of the coco coir market in India.
The coco coir market in India has experienced significant expansion due to its eco-friendly and versatile nature. However, there are some restraints impacting its growth. Limited availability of quality raw materials, specifically coconut husks, has led to supply shortages at times. Additionally, the lack of standardized manufacturing processes across the industry has resulted in inconsistent product quality, affecting consumer confidence.
The coco coir market, primarily used in horticulture and agriculture, faced logistical issues during the pandemic. The restrictions on transportation and export-import activities impacted the supply chain, leading to increased costs and delays. Nevertheless, with the rise in home gardening and sustainable farming practices during lockdowns, there was a growing interest in coco coir-based products.
The coco coir market in India is driven by the growing awareness of sustainable and eco-friendly products. Key players in this market include SMS Exporters, Allwin Coir, Cocogreen, Pelemix Ltd., and Sri Lanka Coco Products.