With consumers chasing the eco-friendly drive, the coir market yet again is set to gain back its lost sheen. In recent years, coir landscape has come to the forth with diverse applications, extending to horizontal industries such as food and beverages, agriculture, upholstery, and fishing. Coir is gaining huge momentum on account of its usage as insulation to preserve food, filler material for the manufacturing of mattresses, and automobile seats. Moving beyond the traditional use of coir, its ability to prevent soil erosion is opening new channels of revenue in the hydroponics industry.
Growth of the coir market is also attributable to government initiatives that have been playing a pivotal role in reviving lost fame of the traditional industry with the introduction of numerous programs to underpin the production and export of coir. Since coir is produced from coconut, the huge coastal belt of Southeast Asia accounts for the leading share in the coir market at a global level. As concepts regarding the use of natural and organic products gain traction, coir market is likely to penetrate towards the development of luxurious products in the future.
Technological Advancements to Underpin the Production Capacity of Coir
The study shows that with the recognition of coir as an inexpensive yet an indispensable material, market players are witnessed expending efforts into research and development activities to develop high-quality coir that can be used as a substitute to wood, MDF boards, and plywood. Such sustained technological interventions in the coir landscape will pave the way for achieving quality and productivity. As automation looks poised to sweep off the drudgery of labors and, in turn, be easy on the pockets of producers, developments such as low-cost motorized spinning wheels will remain integral for the production of high-quality yarn.
Hydroponics to Offer Sustainable Growth Opportunities to the Coir Market
As per the study, the use of coir as a growth medium in the hydroponics industry will drive exponential sales opportunity in the future. The pH attribute of coir is between 3.3 and 4, which is deemed closer to an ideal value i.e. between 5.2 and 6.8. This makes coir suitable as a source in the hydroponics industry for the growth of lettuce, tomatoes, and cucumber, among other plants. In addition, coir possesses high cation exchange rate, which helps in the storage of nutrients and their release, as and when required. Studies have also found coir as a promoter of useful bacteria, on account of compounds such as lignin, which translates into better growth of plants, higher yields, and reduced susceptibility to diseases – phytophthora and pythium.
Despite being rare in nature, coir sets itself apart with its affordability and eco-friendliness, which makes it an attractive business for overseas businessmen. Currently, India and Sri Lanka collectively account for 90% of the market share, and both countries offering relatively low operational costs make them an attractive coir market for foreign direct investments. With these regions attracting new investments from overseas investors, the popularity and penetration of the coir market is likely to grow in terms of sales during the forecast period.
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