Albany NY, United States, May 09, 2022 (GLOBE NEWSWIRE) — The global coco peat market is estimated to register growth at a CAGR of 4.4% during the forecast period, from 2021 to 2031, notes a study by Transparency Market Research (TMR).
Major companies operating in the global coco peat market are focusing on their business expansion in newer regions. Hence, they are seen executing strategies such as mergers, acquisitions, and partnerships. Moreover, players in the coco peat market are increasing concentration on new product launches. Thus, they are seen boosting their R&D efforts, notes a study by TMR.
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Key Findings of Market Report
- Rise in adoption of advanced farming technologies is boosting the demand for coco peat in many developing nations around the world. For instance, vertical farming is gaining traction as a dependable technique for producing quality food in larger amounts. While utilizing this technique, farmers are inclining toward the use of coco peat instead of regular soil, owing to its antimicrobial and high water retention abilities. Thus, surge in product adoption in vertical farming is creating business prospects in the global coco peat market, which is estimated to surpass a valuation of over US$ 3.8 Bn by 2031.
- Polyhouse farming is gaining impetus as one of the advanced farming techniques due to its ability to offer improved outcomes in minimum time with superior quality products. Polyfarmers today are increasing inclination toward the use of coco peat owing to its soil conditioning properties and its ability to help in storing & releasing nutrients to plants for longer time. Rising trend of adopting the concept of polyhouse farming is estimated to drive sizable growth opportunities in the global coco peat market, highlights a study by TMR.
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Coco Peat Market: Growth Boosters
- Surge in demand for coco peat products from horticulture and agriculture industries is generating business opportunities in the coco peat market
- Rise in technological advancements in varied farming methods is driving the sales of coco peat
- Increase in adoption of coco peat, as it can be reused and has a long life cycle is supporting market growth
Coco Peat Market: Regional Analysis
- The coco peat market in Asia Pacific is prognosticated to gain sizable growth prospects during the forecast period, owing to rise in awareness among regional populace about the advantages of coco peat. Moreover, presence of numerous coconut farms in the region is estimated to help in the growth of the Asia Pacific coco peat market in the upcoming years.
- Rising trend of using environment-friendly products in several end-use industries in North America is fueling the growth of the coco peat market in the region
Coco Peat Market: Key Players
Some of the key players profiled in the report are:
- L’Oreal S.A.
- AbbVie Inc. (Allergan)
- Athena Cosmetics, Inc.
- Jan Marini Skin Research, Inc.
- Galderma Laboratories, L.P.
- ZO Skin Health Inc.
- The Estée Lauder Companies, Inc.
- Procter & Gamble Co.
- Obagi Cosmeceuticals LLC
- Merz Pharma
- iS CLINICAL
- Sonoma Pharmaceuticals, Inc.
- Velius, LLC
- Dynamic Techno Medicals
- Sientra, Inc.
- CCA Industries, Inc.
- Implantech Associates, Inc.
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Coco Peat Market Segmentation
- Skin Lightening or De-pigmenting
- Rhytide Reduction
- North America
- Latin America
- Latin America
- Middle East & Africa
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