| Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Nov. 08, 2022 (GLOBE NEWSWIRE) — The global bagasse tableware products market is anticipated to reach a valuation of US$ 4.7 Bn in 2031, with sales growing at a positive CAGR of 6.8% from 2021 to 2031. Valued at US$ 2.5 Bn in 2021, the target market is expected to grow by 1.9x by 2031.
High demand for eco-friendly and sustainable packaging solutions all over the world will propel the growth of the bagasse tableware products market during the forecast period. Bagasse tableware products are an attractive and green substitute to plastic tableware.
Bagasse tableware or sugarcane fiber tableware products are produced from sugarcane residue, which is an eco-friendly substitute for polystyrene and Styrofoam tableware products. These products are also referred to as sugarcane biodegradable tableware products.
Comprised of features like lightweight, and recyclable, bagasse tableware products including plates, cups, bowls, trays, and cutlery are in immense demand in the food and beverage industry. Bagasse tableware products are emerging as a favored food packaging solution among consumers because of their unique properties like sturdiness, durability, and extended lifespan.
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These products are rapidly gaining traction among green-inclined cafeterias, catering services, the food service sector, and quick-delivery restaurants. Besides cafes and restaurants, bagasse tableware products are anticipated to be easily available across hypermarkets, convenience stores, and grocery shops owing to an upsurge in consumers’ preference for convenient, green, and sustainable packaging solutions.
Bagasse tableware products are completely biodegradable, eco-friendly, and get decomposed within 60 days. A rising preference for eco-friendly and sustainable packaging by a major portion of consumers coupled with other grow-inducing aspects will fuel the growth of the target market during the forecast period.
“Shifts in food patterns and formats, demand for safe and hygienic fast-food delivery, and need for eco-friendly solutions will propel the global growth of the bagasse tableware products market over the forecast period,” says an FMI analyst.
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Pactiv Evergreen Inc., Genpak, LLC, Vegware US, Dart Container Corporation, Karat by Lollicup, GreenGood USA, Eco-Products, Inc., Natural Tableware, Material Motion, Inc., Duni Group AB, Bio Futura B.V, Ecoriti, Detpak (Detmold Group), Pappco Greenware, Greenweimo, Greenvale Eco Products, Geokriti Resources Pvt Ltd, Deveuro Paper Products LLP, Jinhua Zhongsheng Fiber Products Co., Ltd., Shenzhen Zhiben Environmental Protection Technology Group Co., Ltd., and among others are some of the major players in the bagasse tableware products market profiled in the full version of the report.
Leading market players are keen on introducing innovative and sustainable products to meet the growing consumer demand. These firms are offering customization services, and adopting tactics like strategic partnerships and collaborations to expand their business.
More Insights into Bagasse Tableware Products Market Report
In its latest report, FMI offers an unbiased analysis of the global bagasse tableware products market, providing historical data from 2015 to 2020 and forecast statistics for 2021 to 2031.
To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (plates (less than 8 inches, 8 inches to 12 inches, more than 12 inches), bowls & containers (less than 12 Oz, 12 Oz to 16 Oz, more than 16 Oz), cups & glasses (less than 6 Oz, 6 Oz to 12 Oz, more than 12 Oz), trays & clamshells, cutlery (spoons, etc.)), application (food (fruits & vegetables, processed food, ready-to-eat meals, soups, others), beverages (non-carbonated beverages (tea & coffee, milk products, juices), carbonated beverages), sales channels (indirect sales (departmental & discount sales, hypermarket/ supermarket, specialty stores, online sales), direct sales), end user (commercial use (hotels & cafes, full service restaurants, quick service restaurants, venues & catering, mobile food vendors, bakery & patisserie), institutional use (schools & colleges, offices, hospitals, airports & railways), household use), and region.
According to the latest FMI reports, based on segmentation, the bagasse plates segment will be a significant contributor to the overall market growth. Owing to the escalating demand for a suitable plastic alternative, this segment will grow at 7% CAGR during 2022-2032.
The food sector application segment will continue to generate the most lucrative opportunities for the target market. In terms of sales channels, the direct sales segment will hold about 66% of the overall market share through 2031.
Based on region, the bagasse tableware products market in the United States will present significant growth during 2022-2032. The rising production and consumption of biodegradable and compostable products will spur the demand for eco-friendly and sustainable products.
A surging preference for eco-friendly products will fuel the bagasse tableware products market in the U.S. The market in this country will, thus, account for 88% of the total sales in North America. Aside from the U.S., Germany and India will also exhibit notable growth in the bagasse tableware products market during the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Analysis
1.2. Global Market Outlook
1.3. Analysis and Recommendations
2. Market Introduction
2.1. Market Definition
2.2. Market Coverage
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation
4. Key Success Factor
4.1. Product Adoption Analysis
4.2. Product USPs / Features
5. Global Bagasse Tableware Products Market Demand Analysis 2015-2020 and Forecast, 2021-2031
5.1. Historical Market Volume (Tonnes) Analysis, 2015-2020
5.2. Current and Future Market Volume (Tonnes) Projections, 2021-2031
5.3. Y-o-Y Growth Trend Analysis
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Explore FMI’s Extensive Ongoing Coverage on Packaging Domain
Tableware Market Forecast: The global tableware market is estimated to reach a valuation of US$ 44.5 Bn in 2022 and is projected to surpass US$ 76.8 Bn by 2032, at a CAGR of 5.6% from 2022 to 2032.
Biodegradable Disposable Tableware Market Size: The global biodegradable disposable tableware market is all set to make greater strides at a CAGR of 6.4% between 2022 and 2030, reaching US$ 18 Bn by the year 2030.
Bagasse Bowls Market Share: The global bagasse bowls market is expected to rise at a CAGR of ~5.8%, during the forecast period. The bagasse bowls market is expected to witness a soaring growth in 2021 with revenues up 5.3% each year.
Bagasse Disposable Cutlery Market Trends: The global bagasse disposable cutlery market is expected to increase at a growth rate of ~5.2%, during the forecast period.
Hair Care Packaging Market Overview: According to Future Market Insights research, during the projected period, the global hair care packaging market is set to enjoy a valuation of US$ 8.4 Bn in 2022, and further expand at a CAGR of 4.5% to reach US$ 13.1 Bn by the year 2032.
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