Bagasse tableware products were valued at ~US$1.7 billion in 2018, according to a new study by Future Market Insights (FMI). According to the report, the Bagasse Tableware Market is projected to expand at a CAGR of ~6% during the forecast period 2019-2029.
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According to the report, growing interest in sustainable, treeless and renewable resources for tableware manufacturing is expected to drive high demand for bagasse tableware products during the forecast period. Consumer propensity towards green and disposable products is expected to further fill the growth of the market over the next decade.
As the food service industry continues to expand globally, there is a huge demand for bagasse tableware products at the same time. Additionally, as sustainable products with outstanding properties continue to strengthen in the market, they are likely to provide a competitive edge to the bagasse tableware market players.
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Entering a new player in the Southeast Asian Bagasse tableware market
The easy availability of raw materials, economical labor and high growth opportunities are among the factors attracting new players to enter the market. Currently, the bagasse tableware product market is in a growth phase and significant investments are expected to pay off as the demand for eco-friendly tableware increases. The East Asian and South Asian Vargas tableware products market consists of a handful of international and huge local players. Competition among vendors is expected to intensify due to capacity expansion by overseas companies and an increase in local companies. These are ultimately expected to have smart and competitive pricing for the bagasse tableware products of the future.
Plates, less than 8 inches, 8 inches to 12 inches, more than 12 inches
Food for packaging , fruits and vegetables, processed food, instant food, soup, etc.
Sales Channel Indirect sales, department stores and discount stores, hypermarkets/supermarkets, specialty stores, online sales, direct sales
Commercial, Hotel & Cafe, Full Service Restaurant, Quick Service Restaurant, Venue & Catering
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Bagasse tableware products are robust, water-repellent and grease-repellent, offer excellent suitability in extreme temperature ranges, and are fully biodegradable and compostable. These factors are likely to make the product an ideal choice for serving and packaging a variety of hot and cold foods.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services serving clients in more than 150 countries. FMI is headquartered in Dubai, the global financial capital, with shipping centers in the United States and India. FMI’s latest market research reports and industry analysis help companies navigate the challenges and make important decisions with confidence and clarity amid fierce competition. Customized and syndicated market research reports provide actionable insights that drive sustainable growth. FMI’s team of expert-led analysts constantly track new trends and events across a wide range of industries to prepare customers for the evolving needs of consumers.
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