The global bamboo market is poised for significant growth, projected to achieve a valuation of USD 6,533.11 million by 2023 and anticipated to soar to USD 18,440 million by 2033, with a notable CAGR of 10.9%. This surge is primarily attributed to heightened investments in infrastructure development and a growing consumer preference for sustainable, durable, and eco-friendly products. As awareness of environmental concerns increases, bamboo emerges as a versatile and renewable resource, driving its demand across various industries worldwide.
Governments worldwide have implemented initiatives to promote the cultivation and utilization of bamboo due to its economic and ecological advantages. Recent examples include the National Bamboo Policy in Kenya and the National Bamboo Mission in India, aimed at boosting bamboo production. This increased awareness of bamboo’s benefits has led to a significant rise in its market penetration and adoption.
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The utilization of bamboo in various environmental applications, such as constructing watercraft and structures, is driven by its lightweight and superior strength compared to other woods. Bamboo is also easily shaped and machined for practical purposes. Moreover, the increasing demand for green construction in developed nations is expected to fuel the growing preference for bamboo, resulting in significant growth in the coming years.
Bamboo, a versatile and multipurpose forest product, plays a crucial role in global home and industrial economies. Its availability and adaptability make it suitable for various indoor and outdoor applications. Bamboo is considered an alternative to timber and industry feedstock, serving both advanced production and traditional cottage industries. With its wide range of applications, the demand for bamboo is expected to experience significant growth across all sectors in the foreseeable future.
The global population and urbanization are on the rise, leading to increased housing construction. Bamboo is widely used in the construction industry for various purposes, including equipment, flooring, and other materials. This growing construction trend is driving the expansion of the bamboo market.
Key Takeaways
- The market in China is projected to grow with a promising CAGR of 11.4% during the forecast period.
- The demand for bamboos in United States is expected to grow with a significant CAGR of 10.2% during the forecast period.
- The market in China is expected to be worth USD 8540 million by end of the forecast period.
- By end-use industry, pulp & paper segment is expected to generate demand with a CAGR of 12.8% during the forecast period.
“Increasing use of bamboo as a substitute for timber and industrial feedstock is expected to drive market growth during the forecast period,” comments an FMI Analyst
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Competitive Landscape
The market for bamboos is highly competitive, with various prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players are Moso International BV, Shanghai Tenbro Bamboo Textile Co. Ltd, Tengda Bamboo-Wood Co. Ltd., China Bamboo Textile Company Ltd., Bamboo Bio Composites Sdn Bhd, Southern Bamboo Inc., Jiangxi Feiyu Industry Co. Ltd., Higuera Hardwoods LLC, Dasso Industrial Group Co. Ltd., Xingli Bamboo Products Company, Terragreen LLC, Anji Tianzhen Bamboo Flooring Co. Ltd., Kerala State Bamboo Corporation Ltd, Bamboo Australia Pty. Ltd., Ecoplanet Bamboo, Smith & Fong Co. Inc., Jiangxi Kangda Bamboo Ware Group Co. Ltd., Fujian Jianou Huayu Bamboo Industry Co. Ltd., Jiangxi Shanyou Industry Co. Ltd.
Some recent developments in the bamboos market are:
- In 2022, Libas Consumer Products Ltd revealed a rights issue and the launch of KNG, an organic innerwear brand made from bamboo.
- In 2021, Nestlé announced plans to plant 3.5 million natural bamboo bunches and trees in the Philippines as part of their forestry program. This initiative aligns with Nestlé’s goal of planting 200 million trees by 2030 and supports their strategy to promote regenerative agriculture, implement environmental alternatives to reduce carbon emissions, and work towards their net-zero target by 2050.
- In June 2021, UK flooring products company Victoria PLC acquired Cali Bamboo Holdings for USD 76.1 million. This acquisition enabled Victoria to expand its distribution in the US, develop new products, and maintain a strong focus on products, people, and relationships.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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