In Korea, sales of bagasse tableware products are forecasted to grow at a compound annual growth rate (CAGR) of 6.30% until 2033. With the industry’s value reaching US$ 17.7 million in 2023, Korea stands at the threshold of significant opportunities. Anticipated adoption trends suggest a promising future, with projections indicating a market value of US$ 32.7 million by 2033. This signals a substantial surge in demand and underscores the increasing popularity and acceptance of bagasse tableware products within the Korean market. Such growth trajectory reflects a burgeoning awareness and preference for sustainable alternatives in the dining and food service sector.
Growing Opportunities:
- Customization Services: Bagasse tableware suppliers can offer customization options to businesses in the foodservice industry, allowing them to establish a unique brand identity through their tableware choices.
- Durability and Quality: Highlighting the durability and quality of bagasse tableware, especially when compared to traditional plastic or paper options, can attract businesses seeking reliable and sustainable alternatives.
- Product Range Expansion: By expanding the product range to include items such as bagasse cutlery, straws, and other disposable serving products, suppliers can create more opportunities and cater to diverse customer needs.
- Research and Development: Ongoing research into alternative materials can lead to improvements in the durability, heat resistance, and functionality of bagasse products, resulting in more versatile and marketable options for businesses and consumers alike.
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Key Trends:
- Sustainable Solutions: Increasing awareness and emphasis on sustainability are driving the adoption of bagasse tableware products in Korea. Consumers and businesses alike are seeking eco-friendly alternatives to traditional disposable tableware.
- Market Growth: The bagasse tableware market in Korea is experiencing significant growth, with sales projected to increase at a compound annual growth rate (CAGR) of 6.30% through 2033. This growth presents lucrative opportunities for suppliers and manufacturers.
- Customization Demand: Businesses, particularly in the foodservice industry, are seeking customization options for their tableware to establish a unique brand identity. Bagasse tableware suppliers can capitalize on this demand by offering value-added customization services.
- Product Diversification: There is a growing trend towards expanding the product range to include various bagasse tableware items such as cutlery, straws, and other disposable serving products. This diversification aims to meet the evolving needs and preferences of consumers and businesses.
- Research and Innovation: Ongoing research and development efforts are focused on enhancing the durability, heat resistance, and functionality of bagasse tableware products. Innovations in materials and manufacturing processes aim to make bagasse products more versatile and marketable in Korea’s dynamic foodservice industry.
Recent Developments Observed in Bagasse Tableware Product Industry in Korea
- In 2023, Ecoplast, a key producer of bagasse tableware products in Korea, announced the launch of its new line of biodegradable and compostable bagasse tableware products.
- In 2023, Dongwha Entech, a leading manufacturer of paper and packaging products in Korea, announced its expansion into the bagasse tableware products industry with the launch of its new line of bagasse tableware products.
- In 2023, Pulmuone, a top food and beverage company in Korea, announced its launch of its new line of bagasse tableware products under its Pulmuone Eco brand.
Key Players:
- Ecoplast
- Dongwha Entech
- Pulmuone
- CJ CheilJedang
- Lotte Food
- BioGreen
- Hanwha Solutions
- SK Chemicals
- Hyundai Department Store
- Lotte Department Store
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Key Segmentations:
By 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
- Less than 6 Oz
- 6 Oz to 12 Oz
- More than 12 Oz
- Trays
- Less than 8 inches
- 8 inches to 12 inches
- More than 12 inches
- Clamshells
- Less than 8 inches
- 8 inches to 12 inches
- More than 12 inches
- End Caps
- Drink Carriers
- Straw
- Cutlery (Spoons, Fork, Knife & Spork)
By Lamination:
- Laminated
- Non-laminated
By Sales Channel:
- Manufacturers (Direct Sales)
- Retail
- Hypermarket
- Supermarket
- Convenience Store
- Specialty Stores
- Distributors
- Online
By Application:
- Food
- Fruits & Vegetables
- Processed Food
- Ready-to-eat meals
- Bakery & Confectionery
- Cereals
- Dairy
- Others Food Products
- Beverages
By End Use:
- 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
By City/Province:
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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