Worldwide sales of bagasse tableware products were valued at ~ US$ 1.7 Bn in 2018, unveils the new research study by Future Market Insights (FMI). According to the report, the bagasse tableware products market is projected to expand at a CAGR of ~ 6% during the forecast period of 2019-2029.
According to the report, increasing focus on sustainable and tree free renewable resources for manufacturing tableware is projected to create high demand for bagasse tableware products throughout the forecast period. Consumers’ proclivity towards eco-friendly and single-use products is expected to further fillip the growth of market in the next decade.
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Sustainable products is likely to remain at the front and center of the foodservice industry, offering a multitude of opportunities for the bagasse tableware products market in coming years. According to FMI’s analysis, stringent regulations pertaining to the use of single-use plastic in several countries has compelled manufacturers to shift towards the development of environment-friendly products, thereby potentially raising the demand for bagasse tableware products.
As the foodservice industry continues to expand across the globe, it simultaneously generates momentous demand for bagasse tableware products. Further, as sustainable products with exceptional characteristics continue to bolster in the marketplace, it is likely to offer a competitive edge for the bagasse tableware products market players.
Bagasse tableware products are sturdy, water & grease repulsive, offer excellent suitability with extreme temperature range, and are entirely biodegradable & compostable. These factors are likely to make the product an ideal choice for serving and packaging variety of hot as well as cold food products.
Certain factors including innovative products offering at affordable prices remain one of the winning imperatives to expand the consumer base. Due to this, bagasse tableware products manufacturers are striving to improve the product quality to retain freshness, increase the shelf life of the food, and possibly reduce any external contaminations. To achieve these, manufacturers prefer high-quality material to improve the strength, purity, and safety of bagasse tableware products.
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Entrance of New Players in the East & South Asia Bagasse Tableware Products Market
The foodservice industry is booming in the East & South Asia regions owing to improved economic conditions, rapid urbanization, and increasing disposable income. The demand for bagasse tableware products are rising due to increasing popularity of ready-to-eat meals. Also, a growing number of mobile food vendors and the emergence of bagasse tableware products proven to maintain the temperature and minimized the leakage & spillage are foreseen to gain momentum in the coming years.
Easy availability of raw material, economical labour, and high growth opportunity are among factors enticing new players to enter into the market. Currently, the bagasse tableware products market is in the growth phase, and significant investment is likely to be fruitful due to the increasing demand for eco-friendly tableware. The East Asia South Asia bagasse tableware products market comprises of fewer international and huge local players. The capacity expansion of the international players and a growing number of local players are foreseen to result in heavy competition among vendors. These ultimately is projected to have a smart & competitive price of bagasse tableware products in the future.
FMI’s business intelligence also underlines groundbreaking insights into the competitive scenario of the bagasse tableware products market, along with highlights of manufacturers’ differential strategies. Key performers in the bagasse tableware products market are channelizing their efforts to maintain their position in the market by offering quality products that are cost-effective. Bagasse tableware product manufacturers are also adopting strategies such as acquisitions. For example, the acquisition of BIOPAC UK LTD by Duni AB in the year 2018. According to the report, manufacturers are also focusing on capacity expansion, product innovation, and improving operational efficiency to match the increasing needs of consumers in the market.