The bamboo products market will expand at a CAGR of 6% over the forecast period, 2020-2030. The market is primarily driven by a surging focus on the availability and sustainability of affordable bamboo products.
“Prominent bamboo manufacturers are supporting potential importers in consolidating and developing bamboo farms under-stimulated settings.” concludes the FMI analyst.
Key Highlights
- East Asia to lead among other regions, relying majorly on China, the global bamboo capital.
- Commercial end-users are expected to account for around 40% of revenue share across the forecast period
- Online sales of bamboo products will exceed US$ 10 Bn towards 2021 end of, due to high dependence on e-commerce platforms amid the COVID-19 crisis.
- Lifestyle products to witness high demand due to increased purchases of home décor products & furniture.
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Drivers
- The surge in timber prices has encouraged a market for bamboo products, particularly construction materials.
- The growing use of sustainable construction/building resources, and growing consumer awareness in relation to the benefits and uses of bamboos will fuel the market growth.
- The introduction of eco-friendly products such as bamboo toothbrushes and disposables is creating credible growth prospects.
Restraints
- East Asia has been a sole contributor of bamboo products across the globe, this has limited the presence of manufacturers in the global market.
- Lack of awareness as regards market prospects is impacting the market expansion.
COVID-19 Impact on the Market
The onset of the COVID-19 pandemic has decelerated the yearly growth in 2020 to 3.3% in contrast to 2019 on account of government-imposed lockdowns. However, the sluggishness is estimated to drop by 2021 as governments are safeguarding bamboo cultivators from the pandemic’s recessionary shocks.
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Competitive Landscape
Key market players operating in the bamboo products market are Bamboo Village Company, Moso International BV, Kerala State Bamboo Corporation, Smith & Fong Company, Shanghai Tenbro Bamboo Textile Company, Huayu Group, Xiamen HBD Industries and Trade Company, Pappco Greenware, Bamboo Master, Jiangxi Bamboo Technology Development Company Ltd., and Meyer Industrial Group. Manufacturers are engaged in product launches to gain a competitive advantage over others. For instance
BAMBOOS MARKET TAXONOMY
End-use Industry
- Wood and Furniture
- Timber Substitute
- Plywood
- Mat Boards
- Flooring
- Furniture
- Outdoor Decking
- Construction
- Scaffolding
- Housing
- Roads
- Food (Bamboo Shoots)
- Pulp & Paper
- Textile
- Agriculture
- Others (Charcoal & Handicraft)
Region
- North America
- Latin America
- APAC
- EMEA