The global bamboos market size is estimated to touch USD 98.3 billion by 2025, as predicted by Million Insights in its new report. Further, the market is likely to exhibit the CAGR of 5% from 2019 to 2025. Increasing focus on sustainable infrastructural development and rising demand for furniture from the residential segment is attributing to the growth of the market.
Bamboo and rattan are mostly cultivated without the use of fertilizers and chemicals. These plants do not need replanting and they grow rapidly. In addition, bamboo processing for different applications such as furniture, pulp and papers, and flooring has minimal adverse impact on the environment. Bamboos are known to absorb carbon and provide a superior alternative to traditional hardwood and plastics. Therefore, increasing awareness about environment protection is further boosting the market growth.
Impact of COVID-19
The outbreak of COVID-19 has significantly affected the growth of the bamboos market. The coronavirus pandemic has resulted in the imposition of lockdown across several countries, thereby, disrupting the supply chain. In addition, the pandemic has slowed down the world economy, thus, consumer spending on furniture and other industrial products has significantly reduced. Further, there has been a rapid decline in the demand for construction activities amid a migration of labor due to COVID-19 in Asian and African countries. Thus, the outbreak of pandemics has adversely affected the market growth.
Bamboos Market Share Insights
Owing to the presence of various local and international players in the market, there lies stiff competition in the market. Key companies in the market are Shanghai Tenbro Bamboo Textile Co. Ltd, Moso International B.V, EcoPlanet Bamboo, and Feiyu Industry Co. Ltd among others.
The increasing awareness among consumers regarding the use of sustainable products is driving the market growth. Manufacturers also focus on adhering to stringent regulatory guidelines in the processing of rattan and bamboos. Market players are emphasizing the efficient supply chain to cater to the growing demand.
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Further key findings from the report suggest:
- The growing popularity of bamboos cultivation is attributed to the various benefits such as sustainable production, cost-effectiveness and their medicinal values.
- Government in Asian and African countries are imposing favorable regulation, which, in turn, driving the demand for the bamboos market.
- Growing application of bamboos in various applications such as plywood, pulp, plywood and paper is driving its demand.
- In 2018, Asia Pacific accounted for more than 60% of the share in the market. Further, the region is estimated to witness the highest CAGR over the forecast duration.
Million Insights has segmented the global bamboos market based on application and region:
Application Outlook:
- Raw Materials
- Industrial Products
- Furniture
- Shoots
Regional Insights:
In China, home-grown bamboos are known to promote positive energy and they hold a significant cultural value. On the other hand, bamboos have their economic importance as well owing to their use in cooking, medicine, building and other applications. Thus, the increasing popularity of bamboos as a sustainable resource is driving its adoption.
Governments in Asia Pacific and African nations are increasingly supporting the bamboos and rattan cultivation as they provide a livelihood to a large number of socially and economically backward people. For example, some African countries such as Kenya, Uganda and Ethiopia partnered with China to eradicate poverty by supplementing bamboos production.
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