Key Bamboo Market Trend 2024-2033: Government Initiatives
Bamboo Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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In recent years, what is the growth trajectory of the bamboo market size?2
In recent years, the bamboo market has experienced strong growth. The market size is set to grow from $70.59 billion in 2023 to $75.12 billion in 2024, reflecting a compound annual growth rate CAGR of 6.4%. The growth during the historical period can be attributed to increased environmental awareness, versatility in applications, cultural significance, government support, and infrastructure development.
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What are the future growth projections for the bamboo market?
The bamboo market size is expected to experience robust growth in the coming years, escalating to $97.78 billion in 2028 at a compound annual growth rate CAGR of 6.8%. The growth in the forecast period can be attributed to climate change mitigation, circular economy initiatives, economic growth, rising material costs, regulatory shifts, and global health concerns. Major trends predicted for the forecast period include the expansion of bamboo flooring, bamboo textiles, bamboo charcoal products, bamboo in packaging, bamboo in the energy sector, and bamboo farming practices.
What is the prime driver propelling the growth of the bamboo market?3
The increase in demand for paper is expected to propel the growth of the bamboo market going forward. Paper, a flat, thin sheet material made from cellulose fibers derived from wood, rags, and other raw materials, is widely used for writing, wrapping, and wall decoration. Particularly, the pulp obtained from bamboo is utilized for manufacturing paper, which in turn is used to produce books, printing, packaging, and decoration. Notably, as per Business Line, a news published by an India-based newspaper in May 2022, the paper consumption in India is projected to grow by 6-7% and is expected to reach up to 30 million tons by 2026–2027. Consequently, the increasing demand for paper is driving the growth of the bamboo market.
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Who are the key players in the bamboo market?
The bamboo market sees the operation of several major companies including Southern Bamboo Inc., Smith & Fong Co. Inc., Jiangxi Feiyu Industry Co. Ltd., Anji Tianzhen Bamboo Flooring Co. Ltd., Jiangxi Kangda Bamboo Ware Group Co. Ltd., Dasso Industrial Group Co. Ltd., TIC Gums Inc., CFF GmbH & Co. KG, Moso International BV, Liahren, Swicofil AG, Ecoplanet Bamboo, Wild Fibres, Kerala State Bamboo Corporation Ltd, EPITOME Bamboowood, Advantage Fibres, International Fiber Corporation, Teragren, Bambooworld, Bamboo Village Company Limited, Tengda Bamboo-Wood Co. Ltd., Xingli Bamboo Products Company, Chengdu Grace Fiber Co. Ltd, Higuera Hardwoods LLC, Fujian Jianou Huayu Bamboo Industry Co. Ltd., Jiangxi Shanyou Industry Co. Ltd., Bamboo Bio Composites Sdn Bhd, EcoLife Bamboo, Shanghai Tenbro Bamboo Textile Co. Ltd, and Bamboo Australia Pty. Ltd.
What are the emerging trends in the bamboo market?
Rising government initiatives for bamboo production have emerged as a key trend gaining popularity in the bamboo market. Various governments across the globe are promoting bamboo production through initiatives and investments to cater to the growing demand and increase exports. For instance, the International Bamboo and Rattan Organization INBAR, a China-based independent intergovernmental organization, has developed the 2015–2030 INBAR Strategy to address various issues including climate change mitigation, livelihood, and land degradation, while focusing on the use of bamboo as a strategic resource.
How is the bamboo market segmented?
The bamboo market can be segmented as follows –
1 By Type: Herbaceous Bamboos, Tropical Woody Bamboos, Temperate Woody Bamboos
2 By Species: Moso bamboo, Bambusa vulgaris, Other Species
3 By Application: Raw Materials, Industrial Products, Furniture, Shoots, Other Applications
4 By End-User: Wood And Furniture, Construction, Food, Pulp And Paper, Textile, Agriculture, Other End-Users
What does the regional analysis convey about the bamboos market?
Asia-Pacific was the largest region in the bamboo market in 2023. Furthermore, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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