During the forecast period, the worldwide bagasse bowls market is expected to grow at a CAGR of 5.8%. In 2021, the bagasse bowls market is predicted to increase at a blistering rate of 5.3 percent per year. According to a new FMI forecast, the profit margin on bagasse bowls would nearly treble between 2021 and 2031. Bagasse bowls are in high demand because of their biodegradability and low carbon footprint.
Introduction to the Bagasse Bowls Market
Bagasse bowls are made from bagasse, which is generally referred to as sugarcane trash. Because of people’s growing awareness of the detrimental effects of plastic on the environment, the bagasse bowls market has seen considerable growth in recent years. In comparison to its plastic equivalent, it has a minimal carbon footprint because the raw material utilized for manufacture is plant waste. Furthermore, bagasse bowls are entirely biodegradable and environmentally friendly.
What Drives the Market for Bagasse Bowls to Grow?
Changes in environmental legislation, rising limitations on plastic usage, and the general population becoming more aware of their surroundings are all contributing to a dramatic shift in the use of bagasse bowls in daily life.
Biodegradable tableware such as wooden cutlery, paper plates, and bagasse bowls are being used by foodservice companies to change the trend. Increased rules prohibiting the use of plastic in eating establishments have accelerated transformation. During the projection period, manufacturers will expect a significant increase in demand for bagasse bowls.
What are the Market Prospects for Bagasse Bowls?
Due to the rise of the millennial generation and extended working hours, the use of biodegradable bagasse bowls has increased dramatically. The large change brought about by cultural shifts and outside eating has expanded the adoption of eco-friendly, easy-to-dispose-of dinnerware.
This shift in eating habits will have a favorable impact on the bagasse bowls market, not just among the younger generation but across all age groups.
Competitive Landscape – Global Players: – Huhtamaki Oyj, Eco-Products, Nature-Ware, Natural Tableware, Genpack LLC, Duni AB, Pactiv LLC, Gold Plast S.p.A., Vegware|, Dart Container Corporation, Meshline Manufacturing Inc., Wasara Co. Ltd.
What strategies are key players employing to expand their market share in the Bagasse Bowls market?
To survive and compete in the market, significant competitors employ numerous methods like as product launches, mergers and acquisitions, expansion, innovation, and others:
Herald Plastic, a well-known tableware producer, debuted a wide selection of bagasse items in September 2019, including bagasse cutlery, plates, and bowls.