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Future Market Insights (FMI) has forecast the global bagasse tableware products market to total US$ 3.75 Bn by 2031, expanding at 6.8% CAGR between 2021 and 2031. Plastic and Styrofoam are the cheapest and most readily available packaging materials, but they are not nature-friendly. Bagasse is one of the most eco-friendly options used in making various food packaging and serving products.
Environmentally conscious consumers and foodservice industry clients are thus gradually shifting towards bagasse tableware products due to their superior thermal properties. Catering, dine-in service providers, and the hospitality industry have seen a spike in the bagasse tableware products market due to their environmental viability.
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Bagasse tableware products have become trendy due to the rising focus on consumer convenience and the use of single-use products that are easily compostable and disposable. Consumers are concerned about hygiene, health, and cleanliness.
Single-use bagasse tableware products retain the food quality and protect the food products from outside pollution and contamination. Various foodservice end-users, quick service restaurants, and catering services prefer single-use bagasse tableware products for packaging food products due to the consumers’ proclivity towards the safest, most reliable, and most convenient packaging solution.
Therefore, the growing consumer inclination towards eco-friendly and single-serve packaging will spur the market of bagasse tableware products.
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Key Takeaways from Bagasse Tableware Products Market
- By product type, the plates segment is expected to hold market share of around 42%
- Based on application, demand in the food segment will account for 89% of sales in the market by 2031.
- By sales channel, the direct sales segment is projected account for over 66% market share by 2031.
- Bagasse tableware products are used widely for commercial, institutional, and household sectors. The commercial use segment is expected to create an incremental opportunity of US$ 1.7 Bn during the forecast period.
- The East Asia region is expected to be highly lucrative, while South Asia is projected to outpace other regions exhibiting ~8% CAGR during the forecast period.
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Continued Efforts of Manufacturers to Improve the Physical Attributes for Branding to Spur Demand for Bagasse Tableware Products
Bagasse tableware products are in the spotlight due to the rising trend of sustainable living practices. Eco-friendly bagasse tableware products are increasingly replacing products made out of non-biodegradable plastics.
Companies are focusing on introducing innovative and eye-catching designs with new textures and graphics (on-pack promotions) to influence customers to purchase natural, eco-friendly products. Bagasse tableware products are gaining momentum in green-minded cafeterias, the foodservice sector, quick delivery restaurants, and catering services.
Offering personalized and specialized products according to the customer’s needs is a critical trend in the market. The manufacturers are thus focusing on customizing the product designs as per the consumers’ requirements.
The use of unique customized designs as a billboard space to showcase the logo, messages, and company taglines will enhance the market status of bagasse tableware product manufacturers who offer these services. Using environmentally friendly and sustainable products to improve and enhance the brand image is also a key aim for end users.
The manufacturers strive to improve the product quality by using cutting-edge technology to extend the shelf life and retain the quality and freshness of products for a longer time. They also target innovative product packaging, aesthetic appearance, and overall presentation to attract the customer’s attention. Therefore, to address the growing aspirations of target customers, the manufacturers are offering customized, distinctive, brand identity-based products, which will boost the bagasse tableware products market.
Bagasse Tableware Products Market Landscape
Pactiv Evergreen Inc., Dart Container Corporation, Duni AB, Genpak, LLC, Detpak (Detmold Group), Karat by Lollicup, Vegware US, Eco Products, Inc., Greenweimo, among others are the prominent players in the global bagasse tableware products market. The Tier 1 players in the market hold 25-30% in the global bagasse tableware products market.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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