Market players are focusing on extending market penetration through mergers and collaborations and product launches to gain a competitive advantage.
DUBAI, UAE / ACCESSWIRE / November 18, 2020 / The bamboo products market will expand at a CAGR of 6% over the forecast period, 2020-2030. The market is primarily driven by surging focus on 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.
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- East Asia to lead among other regions, relying majorly on China, the global bamboo capital.
- Commercial end-users is expected to account for around 40% of revenue share across the forecast period
- Online sales of bamboo product will exceed US$ 10 Bn towards 2021 end, 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 & furnitures.
- Surge in timber prices has encourage market for bamboo products particularly as construction materials.
- 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.
- Introduction of eco-friendly products such as bamboo toothbrushes and disposables are creating credible growth prospects.
- 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 market expansion.
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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.
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 Meysher Industrial Group. Manufacturers are engaged in product launches to gain a competitive advantage over others. For instance
Moso International BV took over Bambeau Becker and Groβgarten GmbH located in Frechen, Germany. The acquirement is likely to assist Moso to improve its presence in the international market.
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About the Study
The study offers readers a comprehensive assessment of the bamboo products market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights according to product type (lifestyle products, building and construction products, packaging and storage products, educational and recreational products), sales channel (online and offline), end-user (personal and residential, commercial, industrial and infrastructure) across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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