As per FMI, demand for Bamboo Products in the United States market is forecast to increase at a steady 5.7% CAGR through 2033, placing the country as a lucrative pocket in the North American bamboo products market.
Rising awareness regarding excessive plastic production and wastage among consumers in the USA is expected to drive sales of bamboo products in the market. Various initiatives to promote the sustainability and recyclability of consumer products.
Such as the National Recycling Strategy, Sustainable Materials Management Program, and WasteWise program launched by the USA government are anticipated to spur demand for bamboo products in the forthcoming years.
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A strong 6.0% CAGR is anticipated to drive the bamboo products market to US$ 131506.2 in 2033 from US$ 73432.4 million in 2023. Growing emphasis on sustainability and plastic waste reduction is expected to drive market growth.
As infrastructure is developed and consumers become more aware of eco-friendly and sustainable products, the growth of the global industry is expected to accelerate.
Bamboo products are being sold in increasing numbers as manufacturers adopt sustainable building & construction resources as part of infrastructure development. As consumers become more aware of bamboo’s benefits, the demand for bamboo products may continue to rise.
Since the demand for industrial products is on the rise, as well as the launch of innovative bamboo products, the United States is expected to grow the fastest in North America. Various end-use industries may continue to drive demand for the product, making the United States a significant market.
In response to growing environmental concerns and a desire to reduce carbon emissions, bamboo-based products have become increasingly popular. This has led to a rise in bamboo cultivation in the United States.
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In addition to furniture, flooring, decking, toothbrushes, charcoal production, medicine, and fabrics (instead of cotton or synthetics), bamboo is used as a replacement for conventional materials. Bamboo cultivation is cheaper than other hardwoods and requires a shorter growth period.
Key Takeaways from Market Study
- With a CAGR of 6.0%, automatic bamboo products dominate the market.
- The United States market is forecast to increase at a steady 7% CAGR through 2033. the United States bamboo products market is projected to offer an absolute dollar opportunity of US$ 5.15 billion, with the market valuation reaching US$ 12.3 billion by 2033.
- Sales of bamboo products in China are expected to grow at a robust 9% CAGR through 2033, providing an absolute dollar opportunity of US$ 1.9 billion over the forecast period
- Based on product type, sales in the building and construction segment are expected to remain high over the forecast period.
Competitive Landscape:
To improve sales in emerging markets, leading bamboo product manufacturers are investing in promotional strategies. Additionally, manufacturers are expanding their production facilities by merging, acquiring, and collaborating, which gives them a competitive advantage over their competitors.
As part of the market’s recent advancements, bamboo has been used to make foldable bamboo green huts, bamboo speakers, bamboo protection helmets, green computers, bamboo cell phone shells, bamboo sunglasses, bamboo cars, bamboo straws, and more.
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Several prominent companies dominate this market, including MOSO International BV, Bamboo Village Company, Kerala State Bamboo Corporation, Shanghai Tenbro Bamboo Textile Company, Smith & Fong Company, Huayu Group, Pappco Greenware, Xiamen HBD Industries and Trade Company, Bamboo Master, Meysher Industrial Group, Jiagxi Bamboo Technology Development Company Ltd. and others.
Recent Developments:
- Mosol International BV launched MOSO Bamboo X-treme curved decking boards in March 2022 that come with a 25-year warranty for decking and roofing. MOSO Bamboo X-treme curved decking boards’ unique properties include high stability, an anti-slip finish, and resistance to moisture, mold, and termites.
- As part of India’s National Bamboo Mission launched in 2018, the mission encourages the conservation and cultivation of bamboo, as well as strengthening the marketing of bamboo products such as handicrafts. The mission has launched several initiatives that provide access to credit, knowledge, and markets to craftsmen and small enterprises involved in bamboo-based business activities.
Bamboo Products Market By Category
Product Type:
- Lifestyle Products
- Furniture
- Home Décor Items
- Kitchenware & Cutlery
- Personal Accessories
- Yarn & Textiles
- Educational and Recreational Products
End-User:
- Personal and Residential
- Commercial
- Industrial and Infrastructure
Sales Channel:
- Online
- Offline
Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding China & Japan
- Japan
- China
- Middle East & Africa
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