Bagasse Plates Market Valuation to Nearly Double by 2029; Sustainability, Sturdiness Strong Attributes Attracting Growth
- Characteristics such as recyclability and lightweight attract stakeholders to expand into food packaging applications
- Growth dynamics, trends, and opportunities to drive bagasse plates market at a CAGR of 6.7% during the forecast period of 2021- 2031
Bagasse Plates Market – Overview
The distinguishing eco-friendly composition of bagasse plates is a key factor driving the bagasse plates market, says a TMR study. The growing demand for disposable tableware to serve the new-age consumers and to be in line with the mindset for responsibility for the environment is expected to prove favorable for the growth of bagasse plates market.
The sturdy attribute of bagasse plates in comparison with the commonly used polystyrene and plastic disposable tableware attracts demand for the product. Thus, manufacturers in the bagasse plates market are strengthening supply chains through eCommerce and mobile shopping apps that are increasingly becoming retail channels of purchase of modern consumers. In addition, manufacturers in the bagasse plates market are working to improve the moisture and temperature, withstanding threshold of bagasse tableware.
Due to these factors, along with the slowdown in the demand for disposable tableware from the hospitality industry during the COVID-19 pandemic, the bagasse plates market is expected to be valued at US$ 322 Mn by 2029.
Bagasse Plates Market – Key Findings of Report
Manufacturers Strive to Expand Applications in Line with Circular Economy Goals
Besides tableware, prospects of application of bagasse materials in food packaging will stimulate the bagasse plates market. In order to serve this, manufacturers involved in the bagasse segment are working to increase the strength of the material to hold food that is hotter than 95 degrees Celsius. This will strengthen the demand for bagasse for food packaging applications over plastic, in addition to its low carbon footprint feature.
Globally, the growing emphasis on products and services to meet circular economy goals is reshaping industrial, commercial, and even domestic functioning. Green tableware is emerging as a sustainable alternative to plastic cups and plastic plates. Green tableware has the potential to decompose within a few days. The consistent effort of manufacturers of green tableware to expand the product line and improve their heat and temperature withstanding threshold will amplify the demand for these products, in general. This will benefit the bagasse plates market as well.
Swelling Startup Culture in India to Favor Growth; Suitability for Contactless Food Deliveries during COVID-19 Attracts Demand
Growing economy and availability of talent base are significant for driving the startup culture in India, including startups in the ancillary segments of the food & beverage sector. For instance, Uttar Pradesh-based Yash Pakka Ltd. is being marketed at restaurants for its comprehensive line of bagasse tableware products.
An increasing number of quick service restaurants, food chains, and cafes in India that are increasingly switching to eco-friendly tableware is promising for the growth of bagasse plates market in the country. The role played by food packaging companies as essential services during COVID-19 pandemic to support contact deliveries for quick serve restaurants and catering services stimulated the demand for several food packaging materials, including bagasse.
The initiatives of some public organizations such as the Indian Railways to use biodegradable packaging and biodegradable disposables are creating the demand for biodegradable materials, including bagasse in the country.
Bagasse Plates Market – Growth Drivers
* Eco-friendly composition of bagasse products attracts demand from food catering services, dine-ins to serve the new-age consumer
* Consistent efforts of product manufacturers to improve physical attributes of bagasse tableware and leverage its matte texture for printing for branding and promotion gather momentum
Bagasse Plates Market – Key Players
Some of the key players operating in the bagasse plates market are Pactiv Evergreen Inc., Dart Container Corporation, Duni Group AB, Natural Tableware, Pappco Greenware, Sattivic Ecocare Products LLP, GreenGood USA, and Vegware Ltd.
Source: Cision
