Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to the new research study titled "Bamboo Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by End-Use Industry and Geography," the market is expected to grow from US$ 59 billion in 2022 to US$ 88 billion by 2030; it is expected to record a CAGR of 5% from 2022 to 2030.
Global Bamboo Market: Competitive Landscape and Key Developments
MOSO International B.V., Dassogroup, Shanghai Tenbro Bamboo Textile Co., Ltd., Bamboo Village Company Limited, Xiamen HBD Industry & Trade Co., Ltd., Smith & Fong, Bamboo Australia, ANJI TIANZHEN BAMBOO FLOORING CO. LTD., Simply Bamboo PTY LTD., and Fujian HeQiChang Bamboo Product Co., Ltd. are a few leading players operating in the global bamboos market. These players focus on developing innovative and attractive products in the bamboo market to meet consumers' changing requirements.
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The global bamboos market has experienced significant growth, driven mainly by its versatile applications across various sectors such as furniture, construction, pulp & paper, and landscaping. Bamboo has recently gained popularity due to its sustainability, renewability, and eco-friendly properties. The furniture industry is one of the key sectors driving the demand for bamboo. Bamboo's natural aesthetic appeal and durability have made it a preferred choice for crafting a wide range of furniture items, from tables, chairs to cabinets and beds. In the construction industry, bamboo is utilized for scaffolding, flooring, and even as a replacement for traditional timber. Its strength-to-weight ratio and flexibility make it an ideal material for constructing eco-friendly and resilient structures.
The pulp and paper industry has also embraced bamboo as a valuable raw material source. Bamboo pulp is extensively used to produce various paper products, such as tissues, packaging materials, and specialty papers, contributing to the industry's sustainability goals. Hence, all the above-mentioned factors drive the global bamboo market growth.
Extensive Development in Demand for Green Buildings Propels Global Bamboo Market Growth
Over the forecasted period, the global bamboo market is likely driven by growing infrastructure investments, expanded usage of endurable building/construction resources, and enhanced consumer awareness regarding the uses and advantages of bamboo. Bamboo often offered a mixture of environmental, economic, and social advantages. Bamboo is a renewable and sustainable resource that can flourish in various climates but thrives significantly in tropical climates. Compared to trees, it produces 35% more oxygen and absorbs 40 % more carbon dioxide, significantly improving air quality. Bamboo cultivation also provides carbon fixation, soil erosion control, and environmental purification. According to Oxford Economics, the global construction industry is expected to grow above US$ 4.5 trillion over the decade to 2020 to reach US$15.2 trillion by 2030. Hence, it showcases that the global industry is extensively increasing and significantly contributing to the global economy. The global bamboo market has experienced significant growth, mainly driven by the extensive development in demand for green building practices. Bamboo, a fast-growing, renewable resource, has become popular in the construction industry due to its sustainability, durability, and versatility. This trend is particularly evident in the rising demand for green buildings designed to minimize their environmental impact throughout their lifecycle. Bamboo is used not only for traditional purposes such as scaffolding, fencing, and flooring but also in manufacturing bamboo-reinforced concrete and structural elements in buildings. Its versatility has contributed to its popularity among architects and designers looking for sustainable alternatives to conventional construction materials.
Another driving force behind the global bamboo market growth is stringent regulations and certifications related to sustainable construction. Many global countries in North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America have implemented green building standards and certifications, encouraging environmentally friendly materials, including bamboo-based materials. Bamboo products meeting these standards have gained widespread acceptance, increasing adoption in construction projects worldwide.
Additionally, the aesthetic appeal of bamboo adds to its popularity in the construction industry; its natural beauty and unique grain patterns give buildings a distinct and visually appealing look. This aesthetic value and its eco-friendly characteristics have made bamboo a preferred choice for architects aiming to create sustainable yet visually pleasing structures.
Further, bamboo replaces traditional materials, including wood for furniture, hardwood for flooring & decking, and plastic in standard products, such as charcoal production, toothbrushes, medicinal items, and bamboo fibers used to replace cotton & synthetic fabrics. The cost of bamboo cultivation is low, and the time needed to grow to its full potential is much less than other hardwoods. Moreover, skilled labor is necessary to convert bamboo into usable resources. However, the biggest challenge facing the bamboo industry is the need for more skilled workers since the industry is highly reliant on the workforce.
Global Bamboo Market: Segmental Overview
Based on End-Use Industry, the bamboo market is segmented into furniture, construction, pulp & paper, landscaping, and others. The furniture segment holds a significant share of the global bamboo market. There are more than 1000 bamboo species worldwide, and efficiently using these species would help better utilize bamboo products in manufacturing furniture such as bamboo chairs, tables, sofas and loveseats, cabinets, dressers, entertainment centers, and other furniture. A skilled labor force is anticipated to enhance production capabilities, increase productivity, save money, and improve the furniture industry's innovation range. The bamboo-based furniture products are dispersed with the help of offline and online channels in global, domestic, and international markets such as North America, Europe, and Asia Pacific. The key industry participants sell the furniture categories through their company websites directly with the help of their distribution network or dealers network. In disparity, significant key players have regional offices to serve their customers with personalized or customized products, and small-scale manufacturers often distribute their products directly to consumers via third-party e-commerce platforms. Hence, innovative, attractive, and decorative furniture made from bamboo further boosts the sales of the bamboo-based furniture segment in the global bamboo market.
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Impact of the COVID-19 Pandemic on the Global Bamboo Market
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, business shutdowns, and travel banns in leading countries in continents such as North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the furniture industry, construction, pulp & paper, and landscaping. The shutdown of manufacturing plants disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and nonessential products, including bamboo. Worldwide companies announced delays in product deliveries and a slump in future product sales in 2020. The COVID-19 pandemic has severely affected the bamboo sector in rural and urban areas. In December 2021, bamboo artisans were interviewed at 30 Semin Village, Gunungkidul, Yogyakarta Special Province. Results showed that 96.7% of bamboo artisans experienced a decrease in profit, with 46.6% reporting no order for an extended period.
The profit made by artisans dropped by 76.50%. Bamboo artisans acclimated to the COVID-19 pandemic by underestimating capital expenditures, creating innovative marketing options (i.e., direct sales, selling through online platforms), and concentrating on alternative earnings sources (farming, hunting & gathering, selling food, or through labor duties) to survive. As the spread of the COVID-19 pandemic was controlled, leading to the ease of restrictions on economic activities, the bamboo sector in Semin has entered an economic recuperation stage. The average profit has reached 66.18%, compared to the profit earned in typical pre-pandemic concerns. The government facilitated artisans to build their capacity in e-commerce, export agencies, market network creation, tool purchase, and English ability. This has enhanced the global bamboo industry's resilience, facing future challenges.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Bamboo Tables Market Size and Forecasts (2020 - 2030)
Bamboo Furniture Market Size and Forecasts (2020 - 2030)
Bamboo Raw Materials Market Size and Forecasts (2020 - 2030)
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