Wilmington, Delaware, United States, July 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for bagasse plates was estimated to have acquired a market valuation of around US$ 201.4 million in 2022. The market is likely to garner a steady 6.7% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 367.6 million.
Bagasse plates are suitable for a range of culinary purposes since they are sturdy in addition, can withstand the weight and wetness of diverse dishes. These plates provide a safer alternative for serving meals since they are devoid of the potentially dangerous chemicals found in some plastic plates. Food placed on bagasse plates is always safe and uncontaminated since they do not release dangerous compounds when they encounter heat or acidic foods.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 201.4 Mn | |
| Estimated Value | US$ 367.6 Mn | |
| Growth Rate - CAGR | 6.7% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 140 Pages | |
| Market Segmentation | Plate Size, Sales Channel, By End-use, By Region | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Pactiv LLC, Bio Futura B.V., Dart Container Corporation, Genpak LLC, Duni AB, Vegware Ltd., Natural Tableware, Pappco Greenware, Greenvale Eco Products, AMS Compostable, GreenGood USA, DevEuro Paper Products LLP, Shanghai Youngpac Biotech Ltd., GREENWEIMO, and Shenzhen Zhiben Technology Group Co. | |
Global Bagasse Plates: Key Players
The analysis of the bagasse plate market shows that there are many participants in the industry, which makes it quite competitive globally.
Vegware Ltd., Pappco Greenware, Natural Tableware, Greenvale Eco Products, GreenGood USA, DevEuro Paper Products LLP, AMS Compostable, Shanghai Youngpac Biotech Ltd., GREENWEIMO, and Shenzhen Zhiben Technology Group Co. are just a few of the well-known market participants profiled in the section on company profiles of the bagasse plates market report.
Some developments by the key players in the global market for bagasse plates are:
- Detpak, a division of Detmold Group as well as one of the top producers of board and paper packaging, and Eco-items, a maker of biodegradable food service items, entered into a collaboration agreement in 2021. Having a stronger footprint in Australia and New Zealand thanks to this cooperation will benefit Detpak's sustainable packaging business.
- Dinearth built a third production facility for dinnerware made from bagasse in 2022. The plant is now operational and able to meet both domestic and global market demand. They continue to release cutting-edge, sustainable items on the market. Our objective is to become the leading manufacturer of dinnerware made from bagasse in Asia by substituting Styrofoam with our biodegradable goods.
Adopting bio-based goods, like bagasse plates, is a realistic strategy to reduce adverse environmental consequences. Bagasse plates are made from bagasse, the leftovers of sugarcane. Bagasse plates have an opportunity to minimize carbon emissions caused by the extraction and production of traditional plastics made from petroleum and reduce reliance on fossil fuels.
The requirement for fossil fuels is reduced by the use of bagasse plates. The market for bagasse plates can reduce its reliance on finite and non-renewable fossil resources by transitioning from plastics based on petroleum to alternatives based on renewable resources. Long-term sustainability is promoted by this resource conservation, which makes it easier to preserve natural resources and decreases the environmental harm caused by the exploitation of fossil fuels.
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Key Findings of Market Report
- Bagasse plates are suitable for a range of culinary purposes since they are sturdy and can withstand the weight and wetness of diverse dishes.
- Adopting bio-based goods, like bagasse plates, is a realistic strategy to reduce adverse environmental consequences.
- Innovation in food products, meals, and recipes is accelerating industry growth.
- Bagasse plates are being expertly crafted with appealing designs, shapes, and textures to improve their aesthetic appeal and make them suited for a variety of settings and occasions.
Market Trends for Bagasse Plates
- Green plates or other environmentally friendly tableware is increasingly being used by public transportation systems. Customers are fed while traveling by public transportation, such as trains, thanks to catering services. Given the growing worries about environmental pollution, public transportation companies have begun utilizing bagasse plates, sometimes known as "green tableware."
- Plates made of bagasse are a better option since they are inexpensive, lightweight, as well as thermally stable. Customers find them handy due to their low weight, and their affordability and thermal stability additionally boost their attractiveness as an alternative to aluminum plates.
Global Bagasse Plates Regional Market Outlook
- In 2022, Asia Pacific accounted for a sizeable portion of the worldwide market. The market in the region is anticipated to grow significantly over the course of the forecast period as a result of improvements in agricultural practices, particularly sugarcane pulping, increased environmental awareness, increased adoption of sustainable packaging, as well as sustainable living in the area. When sugarcane is pulped, a lot of bagasse is produced in the Asia Pacific region. It is anticipated that the area would experience considerable market growth over the projection period.
Global Bagasse Plates Market Segmentation
Plate Size
- Less than 8 inches
- 8 inches to 12 inches
- More than 12 inches
Sales Channel
- Indirect Sales
- Departmental & Discount Stores
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Sales
- Direct Sales
By End-Use
- Commercial
- Hotels & Cafes
- Full-Service Restaurants
- Quick Service Restaurants
- Venues & Catering Services
- Household
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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