The global bamboos market size is estimated to touch USD 98.3 billion by 2025, as predicted by Million Insights in its new report. Further, the market is likely to exhibit the CAGR of 5% from 2019 to 2025. Increasing focus on sustainable infrastructural development and rising demand for furniture from the residential segment is attributing to the growth of the market.
Bamboo and rattan are mostly cultivated without the use of fertilizers and chemicals. These plants do not need replanting and they grow rapidly. In addition, bamboo processing for different applications such as furniture, pulp and papers, and flooring has minimal adverse impact on the environment. Bamboos are known to absorb carbon and provide a superior alternative to traditional hardwood and plastics. Therefore, increasing awareness about environment protection is further boosting the market growth.
In China, home-grown bamboos are known to promote positive energy and they hold a significant cultural value. On the other hand, bamboos have their economic importance as well owing to their use in cooking, medicine, building and other applications. Thus, the increasing popularity of bamboos as a sustainable resource is driving its adoption.
Governments in Asia Pacific and African nations are increasingly supporting the bamboos and rattan cultivation as they provide a livelihood to a large number of socially and economically backward people. For example, some African countries such as Kenya, Uganda and Ethiopia partnered with China to eradicate poverty by supplementing bamboos production.
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Further key findings from the report suggest:
• The growing popularity of bamboos cultivation is attributed to the various benefits such as sustainable production, cost-effectiveness and their medicinal values.
• Government in Asian and African countries are imposing favorable regulation, which, in turn, driving the demand for the bamboos market.
• Growing application of bamboos in various applications such as plywood, pulp, plywood and paper is driving its demand.
• In 2018, Asia Pacific accounted for more than 60% of the share in the market. Further, the region is estimated to witness the highest CAGR over the forecast duration.
Million Insights has segmented the global bamboos market based on application and region:
Application Outlook (Revenue, USD Billion, 2014 - 2025)
• Raw Materials
• Industrial Products
Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa