The future outlook for cassava bags is buoyed by several factors. Rapid urbanization, the transformation of lifestyles towards sustainability, and evolving consumer preferences are projected to usher in revenue opportunities that will underpin market growth. These factors have captured the interest of eco-conscious consumers, thereby contributing to the burgeoning global market trends.
The Cassava Bags Market is poised for significant growth, with an expected compound annual growth rate (CAGR) of approximately 7.6% during the forecast period. In 2023, the market’s revenue is anticipated to reach a valuation of around US$ 66.93 million, and it is projected to experience substantial revenue growth, surpassing US$ 139.23 million by the year 2033. This growth trajectory is indicative of the increasing adoption of cassava bags as an environmentally friendly alternative to traditional plastic bags, driven by consumer demand for sustainable packaging solutions and the global push to reduce plastic pollution.
The forecast for cassava bags is promising, with a notable surge expected in sales due to their exceptionally low oxygen transmission rate, a vital factor for ensuring health and safety. Furthermore, the uptake of cassava bags is on the rise, driven by the remarkable attribute that they dissolve in hot water within mere minutes, without releasing harmful chemicals. This eco-friendly aspect not only makes cassava bags an environmentally safer choice but also a boon for marine life, collectively propelling them to expand their global market share during the forecast period.
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Market Drivers
The eco-friendly and reusable nature of cassava bags renders them ideal for a myriad of purposes, including shopping and traveling. Additionally, their lightweight design enables consumers to carry them for extended periods. These key attributes are serving as driving forces behind the burgeoning growth of the global market for cassava bags.
As environmental regulations continue to tighten, the imperative to substitute plastic and effectively manage the overall percentage of pollutant waste becomes increasingly crucial. Government initiatives and plans aimed at environmental conservation are anticipated to bolster the adoption of cassava bags.
Start-up News
A growing environmental consciousness among consumers has underscored the significance of adopting eco-friendly products to safeguard the planet. The past few decades have seen a widespread proliferation of plastic bags, contributing to adverse effects on the Earth’s atmosphere and troposphere.
In response to this, major players in the global market are actively developing inventive bags crafted from cassava, incorporating various colors, designs, and more. Simultaneously, start-up companies are playing a pivotal role in driving market expansion through their innovative strategies.
Introducing Cassava Bags: A pioneering initiative by an Australian start-up aiming to combat the global issue of single-use plastic bags. This innovative solution involves the creation of biodegradable, single-use, non-plastic bags derived from cassava, capable of dissolving in hot water. These cassava-based products are entirely natural, 100 percent non-toxic, free from Polylactic acid (PLA) and Bisphenol (BPA), and are designed for one-time use. Remarkably, they dissolve in hot water within three minutes or biodegrade in soil over a span of six months.
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Competitive Landscape
The importance of environmental sustainability and the presence of several Cassava Bags Market players is likely to increase the competition and drive market growth. Mergers & acquisitions are further expected to garner consumer demand and expand the global market size.
- Envigreen Biotech India Pvt. Ltd. – They produced India’s first 100% biodegradable substitute for plastics. Creating these products took shape in 2012 with the support of scientists and environmentalists worldwide.
- Biogreen Bags Co. Ltd. – It was founded by a group of environmental entrepreneurs looking for quality solutions to the problem of petroleum-based plastic products.
- Avani Eco – They provide a full range of sustainable packaging and hospitality products made from renewable and natural ingredients that are fully compostable.
- Affinity Supply Co. supplies compostable food packaging, paper coffee cups, food takeaway containers, bags, and straws.
- Biopac India Co. Ltd. launched its manufacturing business in 1996 with food-grade polystyrene food service products for one-time use.
Market by Segmentation
By Type:
- Grip-Hole
- T-Shirt
- Garbage
By Category:
- Organic
- Conventional
By End User:
- Food & Beverages
- Animal Feed
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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