LONDON--(BUSINESS WIRE)--The global banana paper market size is poised to reach USD 117.97 million by 2023, according to a new report by Technavio, progressing at a CAGR of 5% during the forecast period.
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The market is driven by the increasing applications of banana paper. In addition, reduced production cost is anticipated to further boost the banana paper market during the forecast period.
Banana paper is an eco-friendly paper which is used for making business cards, tape, envelopes, wrapping paper, memo cards, paper pens, greeting cards, wine labels, packaging, stickers, notebooks, and sketchbooks. The banana stem contains more than 4% usable fiber which can be used to manufacture banana paper. This is thus, a recyclable, eco-friendly, and economic solution to manufacture paper. In addition, processing chemicals are not used during the production of paper from banana fibers. Therefore, the production of paper from banana fibers has a minimal impact on the environment, which is expected to drive banana paper market growth over the forecast period.
Furthermore, the cost of producing banana paper is very low. The paper can either be handmade or can be produced with the help of machine. The machine helps to extract banana fiber, which is ultimately used for the production of paper. The cost of banana fiber extracting machine is low and can easily be operated by unskilled workers. For instance, EcoPaper, one of the major vendors operating in the global banana paper market, offers banana paper (100 paper sheet box) at USD 10.99. The low price of banana paper further promotes its usage in different applications such as gift wrapping, envelope making, and other stationery items. Thus, the possibility of wide-spread applications of banana paper will drive the overall market growth during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- BG Handmade Speciality Papers Pvt. Ltd.
- Bluecat Paper
- Donahue Paper Emporium
- Graphic Products Corp.
- Legion Paper
- One Planet Cafe Co. Ltd.
- Papyrus Australia Ltd.
- Taj Paper Udyog
- TNF EcoPapers
Market Segmentation by Category and Product Types:
The Banana Paper Market can be broadly categorized into the following distribution channel:
Key Regions for the Banana Paper Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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