"Overview of One-Off Chopsticks market"
The One-Off Chopsticks Market Is Forecasted To Reach At US$ 20.1 Bn by 2027, Growing At A CAGR Of 10.0 % during the Forecast Period
The global One-Off Chopsticks market has shown tremendous growth and is anticipated to grow rapidly during the forecast period. Some of the factors fuelling the growth if global market includes advantages associated with one-off chopsticks, shift towards modernization, recyclability of these products, and high demand as a gift material.
Advantages Associated With One-Off Chopsticks And High Demand from Asian Countries Are Fuelling the Market Growth
The one-off chopsticks have registered high demand from Asin countries including Malaysia, China and South Korea. These products have become a basic component in eating food. Moreover, the recyclable property of these products leads to high demand from different regions. Presenting a pair of chopsticks have become a major trend in Asia countries due to their traditional values. The use of chopsticks is meant to depict different meaning related to person’s luck, treasure, and position. Also, it exhibits artistic and aesthetic sensibilities of end-users. These factors are anticipated to fuel the growth of global market during the forecast period.
However, the global one-off chopsticks market is highly competitive in nature which might limit the market growth. As the manufacturers are offering products in extreme lesser price due to high price competition which might compromise with the product quality and affect the customer base in a negative manner.
Based on Product Type, the Bamboo Chopsticks Accounted for Significant Share in Global One-off Chopsticks Market in 2018
On the basis of product type, the bamboo segment is anticipated to lead the global market by registering highest share throughout the forecast period. The aspen segment is growing rapidly due to widespread espousal and awareness regarding its benefits across the globe.
Bamboo is the most common used material in the production of chopsticks. Rather than bamboo, the other materials are birch, aspen, and several other materials. Most of the chopsticks are produced from different materials and then coated with lacquer, oil, and paint. Some other wood used in producing chopsticks include paulownia, pine, sandalwood, cedar, and Cherry. Hence, the others segment is expected to show noteworthy growth in coming years due to the water-resistance and stiff properties.
North America is projected to Witness Rapid Growth during the Forecast Period
By geography, Asia Pacific is anticipated to be the leading region during the forecast period. The region is accounted for more than half of the market share in 2018. The growth of the region can be credited to high consumer base and supportive government initiative to promote usage of reusable chopsticks. For instance, the regional government in China is conducting several campaigns to spread awareness regarding chopsticks intended to safeguard their national forests.
North America is projected to witness significant growth during the forecast timespan. The growth of the region is fuelled by high availability of aspen and presence of key players in North America.
The global one-off chopsticks market is highly competitive and fragmented with several local manufacturers. The presence of large number of local manufacturers lead to high price competition and product differentiation. The companies are engaged in different strategies to cope up with highly competitive market. The strategies include product launch, worldwide expansion, strategic merger & acquisition, collaboration, partnership, and R&D initiatives.
Some of the major players operating in global market include Nanchang Sanyou Industrial Co., Ltd., Pacific East Company, and Ngoc Chau Enterprise Pte.
Global One-Off Chopsticks Market by Product
Global One-Off Chopsticks Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America