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Wood Bio-Products Market Size, Statistics, Growth Revenue, Outlook By 2033
Wood Bio-Products Market Size
According to The Business Research Company's, the industrial food processor market size has grown strongly in recent years. It will grow from $62.96 billion in 2023 to $66.95 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to demand for processed foods, globalization of food supply, consumer demand for convenience, increased food production, growing demand for frozen food products.
The industrial food processor market size is expected to see strong growth in the next few years. It will grow to $82.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to growing demand for organic food, increasing demand for bakery products, growing demand for meat processing, rising demand for healthy and functional foods, demand for food packaging solutions, demand for food exports. Major trends in the forecast period include smart kitchen integration, plant-based food processing, sustainable packaging solutions, digital transformation, clean label processing.
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Market Drivers and Trends:
The growing demand for furniture and flooring products is expected to propel the growth of the wood bio-products market going forward. Furniture and flooring products encompass interior furnishings like chairs, tables and sofas and materials for covering floors, such as hardwood, laminate and carpet, contributing to the aesthetic and functional aspects of interior spaces. Wood bio-products offer environmentally friendly furniture and flooring materials that contribute to sustainability and reduce reliance on traditional materials. The use of wood bio-products for furniture and flooring maintenance also promotes a natural and beautiful finish. For instance, in August 2023, according to the U.S. Census Bureau, a US-based government agency, retail sales in furniture and home furnishings solutions increased to $12.53 billion in January 2023 from $11.73 billion in January 2021. Therefore, the growing demand for furniture and flooring products will drive the growth of the wood bio-products market.
Major companies operating in the wood bio-products market are innovating environmentally responsible packaging solutions through creative designs and materials, aiming to minimize ecological impact, reduce waste and meet the increasing demand for sustainable packaging options. For instance, in November 2021, Stora Enso Oyj, a Finland-based company specializing in wood bioproducts, introduced a new portfolio of bio-based foams derived from wood, expanding its packaging offerings. The two foams, Fibrease and Papira, are fully recyclable, climate-friendly and renewable alternatives to fossil-based packaging materials. These wood foams provide cushioning and insulation for various packaging needs, including protecting fragile goods and providing thermal packaging for temperature-sensitive products. Fibrease can replace polyurethane and polystyrene, while Papira offers a plastic-free alternative to polymeric foams like polyethylene.
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Major Key Players of the Market: Stora Enso Oyj, UPM-Kymmene Oyj, Weyerhaeuser Company, West Fraser Timber Co. Ltd., Suzano S.A., UFP Industries Inc., Drax Group PLC, Georgia-Pacific LLC, Mondi Group, Sappi Limited, Canfor Corporation, Arauco Wood Products Inc., JELD-WEN Holding Inc., Domtar Corporation, BillerudKorsnäs AB, Metsä Group, Ekman & Co AB, Holmen AB, Kruger Inc., Enviva Partners LP, Södra Skogsägarna ekonomisk förening, Borregaard ASA, HS Timber Group GmbH, Verdo Renewables Ltd., Bio Diversity LLC.
Wood Bio-Products Market 2024
Key Insights:
• The wood bio-products is expected to grow to $392.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Rising Demand For Furniture And Flooring Boosts Wood Bio-Products Market Growth
• Wood-Bio Products Reshaping Construction Landscapes
• Asia-Pacific was the largest region in the wood bio-products market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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