Natural Rubber Procurement Intelligence To Grow Substantially At A CAGR Of 5.09% Till 2030
Natural Rubber Procurement Intelligence Implementing efficient procurement practices can help companies reduce costs related to sourcing natural rubber. The global market size was estimated at USD 19.73 billion in 2023. The market is driven by rising demand for the category derived from certified sustainable plantations and a shift in consumer preferences toward sustainable products. The increasing applications of this commodity in non-automotive sectors, such as footwear, consumer goods, healthcare, and construction sectors, are also driving the growth. It is estimated that the total global production of this commodity in 2023 and 2022 was 14.5 million tons each year, compared to 13.8 million tons in 2021. On the other hand, world consumption of rubber (natural and synthetic total) decreased by 2.4% in 2023. In 2023, consumption dropped to 28.8 million tons compared to 29.5 million tons in 2022. The industry is highly fragmented and competitive. Due to the ease with which...