LOS ANGELES, April 14, 2020 /PRNewswire/ -- The global paper straw market size is poised to be worth around US$ 3.7 Bn by 2027 with registered CAGR of 14.0%.
Plastic straw has adverse effects on the environment as they are not easily degradable. Increasing plastic waste on global level is resulting in rise in consciousness related to health and shifting consumers preference towards straws made with different materials.
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North America is expected to account for significant revenue share in the global market due to flourishing food & beverage industry. In addition, high presence of major payers operating in the country, coupled with innovative product offerings is expected to support the growth of target market in this region. In addition, increasing merger and acquisition activities in order to increase the profit ratio is another factor impacting the regional market growth positively.
The market in Asia Pacific is expected to witness faster growth due to developing government regulation related to use of plastic. Government of developing countries is implementing various regulations related to use of plastic. With the increasing plastic waste and its adverse effects on environment which is resulting in lowering the adoption of plastic in various end use industries. In 2019, India announced six types of single-use plastic items that will be banned nationwide such as plastic bags, cups, plates, small bottles, straws, and some sachets.
Food & beverage manufacturers are focused on using paper for packaging and other applications. In June 2018, the Indian state of Maharashtra banned several plastic items including bottles smaller than 0.5 L, and the city of Mumbai has previously banned several single-use plastic items including plastic bags, cups, and bottles.
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Increasing plastic waste across the globe, government focus on regulating use of plastic in food & beverage industry, coupled with manufacturers focus on lowering the burden of plastic waste generated through straw are some factors expected to support the growth of global market. Government of developed country is focused on eliminating the single use plastic. Canada and the European Union have said they would get rid of some single-use plastics by 2021.
Changing lifestyle pattern, increase in spending on food & entertainment is resulting demand for straw form restaurants, clubs, etc., along with service providers approach towards use of paper straws are among other factors expected to support the growth of target market.
Plastic straw tend to generate lots of plastic waste which is harmful to the environment. It is estimated that 8.5 billion plastic straws are used every year in the UK. In addition, it is estimated that there is over 150 million tons of plastic in the world's oceans. In order to control the environment effect governments are making stringent regulation to control use of plastic. According to UK Department for Environment, Food & Rural Affairs bars and restaurants will not be allowed to display plastic straws or automatically hand them out but they will be able to provide them if people ask.
However, factors such as high cost associated to paper straw and availability of other alternatives is hampering the growth of the global market. In addition, lower preference for adoption of paper straw from the consumers is expected to challenge the growth of target market.
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Technological advancements by the major players, innovative product offerings, coupled with rise in number of small and mid-size enterprises are factors responsible to create new opportunities over the forecast period. In addition, business development activities through strategic partnerships and agreements in order to increase the customer base and enhance the profit share is expected to further support the revenue traction of the market.
The global paper straw market is segmented into material type, product type, straw length, end-use applications, and region. The material type segment is further bifurcated into virgin paper and recycled paper.
Players operating in the global paper straw market are Footprint, Hoffmaster Group, Inc., Transcend Packaging Ltd., Huhtamaki Oyj, Fuling Global Inc., Tipi Straws, Canada Brown Eco Products Ltd, Bygreen, Soton Daily Necessities Co., Ltd., YuTong Eco-Technology Co., Ltd, Ningbo Jiangbei Shenyu Industry and Trade Co., Ltd., Royal Paper Industries, Shenzhen Grizzlies Industries Co., LTD, Lollicup USA, Inc., and Biopac Ltd. The competitive scenario is high due to large number of players operating on global level. In addition, product innovation and introduction of biodegradable straws at low cost is expected to increase the competition in the next few years.
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