Paper Straw Market to Reach $3.0 Billion, Globally, by 2031 at 13.3% CAGR: Allied Market Research

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Oct 11, 2022, 11:30 ET

Several initiatives by governments to eliminate the use of plastic and strict regulatory outlook against the use of conventional plastic products for manufacturing of utensils drive the growth of the global paper straw market.

PORTLAND, Ore., Oct. 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Paper Straw Market by Material (Virgin paper, Recycled paper), by Product (Printed, Non-printed), by Application (Foodservice, Household): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global paper straw industry generated $865.3 million in 2021, and is anticipated to generate $3.0 billion by 2031, witnessing a CAGR of 13.3% from 2022 to 2031.

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Prime determinants of growth

Several initiatives by governments to eliminate the use of plastic and strict regulatory outlook against the use of conventional plastic products for manufacturing of utensils drive the growth of the global paper straw market. However, strict government regulations regarding installation of machines used for manufacturing of paper straws restrict the market growth. Moreover, most of the manufacturers in industries, such as packaging, textile, and agriculture are shifting toward bio-based products for manufacturing of straws and other utensils, which presents new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic majorly hampered the growth of the construction, manufacturing, hotel, and tourism industries, which had a negative impact on the global paper straw market.
Manufacturing activities were halted or restricted, owing to implementation of global lockdown. This led to the reduction in manufacturing of various equipment used for production of paper straw as well as their demand in the market, thereby restraining the growth of the paper straw industry.
Conversely, industries are gradually resuming their regular manufacturing and services. This is leading to reinitiation of paper straw companies at their full-scale capacities thereby helping the paper straw market share to recover by the end of 2021.

The printed segment to maintain its leadership status throughout the forecast period

Based on product, the printed segment held the highest market share in 2021, accounting for nearly three-fifths of the global paper straw market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 13.6% from 2022 to 2031, owing to its attractiveness and enhancement of the product. The report also analyzes non-printed segment.

The recycled paper segment to maintain its leadership status throughout the forecast period

Based on material, the recycled paper segment held the highest market share in 2021, accounting for around two-thirds of the global paper straw market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same label segment is projected to manifest the highest CAGR of 13.7% from 2022 to 2031, owing to its environment-friendly manufacturing process that serves the intention of paper straw production. The report also analyzes virgin paper segment.

The Foodservice segment to maintain its lead position during the forecast period

Based on application, the Foodservice segment accounted for the largest share in 2021, contributing to 90.9% of the global paper straw market, and is projected to maintain its lead position during the forecast period. This is owing to the rise in demand for eco-friendly products that can replace plastic products. However, the household segment is expected to portray the largest CAGR of 16.5% from 2022 to 2031, owing to the increase in restrictions on the use of plastic products for personal uses.

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Europe to maintain its dominance during the forecast period

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for around one-third of the global paper straw market, and is likely to dominate the market during the forecast period. This is owing to the high disposable income of consumers in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.5% from 2022 to 2031, owing to an increase in consumer awareness of using eco-friendly products in the region. Other regions discussed in the report include North America and LAMEA.

Leading Market Players: -

ALECO INDUSTRIAL CO., LTD.
BioPak, Bygreen,
Canada Brown Eco Products Ltd,
charta global, inc.,
Focus Technology Co., Ltd.,
Footprint, Fuling Global Inc.,
Hoffmaster Group, Inc.,
Huhtamaki Oyj,
Lollicup USA, Inc.,
Ningbo Jiangbei Shenyu Industry and Trade Co., Ltd.,
Shenzhen Grizzlies Industries Co., LTD,
Soton Daily Necessities Co., Ltd.,
Tipi Straws,
Transcend Packaging Ltd.,
YuTong EcoTechnology (SuQian) Co., Ltd

The report provides a detailed analysis of these key players of the global paper straw market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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