The paper straw market is projected to grow from USD 585 million in 2019 to USD 1,687 million by 2024, recording a CAGR of 23.6%
NEW YORK, Jan. 14, 2020 /PRNewswire/ -- Increased demand for paper straws for various end-use applications and rise in government reforms & campaigns to ban plastics are projected to drive the overall growth of the paper straw market across the globe from 2019 to 2024.
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The paper straw market is projected to grow from USD 585 million in 2019 to USD 1,687 million by 2024, recording a CAGR of 23.6% during the forecast period. The growing consumer demand for environmental-friendly straws, increasing rising government reforms & campaigns to ban plastic straws, and rising intolerance toward the use of plastic straws are factors that are projected to drive the growth of the market for paper straws. However, the high cost of paper straws as compared to plastic ones is projected to inhibit the growth of the market.
The non-printed segment is projected to be the fasted growing segment from 2019 to 2024, in terms of both value and volume.
Non-printed paper straws are the majorly consumed paper straws, globally, and accounted for a larger share in terms of volume, in the global paper straw market.Non-printed paper straws are manufactured to avoid digestions of inks or dyes and are manufactured using sustainably sourced paper or food-grade paper.
These straws are certified & approved by various food safety departments and are ideal for beverages, such as iced drinks, soda, slushies, soft drinks, beverages, juices, frozen drinks, general liquids, and water.
The 7.75-8.5 inches segment is projected to lead the paper straw market from 2019 to 2024, in terms of value.
The 7.75-8.5 inches segment, by straw length, is projected to lead the paper straw market from 2019 to 2025, in terms of both value and volume. In terms of value, the 7.75-8.5 inches segment is projected to be the largest market in the paper straw market. 7.75 inches (197 mm) is the standard & most preferred length of paper straws. These straws are ideal for regular cups & glasses used for cocktails, iced tea, soda, smoothies, bubble tea, and milkshakes.
The segment is projected to be the fastest-growing segment, during the forecast period, in terms of both value and volume.
The 0.15 inches segment is projected to grow at the highest CAGR during the forecast period, in terms of both value & volume. These straws can be used as drink stirrers. They have wider diameters than stirrers and are an ideal solution for any mixed drink or cocktail. further, they are mostly preferred by bars, cafes, or restaurants, as they can also be used to stir mixed drinks & cocktails in small, regular, or taller glasses, cups, or other vessels used for drinking. The foodservice segment is projected to lead the paper straw market during the forecast period, in terms of both value and volume.
The foodservice segment, by end-use application, is projected to register the fastest growth in the paper straw market from 2019 to 2024.The wide range of applications of paper straws in the foodservice industry and the increase in the number of foodservice outlets, worldwide, drive the demand for paper straws in the market.
Furthermore, the increasing consumer demand for environment-friendly straws, rising government reforms & campaigns to ban plastic straws, and growing intolerance toward the use of plastic straws are factors that are projected to drive the growth of the paper straws market for foodservice applications.
The breakup of the profiles of primary participants is as follows:
• By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
• By Designation: C-level: 40%, D-level: 35%, and Others*: 25%
• By Region: North America: 20%, Europe: 35%, Asia Pacific: 25%, Middle East & Africa: 15%, and South America: 5%
*Others include sales managers, marketing managers, and product managers.
Footprint (US), Hoffmaster Group, Inc. (US), Transcend Packaging Ltd. (UK), Huhtamaki Oyj (Finland), Fuling Global Inc. (China), Tipi Straws (UK), Canada Brown Eco Products Ltd (China), Bygreen (Australia), Royal Paper Industries (Canada), Shenzhen Grizzlies Industries Co., LTD (China), Biopac (UK) Ltd (UK), Okstraw Paper Straws (US), Lollicup USA, Inc. (US), Soton Daily Necessities Co., Ltd. (China), YuTong Eco-Technology (SuQian) Co., Ltd (China), and Ningbo Jiangbei Shenyu Industry and Trade Co., Ltd. (China) are the key players operating in the paper straw market.
Research Coverage
The market study covers the paper straw market across various segments.It aims at estimating the market size and growth potential of this market across different segments based on material type, product type, straw length, straw diameter, end-use application, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their positions in the paper straw market.
Key Benefits of Buying the Report
The report would help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall paper straw market and its segments and sub-segments.This report would also help the stakeholders understand the competitive landscape of the market and gain insights to improve the positions of their businesses and plan suitable go-to-market strategies.
It also aims at helping them understand the pulse of the market and would provide them with information on key market drivers, challenges, and opportunities.
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