The global paper straw market size was valued at USD 1.45 billion in 2022 and is projected to grow from USD 1.51 million in 2023 to USD 2.23 million by 2030, exhibiting a CAGR of 5.75% during the forecast period of 2023-2030.
This information is provided by Fortune Business Insights™ in its research report, titled “Paper Straw Market, 2023-2030”.
List of Key Players Mentioned in the Report:
- Fueling Technology (China)
- Footprint (U.S.)
- Charta Global (U.S.)
- Canada Brown Eco Products Ltd (Canada)
- Huhtamaki Oyj (Finland)
- Hoffmaster Group Inc. (U.S.)
- Transcend Packaging (U.K.)
- Duni Group (BioPak) (Sweden)
- Nippon Paper Industries Co., Ltd. (Japan)
- Focus Technology Co., Ltd. (China)
Segments:
Virgin Paper Segment Share to Surge Owing to Growing Demand for High Quality Straws
On the basis of material, the market for paper straw is segmented into recycled paper and virgin paper. The virgin paper segment is expected to record appreciable growth over the forecast period. The expansion can be credited to the increase in technological advancements in the process of producing virgin fiber.
Printed Paper Segment to Register Commendable Growth Due to Customizability
Based on product, the market is fragmented into non-printed and printed. The printed segment is estimated to register a substantial surge throughout the projected period. The surge can be attributed to the increasing product adoption in foodservice outlets.
Foodservice Segment to Gain Traction Owing to Surging Product Demand
Based on application, the market is fragmented into household and foodservice. Of these, the foodservice segment is slated to depict commendable expansion over the study period. The escalation can be credited to increasing technological advancements in food delivery.
Based on geography, the market has been analyzed across North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
Report Coverage:
The report gives an analysis of the prominent factors impelling business expansion over the forecast period. It further delves into the significant trends propelling the industry landscape throughout the projected period. Additional insights include the key steps taken by major market participants for strengthening their industry foothold.
Drivers and Restraints:
Market Share Affected Due to Ban on Single-use Plastic Products
The paper straw market growth can be attributed to increasing government regulations and policies to ban single-use plastic products. This is on account of increasing product demand and the growing number of applications in the foodservice sector.
However, the industry expansion is likely to be hampered owing to the negative impact on the manufacturing process and quality.
Regional Insights
North America to Emerge as Leading Region Owing to Strict Regulations on Single-use Plastics
The North America paper straw market share is expected to record considerable expansion over the forecast period. The surge can be attributed to the higher usage of drinking straws in the food service industry and strict regulations on single-use plastics.
The Europe market is slated to register notable growth throughout the study period. Some of the largest straw-consuming countries in the region include Italy, France, and Germany.
Competitive Landscape:
Leading Companies Develop New Products to Propel Business Expansion
Major paper straw companies are focused on the adoption of various strategic initiatives such as acquisitions, the formation of alliances, mergers, and others. Many companies are also entering into collaborations and partnership agreements for strengthening their position in the market. Additional initiatives include increase in research activities.
Key Industry Development:
- September 2021 – Nestle rolled out a sustainable paper straw for Milo drink. In collaboration with IPL team Royal Challengers Bangalore (RCB), the initiative is centered on promoting sustainability.
Reference Link:
https://www.fortunebusinessinsights.com/paper-straw-market-107149