Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global paper straw market size was valued at USD 1.45 billion in 2022 and is projected to grow from USD 1.51 billion in 2023 to USD 2.23 billion by 2030, exhibiting a CAGR of 5.75% during the forecast period. The rise can be credited to the surging product demand on account of a government ban on single-use plastics.
This information is provided by Fortune Business Insights™ in its research report, titled “Paper Straw Market, 2023-2030”.
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List of Key Players Profiled in the Paper Straw Market:
- Hoffmaster Group Inc. (U.S.)
- Transcend Packaging (U.K.)
- Duni Group (BioPak) (Sweden)
- Nippon Paper Industries Co., Ltd. (Japan)
- Focus Technology Co., Ltd. (China)
- Fueling Technology (China)
- Footprint (U.S.)
- Charta Global (U.S.)
- Canada Brown Eco Products Ltd (Canada)
- Huhtamaki Oyj (Finland)
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 to strengthen 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 food service sector.
However, the industry expansion is likely to be hampered owing to the negative impact on the manufacturing process and quality.
COVID-19 Impact:
Industry Growth Affected Due to Decline in Product Demand
The coronavirus pandemic led to supply chain disruptions and the shutdown of manufacturing units. Besides, social distancing norms led to a halt on restaurant and hotel businesses. This led to a decline in product sales. However, the easing of restrictions led to the revival of product demand over the estimated period.
Segments:
By Material
- Virgin Paper
- Recycled Paper
By Product
- Printed
- Non-printed
By Application
- Foodservice
- Household
By Geography
- North America
- Europe
- Asia Pacific
- the Middle East & Africa
- South America
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Regional Insights
North America is anticipated to become the primary region driving growth in the paper straw market due to significant expansion projected in the forecast period. This surge is primarily linked to the extensive use of drinking straws within the food service sector and stringent regulations imposed on single-use plastics.
In Europe, substantial growth is expected to persist across the study duration. Notably, countries such as Italy, France, and Germany stand out as some of the largest consumers of straws within the region, contributing to this market's growth.
Top Trends in the Global Paper Straw Market :
- Shift from Plastic to Paper: Increased awareness about environmental concerns has led to a shift from plastic straws to eco-friendly paper alternatives, driven by stricter regulations and consumer preferences for sustainable products.
- Rising Demand in Food Service Industry: Growing adoption of paper straws in the food service sector, including restaurants, cafes, and bars, as establishments seek sustainable options and cater to environmentally conscious customers.
- Innovations in Design and Durability: Continuous innovation in paper straw design, focusing on durability, functionality, and usability, to match or surpass the performance of plastic straws and meet consumer expectations.
- Expansion in Emerging Markets: Penetration into emerging markets due to increased awareness about environmental impact, prompting greater adoption of paper straws as a responsible choice.
- Collaborations and Partnerships: Collaborative efforts among industry players, including partnerships between manufacturers, distributors, and businesses, to enhance production capabilities and distribution networks for paper straw products.
- Customization and Branding: Customization options for paper straws to meet specific branding requirements of businesses, allowing for personalized designs, colors, and packaging, enhancing brand recognition.
- Technological Advancements: Adoption of advanced manufacturing technologies and materials to improve the quality, strength, and cost-effectiveness of paper straws, making them more competitive with traditional plastic alternatives.
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 to strengthen their position in the market. Additional initiatives include an increase in research activities.
Detailed Table of Content:
- Introduction
- Research Scope: Defined parameters of the study.
- Market Segmentation: Categorization of the market.
- Research Methodology: Approach used for data collection.
- Definitions and Assumptions: Clarifications and presumptions made in the study.
- Executive Summary
- Market Dynamics
- Market Drivers: Factors propelling market growth.
- Market Restraints: Factors hindering market growth.
- Market Opportunities: Potential avenues for market expansion.
- Market Trends: Emerging trends shaping the market.
- Key Insights
- Overview of the Drinking Straw Markets
- Regulatory Landscape: Examination of regulations impacting the industry.
- Industry SWOT Analysis: Evaluation of strengths, weaknesses, opportunities, and threats.
- Recent Industry Developments: Policies, partnerships, new product launches, mergers, and acquisitions.
- Impact of COVID on the Paper Straw Market:
- Impact assessment of COVID-19 on the market.
- Supply chain challenges due to COVID-19.
- Potential opportunities arising from COVID-19.
- Global Paper Straw Market Analysis, Insights, and Forecast (2019-2030)
- Key Findings / Summary
- Market Size Estimates and Forecast:
- By Material (Value):
- Virgin Paper
- Recycled Paper
- By Product (Value):
- Printed
- Non-Printed
- By Application (Value):
- Foodservice
- Household
- By Region (Value):
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Material (Value):
TOC Continued...!
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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.
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