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 rising demand for sustainable, single-use disposable products & solutions in various end-user industries, such as foodservice, institutional, and household, and the increasing government reforms & campaigns to ban the use of plastics, are factors that are projected to drive the growth of the paper straw market across the globe. Moreover, the adoption & demand from consumers for the sustainable & environment-friendly straws boost the market further.
To know about the assumptions considered for the study download the pdf brochure
The virgin paper segment is projected to grow at the highest CAGR from 2019 to 2024, in terms of value & volume.
The virgin paper segment, by material type, of the paper straw market, is projected to grow at a higher CAGR during the forecast period, in terms of both value and volume. The growth of this segment is attributed to the increasing demand for virgin paper straws for various end-use applications in the foodservice, household, and institutional industries. One of the key advantages offered by virgin paper straws is durability, reliability, and high absorbance rate. Moreover, virgin paper straws provide quality, effective, and sustainable paper straws, which encourages its demand globally.
The non-printed segment, by product type, is estimated to lead the paper straw market in 2019, in terms of value and volume.
Paper straws are one of the best biodegradable disposable drinking straws available in the market. These straws are cheap, food-safe, FDA-approved, and FSC-certified. Based on product type, the non-printed paper straws are the most preferred, eco-friendly straws used across various end-use industries. These straws avoid digestions of inks or dyes and are manufactured using sustainably sourced paper or food-grade paper, which makes them the most-consumed paper straws for various end-use applications.
The Asia Pacific region is projected to lead the paper straw market during the forecast period, in terms of value and volume.
Asia Pacific is projected to dominate the paper straw market during the forecast period. This is attributed to the increasing demand for sustainable, cost-effective, and recyclable single-use, disposable products & solutions in densely populated countries, such as India and China. In addition, the growing population in these countries widens the customer base for the foodservice industry, which, in turn, is projected to drive the growth of the paper straw market in the region. Moreover, factors such as rising disposable income, changing lifestyles of customers, and increasing awareness among customers pertaining to the use of sustainable straws are projected to drive the demand for paper straws in the region.
Companies such as Footprint (US), Hoffmaster Group, Inc. (US), Transcend Packaging Ltd. (UK), Huhtamaki Oyj (Finland), Fuling Global Inc. (China), Canada Brown Eco Products Ltd (China), Bygreen (Australia), Soton Daily Necessities Co., Ltd. (China), YuTong Eco-Technology (SuQian) Co., Ltd (China), Royal Paper Industries (Canada), and Biopac (UK) Ltd (UK) are the key players operating in the paper straw market. Expansions, contracts, new product developments, and acquisitions are some of the major strategies adopted by these key players to enhance their positions in the paper straw market.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=102762708
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email:Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/paper-straw-market-102762708.html
