The global paper straw market size was valued at USD 1.51 billion in 2023. The market is set to grow to USD 2.23 billion by 2030, exhibiting a CAGR of 5.75% over the forecast period. The surge is being driven by the growing product demand owing to the ban on single-use plastics.
Fortune Business Insights™ provides this information in its research report, titled “Paper Straw Market, 2024-2030”.
Information Source: https://www.fortunebusinessinsights.com/paper-straw-market-107149
Top Companies Covered in the Paper Straw Market:
- 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 Rise Driven by Increasing High-quality Straws Demand
Based on material, the market is fragmented into virgin paper and recycled paper. The virgin paper segment is set to register commendable expansion throughout the projected period. The rise can be attributed to the surge in technological advancements in the production process of virgin fiber.
Printed Paper Segment to Depict Appreciable Expansion Owing to Customizability
On the basis of product, the market is subdivided into non-printed and printed. Of these, the printed segment is slated to record considerable surge over the estimated period. The growth is being driven by rising product adoption in foodservice outlets.
Foodservice Segment to Gain Prominence Driven by Rising Product Demand
On the basis of application, the market for paper straw is fragmented into foodservice and household. The foodservice segment is expected to register lucrative growth throughout the forecast period. The rise is being impelled by soaring technological advancements in the process of food delivery.
On the basis of geography, the market for paper straw has been analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides a comprehensive analysis of the major aspects propelling industry growth throughout the projected period. It further presents an account of the key factors boosting business expansion over the analysis period. Other insights include the major steps and initiatives undertaken by leading industry participants for consolidating their position in the market.
Drivers and Restraints:
Surge in Market Value Due to Ban on Single-use Plastic Products
One of the major factors impelling the paper straw market growth is the surging number of government policies and regulations to ban single-use plastic products. This is due to the rising number of applications and escalating product demand in the foodservice industry.
However, the market growth could be restrained by the negative impact on the manufacturing quality and process.
Regional Insights
North America to Lead Due to Stringent Regulations on Single-use Plastics
The North America paper straw market share is slated to record commendable expansion over the projected period. The surge can be credited to stringent rules on single-use plastics and increasing usage of drinking straws in the food service sector.
The Europe market is poised to record substantial growth over the estimated period. Some of the largest straw-consuming countries in the region comprise Germany, France, and Italy.
Competitive Landscape:
Key Companies Enter into Partnership Agreements to Expand Product Reach
Leading paper straw companies are centered on adopting a range of initiatives such as mergers, formation of alliances, acquisitions, and others. Several companies are also inking partnership agreements and collaborations to impel industry expansion. Some of the other initiatives comprise an escalation in research activities and the development of new products.
Key Industry Development:
July 2019 – Tetra Pak announced the rollout of paper straw in Europe. The company further shared plans to publish findings on the public domain for encouraging industry collaborations.