Paper Straw Market to Soar at 20% CAGR, Reaching US$ 8 Billion by 2033

0

As to a comprehensive industry report published by Fact.MR, a supplier of competitive intelligence and market research, the global paper straw market was estimated to be worth US$ 1.3 billion in 2023 and is projected to reach US$ 8 billion by the end of 2033.

Paper straws are cylinders composed of paper that are intended to replace plastic straws in an environmentally responsible manner. These straws provide a sustainable option for drinking beverages because they are composed mainly of paper and other biodegradable materials.

Two key factors that are expected to drive market revenue growth over the projected period are the expansion of government legislation aimed at restricting the use of plastic and the growing demand from consumers for eco-friendly products. Over the upcoming years, it is also expected that growing demand for paper straws across a range of applications will propel market revenue growth.

Get a Sample of This Report Here for Additional Market Insights: https://www.factmr.com/connectus/sample?flag=S&rep_id=8765

Straws are one of the primary items utilized in the foodservice industry. The rise in food services demand can be attributed to the quickening pace of innovation in food delivery, spurred by the introduction of online meal delivery websites and applications.

The requirement for food acquired outside the home is increasing at an accelerated rate, which is largely driven by migration and urbanization. The growing foodservice industry is driving up demand for paper straws and cutlery. Due to the prohibition on plastic products and increased awareness of sustainability, paper straws are currently more in demand than plastic ones.

In order to reduce the industry’s dependency on conventional plastic for straws, biomaterial-based alternatives are becoming more popular. Furthermore, a number of manufacturers are switching to bio-based products in order to create straws because of stringent regulatory regulations.

Key Findings from the Market Research

  • The global paper straw market is valued at US$ 1.3 billion in 2023.
  • Worldwide sales of paper straws are forecasted to increase rapidly at a CAGR of 20% from 2023 to 2033.
  • Global paper straw demand is set to reach a market value of US$ 8 billion by 2033.
  • Asia Pacific is leading the global market with 40% share.
  • Virgin paper accounts for 60% share of the global market.

Paper straws manufactured from virgin paper are of superior quality, very robust, and have high absorbency rates. Virgin paper is created exclusively from the pulp of pine, spruce, or fir wood, without the use of any recycled components. According to a Fact, the food and beverage industry’s increasing use of virgin paper straws will fuel market expansion.MR analyst

Successful Approach

Manufacturers are focusing on removing products made of single-use plastic from their inventory. The paper straw industry is expected to grow significantly in the upcoming years due to increased manufacturing capacities.

As an example,

  • The Paper Straw Co. introduced the first 180-degree paper straw that is entirely functional for use with single-serve beverage cartons of water, milk, and juice.

Leading paper straw manufacturers are coming up with innovative designs, per a thorough analysis by Fact.MR, a provider of competitive information and market research. The purpose of these designs is to enhance user experience and functionality. Stronger and more durable straws are being developed by manufacturers in response to consumer complaints about crumbly or spongy straws. These designs might have water-resistant coatings, reinforced parts, or bendable or foldable options.

Key participants in the market are collaborating with a range of parties, such as beverage companies, foodservice providers, and producers of paper packaging materials, to replace plastic straws with paper alternatives. They are focusing on supply chain management, quality assurance, innovative developments, and product standards in order to increase income.

For example:

  • In September 2021, Sun-Rype Products Ltd., a division of Canadian fruit-based beverage manufacturer A. Lassonde Inc., announced its new flexible paper straw on all of its beverage packs manufactured from recycled paper.

Important Businesses Featured

  • Bygreen
  • Charta Global, Inc.
  • OkStraw Paper Straws
  • Footprint LLC
  • BioPak UK
  • UFlex Limited
  • Hoffmaster Group Inc.
  • The Paper Straw Co
  • Transcend Packaging Ltd.
  • Canada Brown Eco Products Ltd.
  • Huhtam ki

Visit this link to obtain full access to the report: https://www.factmr.com/checkout/8765

Contact: (628) 251-1583; E-mail: [email protected]; US sales office: Rockville Pike, Suite 400, Rockville, MD 20852, United States

Leave A Reply

Your email address will not be published.