Paper Straw Market worth $1,687 million by 2024 | Key Players include Footprint, Hoffmaster Group, Inc., Transcend Packaging Ltd., Huhtamaki Oyj, Fuling Global Inc., Canada Brown Eco Products Ltd

According to recent market research "Paper Straw Market by Material Type (Virgin paper, Recycled Paper), Product Type (Printed, Non Printed), Straw Length , Straw Diameter, End use Application (Food Service, Institutional, Household), Region - Global Forecast to 2024", 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.

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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 rise in demand for paper straws from various end-user industries, such as foodservice, institutional, and household, is driving the growth of the paper straw market across the globe. In addition, factors such as the growing consumer demand for eco-friendly straws and the globally increasing government reforms and campaigns to ban plastic straws are also projected to contribute to the growth of the paper straw market during the forecast period.

A paper straw is a small tube that is made of paper, which allows a user to conveniently consume a beverage. These straws are an alternative to single-use plastic straws and are hygienic, compostable, and eco-friendly, single-use products used extensively in cafes, cars, lounges, quick-service restaurants, roadside eateries, as well as in residential houses and apartments. They provide a disposable and convenient solution for drinking beverages. The latest market trend is inclined toward non-plastic single-use straws, as paper straws are eco-friendly in nature.

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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 paper straw papers in various end-user industries, such as foodservice, institutional, and household, is projected to drive the growth of the paper straw paper market across the globe during the forecast period.

Footprint (US), Hoffmaster Group, Inc. (US), Transcend Packaging Ltd. (UK), Canada Brown Eco Products Ltd (China), Soton Daily Necessities Co., Ltd. (China), Huhtamaki Oyj (Finland), Fuling Global Inc. (China), Tipi Straws (UK), Bygreen (Australia), Charta Global (US), YuTong Eco-Technology (SuQian) Co., Ltd (China), and Ningbo Jiangbei Shenyu Industry, and Trade Co., Ltd. (China) are the key players operating in the paper straw paper market. These players have adopted numerous growth strategies, such as expansions, acquisitions, new product developments, and contracts, to increase their market shares and enhance their product portfolios.

Expansions accounted for the largest share of all strategic developments that took place in the paper straw paper market between April 2016 and October 2019. Companies such as Huhtamaki Oyj (Finland), Footprint (US), Fuling Global Inc. (China), and Canada Brown Eco Products Ltd (China) are the key players that adopted these strategies to strengthen their product portfolios, expand their market presence, and enhance their growth prospects in the paper straw market.

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Footprint (US) is one of the key players in the paper straw paper market. It a sustainable technology firm, which focuses on offering sustainable packaging products and solutions to customers. The company designs, develops, and produces transformative solutions to eliminate single-use plastics. It offers sustainable paper straws, which eliminate the need for plastic straws. It has a production capacity of approximately 9 billion paper straws in a year. In August 2018, the company launched a production site for paper straws in Gilbert, Arizona (US), with a production capacity of 27 million paper straws per day. The company manufactures bio-based and sustainable paper straws in a range of colors, lengths, and sizes.

Fuling Global Inc (China), along with its subsidiaries, engages in the production and distribution of environment-friendly straws, disposable cutlery, and other serviceware. It distributes most of its products to retailers, wholesalers, quick-service restaurants (QSRs), and fast food & coffee chains/outlets in the US and Europe. The company holds over 30 patents on eco-friendly materials and technologies. In 2018, the company installed 35 paper straw production lines at its Wenling factory in China. In December 2018, it set up a new manufacturing plant in Monterrey, Mexico, to have an annual design capacity of 10,000 tons, which was used for producing paper straws and paper cups. The products manufactured in this plant are serving customers in the US.

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