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Paper Straw Market is Projected to Reach $1,687 Million by 2024 recording a CAGR of 23.6%

03-25-2021 05:26 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: MarketsandMarkets.com

Paper Straw Market is Projected to Reach $1,687 Million by 2024

The report "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 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.

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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.

Hoffmaster Group is a portfolio company of Wellspring Capital Management LLC. Wellspring Capital acquired the Hoffmaster Group in 2016, to enhance its value proportion for customers, as well as increase its business growth. The company is a manufacturer of decorative as well as disposable tableware products, which it offers to foodservice distributors, groceries, club customers, and retail outlets. Hoffmaster acquired Aardvark (US) and Paper Straw Co (UK), and through this acquisition, it aimed to expand its product portfolio for paper straws as well as its operations in the European markets. Further, this acquisition would help the company to increase its market growth and compete in the paper straw market.

Recent Developments :
• In October 2019, Transcend Packaging (UK) acquired the assets of BioStraw Ltd. (UK), a paper straw manufacturer. BioStraw (UK) will transfer all its production assets to Transcend Packaging. Further, this strategic initiative will widen their customer base for their products and strengthen their marketing and manufacturing capabilities for paper straws.
• In May 2019, Hoffmaster Group, Inc. (US) acquired The Paper Straw Co (UK), a UK-based manufacturer of paper straws. Through this strategic acquisition, the company is projected to expand its operations in the European markets for paper straw products and increase its product portfolio for paper straws.
In May 2019, Huhtamaki Oyj (Finland) set up a paper straw production unit in Northern Ireland. The production plant is located in Antrim town, near Belfast, in Northern Ireland. This expansion aims to expand the company’s paper-based product portfolio, such as paper straws.

Key Questions Addressed by the Report:
• What are the global trends driving the demand for paper straws? Would the market witness an increase or decline in demand in the coming years?
• What is the estimated demand for different materials & product types of paper straw?
• Where will the strategic developments take the industry in the mid- to long-term?
• What are the upcoming industry applications and trends for paper straws?
Who are the major players in the paper straw market?

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Mr. Aashish Mehra
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USA : 1-888-600-6441
sales@marketsandmarkets.com

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