Press release
Eco-Friendly Straws Market Expected to Witness High Growth by 2030
Progressing at a steady CAGR of 5.1% (2022-2030), sales of eco-friendly straws are anticipated to attain an estimated valuation of US$ 2.2 Bn by the end of 2030. At present, the global eco-friendly straws market is valued at US$ 1.5 Bn.
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Demand for eco-friendly straws is especially strong across the foodservice segment, with an increasing proportion of consumers preferring to eat fast foods and other ready-to-serve meals.
Key Takeaways
Global eco-friendly straws market to expand at 4.9% CAGR through 2030
Stringent legal provisions combined with awareness campaigns by NGOs to curb plastic waste likely to drive market growth
Virgin kraft paper to witness maximum adoption in eco-friendly straws production due to enhanced material neutrality
Sales through e-commerce channels to surpass US$ 2 Bn by 2030
Europe will witness higher investments in eco-friendly straws
"Collaborations with governmental agencies and global platforms to spread awareness about plastic waste generation is considered an important approach by vendors to promote sales of eco-friendly straws," says the FMI analyst.
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COVID-19 Impact Analysis
With the onset of the coronavirus pandemic, a definite hygiene oriented pattern has emerged within consumers' habits. Consumers are reallocating their budgets towards purchasing immunity and hygiene enhancing foods and beverages.
This trend of healthy drinking and eating also entails utilization of environmentally friendly utensils such as paper plates, bowls, straws and cutlery. Hence, demand for eco-friendly straws in household settings has witnessed a major spike since the past few months.
The imposition of lockdowns has compelled organizations to issue work-from-home directives. Subsequently, there has been an increase in the demand for fast foods and ready-to-drink beverages through online delivery platforms. This has impelled the sales of eco-friendly straws.
A moderate downswing is anticipated with the cessation of outdoor dine-in activities. Fears of community infection spreading has compelled hotels, cafeterias and restaurants to suspend all dining operations, decelerating demand for eco-friendly straws across the commercial sector.
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Competitive Landscape
Key players are focusing on expanding their reach globally by diversifying their product portfolio. They also undertake awareness campaigns to minimize usage of non-recyclable material and strategic partnerships with existing players.
In 2018, Sulapac Oy joined forces with Stora Enso to develop renewable and biodegradable straws. This partnership is a product of both companies' commitment to combat the global problem of plastic waste generation. The straws are made from wood and natural binders, recyclable via industrial composting.
Recently, in May 2020, Huhtamaki Oyj collaborated with WasteAid and announced a global partnership to drive community level circular economy innovation in key locations. The collaboration aims to provide education and training on waste management and circular systems and work with key stakeholders across India, Vietnam and South Africa.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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