Press release
Paper Straw Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033 | Charta Global Inc., Canada Brown Eco Products Ltd., Huhtamaki Oyj, Hoffmaster Group Inc., Transcend Packaging Ltd
Paper Straw Market Characteristics
The Business Research Company offers in-depth market insights through Paper Straw Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The paper straw market size has grown rapidly in recent years. It will grow from $1.61 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to environmental concerns, regulatory measures, consumer preferences, corporate initiatives, media influence.
The paper straw market size is expected to see rapid growth in the next few years. It will grow to $3.01 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to global anti-plastic movement, expanding end-use industries, rising consumer awareness, economic factors, corporate sustainability goals. Major trends in the forecast period include growing environmental awareness, government regulations, shift in consumer preferences, innovation and product development, corporate sustainability initiatives.
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Market Segmentation:
The paper straw market covered in this report is segmented -
1) By Product: Printed, Non-printed
2) By Material: Virgin paper, Recycled paper
3) By Length: 10.5 inches
4) By Sales Channel: Manufacturers, Distributers, Retailers, E-Retail
5) By End-user: Foodservice, Institutional, Household
Major Driver - Government-Led Plastic Reduction Initiatives Boosting Paper Straw Market Growth
Governmental initiatives to eliminate the use of plastic are expected to propel the growth of the paper straw market going forward. Governmental initiatives to eliminate the use of plastic refer to actions or programs implemented by governing bodies at the national and international levels to stop the consumption of plastic and address the environmental issues associated with plastic use. Government attempts to minimize the use of plastic straws have generated demand for paper straws, aided in reducing plastic straw use, and enabled a positive environmental impact. For instance, in September 2022, the European Commission, a Belgium-based governing body, enforced the 'Single-Use Plastics Directive'. According to the regulation, 77% of plastic bottles should be collected individually by 2025, increasing to 90% by 2029. In addition, by 2025, PET beverage bottles should contain 25% recycled plastic, by 2030, all plastic beverage bottles should have 30% recycled plastic. Therefore, governmental initiatives to eliminate the use of plastic are driving the growth of the paper straw market going forward.
Competitive Landscape:
Major companies operating in the paper straw market report are Charta Global Inc., Canada Brown Eco Products Ltd., Huhtamaki Oyj, Hoffmaster Group Inc., Transcend Packaging Ltd., BioPak UK Ltd., Bygreen Paperpack, Fuling Global Inc., Yutong Eco-Technology (Suqian) Co. Ltd., Tipi Straws, Ningbo Jiangbei Shenyu Industry and Trade Co. Ltd., Tetra Pak Ltd., Hello Straw Ltd., UFlex Limited, Soton Daily Necessities Co. Ltd., Nippon Paper Industries Co. Ltd., Footprint LLC, Bygreen, Duni Group, Fueling Technology, Lollicup USA Inc., IPI SRL, Aardvark Straws, The Paper Straw company, The Blue Straw, Eco Guardian Inc. .
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Top Trend - Innovative Technological Advancements Driving Evolution In The Paper Straw Industry
Technological advancements are a key trend gaining popularity in the paper straw market. Companies operating in the paper straw market are adopting new technologies to sustain their position in the market. For instance, in September 2021, HB Fuller Company India, a US-based adhesives manufacturing company, launched Swift tak, a new adhesive for paper straw developed using water-based technology that enables improved food-safe solutions and maintains straw integrity. With the help of water-based technology, the new adhesive solution provides three hours of resistance in various liquids such as milk, soft drinks, juices, and water. The brand-new Swift tak PS5600-I is certainly at the cutting edge of innovation because to its lack of plasticizers, higher operational efficiencies, and more than three hours of liquid resistance.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Paper Straw Market Characteristics
3. Paper Straw Market Trends And Strategies
4. Paper Straw Market - Macro Economic Scenario
5. Paper Straw Market Size And Growth
…..
27. Paper Straw Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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