Press release
Straw Market Size, Growth And Forecast Report 2033
Straw Market Size
As per the report, the straw market size has grown strongly in recent years. It will grow from $17.70 billion in 2023 to $18.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The straw market size is expected to see strong growth in the next few years. It will grow to $24.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
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Rising Beverage Consumption Fuels Growth Of Straw Market
The increasing consumption of beverages is expected to propel the growth of the straw market going forward. Beverages are liquids that are consumed for hydration, nutrition, or enjoyment. The demand for beverages is rising due to increasing consumer preferences for diverse, convenient, and premium drink options and heightened social and cultural trends surrounding beverage consumption. Straws are required for alcoholic and non-alcoholic beverages to facilitate more accessible and hygienic consumption, enhance the drinking experience, and prevent spills, especially in on-the-go situations. For instance, in February 2023, according to a report published by Statistics Canada, a Canada-based national statistical agency, alcoholic beverage sales at retail establishments and liquor authorities reached $26.1 billion for the fiscal year 2022, marking a 2.4% increase from the previous year. Further, wine sales rose by 2.1%, totaling $8.1 billion in 2021 and 2022. Therefore, the increasing consumption of beverages is driving the growth of the straw market.
SIG Group Introduces Recyclable Paper Straws
Major companies operating in the straw market focus on developing innovative products, such as recyclable straws, to promote eco-friendly options among consumers. A recyclable straw is a drinking straw made from easily recycled materials. For instance, in July 2022, SIG India, an India-based food packaging manufacturer, launched a range of recyclable paper straws with various dimensions, shapes, and utilities. In response to the massive environmental damage caused by plastic straws, SIG's paper straws provide an excellent biodegradable, non-plastic alternative. These straws are designed to balance functionality and sustainability effectively. Compatible with all SIG carton packs featuring a straw hole, they are typically paired with small-sized packs for easier consumption.
The straw market covered in this report is segmented -
1) By Product: Plastic, Bamboo, Metal, Paper, Glass, Silicone, Other Products
2) By Sales Channel: Manufacturers, Distributors, Retailers, E-Retail
3) By Straw Length: 20 Cm
4) By End Use: Foodservice, Institutional, Households
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Major companies operating in the straw market are Tetra Pak International SA, Stora Enso, Nippon Paper Industries Co. Ltd., Pactiv Evergreen Inc., Huhtamaki Oyj, Crate and Barrel, Hoffmaster Group Inc., Duni AB, Eco-Products Inc., Vegware Ltd., Klean Kanteen, ConverPack Inc., StoneStraw Limited, Transcend Packaging, Final Co. LLC, UniversalPromo Inc., Straws & Stripes LLC, Steelys Drinkware, R&M Plastic Products Ltd., Koffie Straw, Jungle Straws, Gaia Eco Products Inc., Ever Eco, B&B Straw Pack Co. Ltd., Absolute Custom Extrusions Inc.
Contents of the report:
1. Executive Summary
2. Straw Market Report Structure
3. Straw Market Trends And Strategies
4. Straw Market - Macro Economic Scenario
5. Straw Market Size And Growth
…..
27. Straw Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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