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Eco-Friendly Straw Market Research 2024 - Outlook, Overview And Forecast To 2033
Eco-Friendly Straw Market Research
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According to The Business Research Company's, The eco-friendly straw market size has grown rapidly in recent years. It will grow from $9.84 billion in 2023 to $11.03 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to rising environmental awareness, increasing government regulations on plastic use, growing consumer demand for sustainable products, the global movement against single-use plastics, increasing corporate social responsibility initiatives, the rise of green certifications.
The eco-friendly straw market size is expected to see rapid growth in the next few years. It will grow to $17.55 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to increasing investment in innovative sustainable materials, expanding bans on plastic straws globally, growing adoption of circular economy models, rising partnerships between businesses and environmental organizations, and evolving government incentives for eco-friendly product development. Major trends in the forecast period include technology in biodegradable coatings, technology for mass production, developing eco-friendly packaging, integration of sustainability in brand identity, integration in supply chains, and innovation in straw designs.
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Market Drivers and Trends:
The increase in sales of soft drinks and beverages is expected to propel the growth of the eco-friendly straw market going forward. Soft drinks and beverages are non-alcoholic drinks, typically carbonated or flavored, consumed for refreshment and enjoyment. The sales of soft drinks and beverages are rising due to changing consumer preferences for convenient, ready-to-drink options and the continuous introduction of innovative, health-oriented products. Eco-friendly straws are used in the soft drinks and beverages industry as a sustainable alternative to traditional plastic straws. Their use helps reduce environmental impact while providing the same convenience for consumers. For instance, in May 2024, according to the report published by the British Soft Drinks Association, a UK-based trade association, total soft drink sales in the UK reached 15,343 million liters in 2023, reflecting a 2.9% year-over-year growth compared to 14,912 million liters in 2022. Therefore, the increase in sales of soft drinks and beverages is driving the growth of the eco-friendly straw market.
Major companies operating in the eco-friendly straw market are focusing on developing innovative products such as biodegradable, compostable straws to meet the growing consumer demand for biodegradable alternatives and comply with stricter environmental regulations. Biodegradable and compostable straws are eco-friendly alternatives to plastic straws. Biodegradable straws gradually break into smaller fragments, whereas compostable straws completely transform into nutrient-rich compost under appropriate conditions. For instance, in January 2023, HMSHost, a US-based highway and airport food-service company, introduced BIOLO biodegradable and compostable straws in airport dining venues across the U.S., made from a renewable plant-based material called polyhydroxyalkanoate (PHA). These straws are designed to break down in various environments, including soil and marine settings, within 180 days, leaving no microplastics behind. This initiative aligns with HMSHost's commitment to reducing single-use plastics, building on its previous efforts to eliminate plastic straws from its operations.
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Major Key Players of the Market:
Stora Enso, BioPak Pty Ltd., Eco-Products Inc., Greenmunch, BioGreen Bags, Brown Living, Eco-Pliant LLC, ECOSOUL Life, EcoStraws Limited, Evlogia Eco Care, Green Paper Products, Green Steel Straws, HAY Straws, Holy City Straw Company, Jungle Straws, Pappco Greenware, PKG Brand Design LLC, Rice Straw Co Ltd., SeaStraws Co., Simply Straws, Straw by Straw, StrawFree, Sunbrid Straw
Eco-Friendly Straw Market 2024 Key Insights:
• The eco-friendly straw market size is expected to see rapid growth in the next few years. It will grow to $17.55 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.
• Increasing Sales Of Soft Drinks And Beverages Driving Growth In The Eco-Friendly Straw Market
• Innovative Use Of Polyhydroxyalkanoate (PHA) Drives Eco-Friendly Straw Market Growth
• Asia-Pacific was the largest region in the eco-friendly straw market in 2023
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