Market Research Future (MRFR) expects the Paper Straws Market 2020 to touch USD 2.44 Billion by the year 2024. The market can also gain an estimated CAGR of 12.61% between 2019 and 2024 (considered to be the review period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Drivers and Main Challenges
The worldwide lockdown to curb the spread of the novel coronavirus has had an unfavorable impact on the extremely fragmented market for paper straws. Stuck between the mounting demand from consumers and the collapsing supply chain networks, top companies in the market are trying to navigate the situation by simultaneously protecting the workforce from the infection and keeping a tab on the tumultuous financial crunch brought on by the COVID-19 outbreak.
Over the years, demand for sustainable products has built up phenomenally, which has now spiked even more after the pandemic. With health and hygiene along with environmental concerns gaining importance following the SARS-CoV-2 outbreak, paper straws are observing faster growth across the globe.
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Other than this, the escalating awareness among people about the bad consequences of using plastics on aquatic animals as well as humans has also benefitted the paper straw market. In a nutshell, the heightened demand for biodegradable, eco-friendly and non-toxic alternatives to plastic straws could translate to bright prospects for the global market, despite the COVID-19 impact.
Furthermore, technological innovations, introduction of varieties of patterns and colors along with the rise in the number of government initiatives that promote the use of paper-based products can also add to the market lucrativeness worldwide. The food & beverage industry happens to be one of the top end-users in the market, which itself has witnessed humungous growth in recent years, in light of the expanding chains of hotels, restaurants, catering services, food stalls and food wagons. Meanwhile, the leading firms are sensing the growth potential of paper straws in the F&B industry and are constantly launching new and more creative products that are biodegradable and can observe a higher demand compared to plastics.
To illustrate, in August 2020, Nestlé (Philippines) made a shift from plastic to paper straws, to be used for its RTD ready-to-drink products. With the company’s future vision of a waste-free world, the main goal is to prevent its products ending up as litter, in landfills or oceans.
Top Industry Players
Top Industry Players profiled in the MRFR Report include BYGREEN (eco-straw) (Australia), BIOPAC Ltd (UK), ECOPRO2 (US), The Paper Straw Co. (UK), Tetra Pak International S.A. (Switzerland), OKSTRAW Paper Straws (US), HUHTAMÄKI OYJ (Finland), STRAWLAND (Indonesia), TIPI Straws (UK), Transcend Packaging Ltd (UK), HOFFMASTER Group, Inc. (US), Footprint, LLC (UAE), Canada Brown Eco Products Ltd (Canada), ALECO Industrial Co. Ltd (China), Sharp Serviettes (New Zealand) to mention a few.
Type and end-user are the key segments listed in the Report, based on which the Extensive Market study has been carried out by MRFR.
Flexible and non-flexible are the key types of Paper Straws Market. Out of these, the flexible types have noted better growth as these offer the user the ability to drink a beverage from any angle. In addition, the segment is also touted to procure a faster growth rate than its counterpart.
Commercial and household are covered as the top end-users in the global market, out of which the commercial segment can most likely observe the highest growth.
Europe, Asia Pacific/APAC, and North America along with RoW/rest of the world are the primary markets for paper straws around the globe.
As the fastest advancing market, APAC largely benefits from the increasing restrictions and bans on plastic by the government in various nations. China is currently leading the race, responsible for the highest use of paper straws, while India can soon outnumber other countries at the fastest rate as a result of the rapidly growing food & beverage industry. The consistent surge in the spending capacity of people in the region coupled with the increasing number of activities including food and entertainment is also expected to bolster the demand for straws in coffees shops, restaurants, and more.
North America is on track to be the biggest shareholder in the global market, thanks to the increasing focus on product innovation by the key firms in the United States and Canada. The rising launch of new and creative products with better affordability can give rise to huge opportunities over the next couple of years. Consumers’ rising preference for printed paper straws has also been driving factor in the market growth.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.