NEWARK, Del, Jan. 19, 2023 (GLOBE NEWSWIRE) -- The global straw market size is expected to hit a valuation of US$ 19.2 billion in 2023. The market is expected to register a CAGR of 5.3% during the forecast period. By 2033, the value is estimated to cross US$ 32.2 billion.
The smart packaging solutions market is making use of eco-friendly straws because of their bio-degradable nature. The market of smart packaging solutions is valued at more than US$ 25,000 million and is expected to grow at 6.2%. A massive smart packaging solutions market is expected to surge the sales of straws during the forecast period.
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A lot of companies are now making serious efforts to reach their sustainable goals. Owing to this, companies that are into beverages are making use of paper straws as these are bio-degradable. Furthermore, few straws have been manufactured using rice, which means that these can be consumed as well. These factors might surge the demand for straw in the future.
The café market is expected to surge at a CAGR of around 5%. Branded cafes, like Barista, Starbucks, and café coffee day, have been making use of paper straws on an increasing basis as these are hygienic as compared to plastic straws.
Moreover, the paper straws are enhanced using additives which make them quite strong. However, the market growth is plagued by rising awareness regarding the side effects of plastic straws. This has led to manufacturers focusing more on the production of other forms of bio-degradable straws. Thus, scaling up alternate straws might take some time, which may also create a demand-supply gap.
From the insights provided by FMI analysts, it can be inferred that surging demand for smart packaging solutions, increased consumption of beverages, and a number of other factors are expected to surge the straw market growth during the forecast period.
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Key Takeaways:
- The market is anticipated to expand at 5.3% in the forecast period.
- In 2023, the market is expected to be valued at US$ 19.2 billion.
- By 2033, the valuation might cross US$ 32.2 billion.
- Based on the regional analysis, Europe is expected to be the dominant market during the forecast period.
- The United States market is expected to register a CAGR of 4%.
- The United Kingdom market is anticipated to surge at 4.7%.
- China market is projected to advance at 5.8%.
- Japan market is expected to grow at 10.7%.
- South Korea market is projected to surge at 6.6%.
- Based on product type, the plastic straw segment is expected to hold the dominant market share and grow at 1.6%.
- Based on end use, the food service segment is projected to hold the leading market share, and advance at 5.5%.
Competitive Landscape
The key players operating in the straw market are laying a lot of emphasis on mergers and acquisitions. The idea is to expand the footprint and garner maximum market share. The manufacturers are also investing in technological advancements. The introduction of eco-friendly straws has motivated manufacturers to look for implementing technologies to increase production. Moreover, massive investments are being made in the Research and Development aspect as well in order to produce top-quality straws. Moreover, the focus is also on headhunting and recruiting top-quality leaders who have served primarily in the food sector. This is owing to the fact that they would be much more aware of the target audience.
Few of the significant developments in the market:
- In July 2022, Tetra Pak and Stora Enso agreed to launch a feasibility study to accelerate beverage carton recycling in Benelux.
- In December 2022, Stora Enso invested to strengthen its focus on specialized pulp grades.
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Straw Market Segmentation
By Product Type:
- Plastic Straws
- Bamboo Straws
- Metal Straws
- Paper Straws
- Glass Straws
- Silicone Straws
- Others
By Straw Length:
- <9 cm Straws
- 9-15 cm Straws
- 16-20 cm Straws
- >20 cm Straws
By Sales Channel:
- Straw Manufacturers
- Straw Distributors
- Straw Retailers
- E-retail of Straws
By End Use:
- Food Service
- Institutional
- Households
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E-catering and Online Foodservice Platforms to Propel Straw Market Growth
Online food service platforms are providing convenient delivery at low costs, along with efficient packaging solutions, which is fueling worldwide sales of straws. Changing consumption pattern from offline to online sales channel in the F&B industry is anticipated to drive the straw market growth. Increasing number of fast food outlets and restaurants are also anticipated to create huge demand for straws in coming years.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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