The already booming global paper straw market is expected to gain further prominence over the forecast period. In 2018, paper straws accounted for around 10% of the global straws market, which was then valued at nearly USD 14.36 BN. Paper straw market growth is majorly driven by the increasing awareness of the hampering effects on the environment caused by plastic materials. Moreover, the growing preference for biodegradable products accelerates the growth of the market.
Recently, biodegradable straws have gained immense popularity due to the threat of land & water pollution caused by toxic substances in plastic. This, as a result, drives huge demand for paper straws as a non-toxic, biodegradable, and environment-friendly alternative to plastic straws. According to Market Research Future (MRFR), the global paper straws market is poised to create a value of USD 2.44 BN by 2024, growing at a staggering 12.61% CAGR during the assessment period (2019-2024).
Additionally, increasing government initiatives & funding programs to promote the uptake of paper straws, impact market growth positively. The market witnesses the presence of many notable industry players and hence a fierce competition. To stand out in this competition, players accentuate on innovation in manufacturing techniques. They make substantial investments to drive their R&D activities to make improved bio-degradable materials and production technologies.
Global Paper Straw Market- Segments
The report is segmented into four dynamics;
By Type : Flexible and Non-Flexible.
By End-Use : Household and Commercial.
By Regions : Europe, Americas, Asia Pacific, and Rest-of-the-World.
Paper Straw Global Market- Regional Analysis
North America dominates the global paper straws market. The largest market share attributes to the high demand for paper straws due to the growing number of restaurants in the US and Canada. Besides, the increasing adoption of paper straws encouraged due to the rising adverse effects of plastic straws on the environment influences the regional market growth. Throughout the assessment period, the North American paper straws market is projected to retain its dominance on the global market.
Europe stands second in the global paper straws market. The market is predominantly driven by the increasing numbers of campaigns run by the European Union to promote a pollution-free environment. Moreover, the high demand for biodegradable products and emphasis on certified recyclable products are fueling market growth. The European paper straws market is anticipated to create a substantial revenue pocket during the review period.
The paper straw market in the Asia Pacific region is catching a rapid momentum. Raw material advantage and cost-competitive workforce is a key driving force behind the regional market force. Moreover, factors such as the growing product awareness, rapid industrialization, and expanding food & beverage industries portray the landscape of the APAC paper straw market as a lucrative market on the global front.
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Global Paper Straw Market – Competitive Analysis
Highly competitive, the paper straw market appears fragmented due to the presence of several well-established players. To gain a larger competitive share in the market, players incorporate strategic initiatives such as partnerships, mergers & acquisitions, collaborations, expansion, and technology launch. Owing to the availability of various similar products with low product differentiation, manufacturers are increasingly focusing on effective marketing communications. High potential growth that the market demonstrates attracts several new entrants, which intensifies the market competition further.