Paper Straw Global Market Report 2023
Major players in the paper straw market are Footprint Paper Straw, Charta Global Inc., Canada Brown Eco Products Ltd., Huhtamaki Oyj, Hoffmaster Group Inc., Transcend Packaging Ltd., BioPak, Bygreen Paperpack, Fuling Global Inc.
New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Paper Straw Global Market Report 2023" - https://www.reportlinker.com/p06466447/?utm_source=GNW , Lollicup USA Inc., Yutong Eco-Technology (Suqian) Co. Ltd., Tipi Straws, Ningbo Jiangbei Shenyu Industry and Trade Co. Ltd., Tetra Pak Ltd., and Hello Straw Ltd.The global paper straw market is expected to grow from $1.41 billion in 2022 to $1.61 billion in 2023 at a compound annual growth rate (CAGR) of 14.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The paper straw market is expected to reach $2.67 billion in 2027 at a CAGR of 13.5%.The paper straw market consists of sales of flexible paper straw, non-flexible paper straw, and virgin kraft paper straw.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Paper straws refer to a type of eco-friendly drinking straw made from paper materials, typically paperboard or paper pulp. These paper straws are biodegradable, compostable, and more environmentally friendly than plastic straws, as they degrade faster in natural conditions.Europe was the largest region in the paper straw market in 2022. The regions covered in paper straw report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of paper straw products are printed and non-printed. Printed paper straw refers to a paper straw that has been customized or decorated with text, images, or patterns using a printing process. These are made from materials such as virgin paper and recycled paper, of various lengths, including <5.75 inches, 5.75-7.75 inches, 7.75-8.5 inches, 8.5-10.5 inches, and >10.5 inches. It is sold through several sales channels, such as manufacturers, distributors, retailers, and e-retail, and are used by foodservice, institutional, and household.Governmental initiatives to eliminate the use of plastic are expected to propel the growth of the paper straw market going forward.Governmental initiatives to eliminate the use of plastic refer to actions or programs implemented by governing bodies at the national and international levels to stop the consumption of plastic and address the environmental issues associated with plastic use.Government attempts to minimize the use of plastic straws have generated demand for paper straws, aided in reducing plastic straw use, and enabled a positive environmental impact.For instance, in September 2022, the European Commission, a Belgium-based governing body, enforced the ’Single-Use Plastics Directive’.According to the regulation, 77% of plastic bottles should be collected individually by 2025, increasing to 90% by 2029.In addition, by 2025, PET beverage bottles should contain 25% recycled plastic; by 2030, all plastic beverage bottles should have 30% recycled plastic.Therefore, governmental initiatives to eliminate the use of plastic are driving the growth of the paper straw market going forward.Technological advancements are a key trend gaining popularity in the paper straw market.Companies operating in the paper straw market are adopting new technologies to sustain their position in the market.For instance, in September 2021, HB Fuller Company India, a US-based adhesives manufacturing company, launched Swift®tak, a new adhesive for paper straw developed using water-based technology that enables improved food-safe solutions and maintains straw integrity.With the help of water-based technology, the new adhesive solution provides three hours of resistance in various liquids such as milk, soft drinks, juices, and water.The brand-new Swift®tak PS5600-I is certainly at the cutting edge of innovation because to its lack of plasticizers, higher operational efficiencies, and more than three hours of liquid resistance.In May 2022, Inno-Pak LLC, a US-based packaging and container manufacturing company, acquired Stalk Market Inc. for an undisclosed amount. With this acquisition, Inno-Pak LLC aims to enhance its product portfolio by adding the eco-friendly products of Stalk Market Inc. and expanding its sustainable product offering across the Americas. Stalk Market Inc. is a US-based producer of compostable and recycled products such as cutlery, paper straws, fiber plates, and others.The countries covered in the paper straw market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The paper straw market research report is one of a series of new reports that provides paper straw market statistics, including paper straw industry global market size, regional shares, competitors with a paper straw market share, detailed paper straw market segments, market trends and opportunities, and any further data you may need to thrive in the paper straw industry. This paper straw market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06466447/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________