Paper Straw Market to Soar at 20% CAGR, Reaching US$ 8 Billion by 2033: Fact.MR Report
The United States has witnessed a significant demand for paper straws due to increasing environmental concerns among several consumers.
Rockville, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to a detailed industry report by Fact.MR, a market research and competitive intelligence provider, as of 2023, the global Paper Straw Market is valued at US$ 1.3 billion and is expected to jump to US$ 8 billion by the end of 2033.
Paper straws are cylindrical tubes made from paper, designed as an eco-friendly alternative to plastic straws. These straws are made from biodegradable materials, primarily paper, and offer a sustainable solution for beverage consumption
Growing government regulations to restrict the use of plastic and rising consumer demand for eco-friendly products are two major elements anticipated to fuel market revenue growth over the forecast period. Rising demand for paper straws from various applications is also anticipated to fuel market revenue growth over the coming years.
For More Insights into the Market, Request a Sample of this Report:https://www.factmr.com/connectus/sample?flag=S&rep_id=8765
One of the main products used in the foodservice sector is straws. The emergence of online meal-delivery websites and applications has sparked a rapid increase in innovations in food delivery, which has contributed to the rising demand for food services.
Rapidly rising need for food purchased outside the home is greatly influenced by both rapid urbanization and migration. The demand for paper straws and cutlery is gaining traction due to the expanding foodservice sector. Paper straws are now more in demand than plastic ones as a result of the ban on plastic items and growing sustainability awareness.
To lessen the reliance on traditional plastic for straws, industry trends are changing towards alternatives based on biomaterials. Furthermore, due to strict government requirements, several producers are moving towards bio-based goods for the production of straws.
Key Takeaways from Market Study
The global paper straw market is valued at US$ 1.3 billion in 2023.
Worldwide sales of paper straws are forecasted to increase rapidly at a CAGR of 20% from 2023 to 2033.
Global paper straw demand is set to reach a market value of US$ 8 billion by 2033.
Asia Pacific is leading the global market with 40% share.
Virgin paper accounts for 60% share of the global market.
“Paper straws made from virgin paper are very strong, have high absorbency rates, and are of excellent quality. Without using any recycled materials, virgin paper is made only from the pulp of pine, spruce, or fir wood. Growing usage of virgin paper straws in the food & beverage industry will drive market expansion,” says a Fact.MR analyst
Get Customization on this Report for Specific Research Solutions:https://www.factmr.com/connectus/sample?flag=RC&rep_id=8765
Manufacturers are concentrating on getting rid of single-use plastic items from their portfolios. Due to enhanced production capacities, the paper straw market is anticipated to experience considerable expansion over the coming years.
The Paper Straw Co. introduced the first 180-degree paper straw that is entirely functional for use with single-serve beverage cartons of water, milk, and juice.
Top paper straw firms are creating unique designs, according to extensive study by Fact.MR, a supplier of market research and competitive intelligence. These designs aim to improve functionality and user experience. To address concerns about squishy or crumbling straws, manufacturers are developing straws with greater strength and durability. These designs may feature strengthened components, water-resistant coatings, or choices that can be folded or bent.
To replace plastic straws with paper alternatives, key market players are working with a variety of stakeholders, including beverage firms, foodservice providers, and suppliers of paper packaging materials. To boost their revenue, they are concentrating on new developments, product standards, quality assurance, and supply chain management.
In September 2021, Sun-Rype Products Ltd., a division of Canadian fruit-based beverage manufacturer A. Lassonde Inc., announced its new flexible paper straw on all of its beverage packs manufactured from recycled paper.
Key Companies Profiled
Charta Global, Inc.
OkStraw Paper Straws
Hoffmaster Group Inc.
The Paper Straw Co
Transcend Packaging Ltd.
Canada Brown Eco Products Ltd.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global paper straw market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the paper straw market based on product type (printed paper straws, non-printed paper straws), material (virgin paper, recycled paper), and end use (foodservice, household, institutional, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Most Trending Reports in Consumer Goods Industry
Paper Bottles Market: The global paper bottles market stands at US$ 29.21 million in 2023. The market is predicted to expand at a CAGR of 6.2% and reach a valuation of US$ 53.31 million by the end of 2033.
Cigarette Paper Market: The global cigarette paper market is forecasted to rise from a valuation of US$ 1.36 billion in 2023 to US$ 1.67 billion by 2033. Fact.MR predicts worldwide cigarette paper consumption to rise at a CAGR of 2.1% from 2023 to 2033.
Paper Cutlery Market: The global paper cutlery market size is set to reach US$ 361.5 million in 2023 and is projected to grow at a CAGR of 7.8% to reach US$ 766.1 million by the end of 2033.
Paper IBC Container Market: Sales of paper IBC container market in the food & beverages industry are expected to be higher than in any other industry vertical. Faster filling & discharge times, low cost, and less required storage space are factors that are promoting paper IBC container sales.
Paper Carrier Bags Market: The paper carrier bags market is expected to witness growth during the forecast period due to the global push for the adoption of sustainable solutions. The outlook for growth of the market is expected to remain positive during the forecast period.
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:US Sales Office:11140 Rockville PikeSuite 400Rockville, MD 20852United StatesTel: +1 (628) 251-1583Sales Team : [email protected]Follow Us: LinkedIn | Twitter | YouTubePaper Straw MarketFor More Insights into the Market, Request a Sample of this Report:https://www.factmr.com/connectus/sample?flag=S&rep_id=8765Key Takeaways from Market Study“Paper straws made from virgin paper are very strong, have high absorbency rates, and are of excellent quality. Without using any recycled materials, virgin paper is made only from the pulp of pine, spruce, or fir wood. Growing usage of virgin paper straws in the food & beverage industry will drive market expansion,”Get Customization on this Report for Specific Research Solutions:https://www.factmr.com/connectus/sample?flag=RC&rep_id=8765Winning StrategyFor instance,For instance:Key Companies ProfiledMore Valuable Insights on OfferMost Trending Reports in Consumer Goods IndustryPaper Bottles Market:Cigarette Paper Market:Paper Cutlery Market:Paper IBC Container Market:Paper Carrier Bags Market:About Us:Contact:Sales TeamFollow Us: