July 18, 2022 06:06 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, July 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Paper Straws Market finds that the increasing demand for eco-friendly products and public awareness is expediting market growth. Primarily driven by the growing hospitality industry. The Global Paper Straws Market revenue is expected to reach a value USD 2,838.1 Million in 2028.
The Global Market revenue stood at a value USD 1,945.1 Million in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period; states Vantage Market Research, in a report, titled “Paper Straws Market Size, Share & Trends Analysis Report by Product (Printed Paper Straw, Non-Printed Paper Straw), by Material (Virgin Kraft Paper, Recycled Paper), by Straw Length (<7 cm, 7 - 10 cm, 10 - 15 cm, >15 cm), by Sales Channel (Manufacturers, Distributers, Retailers, E-Retail), by End-Use (Food Service, Institutional, Household), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
Increasing Demand for Eco-friendly Products and Public Awareness to Drive the Market Growth
The increasing demand for eco-friendly products and public awareness is anticipated to augment the growth of the Paper Straws Market during the forecast period. Consumer trends towards environmentally friendly and appropriate products are one of the critical drivers of the growth of the Global Paper Straws Market. Attractive, single-use, disposable consumables have always been the focus of consumers. Thus, paper straw makers offer printed paper straws with adorable designs to increase consumer attention in the market. Paper straws made of 3/4 layers of paper and many additives around the mold are relatively more durable than traditional paper straws. As a result, paper straws can meet market demand for stable and sustainable alternatives to plastic straws and gain significant traction during the forecast period. Global consumption of plastic straws has skyrocketed in the last two-thirds. However, increased intolerance to plastic straws increased consumer demand for biodegradable straws, and increased government reforms and regulations banning plastic straws provide a positive outlook for the growth of the Paper Straws Market.
Growing Hospitality Industry to Stimulate Market Growth
The growing hospitality industry is expected to fuel the growth of the Paper Straws Market within the estimated timeframe. The hospitality industry is a significant end-user of paper straws, and the growing number of grocery stores has significantly boosted the demand for paper straws. In the food and beverage sector, consumer behavior has changed substantially. In addition, growing online grocery delivery platforms in emerging markets such as India offer a return on investment of over 40%. This fierce fuels competition for food delivery platforms among food service companies that provide favorable growth opportunities for disposable foods such as paper straws.
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Segmentation of the Global Paper Straws Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
The Report on Paper Straws Market Highlights:
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Paper Straws Market Size, Share & Trends Analysis Report by Product (Printed Paper Straw, Non-Printed Paper Straw), by Material (Virgin Kraft Paper, Recycled Paper), by Straw Length (<7 cm, 7 - 10 cm, 10 - 15 cm, >15 cm), by Sales Channel (Manufacturers, Distributers, Retailers, E-Retail), by End-Use (Food Service, Institutional, Household), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Asia Pacific to Witness Fastest Growth in the Market
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) and will likely continue the same trend during the forecast period. This is attributable to the use of these straws in the hospitality industry in the region. Furthermore, the rapid development of the food and beverage industry in the region is also likely to support the regional growth of the market. Additionally, the increase in bans and limitations on the use of plastic by governments in the region is also expected to contribute to the market growth in the area.
List of Prominent Players in Paper Straws Market:
Key questions answered in the report:
October 2019: Transcend Packaging (UK) announced the acquisition of Bio Straw Ltd. (UK), a manufacturer of paper straws. Bio Straw (UK) will transfer all manufacturing assets to Transcend Packaging. In addition, this strategic initiative will expand the product customer base and enhance paper straws' marketing and manufacturing capabilities.
May 2019: Hoff master Group, Inc. (USA) announced the acquisition of The Paper Straw Co (UK), a manufacturer of paper straws based in the United Kingdom. Through this strategic acquisition, the company aims to expand its activities in the European market for paper straw products and expand its product portfolio.
May 2019: Huhtamaki Oyj (Finland) established a paper straw production unit in Northern Ireland. The manufacturing facility is located in the town of Antrim near Belfast, Northern Ireland. This expansion aims to expand the company's paper-based product portfolio, including paper straws.
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