According to Transparency Market Research’s latest market report titled “Paper Straws Market: Global Industry Analysis, Size, Share, Growth, Trends, Historical Analysis 2013-2018 and Forecast 2019-2027,” the growing demand for paper straws in the food service end-use industry to bolster the growth of the global paper straws market during the forecast period. Globally, the revenue generated by the paper straws market has been estimated to be over US$ 1.6 Bn in 2019 and is expected to increase at a CAGR of 13.8% in terms of value throughout the forecast period.
Paper Straws – Market Dynamics
Plastic straw consumption in the world was increasing by leaps and bounds before the last 2-3 years. However, rising intolerance towards plastic straws, growing consumer demand for eco-friendly straws, and globally increasing government reforms and campaigns to ban plastic straws are likely to offer a positive outlook for the paper straws market. On-the-go consumers demand more than convenience from their products. They are increasingly aware of their choices and are picking more sustainable options.
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The latest trend is to move towards non-plastic straws. Paper straws are hygienic, single-use products found in restaurants, bars & lounges, soda shops, and other places. Straws built of paper hold up during the course of a meal, and once discarded, they degrade way faster than those made with plastic, thus, leaving a smaller impact on the environment. The improvised characteristics of paper straws and their sustainable nature are likely to drive the growth of the global paper straw market during the forecast period.
The food service industry is a significant consumer of paper straws, and the increasing number of food outlets is boosting the demand for paper straws substantially. There has been a dynamic shift in the consumer consumption pattern in the food and beverages sector. On an average, online food delivery platforms in emerging countries such as India, offer over 40% return on investment. This is leading to intense competition across food delivery platforms among food service companies, which provides lucrative opportunities to food disposable products such as paper straws. Preference for takeaway food or ready-to-eat food is increasing which, in turn, is fuelling the food service packaging demand. Hence, there are high growth opportunities for paper straws in the near future, owing to the plastic straw ban in many countries and the rising demand for eco-friendly products. Such factors together are foreseen to propel the growth of the global paper straws market during the forecast period.
One of the important factors that drive the growth of the paper straws market is the consumer inclination towards eco-friendly, as well as convenient products. Consumables which are appealing, as well as disposable after one use, always get the attention of the consumer. Thus, manufacturers of paper straws are providing printed paper straws with appealing designs to grab consumer attention in the marketplace. Paper straws made with 3-4 layers of paper around a mold and a number of additives, are comparatively more durable than conventional paper straws. Paper straws answer to the market need of durable and sustainable alternative to plastic straws and are likely to gain significant traction during the forecast period.
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The next section of the report highlights the USPs which include, a value chain describing the raw material suppliers, paper straw manufacturers, and distributors in the market. Each section in the value chain consists of some listed examples for better understanding of the whole supply chain, added to it is the profitability margin validated by primary interviews. Another USP includes data about essential industry perspective which contains the views of the industry leaders about the paper straws market.
Porter’s Analysis is another added point in the report which explains how the number of manufacturers affects the whole market scenario. PESTLE Analysis includes a political, economic, social, technological, legal, and environmental analysis of all the regions. This analysis explains the effect of all these factors on the paper straws market. Pricing analysis is provided in the report, which is examined in accordance with different regions and product type segments. The values for all product type segments in all the regions including North America, Latin America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA) are provided.
The next section of the report highlights the paper straws market by region and provides the market outlook for 2019–2027. The study analyses the drivers that influence the regional paper straws market. The main regions assessed in this report include North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The report evaluates the present scenario and growth prospects of the regional paper straws market for 2019–2027.
