The global straw market is poised for substantial growth with a projected compound annual growth rate (CAGR) of 5.3% during the forecast period. By 2023, the market is expected to reach a value of $19.2 billion, and this value is estimated to further increase to $32.2 billion by 2033.
The rising number of restaurants offering food services has emerged as a major driving factor for the global straw demand. Additionally, there has been a significant global shift in consumer preferences, favoring environmentally friendly and biodegradable alternatives over single-use plastic straws. This growing trend has significantly influenced the sales of straws, further fueling the market’s rapid expansion from 2023 to 2033, with an approximate CAGR of 5.3%.
Among the various straw materials, paper straws have witnessed a remarkable surge in demand as a substitute for single-use plastic straws. Renowned for their sustainability and eco-friendly properties, paper straws hold substantial market potential in the near future. Currently, plastic and paper straws dominate the global market in terms of sales.
Key Takeaways from the Straw Market Study:
- Plastic straws are the most common trash item found in the ocean, prompting manufacturers to offer recyclable, reusable, and compostable alternatives to reduce plastic straw consumption.
- The increasing number of bars and lounges, restaurants, and quick-service restaurants is intensifying the consumption of straws.
- Brand owners are investing in marketing and branding of straw products to gain consumers’ attention.
- Straw manufacturers are collaborating to produce custom-made straws with logos and taglines for marketing and branding purposes.
- Foodservice companies and brand owners such as McDonald’s and Starbucks are adopting paper and bio-based straws to eliminate the usage of single-use plastic straws.
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Some of the leading companies operating in the market are:
- Stora Enso
- FinalStraw
- Hoffmaster Group Inc.
- Hay Straws
Country-Wise Analysis:
Reusable straw sales to be governed by sustainability trend in the USA
In the global market, the USA is expected to have a much higher revenue share. This is due to the rising consumption of reusable straws. The market expansion is mostly due to an increase in the number of producers and suppliers.
United Kingdom Market: Driven by Massive Beverage Consumption
The sales of straws in the United Kingdom are expected to grow owing to the massive consumption of cold beverages in particular. As per FMI, the expected revenue to be generated from the soft drinks market alone is close to US$ 19.6 billion in 2023.
Online food service platforms to propel the demand for straws in china.
Market growth in China is attributed to the flourishing functional beverage sector and rapid e-Commerce expansion.
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Report Benefits:
- Straw Historical Market Analysis: The report provides a comprehensive survey by Future Market Insights (FMI) that examines key factors influencing the Straw market’s growth during the assessment period of 2017-2022. It also analyzes their subsequent impact on the market. Additionally, the report refines the sales projection of the Straw market for the forecast period of 2023 to 2033, offering valuable insights for businesses and industry professionals.
- Straw Category & Segment Level Analysis: FMI conducts category and segment level analysis of the Straw market, studying the market in terms of various segments. This analysis delves into the vital dynamics across each segment and highlights their growth prospects over the next ten years, providing a detailed understanding of the market’s potential and opportunities.
- Straw Demand Outlook Analysis: The report presents an exhaustive study by FMI, offering crucial insights into the key drivers and upcoming opportunities that will drive the demand for Straw during the assessment period. It projects robust growth in the demand for Straw, with a strong compound annual growth rate (CAGR) anticipated between 2023 and 2033.
- Straw Market Trend Analysis: Future Market Insights’ latest study on the Straw market unveils key expansion strategies adopted by top-tier players in response to current trends. The report also discloses details about upcoming trends in the packaging industry. This information assists market players in constructing effective strategies to capitalize on emerging trends and gain a competitive edge
Straw Market Segmentation
By Product Type:
- Plastic Straws
- Bamboo Straws
- Metal Straws
- Paper Straws
- Glass Straws
- Silicone Straws
- Others
By Straw Length:
- <9 cm Straws
- 9-15 cm Straws
- 16-20 cm Straws
- >20 cm Straws
By Sales Channel:
- Straw Manufacturers
- Straw Distributors
- Straw Retailers
- E-retail of Straws
By End Use:
- Food Service
- Institutional
- Households
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About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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