Paper Straws Market is projected to expand at a CAGR of 13.8% during the forecast period ; 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.
Albany, NY -- (SBWIRE) -- 05/09/2019 -- Paper Straws Market: Printed Paper Straws with Appealing Designs to Seize Consumer Attention and Gain Significant Traction
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.
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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.
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.
The Volume of the Global Paper Straws Market Is Expected to Expand 2.6X over the Forecast Period
Irrespective of the optimistic viewpoint, the high cost of paper straws as compared to plastic straws might hinder the growth of the paper straws market up to some extent during the forecast period. Paper straws cost ten times higher than plastic-based straws, which may affect the paper straws market negatively. The high cost of paper straws is attributed to high-quality paper, binder, and additives used during the manufacturing process. However, the manufacturers of paper straws are channelizing their efforts on improving production efficiency, use of recycled raw materials for lowering costs and increase overall profitability margin.
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The Value of the Global Paper Straws Market Is Expected to Expand 2.8X over the Forecast Period
Paper Straws Market – Competition Dashboard
Detailed profiles of manufacturers of paper straws are also included in the report to evaluate their key product offerings, financials, recent developments, and strategies. Key players operating in the global paper straws market include Huhtamäki Oyj., Hoffmaster Group Inc. (Aardvark), Biopac UK Ltd., Vegware Ltd., U.S. Paper Straw, The Paper Straw Co., Austraw Pty Ltd T/as Bygreen, Footprint LLC, Okstraw, Transcend Packaging Ltd., PT. Strawland, TIPI Straws, MPM Marketing Services Pty Ltd., Canada Brown Eco Products Ltd., Aleco Straws Co. Ltd., Zhengzhou Gstar Plastics Co., Ltd., YIWU JinDong Paper Co., Ltd., Sharp Serviettes, GP Paper Straw Sdn Bhd, and The Blue Straw.
Paper Straws Market – Key Developments
Few of the key developments observed among the manufacturers of paper straws are:
Huhtamäki Oyj and Hoffmaster Group Inc. are actively engaged in acquisitions and mergers for the expansion of its business segments and to explore different markets.
In 2018, Hoffmaster Group Inc. acquired Aardvark Straws, a leading paper straw manufacturer in the United States.
In 2018, Huhtamäki Oyj acquired a majority stake in Cup Print Company, which is an Ireland-based manufacturer of cups.