Future Market Insights (FMI) delivers key insights on the global straw market in its published report titled “Global Straw Market Forecast, Global Industry Analysis 2014-2018 and Opportunity Assessment 2019-2029.” In terms of revenue, the global straw market is estimated to expand at a CAGR of nearly 6% during the forecast period, owing to numerous factors, which FMI highlights in this research report.
Foodservice Sector’s Growth Supports the Global Straw Market
Expansion of the straw market is proportional to the growth of the foodservice industry. As per FMI analysis, at a global level, straw consumption remains at a strong position. However, there is a shift in consumer preference from plastic straws to other biodegradable and reusable straws.
Manufacturers in the straw market are offering a variety of straws as alternatives to plastic straws. Plastic straws are one of the top-most found ocean trash types, which is expected to hamper the global straw market growth. Considering the point of view of manufacturers, single-use plastic straw ban is decreasing the overall demand for plastic-based products. Countries such as the United Kingdom, the United States, Germany, India, and China, have banned the usage of single-use plastic products.
Investments in restaurants, cafes, hotels, bars, and lounges are expected to create relatively high demand for in-trend straws that are biodegradable as well. Some manufacturers in the industry are offering products such as straw-less lids, to avoid the usage of plastic straws.
Straws definitely serve as a convenient solution for beverage drinking but are polluting the environment. However, there are manufacturers who are introducing eco-friendly, as well as reusable straws to eliminate the pollution caused by plastic straws. The outlook for the global straw market is expected to be positive during the forecast period.
Customization and Branding Opportunities Make Paper Straws a Compelling Option
Brand owners and straw manufacturers are collaborating to create customized straws with logos and taglines for marketing, as well as branding. There are different types of straws available in the market, which can be engraved as per requirement. The length, color, and diameter of straws depends on the type of beverage. Manufacturers in the straw market are more likely to shift towards paper straws than other straws. However, some paper straws become soggy after a particular interval of time.
Straw Market Taxonomy
The straw market has been segmented as plastic straws, paper straws, metal straws, glass straws, bamboo straws, silicone straws, and hay/edible straws. Classification on the basis of straw length includes <9 cm, 9-15 cm, 16-20 cm, and above 20 cm segments. The global straw market is also segmented on the basis of sales channel, which is categorized as manufacturers, distributors, retailers, and e-retail. The straw market is classified on the basis of end use, which includes food service, institutional, and household. The food service and institutional end-use industry are further sub-categorized.
New Launches and Collaborative Activities Trend in Straw Industry
Manufacturers in the straw market are adopting collaboration strategies to expand their global reach. Leading players are offering a wide range of options for straw consumers such as collapsible straws, biodegradable straws, recyclable straws, reusable straws, edible straws, and straw (hay) straws.
Collaborations & Joint Ventures
Stora Enso Oy, a leading player in the packaging industry, and Sulapac Oy, a cosmetic packaging solution provider, combined together to create renewable straw named Sulapac Straw.
A new entrant in the straw market, FinalStraw, a straw manufacturer established in 2017, came up with a product Collapsible Straw, a straw which can be folded, carried with a keychain, and is also reusable.
Hoffmaster Group Inc., Gumi Bamboo, NIPPON STRAW Co., Ltd, Huhtamäki Oyj., Tetra Pak International S.A., Sulapac, Lollicup USA, Inc., Pactiv LLC, Biopac Ltd., Absolute Custom Extrusions, Inc., PT. Strawland Eco-Straw Bygreen Australia, Strawsome, and US Paper Straw among others, are some of the prominent players actively partaking in the global straw market's competition landscape.
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Press-Release Source – https://www.prnewswire.com/news-releases/straw-market-is-estimated-to-expand-at-a-cagr-of-nearly-6-during-2019-to-2029–future-market-insights-300854913.html
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