February 07, 2022 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, Feb. 07, 2022 (GLOBE NEWSWIRE) -- The global Straw Market stands at a net worth of US$ 18.1 Bn in 2022, and is predicted to rise at a CAGR of 5.9% over the forecast period to attain a valuation of US$ 26.5 Bn by 2029.
The recent past has observed significant increase in the number of foodservice restaurants. This would remain among the leading factors driving consumption of straws at a global level. The mass shift in preference from plastics to recyclable and biodegradable material alternatives has been the key trend shaping straw sales. On the back of these factors, the Straw Market is projected to expand at a strong CAGR of nearly 5.9% during the forecast period (2022 - 2029).
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Paper has been witnessing solid rise in demand as an eco-friendly, sustainable alternative to single use plastic, which indicates a massive opportunity for paper straws in the near future. Currently, plastic straws and paper straws collectively account for the most of global market revenues.
Key Takeaways - Straw Market Study
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E-catering and Online Foodservice Platforms to Propel Straw Market Growth
Online foodservice platforms are providing convenient delivery at low costs, along with efficient packaging solutions, which is fueling worldwide sales of straws. Changing consumption pattern from offline to online sales channel in the F&B industry is anticipated to drive the straw market growth. Increasing number of fast food outlets and restaurants are also anticipated to create huge demand for straws in coming years.
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Straw Market - Key Trends Shaping Competition
Manufacturers in the straw market are adopting collaboration strategy to expand their global reach. Leading players are offering wide range of options for straw consumers, such as collapsible straws, biodegradable straws, recyclable straws, reusable straws, and straw (Hay) straws.
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Straw Papers Market - Newly released data from straw papers market analysis shows that global market demand for straw papers is estimated to register a CAGR of ~5.7% during the forecasted period and reach thousands of tonnes by 2031.
Compostable Straws Market - The compostable straws is witnessing a notable demand from various industries because of the initiative taken to minimize the usage of plastic products. In last few years, beverages industry experienced exponential growth and fast development due to increase in the restaurants, cafes, hotels, food outlets and catering services.
Strawless Lids Market - Strawless lids are designed with features that are accommodable for both hot and cold applications. Moreover these strawless lids help in minimizing the storage space while increasing the functional and operational efficiencies.
Metal Straws Market - Rising intolerance towards single-use plastic straws, booming consumer demand for eco-friendly straws, and increasing government reforms and campaigns to ban plastic straws are expected to offer an optimistic viewpoint for the metal straws market.
Bamboo Straws Market - Plastic products are supposed to degrade our environment at a rapid rate. Manufacturers are looking forward to sustainable alternatives to plastic. Straws are widely used among people for drinking beverage, juice or other drinks.
NCR Laser Paper Market - The global NCR laser paper market is anticipated to exhibit growth at 6%-6.5% CAGR between 2021 and 2031, Along with that, the sales of NCR laser paper is estimated to reach millions of tons, over the forecasted decade.
Baking Paper Market - As per the future growth projections, the global baking paper market is expected to register growth at a 6% CAGR over the upcoming decade. Based on our survey results sales of baking paper is estimated to reach thousand tons, during the forecasted period between 2021 and 2031.
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NCR Printers Market - According to the latest report published by Future Market Insights, demand for NCR Printing Machines is anticipated to grow at 7%-7.7% CAGR between 2021 and 2031, high demand for high-speed printing devices and solutions among major end-users is expected to fuel the demand for NCR printers.
Syringe Labels Market - As per the latest industry survey conducted by Future Market Insights, the demand for syringe labels is expected to witness growth at 10%-11% CAGR between 2021 and 2031
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