Future Market Insights forecasts a compound annual growth rate (CAGR) of 5.3% for the global straw market during the projected period. In 2023, the market is estimated to be valued at US$19.2 billion, and by 2033, it is expected to exceed $32.2 billion.
The increasing number of foodservice restaurants has been a significant factor driving the usage of straws on a global scale, and this trend is anticipated to continue. Consumer preferences have also shifted towards recyclable and biodegradable alternatives to plastic, which has influenced the sales of straws. This movement away from plastic and towards more sustainable options has been a key trend driving the market.
Paper has emerged as a popular sustainable and eco-friendly substitute for single-use plastic, indicating a significant market opportunity for paper straws in the near future. Currently, plastic and paper straws together dominate the global straw market in terms of sales.
For More Insights on this Market, Get A Sample Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-9214
Key Takeaways – Straw Market Study
- Plastic straws are the most common trash item found in ocean. To overcome this and decrease the consumption of plastic straws, various manufacturers are offering recyclable, reusable, and compostable straws
- Increasing number of bars and lounges, restaurants, and quick service restaurants is intensifying consumption of straws
- Brand owners are investing in marketing and branding of products, which are expected to gain consumers’ attention
- Straw manufacturers are collaborating to produce custom-made straws with logos and taglines for marketing as well as branding
- To eliminate the usage of single-use plastic straws, foodservice companies and brand owners such as McDonald’s and Starbucks are using paper and bio-based straws
Market Benefits
- The study provides an in-depth analysis of the global Straw Market market along with the current trends and future estimations to elucidate the imminent investment pockets.
- The key market players along with their strategies are thoroughly analyzed to understand the competitive outlook of the industry.
- An extensive analysis of the market based on application assists in understanding the trends in the industry.
- The report presents a quantitative analysis of the market from 2022 to 2032 to enable stakeholders to capitalize on the prevailing market opportunities.
Are you looking for customized information related to the latest trends, drivers, and challenges? @ https://www.futuremarketinsights.com/customization-available/rep-gb-9214
Some of the leading companies operating in the market are:
- Stora Enso
- FinalStraw
- Hoffmaster Group Inc.
- Hay Straws
Regional 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. Increased consumer exposure to natural drinks in the USA is also expected to surge market growth.
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. The restaurants and stores which sell these beverages usually make use of straws while serving them to the customers. Thus, the surging beverages market presents massive prospects in front of the United Kingdom market.
Japan market: Massive coffee consumption to create more prospects
Japan is the largest producer of coffee in Asia. Owing to this, the café market in Japan has always been a lucrative sector for investment. By 2025, the café market is expected to cross US$ 53 billion. There are a lot of flavors being developed by the coffee manufacturers like cappuccino, frappe, mocha, etc. which are being developed particularly for the millennials. The increased consumption of different flavors is expected to surge the market growth. Furthermore, the consumption of traditional drinks like amazake, mugicha, etc. is also expected to propel the market growth.
South Korea: Surge in the Consumption of Ready-to-Drink Beverages Drives Growth
The South Korean ready-to-drink beverages market is gradually expanding at a CAGR of 4.7%. These are generally served with a straw. The ready-to-drink beverages focus not only on a particular target audience but cater on people across different age groups. Moreover, South Koreans have a taste bud for drinks like banana milk, citron tea, soju, etc. which are best served with straws.
Speak to Our Analyst @ https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-9214
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
About Us:
Future Market Insights (ESOMAR certified 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
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
