VALLEY COTTAGE, N.Y. – According to Future Market Insights’ new study, the straw market is estimated to be valued at US$ 6 billion, propelled in part by exponential growth of foodservice industry in recent years. The straw market is set to grow at a CAGR of around 7% during the forecast period between 2019 and 2029.
As a response to public outcry demanding a ban on single-use plastic products which are increasingly harming the environment, the packaging industry is accelerating its move towards sustainable alternatives. The impact of these changes has also been noticeable in the straw market, with a growing number of market players focusing on non-plastic category.
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Paper Straws to Stay in Demand against Plastic Variants
In the current scenario, plastic straws continue to account for major share of manufacturers’ bottom lines. According to FMI’s report, 8 in 10 straws sold in the market in 2018 were made of plastic. However, the scenario is set to change with mounting concerns over the ubiquity of plastic waste and gradual shift away from throwaway culture. Demand for paper straws is set for a quantum leap, thereby compelling manufacturers to specifically focus in this category.
The report reveals that the market for paper straw is projected to record a CAGR of 16.7% over the predefined timeframe. Additionally, with growing popularity of edible food packaging and compostable foodservice packaging, straw manufacturers are focusing on leveraging sustainable materials to set their products apart from the competition. On the other hand, sales of bamboo and glass straws will remain highly influenced by their reusability quotient.
Preview Analysis of 2019 Analysis and Review of Straw Market by Product – Plastic Straw, Bamboo Straw, Metal Straw, Glass Straw, Silicone Straw, and Paper Straw for 2019 – 2029: https://www.futuremarketinsights.com/reports/straws-market
Gains Upheld by Rising Demand from Foodservice Sector
Significant growth in sales of straw goes in hand with rapid expansion of foodservice industry across the globe. In 2018, straws worth US$ 4.5 billion were sold in foodservice sector, as per FMI’s report. The booming industry, in the view sprung in number of working population, rise of dine-out culture in developing economies, and subsequent expansion of international food chain in these countries, will continue to influence growth strategies of players in the straw market. Growing application in households and institutional landscape is further projected to result in increased market share over the forecast period.
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The report finds that growth prospects of the straw market will remain high in East Asia, accounting for more than one-fourth of total revenue share in 2018. Increasing growth of the food and foodservice industry is expected remain instrumental in the incremental growth of the straws market in East Asia. Leading market players are focusing on introducing sustainable and biodegradable straw solutions to tout their durability and affordability in order to boost sales. Furthermore, with a mounting number of restaurants and hotels spurning plastic straws, expanding the range of paper straws is expected to prove lucrative in the East Asian straws market in the coming years, projects the FMI study.
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