A CAGR of 5.3% is estimated for the global straw market during the projected period. The market is projected to be valued US$19.2 billion in 2023. The amount is predicted to surpass $32.2 billion by 2033.
Restaurants offering food service have grown dramatically in recent years. This would keep on being a significant factor affecting the use of straws globally. The global shift in consumer preference away from plastic towards recyclable and biodegradable material alternatives has been the key trend affecting straw sales. These factors will likely cause the Straw Market to expand rapidly between 2023 and 2033, with a CAGR of almost 5.3%.
Paper has seen a significant increase in demand as a sustainable, eco-friendly substitute for single-use plastic, which suggests that there will be a huge market for paper straws in the near future. Currently, the combined sales of plastic and paper straws make up the majority of the global market.
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
Country-Wise 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.
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.
Online food service platforms to propel the demand for straws in china.
Market growth in China is attributed to the flourishing functional beverage sector and rapid e-Commerce expansion.
Report Benefits & Key Questions Answered
- Straw Historical Market Analysis: The detailed survey by FMI, examines key factors in the Straw market that affected the growth in the market for the last assessment period 2023-2026 and also studies their consequent impact. It also provide refined the sales projection of the Straw market for the forecast period 2023 to 2033.
- Straw Category & Segment Level Analysis: The category & segment level analysis conducted by FMI studies the market in terms of segments. It studies the vital dynamics across each segment and also highlights their growth prospects in the coming ten years.
- Straw Demand Outlook Analysis: Future Market Insight’s (FMI’s) exhaustive study provides crucial insights into key drivers and upcoming opportunities driving the demand for Straw for the assessment period. As per the study, the demand for Straw will grow at a robust CAGR between 2023to 2033.
- Straw Company & Brand Share Analysis: A recent study by FMI highlights a comprehensive list of leading market players and stakeholders in the global Straw market. It examines the business execution, cost structure analysis, and By Straw Length: <9 cm Straws, 9-15 cm Straws, 16-20 cm Straws,>20 cm Straws
- Straw Market Trend Analysis: The latest study by FMI on the Straw market offers compelling insights into key expansion strategies adopted by top-tier players with respect to current trends. It discloses details regarding upcoming trends in the packaging industry to assist market players in constructing an effective strategy to capitalize on them.
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