Selbyville, Delaware , March 06, 2024 (GLOBE NEWSWIRE) -- Paper Straw Market is projected to amass USD 8 billion in revenue by the end of 2032 as per a recent study by Global Market Insights Inc.
The surging demand from the hospitality and food service sectors, where establishments are increasingly adopting eco-friendly practices is propelling the market growth. Restaurants, cafes, bars, and fast-food chains worldwide are transitioning to paper straws in response to the rising customer preferences for sustainable options. Additionally, paper straws offer businesses a tangible way to demonstrate their commitment to sustainability, improve customer satisfaction, and enhance their brand image, further augmenting the industry outlook. For instance, in January 2024, Capri-Sun announced plans to introduce a brand of FSC-certified paper straws meant to be "stronger than ever" throughout its complete product line in Q1 2024.
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Virgin paper straws to witness high demand
Based on material type, the paper straw market from the virgin paper segment is projected to exceed USD 4.5 billion by 2032. Virgin paper, made directly from wood pulp offers superior quality and durability compared to recycled paper. With increasing regulations on plastic use and the growing awareness of plastic pollution, the adoption of virgin paper straws will further rise. For instance, in March 2023, MILO upgraded its paper straws to match consumer feedback and ideas in making them more robust, moisture-resistant, and ecologically friendly, in line with Nestlé's commitment to sustainability and the global trend of utilizing more eco-friendly goods.
Gowing usage by households
Paper straw market from the household end-use segment generated considerable revenue share in 2022 and is estimated to record notable growth through 2032 with more individuals embracing sustainable living practices. The rising awareness of plastic pollution and the need for eco-friendly alternatives is driving many households to switch to paper straws for daily use. Consumers are appreciating the convenience, biodegradability, and safety of paper straws for family gatherings, parties, and everyday beverages. The availability of stylish and colorful paper straw designs to enhance the drinking experience will further fuel the product demand.
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North America to emerge as a lucrative market destination
North America paper straw market is set to exhibit robust growth at over 14% CAGR from 2023-2032 owing to the ongoing efforts of manufacturers for investing in R&D for innovations in paper straw technology. With increasing environmental consciousness among consumers and stringent regulations on single-use plastics, paper straws have emerged as a favored choice across the region. The booming hospitality, food service, and retail sectors are swiftly transitioning to paper straws, recognizing their eco-friendly attributes, further accelerating the regional market expansion.
Paper Straw Market Participants
The competitive landscape of the paper straw industry includes prominent firms, such as Tetra Pak International SA, Canada Brown Eco Products Ltd., Hoffmaster Group Inc.Transcend Packaging Ltd., Fuling Global Inc., Biopak, and Huhtamaki OYJ. These firms are committed to sustainability for producing high-quality, eco-friendly alternatives to plastic. They are also investing in advanced manufacturing processes, developing innovative designs, and collaborating with businesses to promote the adoption of paper straws globally. To cite an instance, in March 2023, Tetrapak partnered with a synchrotron radiation facility to perform research on paper straws, discovering how materials react to various environmental variables.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
