The straw market is projected to witness substantial growth during the forecast period, with a compound annual growth rate (CAGR) of 5.3%. By 2023, the market is expected to reach a value of $19.2 billion, and it is estimated to surpass $32.2 billion by 2033.
One of the major drivers of the global straw market is the increasing number of restaurants and food service establishments. As the food industry expands, the demand for straws as a convenient and hygienic drinking accessory also increases.
Moreover, there is a notable shift in consumer preferences from plastic to environmentally friendly and biodegradable alternatives. This global trend towards sustainability has significantly influenced the sales of straws. Consumers are increasingly opting for alternatives such as paper straws, which are known for their sustainability and eco-friendly properties.
The growing demand for paper straws as a substitute for single-use plastic straws indicates a substantial market potential. While plastic and paper straws currently dominate the global market in terms of sales, the increasing emphasis on environmental consciousness is expected to drive the adoption of biodegradable and sustainable materials further.
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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
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.
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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 2017-2022 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 2023 to 2033.
- 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.
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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
