According to experts from TMR, the global paper straws market was valued at US$ 1.6 bn in 2019. Experts project this growth to occur at a noteworthy CAGR of 13.8% during the forecast period from 2019 to 2027
Transparency Market Research (TMR) records that the global paper straws market is highly competitive with the presence of several uppermost firms as well as startups. Thus, the competitive landscape of the market has changed its nature from a consolidated to a fairly fragmented one. The level of competition between the potential players is likely to elevate as they are creating cutting-edge solutions for addressing different needs of end-users.
Some active companies operating in the global paper straws market are Vegware Ltd., Biopac UK Ltd., Footprint LLC., Transcend Packaging., and The Paper Straw Co.
Many large-scale companies are adopting several aggressive marketing strategies for cementing their position in the global paper straws market. They are offering paper straws in several sizes ranging from 7 to 10 cm to 10 to 15 cm. Moreover, these players are acquiring a key tactic to stay abreast with the latest trends in the market, which include specialization and customization of paper straws.
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Among various end-users, the food service industry is a significant consumer in the market, which is expected to boost the global paper straws market during the forecast period. This is because of the rising number of food outlets globally along with rapidly changing consumption patterns among consumers in the food and beverages sector. Region-wise, North America is a remarkable shareholder in the market. This is attributed to the U.S governments’ initiatives to ban the use of plastic straws.
Foodservice Industry in Asia Pacific May Shape the Market in Favor of Paper Straws
Rising disposable incomes and governments’ strict regulations in using plastic straws are contouring the shape of the global paper straws market in Asia Pacific. Along with this, a rapid expansion of the foodservice industry in the region also provides propulsion to the growth of the global paper straws market. In this region, China is expected to remain dominant in terms of the maximum consumption of paper straws, whereas India is anticipated to outpace other countries with respect to growth rate.