Global Straw Market Share Report 2024, Forecast To 2033
20 Sep, 2024
The straw market has shown significant growth, rising from $17.70 billion in 2023 to $18.85 billion in 2024, at a CAGR of 6.5%. This growth is driven by the demand for sustainable and biodegradable products. By 2028, the market is projected to reach $24.42 billion, with a CAGR of 6.7%. Future growth will be supported by stricter regulations on single-use plastics and increasing consumer awareness of environmental issues.
Major Driver In The Straw Market
The rising consumption of beverages is expected to drive the growth of the straw market. Beverages are increasingly popular for their convenience and variety. Straws facilitate easier and more hygienic consumption, enhancing the drinking experience. Statistics Canada reported that alcoholic beverage sales reached $26.1 billion for the fiscal year 2022, a 2.4% increase from the previous year. This growing consumption of beverages is thus fueling the straw market.
Request A Free Sample Of The Straw Market ReportStraw Market Competitive Landscape
Tetra Pak International SA, Stora Enso, Nippon Paper Industries Co. Ltd., Pactiv Evergreen Inc., Huhtamaki Oyj, Crate and Barrel, Hoffmaster Group Inc., Duni AB, Eco-Products Inc., Vegware Ltd., Klean Kanteen, ConverPack Inc., StoneStraw Limited, Transcend Packaging, Final Co. LLC, UniversalPromo Inc., Straws & Stripes LLC, Steelys Drinkware, R&M Plastic Products Ltd., Koffie Straw, Jungle Straws, Gaia Eco Products Inc., Ever Eco, B&B Straw Pack Co. Ltd., Absolute Custom Extrusions Inc.
Key Straw Market Trend
Major players in the straw market are focusing on eco-friendly innovations, such as recyclable straws, to meet consumer demand. In July 2022, SIG India launched a range of recyclable paper straws as a biodegradable alternative to plastic straws, effectively balancing functionality with sustainability and promoting environmental responsibility.
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Straw Market Segmentation
The straw market covered in this report is segmented –
1) By Product: Plastic, Bamboo, Metal, Paper, Glass, Silicone, Other Products
2) By Sales Channel: Manufacturers, Distributors, Retailers, E-Retail
3) By Straw Length: <9 Cm, 9-15 Cm, 16-20 Cm, >20 Cm
4) By End Use: Foodservice, Institutional, Households
By Geography:The regions covered in the straw market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the straw market in 2023. North America is expected to be the fastest-growing region in the forecast period.
The Straw Global Market Report 2024 furnishes information about the global straw market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.