Paper Straw Market Overview
As per a recent study, the global paper straw market size is predicted to grow at USD 3.18 million with the highest rate of 23.60% CAGR during the forecast period 2021-2028.
Paper straws are used in numerous applications in foodservice, household, and institutional industries. These are found in general stores and eateries. These are composed of paper and are biodegradable and recyclable. While plastic straws are widespread earlier and environment-friendly, most of them preferred plastic straws. But they are non-biodegradable and plastic straws use has littered the earth highly and polluted the earth. Hence, most people and businesses shifted to paper straws. As they are the best alternative to plastic straws and create less waste. These are highly preferred for their best features like easily disposable, biodegradable, and recyclable power.
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Paper straws make a great difference in the environment which is positive and good for land and aquatic animals. These are increased in commercial establishments such as restaurants and eateries. Moreover, the growth in the takeaway and food delivery culture will propel the market growth. Due to the rise in restaurants and cafes worldwide, the usage of paper straws is also fostered. Hence, the biodegradable, and environment-friendly types of paper straws are increased. Rising awareness regarding environmental conservation among the masses is escalating the market growth. However, the positive steps taken by the government bodies toward the promotion of biodegradable products are accelerating the demand for paper straws.
The paper straws opportunities are lack of biodegradable options and the gradual ban of plastic straws which are boosting the paper straws market growth.
The paper straws market is majorly divided into two segments such as by type and by end-user.
Type Segmentation: The paper straw types are split into flexible and non-flexible straws.
End-User Segmentation: Based on the end-user, the paper straws market size is sectioned into household and commercial.
Based on the latest news, the global paper straws market based on the regions is partitioned into four major regions such as Asia-Pacific, North America, Europe, and the Rest of the World. Among them, North America is holding the largest market share due to the 75 percent of restaurants in this region being shifted to paper straw use. Owing to the high product awareness and a greater focus on sustainability, Asia-Pacific is accounting for the highest CAGR in the assessment period. Moreover, government regulations to discourage plastic straw usage is also escalating the market growth in this region. Furthermore, the emerging countries India, China, and Japan are rising the paper straws production pertaining to rising demand for eco-friendly products which boosts the market growth in this region.
The paper straws market industry players are Hoffmaster Group, Inc., ECOPRO2, Huhtamaki Oyj, Biopac Ltd, The Paper Straw Co, and others.
According to a recent report, the global paper straw market forecast is predicted to grow at the highest rate due to rising research & development of new characteristics for establishing the innovations in paper straws. Moreover, mergers and acquisitions improve their business prospects and collective growth opportunities are expanding the market growth.
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