The straw global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Straw Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The straw market size has grown strongly in recent years. It will grow from $17.70 billion in 2023 to $18.85 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to an increasing focus on utilizing agricultural by-products, a rise in demand for sustainable and biodegradable products, an increasing market for biodegradable straws in emerging economies, implementation of subsidies and incentives for renewable resources and increasing public awareness about environmental issues and plastic pollution.
The straw market size is expected to see strong growth in the next few years. It will grow to $24.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to the implementation of stricter bans on single-use plastics, corporate commitments to sustainability and zero-waste initiatives, a shift towards eco-friendly and organic products among consumers, increasing governmental support for green products through legislation and development of new, more efficient methods for producing biodegradable straws. Major trends in the forecast period include innovations in straw processing and manufacturing techniques, the introduction of straws made from various biodegradable materials, a decrease in the cost of biodegradable straws due to economies of scale, partnerships between brands to promote sustainable packaging and increased efforts to educate consumers on the benefits of using biodegradable products.
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Scope Of Straw Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Straw Market Overview
Market Drivers –
The increasing consumption of beverages is expected to propel the growth of the straw market going forward. Beverages are liquids that are consumed for hydration, nutrition, or enjoyment. The demand for beverages is rising due to increasing consumer preferences for diverse, convenient, and premium drink options and heightened social and cultural trends surrounding beverage consumption. Straws are required for alcoholic and non-alcoholic beverages to facilitate more accessible and hygienic consumption, enhance the drinking experience, and prevent spills, especially in on-the-go situations. For instance, in February 2023, according to a report published by Statistics Canada, a Canada-based national statistical agency, alcoholic beverage sales at retail establishments and liquor authorities reached $26.1 billion for the fiscal year 2022, marking a 2.4% increase from the previous year. Further, wine sales rose by 2.1%, totaling $8.1 billion in 2021 and 2022. Therefore, the increasing consumption of beverages is driving the growth of the straw market.
Market Trends –
Major companies operating in the straw market focus on developing innovative products, such as recyclable straws, to promote eco-friendly options among consumers. A recyclable straw is a drinking straw made from easily recycled materials. For instance, in July 2022, SIG India, an India-based food packaging manufacturer, launched a range of recyclable paper straws with various dimensions, shapes, and utilities. In response to the massive environmental damage caused by plastic straws, SIG’s paper straws provide an excellent biodegradable, non-plastic alternative. These straws are designed to balance functionality and sustainability effectively. Compatible with all SIG carton packs featuring a straw hole, they are typically paired with small-sized packs for easier consumption.
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
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Regional Insights –
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 regions covered in the straw market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the straw market are 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.
Table of Contents
1. Executive Summary
2. Straw Market Report Structure
3. Straw Market Trends And Strategies
4. Straw Market – Macro Economic Scenario
5. Global Straw Market Size and Growth
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32. Global Straw Market Competitive Benchmarking
33. Global Straw Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Straw Market
35. Straw Market Future Outlook and Potential Analysis
36. Appendix
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