Global Straw Market: Snapshot
The straw market has been making large strides, shaped by the troika of environmental concerns, cost, and functionality. Straw makers, world over, have been adopting strategies that best meet these concerns of end users. The choice of materials for straw has been guided largely by their environmental footprint, thus shaping the contours of product development avenues. A case in point is the popularity of biodegradable products across food service companies in the straw market.
Biodegradable drinking straws have also generating groundswell of interest over the past few years, owing to the propositions of their low cost, health-friendliness, and increasingly their eco-friendliness. In particular, straws made from natural gluten-free wheat are gathering steam in the straw market among manufacturers and consumers alike.
Key materials used in the straw market are plastic, bamboo, metal, paper, glass, and silicone. Of these, paper are expected to emerge as the prominent choice for manufacturers in the straw market. However, their lack of versatility has kept the demand for bamboo straws also rewarding.
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Global Straw Market: Notable Developments
One of the game-changing point in the global straw market has been the shift from plastic straws to eco-friendly straws such as paper and bamboo. The mounting concern of plastic straws flooding the water bodies and landfill across the world has accelerated the shift. The food packaging and foodservice sector as a whole has become increasingly aware of the menace of single-use plastics, thus opening new potential in the straw market globally over past few years.
Also, top players are keen on offering cost-effective products to food service companies to consolidate their position in the straw market. Further, new entrants are also engaging frequently in collaborations to launch products that meet emerging needs of end-use applications, to gain a foothold in the straw market.
Some of the prominent players in the straw market are:
- Biopac Ltd.
- Absolute Custom Extrusions
- Pactiv LLC, Tetra Pak International S.A.
- Huhtamäki Oyj.
- Gumi Bamboo
- Hoffmaster Group Inc.
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Global Straw Market: Regional Assessment
Changing demand dynamic in the food service industry in developed as well as developing economies of the world has favored a rapid expansion of the market during 2014 – 2018. During 2019 – 2027, the straw market is expected to expand at more than 1.8 times. Widespread use of straws for wide range of hot and cold beverages has kept the global market increasingly lucrative.
While Europe is a hugely lucrative growth, developing regions particularly Asia Pacific is likely to expand at a promising year-over-year growth rate from 2019 to 2029. Straw manufactures are witnessing sizable revenue streams in India and China. To a large part, the growth in the South and East Asia is propelled by the increasing inclination of consumers toward adopting eco- and health-friendly straws. The growth is underpinned by steadily growing food services industry.
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