In terms of revenue, the Global Paper Straws Market is expected to reach USD 2,838.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.5% from 2022 to 2028.
The growing awareness to save the environment and eliminate the use of plastics across the globe is expected to augment during the forecast period.
Key Highlights from Report:
- The Virgin Kraft Paper sub-segment held the largest market share and will remain dominant during the forecast period. The rise of this sub-segment is leading to the introduction of eco-friendly alternatives to single-use products to avoid or ban plastic straws. Virgin Kraft Paper straws are reliable, robust, have higher absorption rates, and are of higher quality and more effective, reducing waste. In addition, Virgin Kraft Paper straws are efficient and sustainable paper straws, driving global demand.
- The Food Service sub-segment of the End-Use segment dominated in 2021. It is expected to maintain its dominance over the forecast period owing to introducing eco-friendly alternatives to single-use plastic straw avoidance products. The market for Paper Straws is expected to see a significant increase in demand soon due to the growing awareness of sustainability and increasing bans on single-use plastic products in the hospitality industry.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is owing to the growing demand for paper straws in economies like the United Kingdom and Germany. This surge in growth is ordinarily because of the accelerated use of those straws in food service enterprises. Furthermore, the local paper straws enterprise is expected to enjoy the considerable effect of governmental and environmental rules and reforms in European international locations prohibiting plastics.
During the forecast period, an increasing variety of cafés and eating places is expected to propel the Paper Straws market. Furthermore, the market is expected to be driven by the fast-growing food and beverage industry and consumer demand for on-the-go food and drink. Additionally, the growing demand for eco-friendly, natural, and natural straws is expected to drive the paper straw industry in the coming years.
Furthermore, developing environmental issues in many countries has resulted in implementing strict environmental protection standards, which are expected to create massive improvement opportunities for the industry. The high production and processing cost is expected to limit market growth during the forecast period. In addition, these straws have problems with absorption and compressive energy. Simultaneously, a lack of manufacturing capability may pose difficulties for market growth.
Europe held the most significant shares in 2021. This dominance is owing to the increasing bans and barriers to using plastic by the government in the region. Owing to the improvement in the food and beverage industry, China is expected to continue dominating the region's market.