Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
The global straw market is expected to account for a market value of more than US$ 10.8 Bn by 2028, exhibiting a CAGR of 8.0% during the forecast period (2020-2028)
High demand for packaged beverages is expected to boost the growth of straw market during the forecast period. Brand owners and corporates prefer straws with tetra packs to ensure consumer’s convenience and hygiene at workplace. Consumption of straws is anticipated to increase owing to high consumption of alcoholic and non-alcoholic beverages. Moreover, increasing fast food outlets across the globe is expected to boost the growth of straws market during the forecast period.
However, the straw market has witnessed dip in the growth in the past due to major environmental concerns related to the high usage of plastic straws. Post ban on plastic straws, manufacturers are focused on offering straws that are eco-friendly in nature and have less impact on the environment.
The majority of global market revenue is generated from plastics and paper straws, while other alternatives such as metal, glass, bamboo and silicone currently hold a negligible share. As the production of plastic straws is expected to witness a massive dip in the years to come, paper has benefited as a preferred choice of material among straw manufacturers. Recyclability is also one of the common interest areas for R&D professionals. Portability and reusability will emerge as the most sought-after features that are expected to boost the sales of straws during the forecast period.
Biodegradable drinking straws are also common area of interest over the last few years due to low cost and eco-friendly nature. In particular, straws made from natural gluten-free wheat are gaining traction among consumers.
Bamboo Straw Market is expected to witness Double-digit growth during the forecast Period
The global Bamboo Straw market was valued at US$ 124 Mn in 2019, witnessing a CAGR of x% during the forecast period
Many of the businesses are looking for alternatives for single-use plastic straws. Plastic straws market is expected to witness slow growth during the forecast period. Key manufacturers are inclined towards renewable material options such as bamboo and paper. Although these eco-friendly alternatives are relatively expensive than plastics, these minimize the impact on environment and promote market sustainability.
Foodservice Industry is expected to witness high growth during the forecast period
It is expected to witness a CAGR of xx% during the forecast period. Sales in lounges, hotels, and bars will contribute a major share. Moreover, motels and restaurants are expected to witness promising CAGR during the forecast period. In addition to this, Cafes have been registering high CAGR in straw sales over the last few years.
Incremental Demand for Straw in Asian and European Markets
Asia Pacific straws market was valued at US$ XX Mn in 2019 and is expected to witness a CAGR of xx% during the forecast period. Lucrative profits are expected in Germany and India and this is due to booming functional beverage market and rapid expansion of e-commerce in these countries. In particular, the growth of the food service industry and the increase in sales of energy beverages is expected to boost the consumption of straws in these regions.
Although Europe is a highly lucrative market, emerging regions, especially Asia-Pacific, are likely to expand at a promising year-over-year growth rate from 2019 to 2029. Straw manufacturers are experiencing significant revenue sources in India and China. To a large extent, growth in South and East Asia is driven by a growing consumer tendency to adopt eco-friendly straws.
Overall, the straws market is increasingly competitive, with prominent players seeking customization to attract consumers. Several key players have also implemented strategies such as expansion in untapped regions to achieve a strong market foothold. On the other hand, key manufacturers are focusing on product innovation to offer disposable and eco-friendly straws. Many of the manufacturers have been investing on R&D to offer straws which are customized as per end user’s requirement.
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.
Straw Market Segmentation:
By Straw Length:
- <9 cm
- 9-15 cm
- 16-20 cm
- >20 cm
By Sales Channel:
By End Use:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa