The European paper straw market is projected to grow at the highest CAGR

Browse 140 Market Data Tables and 34 Figures spread through 181 Pages and in-depth TOC on “Paper Straw Market”

The paper straw market is projected to grow from USD 585 million in 2019 to USD 1,687 million by 2024, recording a CAGR of 23.6% during the forecast period. The rising demand for sustainable, single-use disposable products & solutions in various end-user industries, such as foodservice, institutional, and  household, and the increasing government reforms & campaigns to ban the use of plastics, are factors that are projected to drive the growth of the paper straw market across the globe. Moreover, the adoption & demand from consumers for the sustainable & environment-friendly straws boost the market further.

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The European paper straw market is projected to grow at the highest CAGR from 2019 to 2024, in terms of both value and volume. The growth of the market in the European region is attributed to the increased demand for paper straws in countries, such as Germany and the United Kingdom, as they are increasingly used in the European foodservice industry. Moreover, the strong influence of environmental and governmental regulations and reforms to ban plastics in the European countries is projected to drive the growth of the paper straw market in the region.

The foodservice segment in the paper straw market is projected to grow at the highest CAGR

The growth of this segment is attributed to the adaptation of the eco-friendly alternatives for single-use disposable products to avoid or ban the use of plastic straws and other single-use disposable items. The paper straw market is projected to witness a significant rise in demand in the near future due to the increasing awareness pertaining to sustainability and surge in the number of bans on single-use plastic products in the foodservice industry.

Key Market Players

Companies such as Footprint (US), Hoffmaster Group, Inc. (US), Transcend Packaging Ltd. (UK), Huhtamaki Oyj (Finland), Fuling Global Inc. (China), Canada Brown Eco Products Ltd (China), Bygreen (Australia), Soton Daily Necessities Co., Ltd. (China), YuTong Eco-Technology (SuQian) Co., Ltd (China), Royal Paper Industries (Canada), and Biopac (UK) Ltd (UK) are the key players operating in the paper straw market. Expansions, contracts, new product developments, and acquisitions are some of the major strategies adopted by these key players to enhance their positions in the paper straw market.

Recent Developments

• In October 2019, Transcend Packaging (UK) acquired the assets of BioStraw Ltd. (UK), a paper straw manufacturer. BioStraw (UK) will transfer all its production assets to Transcend Packaging. Further, this strategic initiative will widen their customer base for their products and strengthen their marketing and manufacturing capabilities for paper straws.
• In May 2019, Hoffmaster Group, Inc. (US) acquired The Paper Straw Co (UK), a UK-based manufacturer of paper straws. Through this strategic acquisition, the company is projected to expand its operations in the European markets for paper straw products and increase its product portfolio for paper straws.
• In May 2019, Huhtamaki Oyj (Finland) set up a paper straw production unit in Northern Ireland. The production plant is located in Antrim town, near Belfast, in Northern Ireland. This expansion aims to expand the company’s paper-based product portfolio, such as paper straws.

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