Global Paper And Plastic Straws Market Will Reach USD 9,051 Million By 2025: Zion Market Research

According to the report, the global paper and plastic straws market was valued at approximately USD 4,476 million in 2018 and is expected to generate USD 9,051 million by 2025, at a CAGR of around 10.6% between 2019 and 2025.

New York, NY, May 06, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Paper and Plastic Straws Market by Product Type (Kraft Paper Straws, Printed Paper Straws, and Plastic Straws) and by End-User (Hotels, Restaurants & Motels, Bars & Lounges, Cafes, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global paper and plastic straws market was valued at approximately USD 4,476 million in 2018 and is expected to generate USD 9,051 million by 2025, at a CAGR of around 10.6% between 2019 and 2025.

Straws are essential components in all sorts of food service outlets. They are used extensively in cafes, cars, lounges, quick service restaurants, roadside eateries as well as in residential houses and apartments. They provide a disposable and convenient solution for drinking beverages. The latest inclination toward non-plastic straws has increased as paper straws are eco-friendly in nature. The food service industry is a significant consumer of paper straws, and an increasing number of food outlets is driving the demand for paper straws significantly.

The increasing use of eco-friendly straws is expected to be the majorly driving the global paper and plastic straws market. A large number of international restaurants and café chains have announced their decision to remove plastic straws from their outlets and replace them with eco-friendly paper straws. For example, Starbucks and McDonald’s have phased out the use of plastic straws across all their outlets. Starbucks plans to phase out plastic straws by 2020. On the other hand, McDonald’s recently announced that it will ban plastic straws at its U.K. and Ireland restaurants. This is expected to further aid the growth of the global paper and plastic straws market. However, the high cost of paper straws as compared to plastic straws is expected to slightly restrain the growth of the global paper and plastic straws market. The global awareness regarding the reduction of non-degradable products, such as plastic, and the threats posed by these materials are expected to persuade the consumers to opt for eco-friendly paper straws. This is expected to provide new growth avenues for the key players operating in the global paper and plastic straws market in the future.

Based on type, the global paper, and plastic straws market includes kraft paper straws, printed paper straws, and plastic straws. By end-user, the global paper and plastic straws market is segmented into hotels, restaurants and motels, bars and lounges, cafes, and others. Cafes accounted for the largest share of the global paper and plastic straws market in 2018.

The North American paper and plastic straws market is expected to witness considerable growth over the forecast time period, as the bars and lounges in the region would emerge as the major revenue contributors. Moreover, the demand for packaged food and beverages along with RTD beverages is also expected to propel the growth of the region’s paper and plastic straws in the future.

Europe accounted for a significant share of the global paper and plastic straws market in 2018, due to high awareness levels regarding the consumption of plastic and its effects on the eco-system. Moreover, the food service and hospitality sector in the EU contributes significantly to the region’s GDP.

The Asia Pacific was the largest region for paper and plastic straws market in 2018 globally and accounted for the highest market share in terms of both revenue and volume. This can be attributed to the increasing demand for paper and plastic straws fuelled by the rising number of small- and medium-scale cafeterias across the region. The Asia Pacific paper and plastic straws market growth is particularly expected in emerging economies like China and India, due to their large population base.