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To provide optimum benefits to the industry, an influential Eco-Friendly Straws Market survey report has been produced with the most up-to-date knowledge and analysis. For a thorough understanding of the market, the study may be used by both established and emerging participants in the sector. This research also provides historical data, current and future market trends, the environment, technological innovation, forthcoming technologies, and technical advancement in the connected sector. Industry research, customer insights, market sizing and forecast, competition analysis, market entrance strategy, price trends, sustainability trends, innovation trends, technological evolution, and distribution channel assessment are all included in the scope of the Eco-Friendly Straws Market study.
Sales of eco-friendly straws are expected to reach a value of US$ 2.2 billion by the end of 2030, growing at a stable CAGR of 5.1 percent (2022-2030). The global eco-friendly straws industry is currently valued at US$ 1.5 billion.
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According to FMI, the worldwide eco-friendly straws market will rise at a healthy rate through 2030, owing to a growing emphasis on sustainable manufacturing and consumption. According to the report, increased environmental concerns and awareness about sustainable living would impact investments in eco-friendly products, with straws as a category benefiting.
With an increasing share of consumers preferring fast food and other ready-to-serve meals, demand for eco-friendly straws is particularly significant in the foodservice sector.
“Vendors are considering collaborating with governmental bodies and global platforms to increase awareness about plastic waste generation as a key method to promote sales of eco-friendly straws,” the FMI analyst said.
With the onset of the coronavirus pandemic, a definite hygiene oriented pattern has emerged within consumers’ habits. Consumers are reallocating their budgets towards purchasing immunity and hygiene enhancing foods and beverages.
This trend of healthy drinking and eating also entails utilization of environmentally friendly utensils such as paper plates, bowls, straws and cutlery. Hence, demand for eco-friendly straws in household settings has witnessed a major spike since the past few months.
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The imposition of lockdowns has compelled organizations to issue work-from-home directives. Subsequently, there has been an increase in the demand for fast foods and ready-to-drink beverages through online delivery platforms. This has impelled the sales of eco-friendly straws.
A moderate downswing is anticipated with the cessation of outdoor dine-in activities. Fears of community infection spreading has compelled hotels, cafeterias and restaurants to suspend all dining operations, decelerating demand for eco-friendly straws across the commercial sector.
Key players are focusing on expanding their reach globally by diversifying their product portfolio. They also undertake awareness campaigns to minimize usage of non-recyclable material and strategic partnerships with existing players.
In 2021, Sulapac Oy joined forces with Stora Enso to develop renewable and biodegradable straws. This partnership is a product of both companies’ commitment to combat the global problem of plastic waste generation. The straws are made from wood and natural binders, recyclable via industrial composting.
Recently, in May 2022, Huhtamaki Oyj collaborated with WasteAid and announced a global partnership to drive community level circular economy innovation in key locations. The collaboration aims to provide education and training on waste management and circular systems and work with key stakeholders across India, Vietnam and South Africa.
Key Segments Of Eco-Friendly Straws Industry Survey
Eco-Friendly Straws Market By Straw Width / Diameter :
Eco-Friendly Straws Market By Product Type :
Eco-Friendly Straws Market By Distribution Channel :
Eco-Friendly Straws Market By Material :
Eco-Friendly Straws Market By End Use :
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The business intelligence report also offers an incisive outlook on competitive landscape by analyzing the key development strategies of the market players. According to the study, the market shows a high level of consolidation, with local and regional players catering to domestic and urgent demands, while leading players with strong regional presence account for relatively small share in the market.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Eco-Friendly Straws Market 2022: Comprehensive Study by Top Key Players Covered appeared first on Future Market Insights.
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