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An influential Eco-Friendly Straws Market survey report has been organized with most up-to-date insight and analysis to give maximum benefits to the industry. The report can be used by both established and new players in the industry for complete understanding of the market. Besides, this Eco-Friendly Straws Market report also includes historic data, present and future market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. The scope of Eco-Friendly Straws Market report involves industry research, customer insights, market sizing and forecast, competitive analysis, market entry strategy, pricing trends, sustainability trends, innovation trends, technology evolution, and distribution channel assessment.
Progressing at a steady CAGR of 5.1% (2022-2030), sales of eco-friendly straws are anticipated to attain an estimated valuation of US$ 2.2 Bn by the end of 2030. At present, the global eco-friendly straws market is valued at US$ 1.5 Bn.
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According to FMI, the global eco-friendly straws market is anticipated to exhibit a positive growth trend through 2030, primarily driven by growing focus on sustainable manufacturing and consumption. The report opines that awareness about sustainable living and rising environmental protection concerns will influence investments in eco-friendly products, and straws as a category will benefit from it.
Demand for eco-friendly straws is especially strong across the foodservice segment, with an increasing proportion of consumers preferring to eat fast foods and other ready-to-serve meals.
“Collaborations with governmental agencies and global platforms to spread awareness about plastic waste generation is considered an important approach by vendors to promote sales of eco-friendly straws,” says the FMI analyst.
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.
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The post Eco-Friendly Straws Market Estimated Valuation of US$ 2.2 Bn by 2030 | Analysis By Type, Top Vendors, Size, Revenue and Growth appeared first on Future Market Insights.
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