The eco-friendly straws market is anticipated to strengthen its boundaries at a steady CAGR of 7.5% during the forecast period. The market is expected to hold a share of US$ 10.71 billion in 2023 while it is anticipated to cross a value of US$ 22.07 billion by 2033.
The research report on the eco-friendly straws market explains that the growing demand for nature-friendly crockery items along with increased sales of soft drinks and beverages has fuelled the market growth. Paper eco-friendly straws are gaining traction with people getting aware of the hazardous effects of plastic straws. This has given birth to the market that promotes plastic alternatives such as bamboo straws, and biodegradable, paper eco-friendly straws. Furthermore, the high consciousness among people for the application of plastic alternatives has been the key driving force for different eco-friendly markets.
The government support and huge tenders to sustainable product producers and their consumers have also garnered the sales of eco-friendly straws. For example: In 2019, the Rwanda Environment Management Authority (Rema) passed a regulation that prohibited the use, manufacturing, import, and sale of single-use plastic products to ensure environmental safety and reduce plastic waste to conserve the environment. While plastic straws are being discontinued at most by the leading FMCG giants, some continue to use recyclable plastic in their products.
The application of bamboo straws has increased lately as it is tough, beneficial, and hold antibacterial properties. Alongside this, some food and beverage brands also use conventional hay straws, which are 100% organic and biodegradable. Other than these, the use of stainless-steel reusable straws also fits in with the eco-friendly straws category. They are used with a softer silicon tip for people with sensitive teeth.
The eco-friendly straws market outlook states that eco-friendly straws are gaining traction due to a variety of industries, including restaurant services and home use, especially among eco-friendly consumers. Some new advances that have taken place in the market include the introduction of new designs of straws such as star-shaped, polka dots, stripes, and others. For instance, in April 2022, UFlex-Asepto expanded its plant in Gujarat to manufacture U-shaped paper straws.
Eco-Friendly Straws Market in Comparison to the Historical Pattern:
Short-term Growth (2023 to 2026): During this period, the hype around nature-friendly products is booming and is likely to affect the market positively. Increasing carbon consciousness among consumers along with the sustainability goals of nations are expected to fuel up sales. The market is expected to hold US$ 10.71 billion in 2023 while it is anticipated to reach US$ 13.45 billion by 2026.
Mid-term Growth (2026 to 2029): This period’s growth is likely to be attributed to the planned sustainable products along with the people getting more aware of the hazardous effects of plastic. Furthermore, the brands turning to nature-friendly products for better reach and prospects are also expected to garner market growth. From US$ 13.45 billion in 2026, the market is expected to land at a value of US$ 16.66 billion in 2029.
Long-term Growth (2029 to 2033): Growing focus on reducing plastic consumption and stringent government regulations and mandates to restrict plastic waste are some key factors that are estimated to influence eco-friendly straws market potential. Thus, the eco-friendly straws market is anticipated to thrive at a steady CAGR of 7.5% between 2023 and 2033.
Which Factors are estimated to Positively Influence Demand for Earth-friendly Straws?
Increasing Awareness about Sustainable Products to Boost Sales of Green Reusable Straws:
Consumers are more aware of environmental conservation and this has significantly driven demand for eco-friendly products such as reusable eco-friendly straws and eco-friendly plastic wraps. As the popularity of earth-friendly straws increases, demand for products like biodegradable straws, bamboo drinking straws, phade ocean-friendly straws, eco-agave straws, reusable straws, etc., is anticipated to see notable growth.
Biodegradable straws for restaurants are expected to see an increase in demand as multiple restaurants decide to phase out the use of plastic straws.
Starbucks, a multinational chain of coffeehouses in January 2020 announced its plans to phase out the use of single-use plastics in its establishments. This also includes eliminating the use of plastic straws and promoting the use of reusable straws and biodegradable straws.
For the Super Bowl, Stone Mountain-based WinCup provided its phade ocean-friendly straws and was the only provider of straws and stirrers for the event. The company is also providing phade ocean-friendly straws to multiple restaurant chains across the United States and reducing plastic waste.
What Restrains the Sales of Paper Eco-Friendly Straws to Some Extent?
High Costs of Paper Eco Straws to Restrain Market Potential:
Biodegradable straws are made by using paper as a base raw material. However, paper straws retail at a price much high than other straws in the market which makes it very cost-intensive to utilize them in restaurants and other applications.
High costs associated with the production of paper straws make it a huge challenge for eco-friendly straw manufacturers. This restrains the eco-friendly straws market from attaining its full potential.
These insights are based on a report Eco-Friendly Straws Market by Future Market Insights.