Straw Market Forecasts to 2030 – Global Analysis By Product Type (Plastic Straws, Bamboo Straws, Metal Straws, Paper Straws, Glass Straws, Silicone Straws and Other Product Types), Straw Length (<9 cm Straws, 9-15 cm Straws, 16-20 cm Straws, >20 cm Straws

Straw Market Forecasts to 2030 – Global Analysis By Product Type (Plastic Straws, Bamboo Straws, Metal Straws, Paper Straws, Glass Straws, Silicone Straws and Other Product Types), Straw Length (<9 cm Straws, 9-15 cm Straws, 16-20 cm Straws, >20 cm Straws and Other Straw Lengths), Sales Channel (Straw Manufacturers, Straw Distributors, Straw Retailers, E-retail of Straws and Other Sales Channels), End User (Food Service, Institutional, Households and Other End Users) and By Geography

According to Stratistics MRC, the Global Straw Market is accounted for $19.2 billion in 2023 and is expected to reach $31.44 billion by 2030 growing at a CAGR of 7.3% during the forecast period. Straw is the main attraction at the Straw Market. This common material is skilfully transformed by local artisans into a stunning variety of works of art, ranging from charming figurines and bags that perfectly capture island life to intricately woven baskets and sun hats that offer relief from the Bahamian heat. Each piece of straw has a unique story to tell about the Bahamian craftsmanship that has been handed down through the generations. Moreover, the simple straw is transformed into a work of art, an embodiment of culture, and a treasured souvenir in the Bahamas, where visitors to the market can explore this distinctive artistry and bring home a piece of the country.

According to UNESDA, soft drinks can be a part of a healthy and balanced lifestyle, eventually increasing the consumption of biodegradable straws

Market Dynamics

Driver

Growing tourism

The main factor driving the Straw Market is the consistent influx of tourists to Nassau. The number of cruise ships that dock in Nassau, the popularity of the Bahamas as a vacation spot, and the trends in international travel all have a big impact on the market's foot traffic and sales. A steady flow of tourists can be attracted by forming strategic alliances with cruise lines, tour companies, and regional tourism boards.

Restraint

Vendor rivalry

Vendor competition may lead to price wars, lowered profit margins, and a potential decline in the perceived value of goods. Vendors can combat this by differentiating their products through original designs, alterations, and storytelling to appeal to a wider range of customers. Additionally, vendor cooperation can also foster unity and lessen divisive competition, as seen in joint marketing initiatives or themed product showcases.

Opportunity

Various product offerings

Diversification can include using locally sourced materials like conch shells, coconut husks, or even recycled marine debris in crafts in addition to traditional straw products. Moreover, a wider range of customers, including collectors and art enthusiasts, can be attracted by the introduction of innovative product lines that combine traditional craftsmanship with modern design aesthetics.

Threat

Mass production's rivalry

Mass-produced trinkets and straw goods, frequently imported from low-cost nations, can be more affordable than what the market has to offer. However, these goods might not be as genuine and well-made as those made locally, which might turn customers away from the Straw Market. By highlighting the distinctiveness and superiority of its handmade goods, the market can combat this.

Covid-19 Impact

The COVID-19 pandemic significantly impacted the straw market, causing a disruption in tourism, which is essential to its survival. Foot traffic and sales plummeted as a result of travel restrictions, cruise ship cancellations, and reduced tourist flows. The market's extended closures and shortened hours put a strain on the finances of the vendors. The shopping experience has also changed as a result of improved health and safety regulations, such as mask requirements and social segregation. Moreover, to adjust, the market had to adopt digital strategies, like establishing an online presence and putting contactless payment methods in place, to reach potential customers during times when there were fewer in-person visits.

The Plastic Straws segment is expected to be the largest during the forecast period

Due to its widespread use in the food and beverage industry and convenience, the plastic straw segment is anticipated to have the largest share of the market for single-use straws. Market dynamics may have changed since then, though, as regulations and a growing focus on environmental sustainability have discouraged the use of single-use plastics. Moreover, it is crucial to be aware that the market environment may have changed, possibly favoring substitute options like silicone, metal, paper, glass, and bamboo straws, which are regarded as more environmentally friendly and sustainable options.

The Food Service segment is expected to have the highest CAGR during the forecast period

During the anticipated period, the straw market's highest CAGR will be observed in the food service sector. A number of factors, including the growth of the global foodservice industry, a rise in eating out habits, and consumer demand for convenience, contributed to this segment's strong growth. Additionally, the food service industry was poised to continue its strong growth trajectory as more consumers chose to eat in restaurants and order takeout.

Region with largest share

The Bahamas, a country in North America, is the market's center, with the region with the largest share of the straw market being primarily concentrated in that region. The famous Straw Market is located in Nassau, in the Bahamas, which are geographically considered to be a part of North America. Additionally, the traditional Bahamian straw goods are popular with tourists who come to buy them as souvenirs, especially those from North America, which includes the United States and Canada.

Region with highest CAGR

During the forecast period, the straw market saw the highest CAGR in the Asia-Pacific region. This extraordinary growth can be attributed to a number of variables, including rising environmental sustainability awareness, a move away from plastic straws, and the expanding food and beverage industry in the area. Moreover, the Asia-Pacific market has seen significant growth, making it a key player in the global straw industry as businesses and consumers alike prioritize sustainability and the use of biodegradable and reusable straw options.

Key players in the market

Some of the key players in Straw market include Stora Enso, Pactiv LLC, Gumi Bamboo, Biopac Ltd., Huhtamäki Oyj, Hoffmaster Group Inc., Absolute Custom Extrusions, Tetra Pak International S.A., Hay Straws and FinalStraw.

Key Developments

In February 2023, Alesayi Beverage Corporation signs an agreement with Tetra Pak Arabia for Euro 7.6 million at Gulfood 2023. The agreement will see Tetra Pak provide state-of-the-art processing equipment to Alesayi’s greenfield facility. It is expected that the new facility will be operational by the first quarter of the year 2024 and produce beverages of approximately 200,000 litres per day.

In January 2023, Stora Enso has signed an agreement to divest its paper production site in Hylte, Sweden and all its related assets to Sweden Timber, a Sweden-based sawmill and planing mill company. The enterprise value is approximately EUR 18 million. The completion of the transaction is expected in the first half of 2023. Concerning the Anjala paper site in Finland, Stora Enso has decided to discontinue the divestment process.

In January 2023, Stora Enso completed the divestment of the Nymölla paper production site in Sweden. Stora Enso completed the divestment of its Nymölla pulp paper mill in Sweden to Sylvamo, the US-based producer of uncoated paper. The enterprise value of the transaction, which was announced in September last year, is about €150m.

Product Types Covered
• Plastic Straws
• Bamboo Straws
• Metal Straws
• Paper Straws
• Glass Straws
• Silicone Straws
• Other Product Types

Straw Lengths Covered
• <9 cm Straws
• 9-15 cm Straws
• 16-20 cm Straws
• >20 cm Straws
• Other Straw Lengths

Sales Channels Covered
• Straw Manufacturers
• Straw Distributors
• Straw Retailers
• E-retail of Straws
• Other Sales Channels

End Users Covered
• Food Service
• Institutional
• Households
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements