Global Straw Market: Snapshot
The straw market has been making large strides, shaped by the troika of environmental concerns, cost, and functionality. Straw makers, world over, have been adopting strategies that best meet these concerns of end users. The choice of materials for straw has been guided largely by their environmental footprint, thus shaping the contours of product development avenues. A case in point is the popularity of biodegradable products across food service companies in the straw market.
Biodegradable drinking straws have also generating groundswell of interest over the past few years, owing to the propositions of their low cost, health-friendliness, and increasingly their eco-friendliness. In particular, straws made from natural gluten-free wheat are gathering steam in the straw market among manufacturers and consumers alike.
Key materials used in the straw market are plastic, bamboo, metal, paper, glass, and silicone. Of these, paper are expected to emerge as the prominent choice for manufacturers in the straw market. However, their lack of versatility has kept the demand for bamboo straws also rewarding.
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Global Straw Market: Notable Developments
One of the game-changing point in the global straw market has been the shift from plastic straws to eco-friendly straws such as paper and bamboo. The mounting concern of plastic straws flooding the water bodies and landfill across the world has accelerated the shift. The food packaging and foodservice sector as a whole has become increasingly aware of the menace of single-use plastics, thus opening new potential in the straw market globally over past few years.
Also, top players are keen on offering cost-effective products to food service companies to consolidate their position in the straw market. Further, new entrants are also engaging frequently in collaborations to launch products that meet emerging needs of end-use applications, to gain a foothold in the straw market.
Some of the prominent players in the straw market are:
- Biopac Ltd.
- Absolute Custom Extrusions
- Pactiv LLC, Tetra Pak International S.A.
- Huhtamäki Oyj.
- Gumi Bamboo
- Hoffmaster Group Inc.
Global Straw Market: Key Drivers
In a few product categories in the straw market particularly in those made from paper, the global straw market has witnessed a good degree of fragmentation. Overall, the market is increasingly competitive, with prominent players aiming for customizations to allure consumers. Several key players have also adopted strategies inspired by geographic expansion, in the direction of attaining a strong foothold in the market. On the other hand, disposable straws are relatively a new product category, characterized by the presence of a handful of players. The advent of alternative product categories in the straw market has raised the ante for manufacturers of biodegradable straws. A particular case in point is bamboo straws.
A few companies also claim to be pioneer in all-natural handmade bamboo straws, in order to stay ahead of their competitors. Though such players have presence largely in developed markets such as the U.S. and the U.K., they are now setting sight on key lucrative markets, such as in Asia Pacific.
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Global Straw Market: Regional Assessment
Changing demand dynamic in the food service industry in developed as well as developing economies of the world has favored a rapid expansion of the market during 2014 – 2018. During 2019 – 2027, the straw market is expected to expand at more than 1.8 times. Widespread use of straws for wide range of hot and cold beverages has kept the global market increasingly lucrative.
While Europe is a hugely lucrative growth, developing regions particularly Asia Pacific is likely to expand at a promising year-over-year growth rate from 2019 to 2029. Straw manufactures are witnessing sizable revenue streams in India and China. To a large part, the growth in the South and East Asia is propelled by the increasing inclination of consumers toward adopting eco- and health-friendly straws. The growth is underpinned by steadily growing food services industry.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.