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. 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.
Important Takeaways | Eco-Friendly Straws Market
• Global eco-friendly straws market to grow at 5.1 percent CAGR through 2030
• Stringent legal provisions combined with NGOs’ awareness campaigns to reduce plastic waste are expected to drive Eco-Friendly Straws Market growth
• Virgin kraft paper to see the most adoption in eco-friendly straws production due to improved material neutrality • E-commerce sales to exceed US$ 2 billion by 2030
• Europe will see higher investments in eco-friendly straws
“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.
Competitive Environment | Eco-Friendly Straws Market
By widening their product offering, key players are focusing on growing their global reach. They also run public awareness efforts and form strategic collaborations with current players to reduce the use of non-recyclable materials.
Sulapac Oy and Stora Enso partnered in 2021 to develop renewable and biodegradable straws. This collaboration is the result of both firms’ dedication to addressing the global issue of plastic waste creation. The straws are constructed of wood and natural binders and can be composted in an industrial setting.
COVID-19 Impact Assessment | Eco-Friendly Straws Market
Since the outbreak of the coronavirus pandemic, a distinct hygiene-focused pattern has arisen among consumers’ habits. Consumers are reallocating their spending to foods and beverages that improve immunity and hygiene.
Paper plates, bowls, straws, and cutlery are among the environmentally friendly tools used in this trend of healthy drinking and eating. As a result, demand for eco-friendly straws in households has increased dramatically in recent months.
Organizations have been forced to issue work-from-home instructions as a result of lockdowns. As a result, internet delivery companies have seen a spike in demand for fast food and ready-to-drink beverages. This has boosted sales of environmentally friendly straws.