The global paper cups market is expected to grow 1.5X its current market value by the end of 2028. Paper cups have been an ideal sustainable choice of on-the-go consumers. Manufacturers of paper cups are focusing on product innovation to enable optimum consumer convenience. Increasing demand for on-the-go beverages, coffee, tea, and other ready-to-eat and ready-to-drink products is playing a vital role in the growth of the global paper cups market.
However, in light of the current COVID-19 pandemic taking a toll, worldwide, a majority of industries are being negatively impacted due to implications on their operating expenses (OPEX). The paper cups market is no exception; the market is expected to see a gradual dip in sales over the near future. In addition, lockdowns following proactive social distancing by governments, globally, to alleviate the spread of COVID-19, are likely to hamper revenue growth of the paper cups market in the near term.
Key manufacturers are focused on expanding their portfolios of paper cups to better meet the growing demand from on-the-go consumers. In addition, there seems to be a key focus on design, so as to enable optimum consumer convenience. There is increased production being witnessed of to-go paper cups, especially for beverages such as coffee.
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Key Takeaways of Paper Cups Market Study
- Hot beverage paper cups account for more than 65% of the global paper cups market. This can be attributed to increasing consumption of on-the-go coffee by millennials. This age group has been known to experience nearly twice the number of away-from-home situations as compared to adults.
- In terms of capacity, the 151 to 350 ml segment is expected to remain the most remunerative segment throughout the forecast period. Most packaged beverages are consumed in this capacity range, as consumers are increasingly becoming conscious about their sugar intake.
- The foodservice industry has been identified as the key end user of paper cups. An increase in economic stability and disposable income of people has led to changes in lifestyles, significantly impacting eating habits, especially in urban centres.
- A number of consumers now prefer eating out as opposed to consuming home-cooked food. Thus, the segment is projected to create an incremental opportunity of nearly US$ 1.4 Bn over the next five years.
- Asia Pacific continues to spearhead the growth of the global paper cups market. Improvements in infrastructure in developing countries such as India have boosted tourism, which has attracted many retailers and brand owners to expand their sales.
- The paper cups market would experience substantial demand in developing countries during the forecast period. Key factors leading to the growth of the paper cups market in these regions are improved standards of living as well as changes in consumer lifestyle habits.
Paper Cups Market Landscape
Huhtamaki Oyj, International Paper Company, Westrock Company, Georgia-Pacific LLC, Coveris Holding S.A., Nippon Paper Industries Co., Ltd., Genpak LLC., and Pactiv LLC have been identified as key players operating in the global paper cups market. These players account for around 10-20% of the global paper cups market. The global paper cups market is characterized by several unorganized players operating in regional markets who provide paper cups at competitive prices.
About Paper Cups Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global paper cups market, analyzing historical demand of 2014-2019 and forecast statistics for 2020-2028. The study reveals growth projections of the paper cups market on the basis of cup capacity (up to 150 ml, 151 to 350 ml, 351 to 500 ml, and above 500 ml), cup type (cold beverage cups and hot beverage cup), sales channel (supermarkets, distributors, departmental stores, and online sales), and end user (foodservice, institutional, and households), across seven regions of the world.
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About Future Market Insights (FMI)
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