NEWARK, Del, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The global paper cups market is likely to be worth US$ 10 billion in 2023 and is expected to reach US$ 14 billion by 2033. This market is anticipated to secure a CAGR of 4.4% during the forecast period between 2023 and 2033, according to the latest market research analysis from FMI.
The paper cups market is set to record positive growth throughout the assessment period. According to a report published by FMI, it is anticipated to create an incremental growth prospect of US$ 4 billion.
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There is a growing demand from all the end-use industries for paper cups. These cups are convenient to use as they are made using compostable material. A few other features of paper cups include single use, and after use and can be easily discarded. These cups are popular among consumers and manufacturers as well. During the evaluation period, demand for paper cups is anticipated to record 1.4x its present value.
On the basis of product type, hot beverage cups are estimated to dominate the global market due to the changing lifestyles of millennials and increasing favor for coffee and tea.
- One of the significant factors to bolster paper cup sales is the popularity and installation of vending machines in several locations as disposable cups are used in these vending machines.
- Growing demand from theatres, malls, and recreation parks for paper cone cups is also estimated to increase sales.
- A hectic lifestyle is further anticipated to enhance the demand for paper cups in the coming years.
Key Takeaways:
- In the United Kingdom, the market is estimated to surpass US$ 20 million during the projection period.
- The market in India is anticipated to reach US$ 40 million during the forecast period.
- By the end of 2023, the hot beverage cups segment is expected to secure 64.7% of the market share.
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Competitive Landscape:
A few of the leading competitors of the market include Berry Global Group, Inc., Hutamaki Oyj, Gorgeio Pacafic LLC, Genpak, LLC, Pactiv LLC, Dart Container Corporation, Frugalpac Limited, Grupo Phoneix Capital Limited, F Bender Limited, Conver Pack Inc., Stanpac Inc., Biopac UK. Ltd, Bio Futura B.V, Natural Tableware, Ecoware Biodegradables Inc., Packnwood (First Pack), Greenwood (Dalian) Industrial Co., Ltd, Hendga Industries Co., Ltd, DOPLA SPA, Itterra a.s., Detpak (Detmold Group), Greenweimo and others.
These players in the global paper cups market aim at expanding their supply chains across numerous regions. They further emphasize bringing eco-friendly and sustainable materials to the market. Moreover, to fulfill the growing demand, a few of the players focus on upgrading and expanding their facilities.
Recent Developments:
- Huhtamaki Oyj & Stora Enso, in December 2022, introduced its advanced Europe paper cup recycling program which comprises used paper cups by making partnerships with different companies including Nation Railway Company, McDonald’s, and The Food travel expert.
- Berry Global Inc., a plastic packaging manufacturer, in May 2022, launched a new recycled plastic cup for sustainable packaging.
The Paper Cups Market Outlook by Category
By Cup Capacity:
- Up to 150 ml
- 151 to 350 ml
- 351 to 500 ml
- Above 500 ml
By Cup Type:
- Cold Beverage Cup
- Hot Beverage Cup
By Sales Channel:
- Supermarket/Hypermarket
- Distributor
- Departmental/Specialty/Discount Stores
- Online Sales
By End User:
- Food Service
- Institutional
- Household
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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Old Source: Paper Cups Market Size to Hit US$ 9.21 Billion by 2031 at CAGR of 4.5 | Future Market Insights, Inc.
