Paper Cups Market is Projected to Propelled by Sustainable Manufacturing Practices
Paper cups are single-use disposable cups made from bleached paperboard. They are used widely to serve hot and cold beverages. Paper cups are affordable, disposable, and provide insulation from extreme temperatures. The growing demand for on-the-go beverages is fueling the need for paper cups that can be disposed easily.
The global Paper Cups Market is estimated to be valued at US$ 98.81 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainable manufacturing practices are propelling the paper cups market. Increasing environmental concerns are encouraging manufacturers to opt for sustainable practices. Major players are investing in recycling programs and using recycled content with the goal to manufacture paper cups from renewable and recycled sources. They are minimizing the use of plastic linings and using plant-based coatings to make paper cups eco-friendly. Paper cups manufactured through sustainable practices have high demand amongst conscious customers. Manufacturers promoting recycled or FSC certified paper cups will have competitive advantage in the future.
SWOT Analysis
Strength: Paper cups are inexpensive, easy to produce and widely available. They are also compostable and biodegradable.
Weakness: Paper cups have low resistance to water and liquid, which can cause leakage. They are also not as durable as plastic cups.
Opportunity: Increasing demand for sustainable and eco-friendly packaging solutions from foodservice outlets and quick service restaurants present an opportunity. The growing "to-go" food culture also drives the demand for paper cups.
Threats: Stringent government regulations around plastic waste and single-use plastics pose a challenge. Substitute products like reusable cups also threaten the market.
Key Takeaways
The Global Paper Cups Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by sustainabile coffee culture and take-away food trends. The global Paper Cups Market is estimated to be valued at US$ 98.81 Bn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global paper cups market currently owing to high consumption in foodservice outlets and quick service restaurants. Asia Pacific is expected to be the fastest growing regional market for paper cups driven by rising disposable incomes, growing youth population and expansion of QSR chains in the region.
Key players: Key players operating in the paper cups market are Graphic Packaging International, Dart Container Corporation, Huhtamaki, Genpak, LLC, Eco-Products Inc., Lollicup USA, Inc., and Kap Cones. Graphic Packaging International holds a significant market share currently due to their large packaging facilities and product portfolio.
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