Paper Cups Market Driven By Growing Trends of Online Food Ordering is Estimated to Witness High Growth Owing to Increasing Consumption of Packed Food and Beverages
Paper cups have a wide range of applications including serving hot and cold beverages as well as packaged food products. They are used in restaurants, cafes, quick-service restaurants, and also for takeaways and online food deliveries. Paper cups help maintain product freshness and for single-use consumption of food and beverages on-the-go. The global paper cups market is estimated to be valued at US$ 16.2 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 Dynamics:
The increasing consumption of packed food and beverages is one of the major drivers propelling the growth of the global paper cups market. The rising trend of online food ordering and delivery services has further boosted the demand for paper cups from the foodservice industry. Paper cups are the most preferred packaging solution for servicing hot beverages as well as cold beverages and street food via online channels. Moreover, the increasing disposable incomes and preference for ready-to-eat packaged snacks and beverages among consumers has augmented the market growth of paper cups over the years.
SWOT Analysis
Strength: Paper cups have high demand in various end-use industries like food & beverage, healthcare, and household. They are cost-effective packaging solution compared to other materials. Paper cups are also easily disposable and cause less waste.
Weakness: Paper cups have limited reusability as they get soggy quickly on contact with liquids. Their strength is also relatively low compared to plastic cups. Raw material prices of paper keep fluctuating.
Opportunity: Growing demand for sustainable packaging from eco-conscious consumers is driving the use of paper cups. New printing and coating techniques are making paper cups more durable and reusable to some extent. Initiatives to reduce plastic waste open up opportunities.
Threats: Stringent environment regulations on disposable packaging pose challenges. Alternative materials like bioplastics threaten paper cup market share. Economic slowdowns lower the demand from end-use industries.
Key Takeaways
The global paper cups market size is expected to witness high growth over the forecast period supported by increasing consumption in foodservice sector.
The Asia Pacific region dominates the paper cups market currently owing to large population, rapid urbanization and rising disposable incomes in countries like China and India. China alone accounts for over 30% of the global paper cup consumption currently.
North America is another major market for paper cups driven by strong foodservice industry and consumer demand for sustainable packaging options. Key players like Dart Container Corporation, International Paper Company, and Huhtamaki Oyj have established presence to cater growing demand across food chains, cafes, and quick service restaurants.
Key players operating in the paper cups market are Dart Container Corporation, Huhtamaki, International Paper Company, Konie Cups International,Genpak, Dart Container Corporation, and FrugalPac Limited. While food & beverage is currently the major application segment, demand from healthcare sector is rising rapidly driven by need for reliable disposable solutions. The global paper cups market size was valued at USD 10 billion in 2022 and expected to surpass USD 24 billion by 2030.
Get more insights on this topic: https://www.newswirestats.com/paper-cups-market-size-and-outlook/
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