Paper Cups Market to Reach Valuation US$ 9.2 Bn by 2030
The global paper cups market is expected to reach a valuation of US$ 9.2 billion by 2030 and is estimated to expand at a CAGR of 4.4% from 2022 to 2030
The paper cups market is anticipated to garner notable gains, registering a CAGR of 4.4% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The paper cups market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next ten years. The market is expected to grow to US$ 9.2 billion by 2030 from US$ 5.72 billion in 2021. The report contains 150+ pages with detailed analysis.
The paper cups are made of cardboard and are disposable in nature. The paper cups are extensively used for the packaging and serving hot and cold beverages across the globe. The paper cups have a low-density polyethylene coating that helps to retain the original taste and aroma of the beverage.
The rising concerns regarding the plastic wastes accumulation is a major factor that propels the demand for the paper cups across the global market. Moreover, the rising penetration of quick services restaurants along with the rising demand for the home deliveries is boosting the adoption of paper cups. The changing consumption habits, rising urban population and busy and hectic schedule of the consumers are driving the growth of the global paper cups market.
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Crucial factors accountable for market growth are:
- Rising penetration of coffee chains and quick service restaurants
- Changing lifestyle of the consumers
- Busy and hectic schedule of the consumers
- Rising penetration of home delivery platforms
- Rapidly growing food and beverages industry
- Increasing government initiatives to reduces plastic wastes
- Rising consumer awareness regarding health and hygiene
- Development of organic, compostable, and bio-degradable paper cups
Paper Cups Market Report Scope
|Market Size||US$ 5.5 billion in 2020|
|Growth Rate||CAGR of 4.4% from 2021 to 2030|
|Latest Market||Asia Pacific|
|Fastest Growing Market||North America|
Paper Cups Marekt Report Highlights
- By type, the cold paper cups segment is estimated to be the most opportunistic market owing to the rising demand and consumption of soft drinks in the major Asia countries like India. The Varun Beverages forecasted the consumption of soft drinks to be doubled in 2021 from 2019.
- By wall type, the double walled segment dominated the market in 2020. This is attributed to the double wall used in the paper cup that facilitates comfortable grip to the consumers while serving hot temperature drinks like hot chocolate, tea, and coffee. The increased consumption of hot beverages in the large market like Asia Pacific has significantly contributed to the segment growth.
- By end-user, the institution segment is expected to grow at the fastest rate owing to the rising development of various institutions like schools and colleges in the underdeveloped and developing nations. Paper cups are extensively used for serving drinkable water and other beverages to the students in the institutions.
Paper Cups Marekt Dynamics
Drivers – The rising number of institutions and commercial spaces in the developing regions is a significant driver of the paper cups market growth. The introduction of compostable and bio-degradable paper cups is expected to drive the market growth in the upcoming years.
Restraints – Availability of plastic cups at a cheaper price than the paper cups is a major restraining factor that discourages the small beverage vendors to adopt paper cups. Further the single use feature of the paper cups is a major restraining factor. The paper cups require a huge energy for manufacturing and it is disposed only after a single use.
Also Read: Bottled Water Market Size to Touch US$ 500.7 Billion By 2030
Opportunities – The rising popularity of organic paper cup is gaining rapid traction in the developed markets like Europe. The increased consumer awareness regarding health and hygiene and environmental issues is expected to drive the demand for the organic paper cups in the forthcoming years.
Based on the region, the Asia Pacific was the dominating paper cups market in 2020. The Asia Pacific region is the home to the largest global population that gradually fosters the demand for the various food and beverages products among the population. Further, the increased consumption of hot beverages like tea and coffee is positively impacting the consumption of paper cups in the region. The rising penetration of coffee chains like Starbucks is boosting the paper cups consumption in the region.
The revenues of the Starbucks quadrupled in the Asia Pacific region in the past decade. The consumption of soft drinks is estimated to rise in the region. According to Varun Beverages, bottling partner of PepsiCo in India, the consumption of soft drinks is estimated to be doubled by the end of 2021 as compared to the consumption in the year 2019. Hence, Asia Pacific is estimated to be a fastest-growing market during the forecast period.
North America is the second largest market for the paper cups. This is due to the increased penetration of fast-food chains such as Subway, KFC, and Domino’s that commonly offers soft drinks in its daily affordable meal. Furthermore, the on-the-go consumption of beverages is growing in the region owing to rise in the number of employment that leads to a busy and hectic schedule of the consumers.
- In October 2019, Genomelabs Bio Pvt. Ltd. introduced bio-degradable and environmental friendly paper cup named Eat Cup. The cup is edible as it is made from natural grain products.
Some of the prominent players in the paper cups market include:
- International Paper Company
- Huhtamaki Oyj
- Dart Container Corporation
- Benders Paper Cups
- Konie Cups International
- Eco-Products Inc.
- Kap Cones Pvt. Ltd.
- DongyangKangbao Paper Cups Co. Ltd.
- Phoenix Packaging Operations, LLC.
- Shanghai Xinyu Paper Cup Co. Ltd.
- Hot Paper Cups
- Cold Paper Cups
By Wall Type
- Single Walled
- Double Walled
By End User
- North America
- Asia Pacific
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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