Paper cups are single-use disposable cups made from paper and often contain a plastic or wax coating on the inner surface. They are used majorly for serving beverages such as tea, coffee and other hot and cold drinks. Paper cups offer benefits such as ease of handling, leak resistance and affordability which has increased its popularity for on-the-go consumption. The growing trend of consuming beverages away from home has been a major driver for the paper cups market.
The global Paper Cups Market is estimated to be valued at US$ 98.81 Bn in 2024 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:
The increasing demand for on-the-go beverages has been a key trend driving the growth of the paper cups market over the forecast period. People today lead a fast-paced lifestyle with long working hours and hectic schedules which allows little time for formal meals and sit-downs. This has increased the demand for portable drinks and snacks that can be consumed anywhere and anytime. Paper cups offer a versatile and disposable packaging solution for on-the-go consumption of beverages. The rising culture of eating out and increasing consumption of quick service restaurant foods have further augmented the need for paper cups. Various players are increasingly focusing on developing innovative and specialized paper cups catering to the demand for on-the-go beverages which is expected to present lucrative opportunities for the market over the forecast period.
Segment Analysis
The global paper cups market is segmented into hot paper cups and cold paper cups. The hot paper cups segment currently dominates the market due to high usage of paper cups for serving hot beverages like coffee and tea at cafes, restaurants, offices etc. The hot paper cups provide proper insulation to retain the temperature of the beverages for longer time.
Key Takeaways
The Global Paper Cups Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Paper cups market size is projected to reach US$ 98.81 Bn by 2024.
Regional analysis: North America currently dominates the global paper cups market owing to strong presence of key players and maximum consumption of paper cups for on-the-go beverages in countries like US and Canada. Asia Pacific is expected to be the fastest growing region during the forecast period attributed to growing disposable income, expanding quick service restaurant sector and changing lifestyle in major countries like China and India.
Key players: Key players operating in the paper cups market are Graphic Packaging International, Dart Container Corporation, Genpak LLC, Go-Pak Group, Dixie Consumer Products LLC, ConverPack, Lollicup USA, Letica Corporation, Eco-Products, and Berry Global Inc. Graphic Packaging International and Dart Container Corporation collectively hold over 45% market share of the global paper cups market.
For More Insights, Read: https://www.newswirestats.com/paper-cups-market-size-share-and-growth-forecast-2023-2030/
