October 11, 2023 09:46 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global paper cups market size was valued at USD 9.90 billion in 2022 and is projected to grow from USD 10.43 billion in 2023 to USD 12.94 billion by 2030, exhibiting a CAGR of 3.1% during the forecast period. Bulk Paper Ice Cream Cups
Cafes and restaurants rely on disposable paper cups to serve a variety of beverages quickly, often opting for custom-printed options to promote their brand and enhance sales. The increasing demand for disposable food service products in restaurant settings is a driving force behind the growth of the paper cup market. Fortune Business Insights presents this information in their report titled "Paper Cups Market, 2023–2030."
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Demand for Economical Cold Beverage Ware Drove Market Growth
By type, the market is split into hot paper cups and cold paper cups. The cold segment claimed the paper cups market leadership in 2022, primarily due to its lightweight and cost-effective nature, aligning with the preferences of restaurant and hospitality clients who seek economical options for cold beverage ware.
Single-Wall Paper Cups To Gain Popularity Due to Environmental Concerns and Cost Efficiency
By wall types, the market is bifurcated into single wall paper cups and double wall paper cups. Single-wall paper cups are preferred due to their lower energy and paper material consumption compared to double and multiple-wall cups, with manufacturers increasingly focusing on producing single-layer products to drive segment growth.
QSR's Growth Driven by High Demand for Disposable Beverage Ware
By end-user, the market is segmented into households, QSR, and others. The quick-service restaurants (QSR) segment benefits from the widespread use of disposable cups in dine-in and takeaway food service, amplified by the increasing demand for printed food service disposables in fast food and QSR settings, driving segment growth.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The comprehensive market research report offers a thorough analysis of the market, with a particular focus on critical aspects such as the competitive landscape, distribution channels, and prominent product categories. Moreover, it delivers valuable insights into market trends and notable developments within the industry. In addition to the factors mentioned above, the report covers a multitude of variables that have contributed to the recent growth of the market.
Growing Popularity of Takeaway Food Services and Ready-to-Drink Beverages Boosts Market Growth
The global demand for paper coffee cups is rising, driven by increasing coffee and tea consumption for energy and stamina, coupled with the growing popularity of takeaway food services and ready-to-drink beverages. Notably, data from the National Coffee Association indicates a steady increase in Americans' daily coffee consumption rate, by reaching 65% in 2023 compared to 62% in 2020.
However, the paper cups market growth may face limitations due to the availability of disposable cups made from materials other than paper and paperboard and by growing consumer preference for reusable tableware.
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North America Thrives Due to High Consumption of the Product in U.S. and Canadian Households and Restaurants
North America held the paper cups market share valued at USD 4.87 billion in 2022, primarily due to significant consumption of food service disposables in U.S. and Canadian households and restaurants. For instance, Huhtamäki Oyj generated approximately USD 1,584.78 million in sales of tableware, food service, and consumer goods packaging products in North America in 2022.
In Asia Pacific, fast-food restaurants in China, India, and Southeast Asia favor durable double-wall disposable tableware, driven by a growing number of food establishments and evolving celebration trends.
Industry Leaders Focus on Sustainable Growth Through Paper Cup Recycling Initiatives
Major industry players are prioritizing expanding paper recycling capabilities to create sustainable paper-cups and reduce production expenses, enhancing their business operations. Additionally, collaborations between leading companies are becoming increasingly common, aimed at implementing joint initiatives for recycling paper-cups and promoting sustainable growth in the market.
Supply Chain Disruptions Dented Market Growth
The COVID-19 pandemic's impact on restaurant closures and supply chain disruptions significantly affected the global consumption of paper-based tableware. However, as quick-service restaurants reopened following the lockdown restrictions, the demand for disposable food service products saw support, and the pandemic also boosted the usage of insulated disposable cups in healthcare establishments, contributing to market growth.
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