Cups and lids industry 2021: Sales Revenue, Development Strategy
Market Research Future (MRFR) report on the global cups and lids market is an in-depth assessment that offers a detailed overview of the industry. The report covers the COVID-19 overview of the global cups and lids industry and provides an accurate explanation of market segments, current trends, growth projections, and market challenges from 2017 to 2023 (forecast period) to define growth opportunities.
Cups and lids are used in the foodservice industry, particularly in fast-service restaurants, coffee houses, and ice cream shops. The popularity of items that favor health is growing, such as yogurt and fruit, often packaged in plastic portion cups. The takeaway cups are easy to use and carry. The food service industry is projected to continue to lead the demand for cups due to their lightweight. It is one of the best options for promoting environmentally friendly items and avoiding heavy goods transport. Moreover, environmental deterioration due to global warming affects the use of eco-friendly goods. These cups are made using biodegradable or recyclable materials like pulp extracted from trees and water.
Market Dynamics
The demand for food packaging has increased due to customer preference for specialty & processed food and advanced food packaging materials. As a result, the increased demand for packaged food and food trends that favor convenience and smaller portions of products has, to some extent, changed the packaging industry. Manufacturers concentrate on the production of recycled and biodegradable materials and various other packaging materials, which can avoid contamination of the products and improve the shelf life of the product. In addition, various packaging designs and shapes, such as cartoon designs, logo prints, coffee designs, tea, or every other beverage, directly affect customer buying decisions, which are likely to have a positive impact on market development.
Packaging cups have gained significant popularity and become a more popular snack choice. In addition, the portable and pre-packaged nature of packaged products are some of the factors that drive market development. This, in turn, has a positive effect on the revenue of food producers and allows goods to be sold at a premium price. Since the popularity of single-cup brewing systems and cups for dairy products is experiencing considerable demand, the demand for premium yogurt packaging has increased.
Rapid growth in food and beverage packagings, such as coffee, hot drinks, sports and energy drinks, milk and dairy products, and alcoholic beverages, has fuelled demand for cups and lids. Growing demand for cups and lids is driven by shifting lifestyles and economic growth, pushing the fast-food services industry further. In addition, growing investment in developing innovative packaging also accelerates the development of the global market for cups and lids.
Market Segmentation
The global cups and lids industry is segmented into material type, product, and application.
By material type, the global market is split into paper & paperboard, plastic, metal, and others. Among other cup materials, the paper cups are experiencing the fastest growth, which reflects environmental concerns about foam cups, growing restrictions on polystyrene foam disposables, and increasing pressure from environmental groups.
Based on the product, the global market is segmented into cups and lids.
Based on the application, the global market is segmented into food & beverage, foodservice, retail, and other applications.
Regional Analysis
Geographically, the global cups and lids industry is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Asia Pacific is expected to dominate the global packaging market of cups & lids with the largest market share. Simultaneously, the US market for cups and lids is expected to hit USD 9.6 billion by 2020. Food trends that favor convenience and smaller packages and an increasing emphasis on specialty drinks drive regional market growth.
A variety of initiatives across the globe favor the use of traditional cups and glasses. In addition, there is a rise in food and beverage sales in restaurants and retail outlets and an increase in the number of drinking cups that use lids. These are some of the critical factors that further boost the market growth.
Key Players
Some of the industry giants operating in the global cups & lids market are Georgia-Pacific LLC (U.S.), Clondalkin Group Holdings (The Netherlands), Greiner Holding AG , Huhtamäki Oyj Reynolds Group Holdings Limited, PrintPack Inc. (U.S.), Solo Cup Operating Corporation (U.S.), Bemis Company, Inc.(U.S.), WinCup (U.S.), International Paper Company (U.S.), Airlite Plastics Company (U.S. ), and Berry Global Inc.(U.S.).
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