August 01, 2023 09:47 ET | Source: Straits Research Straits Research
New York, United States, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Paper cups are a type of disposable cups used for consuming food and beverages such as tea, coffee, soft drinks, and soups. These cups are coated with polyethylene, the most widely used plastic resin, which improves their performance and toughness by inhibiting flavor-retaining absorption of condensed moisture. Consumers nowadays use paper cups to save time and effort with their hectic lifestyles and busy schedules because they do not need to be cleaned and can be tossed away after use. The growing international trend of takeaway services and ready-to-eat food has also impacted the demand for paper cups. Compostable Double Wall Paper Cup
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Rising Demand for On-The-Go Consumption Beverages Drives the Global Market
With increased active schedules, busy lifestyles, and high expectations, customers are looking for the convenience of single-serve, on-the-go, and functional packaging to complement their refreshment intake patterns. The beverage industry is projected to impact the paper cup carrier market substantially. Various well-known companies are developing paper cup carriers to satisfy the expanding demand for beverages eaten on the go in different regions. Additionally, purchasing beverages for home delivery and takeaway has grown in popularity.
Similarly, cup carriers that are fashionable and strong are in high demand. As mobility improves and more people start traveling again, demand for food categories convenient to consume on-the-go, such as drinks and milkshakes, is growing. These products' sales often depend on customers leaving their homes to purchase single-serve packs, and they significantly correlate with consumption outside the home. A single-cup coffee brewing device will be owned by 40% of American consumers by 2020, up from 29% in 2016, per a National Coffee Association study. The market under consideration should grow more quickly due to these factors.
Recent Innovations Aiding Shelf-Life Creates Tremendous Opportunities
Disposable Paper cups are anticipated to replace plastic bottles as a common type of packaging since they may prolong the shelf life of products and maintain the freshness of beverage items. As a result, disposable paper cups have gained widespread acceptability as a dependable substitute for other types. It is predicted that demand and customer acceptance will continue to rise. Manufacturers have created new barrier and seal technologies for paper cups and technical advancements to keep food fresh throughout the supply chain in response to the increased beverage consumption.
Using biodegradable composite materials in producing paper cups will drive the market since it will considerably increase the product's shelf life and enable it to be used by various end users. The JcFoodpack Bio paper Soup cup is made of a board of biodegradable kraft, bamboo, or enamel paper with a PE liner. Hot soups, porridge, spaghetti, frozen foods like ice cream or yogurt, and other snacks are frequently used.
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North America is the most significant revenue contributor and is expected to grow at a CAGR of 3.68% during the forecast period. It is predicted that increasing consumer awareness and supportive government legislation will fuel demand for biodegradable packaging in North America. The U.S. Environmental Protection Agency estimates that the US produces close to 80 million metric tons of packaging waste annually. Food and drink products make up around half of the packaging trash in the US. The organization stated that food companies like Nestle and Unilever produce most plastic garbage.
Additionally, Canada is urging action to reduce plastic waste as it faces a growing plastic waste problem. It has gained popularity in recent years. Furthermore, the International Institute for Sustainable Development claims that Canada's existing system for managing plastic waste results in a loss of nearly CAD 8 billion, which is predicted to rise to over CAD 11 billion by 2030, posing a grave threat to both the economy and the environment. By 2025, Kroger Co. said it would stop using plastic bags in its more than 2,800 company-owned shops. 6 billion single-use bags are distributed annually by the enormous grocery chain. To convince all of its customers to switch to reusable bags over the next seven years, Kroger said it would start by providing paper bags instead of plastic ones and charge between USD 1 and USD 2 per bag, depending on the market.
Europe is expected to grow at a CAGR of 4.58% during the forecast period. According to the Europe Paper Packaging Alliances, paper cups may be recycled and used to create new paper goods all around Europe, making them a part of the circular economy. The EPPA is committed to increasing recycling rates by working with various parties along the value chain. Such government initiatives will encourage the local population to utilize paper cups. A kilogram of coffee makes 130 single-shot coffees, with 35 billion cups used in Europe yearly. This implies that one of the primary factors in the acceptability was the necessity of using paper cups for coffee while driving. To comply with EU regulations, the Dutch intend to stop using plastic coffee cups in 2023. While the packaging of ready-to-eat (RTE) meals will be outlawed in 2024, this will also disrupt the custom of serving RTEs in paper cups. New companies are also entering the market for serving things in biodegradable packaging.
The global paper cups market’s major key players are
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Global Paper Cups Market: Segmentation
TABLE OF CONTENT
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Global Specialty Pulp and Paper Chemicals Market Grows Steadily at a CAGR of 4.12%
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