cups and lids market value Driven by the Growing Concerns for Environmental Sustainability :
Market Research Future has published a Half-Cooked Research Report on the Global cups and lids market value.
In its research report, Market Research Future (MRFR), emphasizes that the global cups and lids market value 2020 is expected to grow significantly, securing a substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
Demand for food packaging has increased due to an inclination of consumers towards the specialty processed food and advanced food packaging content. Therefore, the growing demand for packaged food and food patterns, preferred by convenience and smaller portions of products, has, to some degree, offset the packaging industry. In addition, different packaging styles and shapes such as cartoon designs, logo printed, coffee, tea or any other beverage styles have a direct effect on consumers' buying decisions, which is likely to have a positive effect on market development. Packaging cups received considerable attention and became a more popular snack choice. In addition, the compact and pre-packaged design of packaged goods is among the factors driving market development.
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This, in effect, positively impacts food producers' profits and also allows products to be priced at a higher price. The market for premium yogurt packaging has increased since the popularity of single-cup brewing systems, and cups for dairy products is experiencing a considerable market. Rapid growth in food beverage packaging such as coffee, hot drinks, milk, and dairy products, sports and energy drinks, and alcoholic beverages has boosted cup and lid demand. The growing demand for cups and lids is driven by the evolving lifestyle and economic development, which further drives the fast-food services industry. Furthermore, increasing investment to create creative packaging further accelerates the growth of the global market for cups and lids.
On the basis of material type, the global market is split into paper paperboard, plastic, metal, and others. Among other cup materials, the paper cups are observing the fastest growth, growing restrictions on polystyrene foam disposables, which reflects environmental concerns about foam cups, and increasing pressure from environmental groups. Based on the product, the market is segmented into cups and lids. On the basis of the application, the global market is segmented into food beverage, retail, foodservice, and other applications.
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The geographical overview of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
North America is leading the market, followed by Europe. The US-dominated the market for the past few years, and is now experiencing a stage of maturity while Russia and Mexico are relatively higher grossing country-wise markets for these regions. The higher concentration of key players in these regions is driving the growth of the market over the review period. In contrast, market maturity in developed countries will moderate overall growth. Still, demand in the U.S., Western Europe, and other developed areas will be supported by the greater use of relatively expensive biodegradable, compostable, and recycled- content products.
The Asia Pacific is the fastest-growing region for the cups and lids market value in which emerging markets of India and China are the major contributors. The highest growth rates are expected in India and China, followed by Indonesia. Rising living standards and the rapidly growing number of limited-service restaurants for packaged food and beverages in cups and using lids are boosting the market towards the market.
The major market players operating in the global market as acknowledged by MRFR 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.)