The Paper Cups Market is expected to grow at a CAGR of 2.72% over the forecast period (2021-2026). Disposable Paper Cups are gaining popularity as these cups do not require any cleaning and can be easily disposed of after use. Also, the emergence of â€˜on-the-goâ€™ paper cups suits the busy lifestyles and schedules of consumers.
– The major demand for Paper Cups is being generated by the Food Service Industry across the globe. The rising trend of takeaways has generated a need for paper cups. Indicative of this is the growing demand for short-run custom printed cups that majorly used by individual coffee and ice cream shops that need lower volumes and fast deliveries. Huhtamaki to better serve this segment of the foodservice industry acquired CupPrint in 2018. Further, more than 225 million customers in the United States, one of the leading fast-food markets in the world are expected to use disposable cups by 2023, according to data released by the US Census Bureau.
The competitive landscape of the market is becoming increasingly fragmented leading due to the entry of several small players in the emerging markets. In the developed economies though the market remains relatively consolidated as compared to developing economies. Some of the recent developments in the market are as follows: –
– In October 2019 – Genomelabs Bio Private Limited launched ‘EAT CUPâ€™ which is an eco-friendly and biodegradable cup made from natural grain products. The cup produced is itself edible making it suitable for any kind of beverage consumption.
– In May 2019 – Stora Enso introduces renewable paperboard cups. The cups have been produced without a traditional plastic coating and is designed for full fiber recovery. It is suitable for hot and cold drinking cups, as well as for ice cream packaging.
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