Cup Carriers Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Cup Carriers Market grew at a CAGR of 4.7% between 2017-2021 and is estimated to be US$ 473.5 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.2 % and is expected to reach a valuation of US$ 786.1 Mn by 2032 end.
Throughout the projected period, Given their many advantages, cup carriers will become more and more popular in food service, institutional use, and household use.
BOOMING ONLINE-FOOD DELIVERY DRIVES THE MARKET FOR CUP CARRIERS
Cup carriers are a good solution for the delivery of liquids and are available in various sizes and materials. In addition, cup carriers made from paper, wood, and molded pulp are renewable, sustainable, and eco-friendly, making it easier for customers and suppliers to use them. Nowadays, the government and end users are very conscious of the environment. End users are now preferring more eco-friendly products than traditional ones. Cup carriers made of wood, paper, and molded pulp have created sustainable growth opportunities.
THE RISE IN RECYCLED PAPER CUPS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Paper cup carriers are made from the most sustainable, earth-friendly material that can be recycled and reused, making it an optimal packaging choice. The paper cup carriers do not contain any BPA or Phthalates. Paper cup carriers are a great choice for cafes, restaurants, offices, and other venues that serve beverages such as coffee, juices, and more.
The coronavirus outbreak has significantly affected the expansion of online food applications. In several projects, the installation of Cup Carriers declined in 2021. Additionally, the worldwide closure of production facilities in 2020’s first and second quarters is to blame for slowing the market’s expansion. However, it is anticipated that the adoption of Online food ordering and, therefore, the Cup Carriers will expand due to the growing installation of Cup Carriers systems in operational projects.
Market Segments Covered in Report
By Carrying Capacity:
By End Use:
By Region and Country:
Why are Molded Fiber Cups projected to ensure the most revenue during the forecast period?
Molded fiber cup carriers are the second most preferred packaging materials, accounting for 36.5% of the total market share, with sales growing at 4.6% CAGR over the forecast period. In addition to being sustainable and biodegradable, these products are cost-competitive and water-resistant, making them applicable in a wide range of applications.
A strict focus on environmental sustainability and an overall cost-competitive approach to product delivery are the main factors contributing to this high usage.
Why is the Foodservice Sector segment expected to expand the fastest during the forecast period?
In 2021, The food service industry was one of the major segments contributing significantly to this sector. Food service providers can offer new and innovative ways to serve brands effectively and efficiently. Besides, this will also help them attract more people to their establishments.
The increased adoption of cup carriers among these segments is the main reason behind its projected growth. Foodservice has developed with new outlets and takeaway systems, which benefits the cup carriers market.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major corporations are competitive due to many local and regional rivals. Key players employ various marketing strategies, including partnerships, expansions, mergers and acquisitions, and collaborations.
Some of the key developments that have taken place in the Cup Carriers Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Material, Carrying Capacity, End Use, and Region.|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.2%.
The market is anticipated to grow as a result of advancements in the food and beverage industries and an increase in restaurant takeaways.
Major global Cup Carriers Market players are MULTIPAP, Green Paper Products, LLC, Huhtamäki Oyj, Georgia-Pacific Consumer Products LP, Sabert Corporation, Pactiv LLC, Southern Champion Tray, LP, Graphic Packaging International, LLC, PakTech, WestRock Company, CELLULOPACK SAS, Cascades inc, MULTI-WAYS PACKAGING, Colpac Ltd, Dreamfly Packaging Co., Ltd, Detmold Group.
The stringent government rule profoundly affects the economy, which is constrained by market growth.
The Europe region is expected to account for the largest market revenue share in the Global Cup Carriers market.
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