In its research report, Market Research Future (MRFR), emphasizes that the global cups and lids market 2020 is expected to grow significantly, securing a substantial market valuation and a healthy CAGR over the review period.
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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. 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.
The global cups and lids market 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.
Geographically, the global cups and lids market 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 market growth.
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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.)
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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