July 25, 2022 8:30 AM ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt.Ltd
NEWARK, Delaware, July 25, 2022 (GLOBE NEWSWIRE) — The global paper cup lid market is expected to be valued at $37.2 billion in 2032, with a CAGR of 3.9% over the forecast period. The market is expected to reach $31.5 billion by 2022. Growth in demand for branded beverages such as milkshakes and coffee is expected to drive the market higher during the forecast period.
Paper cup lids are used to pack various beverages such as coffee, tea, milkshakes, juices, carbonated drinks, etc. Paper cup lids are mainly used for paper cups to avoid spilling, paper cup lids are lightweight and made of paper or plastic. Paper cup lids are used by brand owners and retailers for a variety of packaging purposes. The market is expected to gain momentum due to the booming catering industry.
The rapid growth of several coffee shop chains such as Costa Coffee, Starbucks, Tim Horton, etc. may drive the growth of paper cup lid sales in the market. In addition, it also emphasizes green environmental protection and the use of environmentally friendly products. Therefore, these chains are looking to improve sustainability through the use of paper cup lids. Safe, hygienic and easy-to-use paper cup lids are also driving market growth. In addition, the release of biodegradable cups that are easy to recycle and dispose of is likely to boost the paper cup lid market.
“The growing use of dome lids in cafes and restaurants due to the emergence of a variety of dairy products and beverages will drive the growth of the market over the forecast period,” FMI analysts said.
Lollicup USA, Inc., Huhtamaki Group, Bemis Company, Inc., Modi Sp. z oo, Mondi Group, LidWorks Co., Paper Cup Company, Amcor Limited, Simply Lids, Stanpac Inc., Fabri-Kal Corporation, Printed Cup Company, etc. are some paper cup lid manufacturers shown in the full version of this report.
In the competitive paper cup lid market, major players are building and expanding their supply chains. Due to the fragmented market structure, several companies are adopting strategic strategies such as mergers, acquisitions and partnerships. These organizations also invest in product innovation to gain a competitive edge.
In its latest report, FMI presents an unbiased analysis of the global paper cup lids market, providing historical data from 2017 to 2021 and forward-looking statistics from 2022 to 2032. To understand the potential, growth and size of the global market, the market is segmented by material type (plastics (polylactic acid (PLA), polyethylene terephthalate (PET), polystyrene (PS), polyethylene (PE), polyethylene Acrylic (PP), metal, foam plastic, paper /board), product type (special lid, hot lid, cold lid), diameter (over 80mm, 50–80mm, under 50mm), end use (food and drink (cafes), food delivery services, fast food restaurants food), food and beverages, ice cream, juices, alcoholic beverages, soft drinks, dairy products (cream, yogurt, tea and coffee) and regional.
According to the latest FMI report, the North American paper cup lid market is expected to take the lead on the global stage. This is due to the deep-rooted US food industry. Rising disposable incomes, changing lifestyles, and changing consumer behavior have contributed to the region’s preference for takeout and fast food. This is expected to stimulate the growth of the regional market. In addition, dairy products, juices and coffee are gaining popularity in North America. The popularity of beverages along with convenience and hygiene is expected to drive market growth in this region.
Apart from North America, the Asia-Pacific region represents a lucrative growth opportunity for the paper cup lid market. The growing presence of fast food giants such as KFC, McDonald’s, Domino’s, Subway, Pizza Hut in countries such as India and China will provide market opportunities for paper cup lids in the region. Changing consumer preferences, such as the trend towards new and innovative cup lids with printable surface, economical, lightweight, airtight, etc., are also driving the growth of the regional market. In addition, the emergence of several new beverage and cafe companies in emerging economies is likely to drive market growth in the Asia Pacific region.
The FMI Packaging Group provides accurate, reliable and objective analysis of the global packaging industry. This comprehensive study includes information on material types, alcohol types, product types, distribution of retail and packaging materials, and estimates of supply and demand and related developments in the industry. Our research serves as a market reference guide for packaging manufacturers, channel partners and government agencies to develop a “way forward”.
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Post time: Aug-10-2022