- At present, hot paper cups dominate the market as they are used for consuming hot beverages and food items such as tea, coffee, soup and noodles.
- Presently, single wall paper cups represent the biggest segment, accounting for the biggest market share.
- Asia Pacific is the leading market, holding the majority of the global share.
According to the latest market research report by IMARC Group, the global paper cups market reached a volume of about 316 Billion Units in 2018, exhibiting a CAGR of nearly 3% during 2011-2018.
Paper cups are disposable cups lined with a layer of plastic or wax which prevents liquids from soaking through or leaking out of the paper. These cups are exposed to high heat during the manufacturing process which kills harmful bacteria, thereby making them sterile. Owing to hectic lifestyles and long working hours, consumers nowadays are shifting from non-disposable utensils to paper cups so as to save their time. This shift, coupled with the emerging trend of takeaway services, is influencing the growth of the paper cups market across the globe.
With rapid urbanization and rising health awareness, the demand for paper cups has increased in the past few years as they are relatively hygienic in nature over their re-usable substitutes. Moreover, the United Nations Organization (UNO) introduced the ‘Clean Seas’ campaign in 2017 for minimizing litter in water bodies. The campaign has encouraged governments worldwide to start awareness campaigns for their citizens and implement stringent policies to reduce the use of plastics.
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For instance, the governments of France and India have implemented regulations to discontinue the use of plastic cups and promote the adoption of eco-friendly substitutes like paper cups. Further, inflating income levels have increased the demand for fast food and beverages like noodles, soups, tea, coffee and aerated drinks which are contributing to the growth of the paper cups market. By 2024, market for paper cups is projected to exceed 356 Billion Units, expanding at a CAGR of around 2% during the forecast period.
Some of the major players operating in the industry include:
- The International Paper Company (NYSE: IP)
- Huhtamaki (HOYFF)
- Dart Container
- Benders Paper Cups