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Paper cups have experienced an increasing enlargement as people are progressively attracted to their disposability and environmental friendliness. The product being safer for the consumption of hot and cold beverages as compared to its substitute such as plastic, styrofoam, and others surges its necessity. The growing production of a customizable printed paper cup across the globe is acting as an opportunity for market growth. For instance, Green Indya Enterprises is offering customizable paper cups with multiple colors, sizes, prints, and others, depending on the user's requirement.
The rising concern of the environment led to intensifying the consumption of the sustainable product in various countries around the world is driving market growth. For instance, according to the International Trade Centre and European Commission data issued, May 2019, the growth of sales of sustainable products of various European countries over the past 5 years are France 90 percent, Germany 84 percent, Italy 84 percent, and Netherland 89 percent. In addition, the increasing popularity of the usage of the products in various events such as weddings, birthday parties, festival celebrations, and others are likely to fuel the demand.
Nevertheless, the availability of substitute products made out of plastic, styrofoam, and others possessing a strong presence is hampering the market growth.
Key Market Driver -
The increasing consumption of sustainable product is acting as a driving factor for the market growth.
Key Market Restraint -
Availability of alternative products is acting as a restraining factor for the market growth
Nippon Paper Industries Co., Ltd., Go-Pak UK LTD, F Bender Limited, The International Paper Company, Dixie Consumer Products LLC are the key companies operating in the paper cups market.
The paper cups market is segmented into by product type, wall type, application, and geography.
On the basis of product type, the market is bifurcated into hot paper cups and cold paper cups. Hot paper cups are estimated to be the larger market owing to the product being more durable, and the increasing consumption of hot beverages such as tea and coffee have boosted the need for the product.
Based on wall type, the market is divided into single-walled cups and double-walled cups. Double-walled cups are projected to be the leading segment on account of their ability to withstand shock, and contain hot beverage as compared to single-walled cups is making it more desirable.
By application, the market is fragmented into household and commercial. The commercial is anticipated to be the prominent segment due to the growing demand of the product in commercial places such as restaurants, hotels, café, and others. Likewise, large number of workplaces offering a beverage to their employees also surges the consumption for this segment.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is evaluated to embrace the leading share and is projected to continue throughout the forecast period of 2021-2028. The booming growth of outdoor recreation led to upsurging utilization of the product due to its easy disposability is acting as a driving factor for the market growth. According to the Bureau of Economic Analysis. Gov data issued in 2019, the United States outdoor recreational economy is assessed to be USD 459.8 billion. Furthermore, the increasing number of family vacations taken by the people in this region is likely to escalate the consumption rate. For instance, according to the American Automobile Association data published in the United States, there is an estimation that about 100 million Americans took family vacations at some point in 2019.
Asia Pacific is anticipated to display a crucial presence in the paper cups market, owing to the rising number of countries taking a necessary step to prevent the usage of plastic. For instance, according to the data released by the World Economic Forum, August 2019, India has imposed strict rules and regulations for banning of plastic bags, cups, and straws nationwide. In addition, the domestic brands such as AKR Industry India, Wasara co., ltd. Japan, Heyi Packaging China, and others progressively gaining traction is anticipated to have a significant contribution.
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