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Cups And Lids Packaging Global Market Report 2024 - By Demand, Trends, Share And Key Drivers, Forecast To 2033
Cups And Lids Packaging Market
As per the report, the cups and lids packaging market size has grown strongly in recent years. It will grow from $29.76 billion in 2023 to $32.19 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The cups and lids packaging market size is expected to see strong growth in the next few years. It will grow to $45.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
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Increasing Demand In The Food And Beverage Industry Fuels Growth Of Cups And Lids Packaging Market
The rising demand for the food and beverage industry is expected to propel the growth of the cups and lids packaging market going forward. Foods and beverages encompass consumable items, including solid and liquid nourishment, typically consumed for sustenance and enjoyment. The food and beverage industry is increasing due to changing consumer preferences, globalization, technological advancements, e-commerce, health and wellness trends, sustainability initiatives, and regulatory factors. Cups and lids packaging is a fundamental component of the food and beverage industry, enhancing convenience, safety, and customer satisfaction while offering branding and sustainability opportunities. For instance, in May 2021, according to the Australian Bureau of Statistics, an Australia-based government agency, sales of food and non-alcoholic drinks reached 15.1 million tons in 2021-2022, a significant increase from the 14.8 million metric tons sold in the previous fiscal year of 2020-21. Therefore, the rising demand for the food and beverage industry is driving the growth of the cups and lids packaging market.
Innovation In Recyclable Packaging Products In Cups And Lids Packaging Market
Major companies operating in the cups and lids packaging market focus on developing innovative products, such as recyclable packaging products, to sustain their position in the market. Recyclable packaging products are materials designed to be processed and reused through recycling systems, reducing waste and conserving resources. These products are made from materials that can be collected, processed, and re-manufactured into new products, thus contributing to environmental sustainability. For instance, in August 2023, Novolex Holdings Inc., a US-based packaging company, launched food packaging recyclable containers. These packaging solutions are crafted from eco-friendly materials such as biodegradable plastics, recycled paper, and plant-based fibers, ensuring they can be quickly processed and reused through standard recycling systems. They are designed to maintain the freshness and quality of desserts and baked goods, with moisture-resistant and airtight properties.
The cups and lids packaging market covered in this report is segmented -
1) By Product Type: Cups, Lids
2) By Material: Paper, Plastic, Other Materials
4) By Application: Food, Non-Food
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Major companies operating in the cups and lids packaging market are International Paper Company, Berry Global Inc., Graphic Packaging International LLC, Georgia-Pacific Consumer Products LP, Pactiv LLC, Huhtamäki Oyj, Reynolds Consumer Products Inc., Dart Container Corporation, Novolex Holdings Inc., The Brakes Group Limited, Solo Cup Company, Fabri-Kal Corporation, Airlite Plastics Co., WinCup Holdings Inc., Printpack Inc., Lollicup USA Inc., Koch Industries Inc., Seda International Packaging Group S.p.A., Eco-Products Inc., Polar Plastics Corporation, Dopla S.p.A., Kent Paper Inc., R+R Packaging Ltd.
Contents of the report:
1. Executive Summary
2. Cups And Lids Packaging Market Report Structure
3. Cups And Lids Packaging Market Trends And Strategies
4. Cups And Lids Packaging Market - Macro Economic Scenario
5. Cups And Lids Packaging Market Size And Growth
…..
27. Cups And Lids Packaging Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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