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Cups And Lids Global Market Report 2024 Market Size, Analysis, Trends, Opportunities And Strategies 2024-2033
Cups And Lids Global Market Report
According to The Business Research Company's, The cups and lids market size has grown strongly in recent years. It will grow from $10.78 billion in 2023 to $11.7 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to shift towards on-the-go lifestyles, rise of quick-service restaurants (qsrs), convenience and hygiene considerations, increased focus on branding and customization, environmental regulations and recycling initiatives.
The cups and lids market size is expected to see strong growth in the next few years. It will grow to $16.57 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to rising e-commerce and food delivery trends, emphasis on sustainable packaging solutions, customization and branding opportunities, advancements in design and functionality, regulatory push for single-use plastics alternatives. Major trends in the forecast period include sustainable materials and eco-friendly packaging, customization and branding opportunities, emphasis on safety and hygiene, convenience-oriented packaging design, technological innovations in printing and labeling.
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Market Drivers and Trends:
The increasing demand for packaged food is expected to propel the growth of the cups and lids market going forward. Packaged food refers to enclosing food products to protect them from tampering or contamination from physical, chemical, and biological sources such as snacks and pre-packaged food items, meat, and vegetables in preserved, canned, frozen, and other forms. Cups and lids provide a hygienic packaging solution for food, helping to preserve freshness, reduce waste, and enhance the customer experience, particularly single-serve sizes and on-the-go consumption. For instance, For instance, the retail sales of packaged foods in Japan are predicted to reach $235.9 billion by 2026, an increase of 9.1% or $19.6 billion from 2022. Therefore, increasing demand for packaged food is driving the growth of the cups and lids market.
Product innovation is a key trend gaining popularity in the cups and lids market. Major market players are concentrating their efforts on creating innovative products that include high-quality materials, customizable designs, improved functionality, and smart packaging. For instance, in July 2022, SOFi, a US-based creator of compostable paper SOFi Straws, launched a 100% biodegradable cup that eliminates the need for a plastic lid. The new SOFi Cup Carrier is composed of spunlace cotton, which is the same material as flushable wipes, and it is a recyclable, plastic-free, and bioplastic-free cup that will biodegrade naturally in landfills, soil, or marine habitats in 180 days. Additionally, it has four flaps that fold together to form a spill-proof lid and may be used with any of SOFi's paper straws which eliminates the need for a separate lid, saving businesses money.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Berry Global Inc.; Greiner AG; Huhtamäki Inc.; WinCup Inc.; Graphic Packaging International Inc.; Reynolds Consumer Products; Eco-Products Europe; Dart Container Corporation; Chengdu Anbao Paper Products Co. Ltd.; Printpack Inc.; Tomy Company Ltd.; CEE Schisler Packaging Solutions; Grupo Phoenix Capital Limited; Far East Cup Product (SZ) Co. Ltd.; Guangzhou Kangbao Co. Limited; Konie Cups International Inc.; Changzhou Huixin Industrial Co. Ltd.; Kap Cones Private Limited; Genpak LLC; Solo Cup Operating Corporation; Mondi Group; Airlite Plastics Company; Michael Procos SA; BioPak; Paper Cup Company; Clondalkin Group Holdings BV; Pactiv LLC; Sabert Corporation; Anchor Packaging Inc.; D&W Fine Pack LLC; Fabri-Kal Corporation; Inline Plastics Corp.; LBP Manufacturing LLC; Novolex Holdings Inc.; Placon Corporation; Sonoco Products Company; WNA Inc.; Amhil Enterprises Ltd.; Detpak Pty. Ltd.
Cups And Lids Market 2024 Key Insights:
• The cups and lids market will grow to $16.57 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Packaged Food Boom Fuels Surge In Cups And Lids Market
• Sofi Introduces Eco-Friendly Cup Carrier Redefining Sustainable Packaging In The Cups And Lids Market
• North America was the largest region in the cups and lids market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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