Pune, India -- (SBWIRE) -- 05/29/2018 -- Synopsis of Cups & Lids Market
The demand for food packaging has increased due to consumers' inclination towards the specialty & processed food and advanced food packaging material. Thus, the increased demand for packaged food and food trends, which favor convenience and smaller portions of products has transofromed the packaging industry to some extent. Manufacturers are concentrating on developing recycled and biodegradable materials as well as various other packaging materials, which can prevent the products contamination and increase the shelf life of the product. Moreover, different designs and shapes of packaging such as cartoon designs, logo printed, designs of coffee, tea or any other beverage significantly impact the purchase decisions of consumers, which is likely to affect the market growth positively.
Packaging cups have gained considerable attention and become more common choice for snack. Additionally, portable and pre-packaged nature of packaged products are some of the factors, which drive the market growth. This, in turn, affect revenues of food producers positively as well as allowing items to sold at a premium price. Since the popularity of single-cup brewing systems and cups for dairy products is experiencing a consider demand, the demand for premium yogurt packaging has increased.
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Rapid growth in the food & beverage packaging such as coffee, hot drinks, milk and dairy products, sports and energy drinks, and alcoholic drink has boosted the demand for the cups and lids. The growing demand for cups and lids is driven by the changing lifestyle and economic growth, which leads the fast food services market further. Additionally, rising investments for developing innovative packaging is further accelerating the growth of the global cups and lids market.
Cups and lids are used in the foodservice market, mainly in the quick service restaurants, coffee houses, and ice cream shops. The popularity for health benefiting products is increasing such as yogurt and fruits, which are often packaged in plastic portion cups.
On the basis of material type, the global market is split into paper & paperboard, plastic, metal, and others. Among other cup materials, the paper cups are experiencing the fastest growth, which reflects environmental concerns about foam cups, growing restrictions on polystyrene foam disposables, and increasing pressure from environmental groups. On the basis of the application, the global market is segmented into food & beverage, foodservice, retail, and other applications.
Geographically, the global cups and lids market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa.
Convenience is likely to be a key feature
The takeaway cups are convenient to use and carry. The foodservice industry is projected to continue leading the demand for cups due to their lightweight. It is one of the best choices to support environment-friendly products and avoid carrying heavy products.
Environmental deterioration with global warming condition is influencing to use eco-friendly products. These cups are produced by using biodegradable or recyclable materials such as pulp extracted from the trees and water.
Key Players
Market Research Future has recently published a meticulous study report giving out the complete market insight up till 2023. According to which, continuing with the same trends the global cups and lids market is projected to perceive an outstanding growth by 2023 registering a striking CAGR during the anticipated period (2017 – 2023).
Some of the major player operating in the global cups & lids market are Georgia-Pacific LLC (U.S.), Clondalkin Group Holdings (The Netherlands), Greiner Holding AG , Huhtamäki Oyj Reynolds Group Holdings Limited, PrintPack Inc. (U.S.), Solo Cup Operating Corporation (U.S.), Bemis Company, Inc.(U.S.), WinCup (U.S.), International Paper Company (U.S.), Airlite Plastics Company (U.S. ), and Berry Global Inc.(U.S.)
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Cups and Lids Market – Competitive Analysis
Cups and Lids Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Industry/ Innovation/ Related News:
Jan. 20, 2017 - Berry Plastics Completes Acquisition of AEP Industries Inc. This acquisition of AEP has given the opportunity to expand the breadth of product offerings and production capacity and enable to serve customers.
Regional Analysis
On the regional basis, the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Geographically, Asia Pacific expected to dominate the global Cups & Lids packaging market with the largest market share. Whereas, the U.S. cups and lids market is projected to reach USD 9.6 billion by 2020. Food trends that favor convenience and smaller packs and growing focus on specialty beverages are driving the regional market growth.
A number of initiatives across the globe favor the use of traditional cups and glasses. Moreover, increasing sale of food and beverage in restaurants and retail stores, increasing the percentage of drinking cups that are utilizing lids. These are some of the key factors, which push the market growth further.
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