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Major players in the cups and lids market are Berry Global Inc, Greiner AG, Huhtamäki Oyj, WinCup Inc., Graphic Packaging International Inc, Reynolds Consumer Products, Eco-Products Europe, Dart Container Corporation, Chengdu Anbao Paper Products Co Ltd, Printpack Inc.
New York, June 15, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cups And Lids Global Market Report 2023” – https://www.reportlinker.com/p06466549/?utm_source=GNW
, Tomy Company Ltd, CEE Schisler Packaging Solutions, Grupo Phoenix Capital Limited, Far East Cup Product (SZ) Co. Ltd., Guangzhou Kangbao Co Limited, Konie Cups & Lids, Changzhou Huixin Industrial Co Ltd, Kap Cones Private Limited, and Genpak LLC.
The global cups and lids market is expected to grow from $9.86 billion in 2022 to $10.78 billion in 2023 at a compound annual growth rate (CAGR) of 9.39%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cups and lids is expected to reach $15.08 billion in 2027 at a CAGR of 8.75%.
The cups and lids market consists of sales of versatile cups, compostable cups, hard layer cups, thin wall cups, paper cups, foam cups, disposable cups, and lids, reusable cups and lids, hot cups, cold cups, and specialty cups.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cups are containers designed to hold liquids that are cylindrical shaped with open tops and closed bottoms, while lids are covers that fit over cups to prevent spills and leaks.
North America was the largest region in the cups and lids market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products are cups and lids.Cups refer to containers designed to hold liquids, a small, handle-equipped, open beverage container that resembles a bowl and it is used for carrying and storing liquids such as coffee, juices, and soups.
The major raw material used is plastic, paperboard, foam, and others in various applications such as food and beverage, food services, retail, and others.
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.
In October 2021, Pactiv Evergreen Group Holdings, a US-based manufacturer of fresh food and beverage packaging, acquired Fabri-Kal for $380 million.With this acquisition, Pactiv Evergreen Group Holdings expanded and strengthened its position in the food service and consumer packaged goods businesses.
Fabri-Kal is a US-based plastic food service and custom thermoformed packaging company that manufactures yogurt containers, portion cups, lids, clamshells, and drink cups for consumer packaged goods and industrial food markets.
The countries covered in the cups and lids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cups and lids market research report is one of a series of new reports that provides cups and lids market statistics, including cups and lids industry global market size, regional shares, competitors with a cups and lids market share, detailed cups and lids market segments, market trends, and opportunities, and any further data you may need to thrive in the cups and lids industry. This cups and lids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466549/?utm_source=GNW
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