Cups and Lids Global Market Expected to Reach $16.57 Billion at a Surprising CAGR of 9.1% By 2028

Spread the love

The Cups And Lids Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Cups And Lids Market:
https://www.thebusinessresearchcompany.com/report/cups-and-lids-global-market-report

According to The Business Research Company’s Cups And Lids Global Market Report 2024, 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.

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.

Get A Free Sample Of The Report (Includes Graphs And Tables):
https://www.thebusinessresearchcompany.com/sample.aspx?id=10055&type=smp

The cups and lids market covered in this report is segmented –

1) By Product: Cups, Lids
2) By Raw Material: Plastic, Paperboard, Foam, Other Raw Materials
3) By Application: Food And Beverage, Food Services, Retail, Other Applications

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.

The cups and lids market report table of contents includes:
1. Executive Summary