July 25, 2022 08:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, July 25, 2022 (GLOBE NEWSWIRE) -- The global paper cup lids market is projected to reach a value of US$ 37.2 Bn in 2032, with sales growing at a moderate CAGR of 3.9% over the forecast period. The market is expected to reach an estimated US$ 31.5 Bn in 2022. Accelerated demand for specialty beverages such as milkshakes and coffee is expected to boost the market over the forecast period.
Paper cup lids are used for the packaging of various beverages like coffee, tea, milkshakes, fruit juices, carbonated drinks, and many more. Primarily used with paper-based cups to avoid spillage, paper cup lids are lightweight and made up of either paper or plastic. Paper cup lids are used by brand owners and retailers for multiple packing purposes. The market is expected to witness a boost due to the thriving food-and-beverage service industry.
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The swift growth of multiple coffee chains like Costa Coffee, Starbucks, Tim Horton, and others will likely contribute to the increasing sales of paper cup lids in the market. Added to this, is the emphasis on going green and using eco-friendly products. Thus, these chains are aiming to increase sustainability by using paper cup lids. Safe, hygienic, and easy-to-use features of paper cup lids are also contributing to market growth. Furthermore, the release of biodegradable cups that can be easily recycled and disposed of will likely bolster market growth for paper cup lids.
“Rising adoption of dome lids in cafes and restaurants due to the introduction of multiple dairy products and beverages will augment the growth in the market over the forecast period,” says an FMI analyst.
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Lollicup USA, Inc., Huhtamaki Group, Bemis Company, Inc., Modi Sp. z o.o., Mondi Group, LidWorks Co., Paper Cup Company, Amcor Limited, Simply Lids, Stanpac Inc., Fabri-Kal Corporation, Printed Cup Company, and others are some of the manufacturers of paper cup lids profiled in the full version of the report.
In a highly competitive paper cup lids market, key players are establishing and extending their supply chains. Owing to the fragmented structure of the market, multiple companies are employing strategic tactics like mergers, acquisitions, and collaborations. These organizations are also investing in product innovation to gain a competitive edge.
More Insights into the Paper Cup Lids Market Report
In its latest report, FMI offers an unbiased analysis of the global paper cup lids market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on material type (plastic (poly lactic acid (PLA), polyethylene terephthalate (PET), polystyrene (PS), polyethylene (PE), polypropylene (PP), metal, foam, paper/ paperboard), product type (specialty lids, hot lids, cold lids), diameter (more than 80mm, 50 mm-80 mm, less than 50 mm), end use (foodservice industry (coffee shops, food delivery service, quick service restaurants), food & beverage, ice creams, fruit juices, alcoholic drinks, soft drinks, dairy products (cream, yogurt), tea and coffee), and region.
Paper Cup Lids Market Regional Analysis
As per the latest report by FMI, the North America paper cup lids market is expected to take the lead in the global arena. This is owing to the deeply entrenched roots of the food and beverage industry in the United States. An increase in disposable income, lifestyle changes, and shifts in consumer behavior exacerbates the preference for takeaway and quick-service food in this region. This is predicted to boost the regional market growth. Additionally, dairy products, fruit juices, and coffee products are gaining traction across North America. This popularity of beverages coupled with convenience and hygiene is expected to drive the market growth for this region.
Apart from North America, the Asia Pacific region presents lucrative opportunities for market growth of paper cup lids. The growing presence of quick-service giants like KFC, McDonald’s, Domino’s, Subway, Pizza Hut, and others in countries like India and China will fuel market opportunities for paper cup lids in this region. Shifts in consumer preferences like the inclination towards novel and innovative cup lids with features like printable surface, cost-effectiveness, lightweight, leak-resistance, etc., also propel regional market growth. Additionally, the emergence of multiple new beverage companies and cafes in emerging economies will likely spur market growth in the Asia Pacific region.
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Key Segments Profiled in the Paper Cup Lids Industry Survey
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3.3. Macro Factors and Forecast Factors
4. Global Paper Cup Lids Market Analysis 2015-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2015-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032
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The Packaging team of FMI offers a precise, reliable, and objective analysis of the global packaging industry. This exhaustive research ranges from the material type, alcohol type, product types, retailing, and distribution of packaging materials to supply-demand-trade assessment, and relevant advancements occurring in the industry. Our research studies serve as referencing market guidelines for packaging manufacturers, channel partners, and government bodies for developing – ‘The Way Forward’.
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