Paper Cups and Paper Plates Market expected to reach US$ 119 Billion by 2024by Chris jackson Market Research
Paper cups and paper plates refer to disposable cutlery which is lined with plastic or wax in order to prevent liquid from leaking out or soaking through the paper. They have been a significant part of the food and beverage industry for decades. As paper cups and paper plates are effective in preventing germination and transferring of germs, they are highly preferred in public sphere like schools, colleges, work places, eating joints, etc. A new research report titled “Paper Cups and Paper Plates Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” by IMARC Group estimates that the global paper cups and paper plates market was nearly US$ 106 Billion in 2018. The report further anticipates the market to reach around US$ 119 Billion by 2024, exhibiting a CAGR of nearly 2% during 2019-2024.
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Global Paper Cups and Paper Plates Market Drivers/Constraints:
- One of the major factors influencing the market growth of paper cups and paper plates is the rising awareness about hygiene and sanitation amongst consumers. Disposable paper cups and plates are exposed to high heat during the process of manufacturing which leaves the product safe and sterile.
- For controlling the environmental damage caused by plastics, the government of several countries have prohibited the use of plastic cups while promoting the use of eco-friendly products.
- A strong growth in travel and tourism sector which extensively utilises paper cups and paper plates represent another factor that have been proactive in maintaining the growth of the market.
- Some of the other factors fostering the growth of the global paper cups and paper plates market include easy handling, convenience, biodegradability, recyclability, rising global population and a consistent demand from emerging nations.
- However, there are a variety of substitutes available for paper cups and paper plates in the market which acts a primary factor impeding the market growth.
Read full report summary with Table of Content: https://www.imarcgroup.com/paper-cups-and-plates-market
Product Type Insights:
On the basis of type, the paper cups market is segmented as hot paper cups and cold paper cups. Currently, hot paper cups are exhibiting a clear dominance in the market. Whereas, the paper plates market is segregated into heavy-duty paper plates and medium-duty paper plates. Amongst these, heavy duty paper plates represent the biggest segment.
Wall Type Insights:
Based on wall type, the paper cups market is classified as single wall and double wall. At present, single wall paper cups represent the leading segment with the majority of the market share.
On a geographical front, Asia-Pacific enjoys a leading position in the global paper cups and paper plates market, accounting for the largest market share. Asia-Pacific is followed by North America, Europe, Middle East and Africa, and Latin America.
The market is highly fragmented with the presence of different small as well as large manufacturers who are competing against each other in terms of prices and quality. There is a high competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:
- Dart Container
- Pactiv LLC
- Letica Corporation
- Georgia Pacific
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Created on Sep 27th 2019 00:46. Viewed 204 times.