The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Paper Cups Market.
It was estimated prior to this unanticipated outbreak Paper Cups Market will reach CAGR of 3.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Paper Cups Market Insights
Paper cups market is likely to witness a promising CAGR of 3.1% during the forecast period. The prime factor that is contributing to the demand for paper cups is the growing fast-food market coupled with busy lifestyle of the current era.
Market Share Analysis
Paper Cups Market Share: By End-User Type
Based on the end-user type, the market is segmented as quick service restaurants, institutional, and others. The quick service restaurants segment held the largest share by end-user type in 2019 and is expected to maintain its vanguard owing to the rising trend of takeaway food coupled with regulatory guidelines to replace plastic disposable cups with paper cups in various countries.
Paper Cups Market Share: By Cup Type
Based on the cup type, the market is segmented as hot paper cup and cool paper cup. The cool paper cup segment is expected to grow with a higher CAGR over the forecast period owing to the growing adoption in serving cold beverages such as soft drinks and juices.
Paper Cups Market Share: By Wall Type
Based on the wall type, the market is segmented as single wall, double wall and triple wall. The double wall segment held the largest share in 2019 and is expected to maintain its leading position as it is a perfect blend of product quality and reasonable pricing. Ban on single-use-plastics in various countries will also boost the segmental growth.
Paper Cups Market Share: By Region
In terms of regions, Asia-Pacific is estimated to contribute for the largest market share over the forecast period. The Asia-Pacific market is expected to grow with a lucrative CAGR due to growing disposable incomes and rising urbanization coupled with huge demand for coffee and tea in the region. North America is expected to account for a significant market share owing to ban on single use plastics for disposable cups.