LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global paper cups and containers market to grow to 2,154 thousand tons by 2021, at a CAGR of close to 3% over the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global paper cups and containers market for 2017-2021. To determine the market size, the study considers revenue generated from the overall sales of paper cups and containers across various geographies across the globe.
APAC is the leading regional segment of the global paper cups and containers market, responsible for generating both the highest revenue and maximum incremental growth. The high use of paper cups and containers for packaging confectionaries, baked goods, and cooking fats such as butter and lard is driving the growth of the market segment.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global paper cups and containers market:
- Increase in demand for packaged foods and beverages
- Increased use of paper in bakery packaging
- Growing demand for paper cups
Increase in demand for packaged foods and beverages
“Globally, there is a rise in demand for packaged foods, which has propelled the growth of packaging products such as paper cups and paperboard containers. Consumers prefer paper cups and containers as they are lightweight and easily disposable,” says Sharan Raj, a lead analyst at Technavio for packaging research.
Paperboards such as folding cartons are increasingly used by bakeries and fast food restaurants. These products are microwaveable and reheatable and are commonly used for frozen or chilled foods and ready-to-eat meals. The rising demand for baked and packaged food products will, therefore, drive the growth of the paper cups and containers market.
Increased use of paper in bakery packaging
Bakeries utilize paper and paperboard containers primarily for packaging take-out and making disposable products like wraps, bakery sheets, cake boxes, and cups. Bakeries use various kinds of packaging paper including parchment paper, cooking paper, butter paper, and waxed paper. These products provide grease and heat resistance and are non-reactive, which makes them perfect for storing baked goods. The high demand from the baking industry will, therefore, create a significant boost to the growth of the market.
Growing demand for paper cups
Technavio analysts have projected the global demand for paper cups to rise at a rate of 2.54% through 2021, with major demand generating from fast food restaurants and coffee shops. Paper coffee cups are typically odorless, colorless and are available in various shapes and sizes.
“Consumers and manufacturers use paper cups as they are environment-friendly and convenient to use. Hence, there will be a global increase in the demand for paper cups and related products over the forecast period, thereby boosting the growth of the market,” says Sharan.
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