Disposable cups market witnesses growth due to biodegradable options
Favourable consumer preferences and the rising consumption of fast foods result in growth of the disposable cups market.
A report by Future Market Insights has projected that more than US$ 21.2 billion worth of disposable cups will be sold globally by the end of 2026.
Disposable cups are the foremost choice of packaging food products and beverages. However, a majority of disposable cups are made from plastic materials to reduce chances of food contamination. This raises concerns regarding the impact of such plastic cups on the environment.
However, with the advent of biodegradable materials, disposable cups made from bioplastics or other such materials is predicted to garner surplus demand in the years to come. Such favourable consumer preferences, coupled with rising consumption of fast foods and on-the-go beverages, will also continue consolidating the growth in this market.
The report further estimates the market’s current value at just under US$ 12 billion, and anticipates it to register a value CAGR of 5.9% for the forecast period, 2016-2026.
Over 500 billion units of disposable cups were sold in 2016 and global sales is expected to surge steadily at 5.1% CAGR, procuring revenues from sales of over 850 billion units towards the end of 2026.
Key highlights of the report include:
- Demand for thermoformed moulding is projected to gain traction
- Paper will continue to be the most sought-after material for production of disposable cups
- By 2026-end, more than 280 billion units of plastic disposable cups are projected to get sold across the globe
- Throughout the forecast period, over 700 billion units of printable disposable cups will be sold globally
- Disposable cups with 200 to 400 millimetres capacity will remain in great demand
- Over two-third of revenues emanating from global sales of disposable cups will be accounted by dairy and beverage applications, with the latter procuring the higher share
- A higher contribution from food retail companies as end-users of disposable cups is projected.
In regards to growth regions, the report shows that North America is likely to procure a little over one-fourth share of global disposable cup revenues through 2026. Furthermore, during this period, the Asia-Pacific region will dominate the market by closing in on a 30 percent revenue share.