The Cups And Lids Global Market Report 2023, provides comprehensive information on the cups and lids market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global cups and lids market size is expected to grow from $9.86 billion in 2022 to $10.78 billion in 2023 at a compound annual growth rate (CAGR) of 9.39%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global cups and lids market size is expected to reach $15.08 billion in 2027 at a CAGR of 8.75%.
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Product innovation is a key trend gaining popularity in the cups and lids market. Major market players are concentrating their efforts on creating innovative products that include high-quality materials, customizable designs, improved functionality, and smart packaging. For instance, in July 2022, SOFi, a US-based creator of compostable paper SOFi Straws, launched a 100% biodegradable cup that eliminates the need for a plastic lid. The new SOFi Cup Carrier is composed of spunlace cotton, which is the same material as flushable wipes, and it is a recyclable, plastic-free, and bioplastic-free cup that will biodegrade naturally in landfills, soil, or marine habitats in 180 days. Additionally, it has four flaps that fold together to form a spill-proof lid and may be used with any of SOFi’s paper straws which eliminates the need for a separate lid, saving businesses money.
The cups and lids market is segmented:
1) By Product: Cups, Lids
2) By Raw Material: Plastic, Paperboard, Foam, Other Raw Materials
3) By Application: Food And Beverage, Food Services, Retail, Other Applications
North America was the largest region in the cups and lids market in 2022.
The table of contents in TBRC’s cups and lids market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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