Plastic pollution concerns and technological advancements will boost foam cup sales. Food service industry expansion will significantly boost foam cup demand.
Wilmington, Delaware, United States, Sept. 26, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The foam cups market acquired a valuation of US$ 724.1 million in 2022. It is anticipated to register a 4.4% CAGR from 2022 to 2031 and by 2031 the market is likely to gain US$ 1.0 billion.
A foam cup has a variety of uses, from fast-food restaurants to convenience stores to coffee shops. Different cup sizes and designs have been developed to satisfy the needs of a diverse customer base. A number of changes have taken place in consumer preferences over the years. While some consumers prioritize convenience and affordability over eco-friendly alternatives, others prefer eco-friendly alternatives.
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In order to succeed, businesses are grasping the changing preferences of consumers. In recent years, foam cups have seen an increase in demand due to the rise of food delivery services and e-commerce. Food delivery services online may continue to grow in popularity.
A number of manufacturers are working on the development of more sustainable alternatives to foam cups in response to environmental concerns. In addition, biodegradable foam-like materials may be used in place of EPS foam or new recycling methods may be developed.
Key Findings of the Market Report
- Catering services are expected to have a significant impact on the market demand for these cups.
- Due to their high insulation properties, both hot and cold foam cups are highly preferred in the market today.
- Due to increasing concerns about hygiene and disease outbreaks in the marketplace, foam cups will see a high demand in the market.
- The high resistance of foam cups to cold and hot temperatures makes them ideal for use with beverages over 12 ounces.
- Bans and environmental conditions may adversely affect the market in the future.
Market Trends for Foam Cups
- Infectious diseases and increasing hygiene awareness will drive growth in this market. A growing demand for packaging materials, including foam cups, has resulted from the growth of food delivery services and e-commerce. Online food delivery services may continue to grow in popularity in the future.
- With lifestyles becoming busier and faster-paced, convenience is becoming more important. For consumers who are constantly on the move, foam cups are a convenient choice for both beverages and food industries. A growing number of food delivery apps and a higher demand for home deliveries have contributed to an increase in the market for foam cups.
- Foam cups are excellent insulators, allowing beverages to remain hot or cold for a longer period of time. The use of foam cups can be viewed as hygienic in comparison to the use of reusable cups, particularly in markets with sanitation concerns.
Market for Foam Cups: Regional Outlook
- Asia Pacific has experienced a rise in the popularity of foam cups. Due to the ban on various plastics in these regions, consumers are turning to foam cups in the market.
- As a cost-effective and convenient product, foam cups are still widely used in many Asian countries. Demand for foam cups in this region has grown as hot beverage consumption increases in both India and China.
- There has been significant economic growth in many Asia Pacific countries over the past few decades, including China and India. As disposable income has increased and a growing middle class has emerged, foam cups have become more popular.
- A significant amount of population growth has occurred in the region, which has resulted in people living in cities where takeout is more common. In addition to being lightweight, insulating, and convenient for consumption on the go, foam cups are popular for serving hot and cold beverages.
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Global Foam Cups: Key Players
Foam cup manufacturers are focused on offering the latest technology to their clients. The following companies manufacture foam cups:
- WinCup, Inc.
- Cosmoplast Ind. Co.(L.L.C.) (Harwal Group of Companies)
- Dart Container Corporation
- Modi Sp. z o.o.
- Policap LLC
- Michael Procos S.A.
- Luban Pack
- GALLEGOPLAST, S.L.
- Megafoam Containers Enterprise Sdn Bhd (MEGAFOAM)
- Al Reyadh Plastic Industries
- Multipack International
Key Developments in the Global Foam Cups
Many manufacturers control a majority of the market share in the global industry, which is fragmented. In order to increase their market shares, key players invest heavily in research and development activities. In order to stay competitive, these players are also expanding their capacity and developing new products.
- In February 2023, as part of the open BOI-approved fully-fledged bra cups manufacturing facility in Rambukkana, Grand Gain Industrial Ltd. (GG), a Hong Kong-based company, specializes in developing, producing, and marketing polyurethane foam cups for brasseries. The facility was built with an investment of US$3.5 million by GG.
- In July 2023, WINCUP transitioned its traditional products to its biodegradable Vio technology platform. Vio’s transition to sustainable products comes at the same time that WinCup’s straw, stirrer, and paper cup brand phade® is pioneering new segmentations in restaurants, sports organizations, and big box stores.
Global Foam Cups Market: Segmentation
- 5 to 8 Oz
- 9 to 12 Oz
- Above 12 Oz
By Distribution Channel
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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