The market for neoprene coffee sleeves is anticipated to reach a value of US$ 21.6 billion in 2023 and is anticipated to reach US$ 35.1 billion by displaying a CAGR of 4.9% from 2023 to 2033. The market for neoprene coffee sleeves experienced growth at a 3.5% CAGR from 2018 to 2022.
A growing trend in the food business, particularly among small eateries and food outlets using premium disposable cups, is fueling the need for neoprene coffee sleeves. The use of disposable cups and spoons in place of plastic ones is a growing trend that is driving up product demand. Neoprene sleeve customization in hotels is anticipated to create new opportunities for market growth.
Revenues in the café and restaurants end-use segment of the neoprene coffee sleeves market grew a robust 4% year over year in 2021. Demand of café and restaurants end-use segment increased 5% between 2020 and 2021, giving the neoprene coffee sleeves market year-over-year growth of 4.5% in 2021, according to the FMI.
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Neoprene Coffee Sleeves Market: An Overview
The rapid change in the lifestyle of the consumers due to economic prosperity has directly influenced the growth of the neoprene coffee sleeves market. Over the periods, food and beverage dining and takeaways from cafes, restaurants have increased the demand for neoprene coffee sleeves which is cylindrical that fits perfectly around the coffee cup.
The neoprene coffee sleeves are made up of polychloroprene which is a synthetic polymer similar to rubber. It acts as a solution for the consumers to enjoy the hot coffee comfortably by keeping their hands cool while holding the hot beverage. Usually, the beverage cups are made up of thin plastic, paper etc.
which transfer heat easily that helps boost the growth of the neoprene coffee sleeves market. With increasing awareness regarding hygiene and sanitization, consumers have become selective about the packaging solutions. The growth of the drive-in orders, takeaways are fueling the demand in the food & beverage industry which directly affects the neoprene coffee sleeves market.
How is Asia Pacific Region Showcasing a Blistering Growth in the Global Neoprene Coffee Sleeve Market?
The neoprene coffee sleeve market is aided by the food & beverage industry that is growing at a steady pace specifically in the Asia Pacific region such as China and India. The rapid change in the lifestyle habits in the developing countries are contributing towards the growth of the neoprene coffee sleeve market as they are starting to prefer disposable cups rather than glass or ceramic cup specifically during transit.
The presence of the majority of key players in the neoprene coffee sleeve market is high in China which accounts for a major share in manufacturing across the globe. North America, Europe are also anticipated to grow significantly in the neoprene coffee sleeve market as the consumption of on-the-go beverages is accounted to be high in these regions.
How has Covid-19 Impacted the Growth of the Neoprene Coffee Sleeves Market?
The concerns caused by the Covid 19 pandemic to any large scale or small scale industry has increased more than usual due to the stoppage in manufacturing. However, the food & beverage industry has been impacted positively due to the online retail and the online deliveries of the items.
Online deliveries coupled with consumers preference for disposable cups owing to hygienic reasons has led to an increase in the demand for the neoprene coffee sleeve market.
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Key Segments of Neoprene Coffee Sleeves Market Covered in the Report
Based on the Cup Capacity, the Neoprene Coffee Sleeves Market has been segmented as
- 12 Oz Cups
- 16 Oz Cups
- 20 Oz Cups
- 22 Oz Cups
- 24 Oz Cups
Based on End-use, the Neoprene Coffee Sleeves Market has been segmented as
- Café and Restaurants
- Household
- Institutes & Offices
- Others
Based on Region, the Neoprene Coffee Sleeves Market has been segmented as
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
- Oceania
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