The global cup sleeves market is anticipated to reach a valuation of US$ 32.1 billion in 2023, driven by growing coffee culture. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 4.0% between 2023 and 2033, and reaching a total valuation of approximately US$ 47.6 billion by 2033.
The cup sleeves market holds promising prospects, with notable growth expected in various regions. In the Asia Pacific, developing economies and an increasing capacity to invest in high-end products make it a significant potential market. With a projected Compound Annual Growth Rate (CAGR) of 3.9% over the analysis period, the region is set to be a key player in the cup sleeves market.
North America and Western Europe are anticipated to drive substantial incremental demand in the cup sleeves market. High per capita consumption, particularly during travel and dining out, is a primary factor contributing to this demand. Meanwhile, Africa and Latin America are emerging as important markets, poised for increased cup sleeve sales in the coming years.
Furthermore, the rise in disposable income in emerging economies is expected to boost cup sleeve sales. Overall, the cup sleeves market appears to have a positive outlook, with strong CAGR growth anticipated in the years ahead. This indicates a bright future for the industry, driven by regional economic development and changing consumer preferences.
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One of the major factors contributing to the growth of the cup sleeves market is the rising trend of on-the-go consumption. The fast-paced lifestyle and busy schedules of modern consumers have led to a rise in on-the-go consumption. Cup sleeves play a crucial role in facilitating this trend, allowing customers to carry their hot beverages conveniently without the risk of burning their hands.
Environmentally conscious consumers are actively seeking sustainable and eco-friendly packaging solutions. Cup sleeves made from recycled materials or biodegradable materials are becoming increasingly popular as they align with the sustainability goals of businesses and appeal to eco-conscious customers.
Cup sleeves provide an excellent platform for businesses to showcase their branding and engage with customers. Customizable cup sleeves with unique artwork, logos, and messages can leave a lasting impression on consumers, thereby increasing brand visibility and recognition.
Key Takeaways from the Market Study
- Global cup sleeves market was valued at US$ 30.9 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 2.2%.
- Asia Pacific is expected to hold a dominant CAGR of 3.9% during the forecast period.
- By product type, protective sleeve segment is expected to constitute a CAGR of 3.9% in 2033.
- On the basis of end-user, food & beverage segment is expected to dominate the market with a CAGR of 3.9% in 2033.
- From 2023 to 2033, cup sleeves market is expected to flourish at a CAGR of 4.0%.
- By 2033, the market value of cup sleeves is expected to reach US$ 47.6 billion.
Rapid growth of the beverage industry, across the globe, is a major factor that is expected to propel the growth of the cup sleeves market in the near future, remarks an FMI analyst.
Competitive Landscape
Prominent players in the cup sleeves market are
- Printed Cup Company,
- Trident Paper Box Industries,
- Graphic Packaging International, LLC,
- BriteVision Media, LLC,
- HotShot Coffee Sleeves USA,
- LBP Manufacturing LLC,
- Pactiv LLC, Novolex,
- Sabert Corporation, and
- Starbucks Corporation,
- among others.
Recent Developments:
- In 2023, International Paper, a leading global manufacturer of paper and packaging, announced the launch of its new compostable cup sleeve. The new sleeve is made from 100% compostable materials and is certified by the European Bioplastics Association.
- In 2022, Smurfit Kappa, a leading global manufacturer of paper and packaging, announced the launch of its new sustainable cup sleeve. The new sleeve is made from 100% recycled materials and is compostable in industrial composting facilities.
- In 2022, WestRock, a leading global manufacturer of packaging, announced the launch of its new compostable cup sleeve.
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Key Segments Profiled In The Global Cup Sleeves Market
By Material:
- Plastic
- Paper & Paperboard
- Rubber
By Product Type:
- Shrink Sleeve
- Protective Sleeve
By End User:
- Food & Beverage Industry
- Hotels & Restaurants
- Cafes & Kiosks
- Quick-Service Restaurants
- Canteens
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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