The Global Cup Sleeves Market size was valued at around USD 30.3 billion in 2023 and is projected to grow at a CAGR of around 4.2% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. This is because of the rising demand for Cup Sleeves from the food service industry. Customers who are not comfortable with holding hot beverages require cup sleeves. Cup sleeves are generally used as an insulator which helps protect conveniently from hot beverages. This results in rising the requirement for cup sleeves in the global market. Along with this, most takeaway orders, home delivery platforms, and restaurants use cup sleeves for their customers. Along with this, several companies use cup sleeves for brand promotion to influence the growth of the market. Furthermore, nowadays the growing awareness of environmental aspects favors the requirements for recyclable cup sleeves. This results in higher demand for paper cup sleeves, which ultimately augment the size & volume of the cup sleeves industry.
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Besides, with the developing technology, the utilization of Double-Walled cups restrained the growth of the cup sleeves industry. This is because of the special feature in-built into a double-walled cup. Along with this, double-walled cups work as insulators, that prevent the hand from burning and also maintain the temperature of the beverage. Hence, this affects the demand for cup sleeves in the global market. However, the customized and fancy cup sleeves create new hype in the market, this is because of the inclination towards a customer-friendly market, where the main motive is to enhance the customer experience. This results in manufacturing customized cup sleeves. These cup sleeves are designed as per the customer’s demands and requirements. After considering all these factors, the industry is anticipated to flourish during the forecast period, further states the research report, Global Cup Sleeves Market Analysis, 2024.
Segmentation Analysis
Paper & Paperboards Segment Seized the Largest Market Share
Based on the material, the market is further bifurcated into paper & paperboard, plastic, rubber, and others. The paper & paperboard segment holds the largest market share. This is due to the inclination of Gen Z and the millennial population towards environmental conservation led to an accelerating demand for paper cup sleeves. The cup sleeves are designed in a manner that can be easily recycled and is light in weight. Along with this, paper & paperboard are biodegradable, which can easily be disposed of in soil, in comparison with plastic cup sleeves. This is also the major reason behind the rising requirement for paper cup sleeves. As a result, this not only drives the market with lucrative growth but also helps in controlling environmental pollution.
Europe Leads the Cup Sleeves Industry
Europe dominated the cup sleeves market, because of its diversity which attracts a large number of tourists and travelers. This growing tourism encourages the region to set up more restaurants, hotels, and cafes, which eventually accelerates the demand for cup sleeves. Europeans emphasize more towards coffee, which encourages coffee companies to be involved in innovation to offer new & trendy offerings, which ultimately proliferates the requirements for cup sleeves and augments the growth of the Global Cup Sleeves Market.
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Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including BriteVision Media, LLC, Printed Cup Company, Graphic Packaging International, LLC, Trident Paper Box Industries, LBP Manufacturing, LLC, Sabert Corporation, Novolex, HotShot Coffee Sleeves USA, BioPak, Ganesha PrintoPack Industries, Pactiv LLC, Starbucks Corporation, New WinCup Holdings, Inc, WestRock Company, Anchor Packaging, and others are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping up across various regions?
- How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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