The PET cups market is gaining traction due to growing demand for packaged food and beverages in countries categorized by rising per capita expenditure and increasing consumer disposable income. Moreover, the growing food and beverages market across developed as well as developing markets will act as a catalyst for the growth of the global PET cups market.
Manufacturers operating in the PET cups market are being constantly challenged by growing penetration of alternative packaging solutions, such as bottles, flexible pouches, etc. PET cups offer printing capabilities – their surface can be printed on, and hence, they help in branding and promotion. PET cups find applications in ice cream packaging and fruits & vegetable packaging, among others. The global PET cups market is anticipated to witness moderate growth over the forecast period.
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PET Cups Market: Drivers & Restraints
The global market for PET cups is anticipated to grow against the backdrop of increasing consumption of packaged food & beverage products among consumers. Keeping in mind the busy lifestyle of consumers, packaging manufacturers are focusing on the manufacturing of consumer friendly and convenient packaging solutions. The global PET cups market is being primarily driven by growing demand for packaging solutions for beverages and dairy products.
Manufacturers, these days, produce PET cups in a variety of sizes. PET cups are commonly used in cafes, restaurants, foodservice outlets and quick service outlets. PET cups make a better barrier to moisture, air and aroma and keep packaged products fresh. However, there are some factors that might hamper the growth of the PET cups market globally. For instance, stringent government rules and regulations regarding the use of plastic based packaging products may hamper the growth of the PET cups market during the forecast period.
- France became the first country to ban the use of plastic cups, plates, and bags. Many more countries have reduced the use of plastic products by implementing stringent rules and laws against the use of plastic
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Along with this, easy availability of alternative solutions, such as paper cups and PLA cups, is another factor that might hamper the growth of the PET cups market during the forecast period. Due to product evolution and technological advancements, PET cups have emerged as an efficient and cost-effective packaging option for the food and beverage packaging manufacturers and are now much preferred over traditional polyethylene based packaging. However, paper cups are expected to overtake the market of PET cups during the forecast period.
PET Cups Market: Regional Outlook
Globally, the PVC market is divided into seven key regions - North America, Western Europe, Latin America, Eastern Europe, the Asia Pacific excluding Japan, Middle East & Africa, and Japan. Asia Pacific excluding Japan market for PET cups is expected to grow at an above average growth rate during the forecast period. North America and Europe regions are anticipated to witness sluggish growth over the forecast period.
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PET Cups Market: Some of the Key Players
Some of the key players operating in the PET Cups market are Ningbo Yi Sheng Plastic Co., Ltd., Huhtamaki Oyj, NNZ Group, Macpac S.A., Sonoco Products Company, Temma Shiki Co., Ltd., among others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with PET cups market attractiveness as per segments. The report also maps the qualitative impact of various market factors on PET cups market segments and geographies.