Customers prefer personalized cup sleeves for their use, and demand for cup sleeves made of wool, leather, and a variety of other materials is much higher. This is anticipated to have a positive impact on cup sleeves market share.
The cup sleeves market is likely to register a CAGR of 4% during the forecast period, and is anticipated to reach a market share of US$ 45.82 Bn in 2032, from US$ 28.62 Bn in 2020, due to the swift progress of significant economies due to globalization in contemporary years.
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Attributes | Details |
Cup Sleeves Market CAGR | 4% |
Cup Sleeves Market Size (2020) | US$ 28.62 Bn |
Cup Sleeves Market Size (2032) | US$ 45.82 Bn |
Users of paper disposable cups have increased at a rising rate in recent years, as people’s spending power has increased, resulting in an increase in demand for cup sleeves, as disposable coffee cups and cup sleeves are substitutes.
Moreover, the need for sanitary beverages has risen, boosting the sales of cup sleeves. Users are becoming more cautious about the tableware they choose for any meal. Partially restrictions on plastics are being proposed by international regulatory authorities.
This phase indicates that disposable cups are being used more frequently, which will increase demand for cup sleeves. In the next few years, there will be a new market for attractive designs which enhance the sales of cup sleeves, particularly for gifting purposes during the festive seasons.
Customers prefer personalized cup sleeves for their use, and demand for cup sleeves made of wool, leather, and a variety of other materials is much higher. This is anticipated to have a positive impact on cup sleeves market share.
Due to the rapid advancement of significant economies as a result of globalization in recent years, there has been an increase in sales of cup sleeves throughout the hospitality industry.
The growing tourism market is leading to the advancement of various dependent sectors, which will ultimately lead to the growth of the cup sleeves market share in the coming years.
An increase in an individual’s disposable income leads to increased spending on high-quality provided food, particularly beverages, which increases the demand for cup sleeves. Visitors/tourists, in particular, enjoy hygienic meals and beverages when traveling, encouraging the sales of cup sleeves.
Furthermore, one of the key factors in the cup sleeves market might see significant growth on a global scale, due to the rising need for biodegradable disposable products and a shift away from plastic disposables.
Due to developing economies and the ability to purchase a high-end product, countries in the Asia Pacific region are likely to represent significant potential prospects for the cup sleeves market.
North America, followed by Western Europe, is likely to generate significant incremental demand for the cup sleeves market, owing to the region’s high per capita consumption, particularly during travel and eating out. Africa and Latin America could be important markets for better sales of cup sleeves in the next few years.
The disposable income of people from the emerging economies of the countries would lead to better sales of the cup sleeves. In the following years, the overall cup sleeves market is predicted to have a positive outlook and grow at a strong CAGR.
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Some of the key players operating in the cup sleeves market are DOBI Ltd, Xuancheng Bo Site Commodity Co, and many local and unorganized players are expected to contribute to the global cup sleeves market share in recent years to come.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 08, 2022