Transparency Market Research provides key insights on the portion cups market, in the report titled, ‘Global Portion Cups Market: Industry Analysis and Opportunity Assessment, 2019–2027’. In terms of value, the global portion cups market is estimated to register a CAGR of 6.9% during 2019-2027, owing to various factors. In this report, TMR delivers detailed insights.
Population in the developed economies of Europe and North America have shown higher adoption rates towards biodegradable solutions such as bioplastics and paper. North America has a limited supply of bioplastics, while the presence of paper mills is significantly high in the region. Furthermore, low cost of the paper portion cups has driven the consumer preference for these over bioplastic portion cups.
As a result, market share of the paper portion cups segment in the North American region is around 10% higher than the global portion cups market average. Consumer demand for dips is the primary driver for the growth of the portion cups market. Increasing eating-out expenditure of North American consumers is one of the prominent factors responsible for driving the growth of the portion cups market in the region. North America has high demand for guacamole and hummus dipping sauce, which is further projected to rise at a significantly high pace during the period 2019-2027.
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Asia Pacific is the geography where more than 60% of the world’s population resides. Although, the present annual consumption of sauces, dressings, and condiments per capita here is much lower than that of North America and Europe, limiting the present portion cups market share of the geography. Rapid adoption of Western culture in the developing economies of Asia Pacific, specifically India, has driven the growth of the consumption of fast foods and dipping sauces. Thus, the Asia Pacific region represents huge potential for the portion cups market.
Within Asia Pacific, Japan is estimated to be a prominent region the portion cups market in 2019, but is expected to lose its dominance to China by the end of 2023. The urban population in China is increasing at a significant pace, driving the domestic potential for the portion cups market. India and ASEAN countries are strongly impacted by Western culture, such as eating-out habits, and thus are expected to register double digit growth in portion cups market during the forecast period. China and Japan, together, are expected to account for more than 80% of the Asia Pacific portion cups market share in 2019.
Europe is another significant geography for the consumption of portion cups. Increasing urban population along with significantly high demand for sauces, dressings, and condiments are anticipated to drive the growth of the portion cups demand. Fast food is the primary preference of European and America consumers while eating out, thus increasing the eating-out expenditure in Europe, which has driven the consumption of fast foods. Moreover, dipping sauces are gaining consumer preference as a fast food accompaniment. These factors have driven the growth of the portion cups market in these geographies.
In the Middle East & Africa (MEA) portion cups market, Iran is anticipated to register strong growth during the forecast period. GCC countries and North Africa are estimated to account for around half of the MEA portion cups market. Turkey is estimated to account for around a quarter of the MEA portion cups market, and is expected to register a low CAGR during the forecast period.
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The eating-out expenditure growth in Brazil is estimated to be significantly high as compared to other American countries, including Mexico, the U.S., and Canada. Although, the high share of the urban population in the total population of Mexico is attributed to drive the growth of the portion cups market in the country.
Major companies functioning in the global portion cups market are Huhtamaki Oyj, Sonoco Products Company, Berry Global Inc., Dart Container Corporation, Genpak LLC, D&W Fine Pack LLC, Placon Corporation, Pactiv LLC, Georgia-Pacific Corp., Fabri-Kal Corporation, Winpak Ltd., Amhil Enterprises Ltd., Polar Pak Company, Eco-Products, Inc., Sabert Corporation, Graphic Packaging International, London Bio Packaging, Nature Works LLC, World Centric, and BSI Biodegradable Solutions.