Global Vending Cups Market - 2021-2028
Global Vending Cups Market Overview
The global vending cups market size was worth US$ XX billion in 2020 and is projected to record significant growth by reaching up to US$ XX billion by 2028, growing at a CAGR of XX% within the forecast period (2021-2028).
These cups differ from typical throwaway cups as they require precision manufacture to function well in a vending machine without being jammed. Vending cups are more expensive than regular water cooler cups, and their manufacturing tolerance is lower. Furthermore, vending cups offer better grip, are light-in-weight, recyclable, and eco-friendly. Vending cups' solid form affects their cost; hence they are more expensive than water cooler cups. Vending cups are becoming increasingly popular on the market, with producers aiming for better printability and consumer convenience.
Vending Cups Dynamics
The increasing demand for hot beverages and other packaged beverages, coffee, and tea in public places is triggering the demand for vendor cups in recent times. Increasing awareness of hygienic food products and the benefits of vending cups are other factors expected to boost the growth of the product in the forecast period.
Increasing demand for hot beverages and other packaged beverages, coffee, and tea in public places is triggering the demand for vendor cups in recent times
The vending cups market is likely to be driven by the rising consumption of premium hot beverages at retail stores, institutional services, workplaces, coffee shops, and other locations throughout the projected period. According to research, coffee was the most popular beverage, with over two billion units sold throughout the period studied. Furthermore, water came in second with 722 million units, while sweet snacks came in third with 323 million units, outnumbering salty snacks. Furthermore, The vending cups market is expected to be fueled by the rising installation of beverage vending machines in cafes and coffee shops throughout the forecast period. For instance, according to projections, vending machine operators' revenue in the United States is expected to reach 7.477,5 million dollars by 2024, thus creating an immense market for the vending caps market to grow in the forecast period.
Increasing awareness of hygienic food products and the benefits of vending cups are other factors expected to boost the growth of the product in the forecast period
Rapid urbanization, changing eating patterns, rising individual spending power, and an increase in the number of coffee shops and cafes are all expected to contribute to the worldwide market's expansion. Furthermore, rising awareness of hygienic food products and the advantages of vending cups are projected to propel the global market forward. In addition, increased health concerns, overpackaging materials and increased usage of paper-made vending cups are likely to propel the target market forward.
However, apart from increasing hygienic food product consumption, there is a massive improvement in fast food products, which is expected to create immense demand for vending cups in the forecast period. For instance, Fast food is consumed by the majority of Americans 1-3 times a week. As per the data from the National Center for Health Statistics of the Centers for Disease Control and Prevention, almost one-third (36.6%) of adults in the United States eat fast food on any given day. That's nearly 84.8 million folks who eat fast food daily. The rising fast-food consumption is expected to increase even more in the forecast period leading to boosting the demand for vending cups in the near future.
The presence of substitutes and high cost of installation is hampering the growth of the vending cups market in the recent times
The advantages and demand of vending cups improve with the rising consumption of premium hot beverages at retail stores, institutional services, workplaces, coffee shops, and other locations. However, cheaper and better substitutes in plastic and paper create various challenges for vending cups in recent times. Furthermore, the high installation cost of vending machines is a factor acting as a restraint for the growth of vending cups in recent times, especially in underdeveloped and developed countries.
COVID-19 Impact Analysis
COVID-19 had a negative effect on the market in 2020. The global outbreak of covid-19 has shut down various restaurants, beverage shops, and public food stalls. The shut down of food and beverages shops has severely hampered the growth of the vending cups market in 2019-2020. In addition, the manufacturing units of the products were shut down, leading to dropping the global demand for the product in recent times.
Vending Cups Market Segment Analysis
The global vending cups market is segmented based on material, cup size, application, and region.
The paper vending cups are easy to carry, handle and disposable as compared to other materials
In terms of material, the global vending cups market is segmented into plastic, foam, paper and others. However, the paper has built the largest market share in the past few years out of the mentioned types. The prime reason behind the growth of the segment is the growing adoption of eco-friendly and sustainable packaging. Other than that, the paper vending cups are easy to carry, handle, and disposable compared to other materials. Furthermore, the foam segment is expected to dominate in the global market during the forecast period due to their superior insulation properties, which help maintain the temperature of the food.
Vending Cups Market Geographical Analysis
Increase in the number of events, sports events such as football, cricket, and social gatherings, as well as increased consumption of on-the-go beverages in the region, the North American market
Due to an increase in the number of events, sports events such as football, cricket, and social gatherings and increased consumption of on-the-go beverages in the region, the North American market is predicted to lead the global vending cups market.
Furthermore, as per the statistics, the maximum installed base of beverage vending machines has been seen across the United States of America. The region has the highest density of beverage vending machines, with their installation in almost every cafeteria, corporate office, food service outlet, etc., leading to the demand for vending cups. However, in terms of beverage vending machine installation, Asia Pacific is predicted to increase at a robust double-digit rate. In the Asia Pacific region, China is projected to be the leading market for vending cups, followed by India. Furthermore, the rising introduction of new hot beverage vending machines for distributing tea and coffee drives the vending cups industry in Asia Pacific.
Vending Cups Market Competitive Landscape
The vending cups market is highly fragmented, with the presence of local as well as global companies. Some of the key players contributing to the market's growth such as Coveris Holdings S.A., MPM Marketing Services Pty Ltd., New WinCup Holdings, Inc., Dispo International, SwissPrimePack, Benders Paper Cups, Golden Paper Cups Manufacturing Co. LLC, International Paper Company, Nupik-flo UK Ltd., Huhtamaki Oyk, Hosti GmbH, and among others.
The major players adopt several growth strategies such as product launches, acquisitions and collaborations, contributing to the vending cups market's growth globally. The key manufacturers are following expansion and collaboration as the key strategy to build revenue for the company.
Overview: The company was created in 2008 from the merger between Bellaplast and Albiplast - the two leading companies in the development and production of high-quality food packaging. SwissPrimePack develops and manufactures industrial packaging for premium brands using cutting-edge technology and over 60 years of experience.
The global vending cups market report would provide access to an approx: 69 market data table, 62 figures and 244 pages.
Target Audience 2022
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