Portion Cups Market Rising Trends, Technology Advancements and Demand 2019 to 2027
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.