VALLEY COTTAGE, New York, December 10, 2018 /PRNewswire/ --
Pegged at the global revenue of more than US$ 1.8 billion during the same period, revenues in the global vending cups market are a resultant of the increased 'on-the-go' consumption culture
A recent analysis by Future Market Insights (FMI) on the global sales of vending cups forecasts a modest growth through 2019. However, the demand for vending cups is anticipated to remain rather sluggish through the 2028, considering recyclability questions associated with vending cups.
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- The global vending cups market is expected to expand at moderate annual growth rate of 3.9 percent in 2019, with the CAGR touching an all-time low in 2028, touching the valuation of approximately US$ 2.6 Billion through the forecast timeline.
- In terms of value, FMI also forecast a dip in the Year-on-Year growth rate as more and more nations implement stringent laws circling 'single-use plastic' policy.
"Plastic consumption has remained a critical issue, impacting the overall food chain and public health. However, several global initiatives are being taken by Governments- both in emerging and developed markets to reduce or completely eliminate the sales and consumption of single-use plastics-with a key focus on plastic cups, bags, and straws, amongst other commodities. Vancouver, for instance, in its effort to ban all solid waste by 2040, has banned plastic straws. The nation has also moved a motion-to be in effect from June, 2019-to ban the distribution of takeout containers and foam cups. India, in 2017, took a major step towards banning all forms of single-use plastic. European Union, too, through its new plans, is expected to reduce the consumption of single-use plastics and microplastics by 2030. FMI anticipates that growing public consciousness of sustainability and waste issues will remain a critical factor, suppressing the demand for vending cups. Such developments in the market could strike a significant blow to market growth, considering plastic still accounts for over 27% of the global vending cups market, by material", explains a senior research analyst at the company.
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Strategy Analysis through Competition Tracking
The global vending cups market showcases an extremely fragmented-high competition landscape, with the small, tier-3 companies accounting for the largest market share. Tier 3 companies dealing in vending cups such as Dispo International, SwissPrimePack, and Benders Paper Cups receive most of their revenue through aggressively defending their product portfolios.
Other key insights from competitive landscape analysis include:
- Tier-3 companies in the global vending cups market account for a major share of the market, contributed to nearly 60 percent of the total global market share.
- Tier-2 players, including RPC Tedeco Gizeh and International Paper Company, contributing, falling under the 1-2.5 percent revenue share bracket, are anticipated to account for nearly 16-20 percent of the total vending cups market
- Tier-1 companies, Huhtamaki Oyj, Coveris Holdings S.A., New WinCup Holdings, Inc., and Nupik-flo UK Ltd.-sharing a revenue bracket of above 2.5 percent, are estimated to hold a total of 20-25 percent of the vending cups market share.
- However, larger vending cups companies are projected to have relatively stronger clout with suppliers and therefore, less alarmed by the pricing issue than smaller operators, considering competitive pricing remains a vital factor for vending cups manufacturers.
- As a part of their differentiation strategy, participating companies in the vending cups landscape are focusing on the increasing their profit margin through value-added product portfolio expansion.
- Some other companies, including Nupik-flo UK Ltd and Huhtamaki Oyj are concentrating their efforts on enhancing its custom offerings-with key focus product design and consumer appeal.
- Production capacity expansion through strategic mergers and acquisitions among vending cups manufacturers looking forward to achieve global market presence.
- For instance, Huhtamaki Oyj's recent acquisitions Ajanta packaging and CuPrint are aimed at expanding its existing capabilities. Moreover, in as a part of its expansion plan, the company is also to increase Finland's plant capacity and recent expansion of Alf plant in German.
- Advancements in technology such as 3D printing tools and manufacturing tools have been introduced by vending cups manufacturers to improve product efficiency and packaging quality of vending disposable cups.
Preview Analysis Global Vending Cups Market by Material Type ((Plastic, Polypropylene, Polyethylene, Polyamide, Bioplastics, PET, Others) Paper, Foam); by Capacity (Less than 7 Oz, 7 Oz to 9 Oz, 9 Oz to 12 Oz, More than 12 Oz); by Product Type (With Lid, Without Lid); by Molding Technology (Thermoformed Molding, Injection Molding); by Application (Cold Cups, Hot Cups): https://www.futuremarketinsights.com/reports/vending-cups-market
Regional Insights from the Global Vending Cups Market Report
- Holding nearly 1/4th of the total vending cups market, North America is anticipated to remain a key revenue generating pocket, selling over 19k Mn Units of vending cups by 2028 end.
- However, FMI analysis indicates North America losing its market share to Asia Pacific in the coming years, owing to increasing popularity of vending cups in the region.
- In Latin America, vending cups without lid is anticipated to register a peak y-o-y growth rate of during 2020-2021, with cold vending cups dominating the landscape, in terms of application.
- By molding technology, thermoformed molded vending cups are expected to retain their edge across regions, including Western Europe. In terms of material type, Western Europe is expected to witness increasing demand for paper-made vending cups, expanding at 1.2x of its current value by 2022.
- In Easter Europe, potential growth opportunities are spotted in Poland, considering the region's expansion at a steady growth rate. However, as opposed to Latin America, Eastern Europe will witness increased demand for hot vending.
- APEJ will remain a key revenue generating region for the global vending cups market, accounting for more than 34 percent of the total market share, by the end of forecast period. India is identified as the most lucrative market in APEJ, as per FMI study. Leading companies installing more number of vending machines in developing regions of APEJ is a factor driving the product growth.
- The region will also be seen favoring paper-made vending cups as opposed to plastic cups, considering stringency in Government norms banning plastic. Paper material segment in APEJ is expected to expand 1.4x of its current value by 2022.
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