The global Insulated Cup Sleeves Market is expected to register a market value of USD 21.9 billion in 2023 and is projected to accumulate a valuation of USD 35 billion by exhibiting a CAGR of 4.8 % in the forecast period 2023 to 2033. The Insulated Cup Sleeves market registered a growth of 3.9 % CAGR in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | USD 21.9 billion |
| Projected Market Value in 2033 | USD 35 billion |
| Growth Rate (2023 to 2033) | 4.8% CAGR |
Insulated cup sleeves are circular-shaped sleeves that have a snug fit over the handle less paper cups. These sleeves are used in order to protect the user’s hands from hot liquid. These sleeves are made out of single Grade polyethylene or double polyethylene coating, which helps in reflecting heat back to the cup thereby protecting easy handling of the cup.
The versatile, lightweight, and recyclable properties of insulated sleeves protect the cup from any kind of damage and reduce the chances of spillage. These features minimize thermal contact and reduce heat transfer thereby making it a convenient choice for holding hot or cold beverages.
These sleeves not only protect the inside product but are also a budget-friendly option for customers. Owing to these properties, the demand for insulated cup sleeves is expected to witness substantial demand in the coming years.
The users of paper disposable paper cups have amplified at an increasing level due to the increasing purchasing power of the common which in turn is driving the demand for insulated cup sleeves.
It can be clearly stated that disposable coffee cups and insulated cup sleeves grow in sync with each other and one market is dependent on the other to achieve growth. Also, with the rising demand for hygienic beverages, users are becoming cautious regarding their tableware choice for any form of meal which is expected to drive product demand in the coming years.
With the rapidly growing economies due to globalization in past years, the product has witnessed a high demand all over the hospitality industry.
Moreover, the flourishing tourism market is inducing growth in various dependent sectors, which is aiding the insulated cup sleeves market to expand. In addition, an increase in the disposable income of an individual is leading to an increase in spending on quality served food, majorly on drinks.
During traveling and leisure time, tourists and visitors opt for hygienic beverages as a quick takeaway drink. This trend is fueling the demand for insulated paper cup sleeves.
On the other hand, the surging demand for biodegradable disposable products is taking people away from plastic cups. This is promoting the use of paper cups which is directly creating the demand for cup sleeves as well.
The growing consumption of hot beverages and growing adoption of sustainable packaging solutions as well as strategic initiatives undertaken from key market players are some other growth-driving factors that are shaping the product demand.
Along with this, booming growth in the tourism sector in the post-pandemic period coupled with growing penetration of fast food and quick service restaurant chains are anticipated to act as a catalyzing factor for product demand during the forthcoming period.
Region-wise, the market in East Asia is expected to grow with a significant CAGR of 4.7% during the forecast period. The growth is attributed to the ability of people to purchase a high-end product, expanding food & beverage industry, and increasing purchasing power of the people.
The market in Europe is expected to grow with a CAGR of 4.5% during the forecast period. The region will create tremendous growth opportunities for insulated cup sleeves market, which could be attributed to rising per capita consumption, particularly during travel outings.
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Recent developments and breakthroughs in technology, mergers, acquisitions, collaborations, and partnerships within the companies involved in manufacturing insulated cup sleeves are anticipated to create new avenues for market expansion during the forecast period.
In April 2021, Graphic Packaging International, one of the manufacturing giants of paperboard and paper-based packaging, launched the “Hold&Go™” Insulated hot cups, by leveraging Thermashield technology, which offers great insulation, thereby enhancing the quality of insulated cup sleeves.
In February 2022 - Huhtamaki offered its support to Unilever’s Carte D’Or as it discontinues plastic use by opting for recyclable paper by shifting the packaging for their ice cream to recyclable paper tubs and lids to promote recyclable paper-based packaging. This will allow the brand to get rid of more than 900 tons of virgin plastic in the United Kingdom annually.
The insulated Cup Sleeves Market Is Expected to Increase at a Value CAGR of ~4%, During the Forecast Period
Newly released data from insulated cup sleeves Market Analysis shows that global demand for overall insulated cup sleeves market enjoyed year-on-year (YoY) growth of 4% in 2021. The kraft paper material segment grew 5%, while the coated paper material segment was up 3%.
Insulated Cup Sleeves, are the circular or cylindrical sleeves that perfectly fit over the paper cups which are handle-less, in order to encase user’s hands from hot items. Being composed out of single Grade PE or Double PE coated, they help in reflecting heat back to the cup.
These insulated cup sleeves are versatile, recyclable, light-weight and have great strength to encounter any kind of damage. This “cup and sleeves arrangement” reduces the thermal contact and minimizes the transfer of heat.
Insulated cup sleeves are not only limited to protection of the product, but also prove to be a budget friendly option to the customers. Considering these properties in mind, the demand for insulated cup sleeves market is anticipated to increase steadfastly, with a value CAGR of nearly 4%.
Designed to keep the beverages at their coolest and most enjoyable state, the insulated cup sleeves have unique protected bottom, have stretchable fit and also limit the condensation. Their bottom is usually made of neoprene, a rubber-like material, which provides a sturdy stitching and helps in curtailing the spread of liquid outside the cup.
During summer heat, this “neoprene” material allows for a long-lasting iced-beverage. Moreover, the insulated cup sleeves can easily be fit inside a bag or a purse. Thereby, creating new opportunities and applications.
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Being budget-friendly, washable and eco-friendly, the insulated cup sleeves are most in demand in the recent market scenario. As customers are preferring more “ready-to-eat” and easily available food products, the insulated cup sleeves are becoming the need of the hour, as they provide triple air-locking vacuum seal.
This property allows for them to be highly utilized in food and beverages industry.
As more and more restaurants and hotels are preferring the insulated cup sleeves due to their versatile, reusable and lightweight properties, their production by major manufacturers such as Xuancheng Bo Site Commodity Co., Ltd, which is a specialised manufacturer of disposable cups, is at an all-time high. The company also has a separate R&D installed for cups.
As more and more people are becoming aware of their properties of being reusable and light-weight, their demand is shooting and manufacturers are finding it difficult to align to the sudden increase in the demand. Also, pertaining to their light-weight, they have the possibility of falling off the table, or losing their balance.
The manufacturers involved in the manufacturing of insulated cup sleeves are coming up with innovations in the form of the technology used during their manufacturing process.
For instance,In April 2021, Graphic Packaging International, largest manufacturers of paperboard and paper-based packaging, introduced the “Hold&Go™” Insulated hot cups, through Thermashield technology, which aids in great insulation performance, thereby improving the quality of insulated cup sleeves.
Technological advancements are leading the way for Insulated Cup Sleeves Market. For example, HÖRAUF, a German company is known for its high-end machines and technology for packaging industry. Also, the presence of key players like Graphic Packaging International, KAPGROUP, and many others are rising the market for insulated cup sleeves market.
| Estimated Size, 2024 | USD 1,585.2 million |
|---|---|
| Projected Size, 2034 | USD 2,228.9 million |
| Value-based CAGR (2024 to 2034) | 3.5% |
| Market Value 2023 | USD 32.1 billion |
|---|---|
| Market Projected Value (2033) | USD 47.6 billion |
| Market CAGR (2023 to 2033) | 4.0% |
| Expected Market Value in 2023 | USD 21.6 billion |
|---|---|
| Projected Market Value in 2033 | USD 35.1 billion |
| CAGR (2023 to 2033) | 4.9% |
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