They offer several advantages over traditional plastic or metal containers such as lower production costs, sustainability and recyclability. The rising consumption of packaged food & beverages globally has boosted the demand for paper cones significantly. The global Paper Cone Market is estimated to be valued at US$ 8.05 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for packaged food & beverages is one of the key factors driving the growth of the paper cone market. Packaging plays an important role in the food & beverage industry for product promotion as well as maintaining the quality and freshness of products. Paper cones are widely used for packaging snacks, baked goods and confectionaries. Their ability to keep products protected along with excellent printability make them a desirable option over plastic or metal containers. With consumers increasingly opting for packaged convenient foods due to busy lifestyles, the demand for paper cones is expected to grow substantially over the forecast period.
Segment Analysis
The Global Paper Cone Market Size is dominated by the paper ice cream cone segment. Cones are the standard package for ice cream and ice cream parlors mainly use paper cones to serve ice cream. Paper cones provide strong packaging due to their cone shape and allow customers to handle the cold ice cream easily without it melting quickly. Thus, their user-friendly nature and ability to keep ice cream cool makes paper ice cream cones highly popular.
Key Takeaways
The global paper cone market is expected to witness high growth over the forecast period of 2023 to 2030. The market is forecast to reach a value of US$ 8.05 Bn by 2024, indicating strong prospects.
Regional analysis: Asia Pacific region currently holds the dominant share in the global paper cone market and is expected to remain the fastest growing regional market during the forecast period as well. The large presence of ice cream manufacturers as well as high ice cream consumption in countries such as China, India make Asia Pacific a highly lucrative market.
Key players operating in the paper cone market are Afterpay, Holdings Inc., Klarna Bank AB, Laybuy Group Holdings Limited, Payl8r (Social Money Ltd.), PayPal Holdings Inc., Perpay, Quadpay, Sezzl, Splitit. Some of the leading players are focusing on expanding their regional presence and production capacity to better cater to the rising global demand for paper cones especially from the fast growing Asia Pacific market. Players are also investing in automated production lines to improve efficiencies.
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