The Paper Cone Market is driven by rising concern over sustainability
The Paper Cone Market is driven by rising concern over sustainability
Blog Article
The paper cone market has witnessed steady growth over the past decade owing to growing preference for sustainable packaging options. Paper cones are widely used for packaging applications such as confectionery products, pharmaceuticals, electronics components and food items. Paper cones are an eco-friendly solution as they are biodegradable and recyclable. They provide excellent barrier properties and help extend the shelf life of products being packaged. Paper cones are available in different materials such as kraft paper, bleached paper, natural gum paper and vegetable parchment depending on the end-use requirements. Their versatility, durability and printability allow manufacturers to customize the packaging as per their branding needs.
The Global Paper Cone Market is estimated to be valued at US$ 8.64 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the paper cone market are Huhtamaki Oyj, Conitex Sonoco, Tubettificio Senese S.r.l., A.C.M.I. S.p.A., PTM Packaging Pvt. Ltd., Sonoco Products Company, Paper Machinery Corporation, Raeed Company, SUNRISE PAPER INDUSTRY CO., LTD., Fujian Minqing Technology Co.,Ltd, Fulistar New Material Technology Co., Ltd., Xinhe Paper Cone Making Machinery Co., Ltd., Global Sources, Jaiding Paper Products Co., Limited, Ace Paper Products Company, Dongguan City Leyu Paper Products Co., Ltd., Jiangyin Golden Bridge Printing & Packaging Machinery Co., Ltd, Shenyang Beizhi Paper Machinery Co., Ltd., KU Sodalamuthu And Co. Pvt Ltd, National Paper Products
Key players are focusing on developing innovative and sustainable paper cone solutions to cater to changing market dynamics.
Paper Cone Market Demand is expected to increase significantly owing to rising focus on eco-friendly packaging globally. The growth of end-use industries such as food and beverages, personal care and pharmaceuticals will also propel the market expansion.
Major players are investing in expanding their production facilities across regions to cater to the growing demand from both domestic and international markets. Acquisitions and mergers are allowing companies to expand their geographic footprints.
Market Key Trends
Customizable and multi-colored paper cones enable manufacturers to enhance their brand visibility on retail shelves. Leading companies are focusing on developing paper cones infused with anti-microbial properties to allow for packaging of high-hygiene products. Rapid advancements in paper cone manufacturing technologies are helping producers reduce costs and improve production efficiencies. The trend towards sustainable and eco-friendly packaging will continue to drive demand for paper cones over the forecast period.
Porter’s Analysis
Threat of new entrants: Paper Cone Companies can enter the market easily due to low initial investment and few entry barriers. However the existing players have strong brand loyalty and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established paper cone manufacturers. However brand loyalty of buyers towards certain brands provide some bargaining power to buyers.
Bargaining power of suppliers: Suppliers of raw materials like paper have low bargaining power due to availability of substitute materials and fragmented supplier base. This allows manufacturers to negotiate prices downwards.
Threat of new substitutes: Threat of substitutes is low as paper cones have few close substitutes for packaging applications. However paper straws and other eco-friendly substitutes may emerge as threat.
Competitive rivalry: Intense competition among key global and regional players.
Geographical Regions
In terms of value, Asia Pacific accounts for around 40% market share majorly contributed by China, India and Japan. This is attributed to availability of raw materials, cheaper labor and growing end use industries.
The fastest growing region for paper cone market is Middle East and Africa. Countries like South Africa, Nigeria and UAE are anticipated to experience over 10% CAGR during forecast period driven by increasing consumption from food and beverages industry. Rapid urbanization and rising disposable income will further propel the demand.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)