by Paper cones are extensively used across various end-use industries such as food & beverages, cosmetics & personal care, and others for safe product packaging and transportation purposes. Paper cones provide effective and cost-efficient packaging solutions for powders, liquids, and semi-solid products. Their excellent moisture barrier properties and ability to maintain product freshness for longer durations have made them a suitable packaging alternative over conventional plastic and metal containers. With the rapidly expanding packaging sector worldwide, the demand for paper cones has witnessed a substantial increase from industries aiming to replace non-biodegradable packaging materials with eco-friendly options.
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:
Rising environmental awareness among consumers and stringent regulations regarding plastic waste disposal have encouraged packaging manufacturers to shift their focus from plastic to paper-based packaging solutions. Paper cones soaked with wax or plastic-lined offer moisture resistance at par with plastic containers while being biodegradable. This has boosted their adoption in the FMCG sector. Furthermore, developments in paper cone manufacturing technologies have improved production efficiency and catered to customized requirements of key end-use industries.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established distribution channels lower barriers to entry in the paper cone market. However, presence of large suppliers discourage new companies to enter.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like paper cups. However, established supplier relationships increase switching costs.
Bargaining power of suppliers: A few major players dominate global supply. This gives them significant influence over prices. Suppliers can forward integration to enhance control over distribution channels.
Threat of new substitutes: Products like paper cups and cartons pose potential threat. However, cone’s portable design strengthens its value proposition for ice cream.
Competitive rivalry: Market fragmented with regional players. However, sector sees consolidation as scale enables product innovation and cost leadership.
Key Takeaways
The Global Paper Cone Market Size is expected to witness high growth.
Regional analysis Asia Pacific is the fastest growing region attributed to rising disposable incomes. China and India account for major share due to growing ice cream consumption. Europe holds significant share owing to affinity for ice cream among consumers.
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. The major players focus on strategic partnerships and new product launches to strengthen their foothold in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
