Paper Cone Market Growing Demand Accelerated By Expansion Of The Packaging Industry
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| Paper Cone Market |
Paper cones are extensively used in the packaging industry
for winding films, foils, papers, and tapes. They provide excellent strength,
are cost-effective, and are biodegradable. Paper cones help in smooth and
organized winding and unwinding of packaging materials. They are replacing
plastic and aluminum cones due to stringent environmental regulations on
single-use plastics. The global paper cone market is estimated to be valued at US$ 9.28 Bn in 2024 and is expected to
exhibit a CAGR of 8.2% over the
forecast period 2024 to 2031, as highlighted in a new report published by
Coherent Market Insights.
Market Key Trends:
The expansion of the packaging industry has been a key growth driver for
the paper cone market. The demand for paper cones has increased significantly
from the food and beverage industry in particular, as they are used extensively
for packaging snacks, biscuits, and noodles. Furthermore, regulations in many
countries mandate the use of paper or biodegradable materials for food
packaging, increasing the replacement of plastic packaging materials with
paper. The growth of the e-commerce industry has also fueled the need for
effective packaging solutions, augmenting the sales of paper cones. Various
technologies are being adopted by paper cone manufacturers to improve
production capacity and meet the growing demands from end-use industries.
However, fluctuations in raw material prices remain a key challenge.
Segment
Analysis
The Global
Paper Cone Market Analysis is dominated by the ice cream cone
sub-segment. This is because ice cream cones account for the largest share of
paper cone consumption due to its ability to hold frozen desserts without
melting and leaking. It provides an affordable and environment friendly
packaging solution for ice creams.
Key Takeaways
The global paper cone market is expected to witness high growth driven by
the increasing demand for frozen desserts across regions.
Regional analysis: North America
region currently dominates the paper cone market holding around 30% share due
to the high ice cream consumption in countries like the US. Asia Pacific region
is expected to witness fastest growth in the forecast period owing to rising middle
class population and disposable incomes in countries like India and China
boosting the demand for ice cream and other frozen products packaged in paper
cones.
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. Among
these, Afterpay and Klarna hold significant shares in the market due to their
wide acceptance and easy repayment plans attracting large consumer bases
globally.
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