June 14, 2024

The Global Paper Cone Market Is Driven By Growing Packaging And Food Industries

Paper cones find wide applications across various industries such as packaging, textiles, shipping and logistics, agriculture and food. They are used as core material for winding tapes, textiles ribbons and films. Paper cones provide affordable packaging solution for food products such as sugar, salt and spices. They ensure leakproof and dust-free transportation and storage of goods. The global Paper Cone Market is estimated to be valued at US$ 9.28 billion 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:
One of the major trends driving growth of the paper cone market is increasing focus of manufacturers on producing paper cones made of recycled materials. Recycled paper cones help reduce carbon footprint and are more environment-friendly compared to virgin fiber-based paper cones. Various companies are investing in research & development activities to manufacture paper cones using waste paper and other recycled raw materials. For example, in 2021, Papier-Mettler, a Swiss papermaker, launched new range of paper cones made of 100% recycled fibers that are recyclable as well. Such initiatives are positively impacting adoption of paper cones and Fuelling growth of the overall market.

Porter’s Analysis
Threat of new entrants: Entry into this market requires significant capital investment and resources to produce at scale. This creates a barrier for new players.

Bargaining power of buyers: Buyers have moderate power as there are substitutes available. However, switching costs may apply for some buyers using paper cones.

Bargaining power of suppliers: Major suppliers control a sizable share of the market. This gives them stronger negotiating power against buyers.

Threat of new substitutes: Alternate packaging options pose a potential threat. However, paper cones still dominate for certain applications due to functionality and sustainability advantages.

Competitive rivalry: The market has some well-established players operating globally. This leads to intense competition on pricing and innovation.

Key Takeaways
The Global Paper Cone Market Growth is expected to witness high over the forecast period.

The paper cone market in North America is growing steadily. Growth in the United States can be attributed to high demand from the food and beverages industry for packaging cones. The region has a strong presence of leading manufacturers.

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. These companies have large production capacities and global sales networks to serve major industries utilizing paper cones. Ongoing technological advancements help improve operational efficiencies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it