The beverage coaster market is expected to grow steadily at a CAGR of 5.2% during the forecast period. The market size is expected to reach US$ 1.5 billion in 2022 and is expected to cross US$ 2.5 billion by 2032.
Coasters are small mats used to protect surfaces, such as countertops, from stains caused by heat, moisture, or drinks in cups, glasses, bowls, or mugs. As consumer interest in coffee shops, bars, cafes, and other beverage-focused establishments grows, so does the demand for coasters.
Coasters are typically made from materials such as cardboard, foam, or tissue paper, and they not only absorb excess water but also serve as a marketing tool for your business. Coasters as promotional items with company logos, advertisements, and sports team branding printed on them are driving the growth of the market.
The hospitality industry is a key driver of the coaster market, with more companies using coasters for both functional and branding purposes. As consumers become more focused on their beverages, the demand for coasters continues to grow, which will further propel the market growth during the period 2022–2032.
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“The drink coaster market is growing steadily as consumers increasingly look for practical and stylish coaster solutions. With the growing trend towards eco-friendly materials and personalised designs, the market is expected to further expand, especially in the hospitality and home decor sectors,” said Ismail Sutaria, Lead Packaging Consultant, Future Market Insights (FMI).
Consumers are increasingly focused on home decoration and personalization: As consumers increasingly seek individual and beautiful home decoration, coasters are becoming a popular accessory in homes, cafes and restaurants. Coasters with unique designs or personalized prints are in line with this growing trend.
Growth in the Hospitality and Food Service Industry: The booming food and beverage industry, which includes hotels, restaurants, bars, and cafes, has contributed to the growth in demand for coasters. In these establishments, coasters are used to enhance customer service and protect surfaces, which is driving the demand in the market.
Sustainability and eco-friendly materials: As sustainability becomes a key priority for consumers, there is a growing demand for eco-friendly drink coasters made from materials such as bamboo, cork, and recycled paper. This shift is driving manufacturers to innovate and produce eco-friendly products.
Rising Disposable Income and Social Events: As disposable income rises, people are spending more on home entertainment and social events, which is driving the demand for stylish and practical coasters. These products are essential for keeping public spaces clean and enhancing their aesthetics.
Innovation in design and functionality: The development of multifunctional coasters, such as those with built-in coasters, heat-resistant coasters or integrated chargers, has attracted consumers looking for innovative solutions. These innovative products are driving the growth of the beverage coaster market by providing added value and versatility.
Sustainability issues: As consumers become more environmentally conscious, demand for eco-friendly drink coasters is growing. Manufacturers are faced with the challenge of finding eco-friendly materials, such as biodegradable, recyclable, or compostable ones, while maintaining product quality and reasonable pricing.
Competition from substitute products: The coaster market faces competition from other drink accessories, such as napkins and drink holders, which sometimes offer similar functionality at a lower price. This makes it difficult for coaster manufacturers to differentiate their products and attract consumers.
Price Sensitivity: Consumers tend to be price sensitive, especially in the mass market. High-quality coasters made from premium materials or custom-made may not be able to justify their higher price tag compared to affordable mass-produced alternatives.
Consumer preferences are changing rapidly: Design trends and material preferences are changing rapidly. The market has difficulty predicting which materials (e.g. cork, silicone, bamboo or ceramic) and design trends will appeal to consumers, making it difficult for manufacturers to stay ahead.
Durability and performance: Coasters must withstand daily use without losing their functionality or aesthetics. Manufacturers must find a balance between cost and durability, ensuring that coasters effectively protect surfaces from moisture, heat, and stains while maintaining the integrity of their appearance.
The North American beverage coaster market is expected to lead the revenue growth, outpacing other regional markets. India and China are expected to witness significant revenue growth in the beverage coaster market, contributing significantly to the global market dynamics.
In addition, the coaster market in other countries in the Asia Pacific region will also benefit from rising disposable income and improving purchasing power of consumers. Latin America is also expected to witness significant growth in demand for coasters, albeit at a relatively small scale compared to other regions.
In the Middle East and Africa (MEA), the GCC countries and South Africa are expected to contribute the most to the overall revenue growth of the drink coasters market.
The major players in the drink coaster market include Katz Group Americas, Cangnan Global Gifts Co., Ltd., Coaster Factory, Yangjiang Zhixiang Industry and Trade Co., Ltd., Guangzhou Yi Gifts Trading Co., Ltd., Shenzhen Longgang Jinweixin Silicone Products Factory and so on.
The global drink coasters market can be segmented based on material type, printing technology and end user group.
Ismail Sutaria (Lead Consultant Packaging & Materials) has over 8 years of experience in marketing research and consulting in the packaging and materials industry. Ismail’s strength lies in his ability to understand the key challenges facing clients and provide logical and actionable insights that enable clients to make strategic decisions.
Ismail has been involved in a number of transformation consulting projects and played a key role. His core skills include competitive benchmarking, opportunity assessment, macroeconomic analysis and business transformation consulting. Ismail holds an MBA in Marketing and a BA in Mathematics.
Ismail is a frequent attendee at industry conferences and exhibitions and has received extensive coverage in both online and print media. He will be a guest speaker on our upcoming talk show, The Rise of Intelligent Packaging. Ismail’s articles have been cited in several renowned publications including the European Pharmaceutical Review and the European Tape Association.
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Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Winner, Member of the Greater New York Chamber of Commerce) provides insightful analysis of the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer goods, technology, healthcare, industrial and chemical markets. With a global team of over 400 analysts, FMI provides global, regional and local sector expertise and industry trends in over 110 countries.
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