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Global Glass Tableware Market Projected to Touch US.2 billion by 2024
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The global glass tableware market currently features a consolidated landscape as the four top players accounted for a colossal share of around 65% in the overall market in 2015.These leading players—WMF Group, Sisecam Group, Bormioli Rocco S.p.A., Libbey, Inc., and ARC International—are facing stiff competition from the foray of domestic players in several key regions. Their market shares are being increasingly threatened by the launch of a wide range of products at an affordable pricing. However, top players preferably opt for strategic mergers and acquisitions, partnerships, and collaborations, in order to consolidate their shares, notes. These players are also focusing on product innovations, in a move to stay ahead of the pack in the market.
The global glass tableware market was worth US.8 billion in 2015 and is anticipated to reach US.2 billion by 2024 end. The global glass tableware market is projected to rise at a CAGR of 6.1% during the forecast period of 2016–2024.
roadly, the various types of glass tableware are beverageware, aesthetic tableware, tea pots, baby bottles, bowls, roasters, and cook pots. Of these, beverageware is projected to emerge as the leading segment over the forecast period and is estimated to account for a 34.9% in the overall market by 2024 end. The growth of the segment is driven by their extensively rising demand on account of their marked recyclability and the wide consumption of beverages.
Regionally, Asia Pacific has accounted for the leading market share so far and is expected to retain its dominance throughout the forecast period. This is attributed to a thriving foodservice and hospitality industry in several emerging economies. The regional growth is widely supported by the vast rise in disposal incomes and the rapid pace of urbanization.
Middle Class Populations with Substantial Disposable Incomes to Bolster Demand
A burgeoning middle class population in several urbanized regions is a prominent trend stoking the demand for glass tableware for various table settings. The vast improvements in the purchasing power of these consumers in several emerging economies is bolstering the demand for aesthetic glass tableware in a variety of sizes. The soaring concerns of ill-health effects of plastic table ware is a notable factor encouraging consumers to go for glass tableware. The wide environmental concerns arising out of plastic disposability in various parts of the world is a significant factor boosting the demand of glass tableware.
A burgeoning restaurant and food service industry in several developing nations has led to a substantial demand for glass tableware. Vast strides taken by international hotel chains in a number of emerging countries such as Japan, India, and China have aided in the rapid expansion of the market. Substantial investments made on travel and tourism in various developing and developed nations are boosting the market. A rapidly growing food service industry in these regions is proving a robust impetus to the demand for high quality glass tableware.
Focus on Designs Innovations to Lead to Exciting Product Launches
A growing volume of population dining in restaurants is a key factor contributing to the demand for aesthetic tableware and beverageware. However, the lack of uniform standards for ascertaining the quality of various tableware products and the soaring prices of some raw materials are some notable factors likely to hinder the growth of the market. Factors such as the grade of glass used, durability of the final product, and composition of raw material depends on manufacturer, which may lack standardization across regions.
Nevertheless, the advent of versatile and durable tableware bodes well for the market. The growing focus on design innovations in tableware will unlock exciting prospects for manufactures in the market in the coming years.
The global glass tableware market is segmented based on:
Global Glass Tableware Market Projected to Touch US.2 billi
Glass Tableware Market Projected to Touch US.2 Bn by 2024
Latest Industry Analysis: Global Glass Tableware Market Size,
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