As much as 65% of the global glass tableware market was taken up by its leading players for 2015, states market intelligence agency Transparency Market Research. The leading players at the time - Libbey Inc., ARC International, Sisecam Group, Bormioli Rocco S.p.A., and WMF Group – are currently facing an intensifying level of competition from regional players, especially in the case of small and medium scale end users. The regional and local players in the global glass tableware market offer relatively affordable products, making them more appealing for a majority of the customers. The future of the global glass tableware market is expected to be influenced by factors including mergers and acquisitions, product innovations, and partnerships between larger and smaller players.
As per the data revealed in the report, the global glass tableware market is expected to expand at a CAGR of 6.1% within a forecast period from 2016 to 2024. The market was valued at US$8.8 bn at the end of 2015. After experiencing the predicted drivers, the market can rise up to reach US$14.2 bn at the end of 2024.
Regionally speaking, the global glass tableware market is showing a phenomenal rate of growth in the Asia Pacific region, primarily due to the increasing disposable incomes of the growing consumer pool. Similar factors are driving the demand for glass tableware in Latin America.
Improved Buying Power Boosts Demand for Glass Tableware
One of the key factors driving the global glass tableware market currently, is the increasing disposable incomes among the common consumer classes in all regions of the world. This is especially visible in Asia Pacific, where the growing spending power of the average consumer is prompting the hotels and food service players to improve their investments and portfolios in the region. This is directly increasing the demand for visually appealing glass tableware for both aesthetic purposes as well as utility purposes. Japan, China, and India are showing a significant growth in their demand for glass tableware and are likely to continue doing so over the coming years. A growing number of consumers are steadily shifting from plasticware to glassware in most application fields, due to factors such as better visual appeal and the reusability and sterility of glass products as compared to plastic ones.
Beverageware Leads Demand Volume in Glass Tableware
Based on the types of products, the global glass tableware market can be segmented into the generalized components of beverageware, tableware, and baby bottles. Among these, beverageware has been the dominant segment in the global glass tableware market for the recent past. “The beverageware segment is expected to expand at a CAGR of 34.9% from 2016 to 2024. This segment attributes its growth rate to the globally increasing eye for appealing tableware amid the increasing consumption of various beverages. The segment also gains favor from the environmentally conscious consumers through the increasing sales of glass products which are reusable and recyclable,” states a TMR analyst.
Glass Tableware Hindered by Absence of Uniform Quality Code
One of the key factors restraining the global glass tableware market at the moment, is the lack of standardization among the various manufacturers in the market, with regards to product quality. The problem is further compounded by the presence of a large number of local players who are showing a greater disparity in product quality between each other. The common parameters of glassware quality measurement include the composition of the glass used, the overall grade of the glass used, the product’s durability, and the scope of permanent residual stress.
The information presented in this review is based on a Transparency Market Research report, titled, “Glass Tableware Market (Product Types - Beverageware (Tea Pots, Coffee or Tea Jugs, Pitchers, and Coffee Brewers), Baby Bottles, Cookpots, Roasters, Casseroles, Bakeware, Bowl, Food Warmer, and Measuring Jugs) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Key segments of the Global Glass Tableware Market
Global Glass Tableware Market, by Product Type:
- Tea Pots
- Coffee/Tea Jugs
- Coffee Brewers
- Baby Bottles
- Food Warmer
- Measuring Jugs
Global Glass Tableware Market, by Region:
- North America
- Rest of North America
- Western Europe
- Rest of Western Europe
- Southern Europe
- Rest of Southern Europe
- Eastern Europe
- Rest of C.I.S.
- Northern Europe
- Rest of Northern Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- North Africa
- Sub-Saharan Africa
- Latin America
- Rest of Latin America
- Western Europe
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