Global Glass Tableware Market: Snapshot
Glass tableware has become an important part of commercial as well as household kitchens over the past few years. The emergence of middle class has been pivotal to the soaring revenue of the global market. Their improving purchasing power and rising standard of living has played a crucial role in defining the demand in the global class tableware market. According to the research report by Transparency Market Research, the overall market was worth US$8.8 bn in 2015 and is anticipated to reach US$14.2 bn by the end of 2024. Between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 6.1%.
Environmental Hazards of Using Plastic Encourages Consumers to Replace it with Glass
In the coming years, the global market is expected to thrive against the backdrop of changing perception towards plastic. Increasing awareness about its environmental hazards and the fact that it remains non-biodegradable has encouraged consumers to replace plastic tableware with glass. The negative implications of using plastic tableware on health have also prompted several consumers to use glass instead. All of these factors are expected to have a high impact on the global market in the coming years. The market also stands to benefit from the radical transformation in the glass is made. The improving aesthetics of glass tableware has won the market numerous consumers in the recent past.
The only drawback in the global glass tableware market is the inability of manufacturers to maintain the quality of the products. The lack of standardization is expected to act as an impediment to the growth of the overall market in the coming years. Furthermore, rising prices of raw materials to manufacture glass is also anticipated to hinder the market growth.
Tableware Segment to Show Consistent Progress throughout Forecast Period
The various products available in the global glass tableware market are tableware, beverageware, which includes tea pots, coffee or tea jugs, coffee brewers, and pitchers. The market also sells baby bottles, cookpots, roasters, bakeware, casseroles, food warmer, bowls, and measuring jugs. Of these, the tableware product segment showed the highest growth rate, accounting for nearly 40% of the overall market in 2015. The glass cups and mugs were the most popularly sold items under this segment. Beverageware remained in tow, with coffee or tea jugs contributing to its second-highest revenue.
Asia Pacific Exhibits Excellent Growth Rate as Economies Strengthen
In terms of regions, the market is segmented into North America, Europe, the Middle East, Latin America, and Asia Pacific. Of these, the emerging economies have made a significant contribution in making Asia Pacific the frontrunner in the global glass tableware market. Emerging economies of countries such as China, Japan, and India are expected to boost the demand for glass tableware in Asia Pacific all throughout the forecast period. The rising disposable incomes of consumers, their changing spending patterns, ability to eat outdoors, and flourishing hotel industry has been the architecture of the positive trajectory of the market in Asia Pacific. Analysts expect that developing regions of the Middle East and Latin America are also likely offer incremental opportunities to the global glass tableware market in the coming years.
Some of the leading players operating in the global glass tableware market are Libbey Inc, Arc International, Anchor Hocking LLC, Sisecam Group, and WMF Group. The players are facing tough competition in the market due to the strong presence of several local manufacturers. The ability of local players to reduce costs and sell products at cheaper prices has been winning them a large consumer base. Additionally, strong promotional activities and marketing strategies has also worked in their favor.
Global Glass Tableware Market: Overview
Glass tableware comprises of products which are used for serving food for dining, and other purposes as well. They also form a part of table setting. The global glass tableware market has passed through a number of qualitative and quantitative changes in the past few years. More than 400 manufacturers are involved in the production of glass tableware products at the global level. However, quite a few of them have merged into one or split into two during the course of time. The sales of glass tableware products have escalated in the past few years with Asia Pacific being the dominant market for the same in 2015.
Previously, the purchase of glass tableware products was restricted to the upper class population and a part of the upper middle class population, since they were considered as premium products. However, in recent times, these products have gained access to consumers across all income groups, which are primarily fuelled due to the increasing disposable income of the consumers. This factor is expected to lead the glass tableware market during the forecast period.
Global Glass Tableware Market: Drivers and Restraints
Increasing investment by the international hotel brands in the developing countries is one of the major factors responsible for the growth of the glass tableware market at present. Rising disposable income of the consumers which has resulted in increasing expenditure on travel and tourism, which in turn has resulted in the growth of the hotels industry. The impact of this is expected to be high in the long run.
However, increasing raw material prices are expected to hinder the growth of the glass tableware market. The glass tableware industry pay high tariffs on gas compared to the other industries. High cost of soda ash, which contributes more than 30% of the overall cost production of glass products, which is the key factor hindering the growth of the market at present and the impact of this restraint is likely to remain high throughout the forecast period.
Global Glass Tableware Market: Segmentation
The global glass tableware market has been bifurcated on the basis or product types into beverageware, tableware, baby bottles and others. In terms of revenue, tableware held the major market share. Increasing repeat purchases for tableware products is the key factor for the high market share of this segment. Beverageware held the second largest market share in 2015 and is expected to retain its position throughout the forecast period. However, the others segment which are inclusive of cookpots, roasters and casseroles among others held a considerable market share.
The beverageware segment has been further classified into tea pots, coffee and tea jugs, pitchers and coffee brewers, while the tableware segment has been classified into glass, cups and mugs among others.
Global Glass Tableware Market: Regional Outlook
Geographically, Asia Pacific dominated the global glass tableware market in 2015. High population count combined with the rising middle class population in this region is a key factor which is complementing the growth of the glass tableware market in Asia Pacific. India, China and Japan are the frontrunners for this market in Asia Pacific. Rapid urbanization which has resulted in the increasing per capita income of the consumers is a key factor boosting the demand for glass tableware market in countries such as India, China and Japan. Further, transition in the lifestyle of the consumers leading to the increasing inclination for trendy glass tableware products is another key factor complementing the growth of the glass tableware market in Asia Pacific. North America and Europe are expected to exhibit a healthy growth during the forecast period as well.
Key Players Mentioned in this Report are:
The global glass tableware market is marked by some intense competition from the major players operating in this market. Frequent mergers and acquisitions, joint ventures and partnerships, product innovations and geographical expansions are some of the key strategies adopted by these leading players operating in this market. Libbey Inc., Arc International, Bormioli Rocco SpA, Anchor Hocking LLC and WMF Group are some of the key players operating in this market.
The global glass tableware market has been segmented on the basis of product types and region. The report provides the current market size and anticipates its status over the forecast period.
The report also analyzes factors driving and inhibiting growth of the glass tableware market. The report will help manufacturers, suppliers, and distributors to understand the present and future trends in this market and formulate strategies accordingly.
The report segments the glass tableware market as:
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
- Western Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- North Africa
- Sub-Saharan Africa
- Latin America
- Rest of Latin America