Glassware Market to Grow at a CAGR of 10.5% during the Forecast Period

Rising demand for luxury and premium glass utensils and articles in global market is resulting into growth of glassware market globally. The global glassware market is estimated to reach USD 15.3 billion by 2026, growing at a CAGR of 10.5% during the forecast period.

Glassware is finding greater demand from individual homeowners for household usage as consumers are favouring aesthetic appeal of glass products. Glassware is available in multiple types of materials including soda-lime and lead glass. These types of glass products usually come in many aesthetic forms such as transparent and matte finish. Moreover, growth in consumer inclination towards dining out culture due to busy work life is resulting in a spike in glass products demand from hotels and restaurants sector globally. Recent years have witnessed sparkling growth in urbanization in key developing economies which is coupled with an increasing standard of living. Adoption of premium glass products for decoration purposes is considered to be key influencing factor for global demand. On the other hand, the growth of global glassware industry is facing a challenge from the cheap fibre and composite products which are supposed to diminish the growth of glassware market.

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The glassware industry is primarily driven by demand for aesthetic decorative products in the household sector from developing economies such as China and India, which made Asia Pacific region to be the largest regional market for the industry. However, the highly unorganized market and high threat of new entrants in the global glassware industry are expected to restraint the growth of the market in the forecast period.

Key Findings:

• Based on the type, the soda lime glass segment is expected to grow at the highest CAGR of around 12.4% during the forecast period
• Based on the distribution channel, the supermarkets/ hypermarkets segment is estimated to lead the market during the forecast period with a 55% market share in terms of value
• Based on end use industry, the hotels & restaurants segment came out as a leading sector for the global glassware market, in 2018
• On the basis of region, Asia Pacific region which is fuelled by growth in infrastructure investments, accounted largest market share globally by accounting more than 35% share in 2018

Recent News:

• In September 2019, France based glassware manufacturer Verallia began its initial public offering (IPO) in Paris. The company is a subsidiary of United States based investment company Apollo.
• In April 2018, Lifetime Brands, Inc. (US) acquired Filament Brands in an attempt to fulfil demand from premium sector of the consumer goods industry.