According to a new market report published by Transparency Market Research “Glass Tableware Market-Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024” the market was valued at USD 8,818.8 million in 2015, which is expected to reach USD 14,294.2 million by 2025, growing at a CAGR of 6.1% from 2016 to 2024.
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The growth of the retail industry is one of the major factors resulting in the high demand for glass tableware products across the globe. Rising GDP growth, increasing population, and greater consumer spending which is backed up by the increasing purchasing power of the consumers are some of the key factors responsible for the overall growth of the retail industry. The demand for glass tableware products has escalated due to the exponential growth in the retail industry. Vast distribution network ranging from online stores to small scale departmental and convenience stores has shown a positive impact on the glass tableware industry. Consumers now have wide access to such kinds of products through multiple channels.
However, the market is expected to witness a slowdown due to the poor economic condition in some of the countries in Middle East and Africa, and this factor is highly restraining the glass tableware market at the global level. Further, rising raw material prices is another major factor barring the growth of the market at present, but the impact of this restraint is likely to subside by the end of the forecast period. Additionally, the glass tableware industry needs to maintain a high at their production units. In case of low gas pressure or low voltage, the required level of temperature reduces and it takes a substantial amount of time to get back to its original position. Low temperature affects the quality and color of glass and increases the cost of production as well.
However, increasing demand for luxury casual products is expected to pose as a suitable opportunity for the growth of the glass tableware market. Increasing disposable income in the emerging countries and the rising middle class population represents a large opportunity for the growth of the glass tableware market. Further, the young generation is expected to push the market in the future. This is because due to their high income levels for which they would prefer to shift towards the purchase of luxury casual products instead of traditional products.
Asia Pacific is expected to lead the market throughout the forecast period. Due to the high growth potential of this market in Asia Pacific, the major players operating in the field of glass tableware are looking to penetrate this region for expansion opportunities. Further, local players have a large presence in Asia Pacific as well. North America and Europe pose lesser opportunities in the glass tableware market.
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Several players have established their own retail chains to strengthen their distribution network. Many manufacturers have tied up with existing distribution chains for the development of more efficient distribution channels, thus improving their profit margins by engaging in heavy price competency. The manufacturers also sell their products to the commercial industries such as hotels, and catering establishments among others and thus, they also indulge in direct marketing or seek marketing tie ups.
In the developed markets, the consumers are influenced by fashionable and quality products due to which the manufacturers and distributors promote their products through trade shows. Some manufacturers adopt advanced technological marketing trends such as e-commerce and social media marketing to promote and sell their products. The manufacturers are also engaged in incorporating technology based systems in their distribution channels to reduce the distribution efforts and cost.
The major players operating in this market are involved in strategies such as product innovation, mergers and acquisitions, joint ventures and partnerships, and geographical expansions among others. These are the key strategies adopted by them to ensure long term sustenance in the market. Sisecam Group, Bormioli Rocco SpA, Arc International, Libbey Inc, and Anchor Hocking LLC are some of the major players operating in this market.
This report covers the glass tableware market and provides estimated in terms of revenue (USD Million) from 2015 to 2024. Market estimates on the basis of product types has been incorporated under the scope of the research.
The market has been segmented as follows:
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
- 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