Global Glass Tableware Market key Insights Based On Product Type, End-use and Regional Demand Till 2024

Posted on 2018-03-29 by Mark Hub in Retail // 0 Comments

Albany, USA, 2018-Mar-29 — /EPR Network/ —Market Research Reports Search Engine (MRRSE) has been acting as an impressive data source when it comes to evaluating various industrial verticals. The research report titled “Glass Tableware Market” offers a clear insight about the “Retail” assessed over the global platform. This analysis proves beneficial for readers & new investors who are aiming to enter the market for “Retail “in the near future.

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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$8.8 billion in 2015 and is anticipated to reach US$14.2 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.

Broadly, 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.

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.

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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.

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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.

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