According to a new market report published by Transparency Market Research titled “Glass Tableware Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global glass tableware market is expected to reach US$ 10.5 Bn by 2026, expanding at a CAGR of 2.9% from 2018 to 2026. Asia Pacific held the highest market share in the glass tableware market in 2017.
PDF Brochure For Future Advancements:
Glass tableware comprises cutlery and cookware made of glass and are used for serving food while dining, and is a part of table setting. Glass tableware is becoming an integral part of both commercial and household kitchens since the last few years. The emergence of middle class population is driving the revenue growth of the glass tableware market at the global level. The change in purchasing power and rising standard of living of the growing middle-class population is playing a pivotal role in shaping the demand for glass tableware products.
Increase in disposable income in emerging countries and growing middle class population presents large opportunities in the glass tableware market. This is because the young generation with high income prefers to buy luxury casual products rather than traditional products. Rise in the middle class population with better income opportunities will increase per capita income globally, with higher spending on casual house-ware products such as glass tableware products. Plastic tableware products will be replaced by glass tableware products in the long term due to increase in health awareness among the educated middle class and rise in emphasis on usage of environment friendly, recyclable, and biodegradable products.
Increase in the number of online and offline sales channels have made distribution easier for manufacturers. The well-organized retail industry helps manufacturers to reduce their efforts required to distribute goods and sell products at competitive prices. Moreover, it helps manufacturers to advertise their products under one roof, thereby reducing their advertising and marketing costs.
Increase in demand for glass tableware products can be mainly attributed to the rise in standard of living of consumers, especially in the developing countries. Demand for a better lifestyle has stimulated the demand for glass tableware products. Further, market players are focused on penetrating the developing countries for their business expansion owing to the rising standard of living of people in these countries, which depicts business potential.