Market Trends in the Global Glassware Market
Riedel Crystal, an Austria based glassware manufacturer specialized in manufacturing wine glasses, launched new glassware in wine glass segment ‘Performance’.
Libbey launched an in-house Ecommerce portal aligned to its strategy to expand the channel of sales of the company. The portal offers a variety of products produced by the company in fixed segments such as Beer Glasses, Home Décor, Wine glasses, Drink Ware and Kitchen.
Market players and manufacturers are continuously focusing towards the advancement and diversification of their products and are increasingly offering various segment of glassware product with enhanced shape and size properties. The expansion of product portfolio is further helping the companies to maintain their growth. Additionally, the development and broadening of various online distribution channels are significantly driving the growth of the global glassware market. The availability of various online catalogs across various product lines provides the consumers with the convenience of buying various glassware products at discounts and with various promotional offers. This is predicted to propel a consequent rise in the sales of glassware products with a CAGR of 4.2% over the forecast period 2018-2025.
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Moreover, the advancement in the glassware such as stemware beer glasses, wine glasses and tumbler mugs is improving the overall performance. Further, increasing product awareness among consumers is estimated to benefit the development of the global glassware market by reaching USD 13,644.4 Million by the end of 2025 from USD 9,953.89 Million in 2017.
Growth Highlights based upon Regional Platform during 2017-2025
The global glassware market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, Europe dominated the global glassware market by contributing a market share of 34.44% in 2017. Europe is one of the world’s largest producers of glassware consisting one third share of the total world production and is estimated to expand with robust CAGR of 2.9% over the forecast period owing to its input of quality standards and technological innovation in producing glass ware. In 2017, highest demand for glassware was seen in Asia Pacific. Riding on the back of the factors such as rapid development of easy to carry and efficient glassware along with rising trend of food and beverages, the Asia Pacific is expected to dominate the global glassware market by the end of 2025. Countries such as India and China will lead the market in terms of the growth rate over the forecast period owing to rising per capita income and increasing urbanization in these countries. Additionally, the rising growth of the international food chains is expected to boost the use of glassware sets across the commercial sector.
Market Segmentation Synopsis
By Product Type
The global glassware market has been segmented by product type into beverage ware and tableware. The demand for beverage ware held the dominant market share in 2017 and is expected to dominate the product segment by accounting more than 60% by 2025. The beverage ware is further segmented into water glasses, beer glasses, decanters & carafes, mugs, cups, tumblers and stemware. On the account of growing urbanization in developing regions and higher growth rate of HDI (Human Development Index) across developing and underdeveloped countries, beverage ware segment has been witnessing significant growth.
Further, the worldwide tourism industry is predicted to boost the glass tableware segment on the back of rising demand for glass tableware products across a range of restaurants and hotels. The glass tableware segment is anticipated to achieve absolute $ opportunity of USD 1,175 Million during 2018-2025.
By Distribution Channel
The global glassware market is divided by distribution channels into online and offline distribution channels. The dominant growth in the offline glassware segment is attributed to the development of physical channels across various developing regions of Asia and Latin America. Moreover, the offline glassware segment is estimated to dominate the distribution channel segment by crossing USD 10,000 Million by the end of 2025.
The global glassware market is segmented by sales into foodservice, retail and B2B, out of which, the foodservice segment is estimated to dominate the market owing to the boom in hospitality industry in Asia Pacific and Latin America region. The second closest revenue contributor is retail glassware segment that is expected to achieve Y-o-Y growth rate of 4.89% in 2025 as compared to previous year. This can be attributed to the existence of physical distribution channels across various regions such as Europe and North America along with the development across various developing regions of Asia and Latin America that are exhibiting significant growth of the retail glassware segment.
The global glassware market is divided by use segment into home and business, out of which, the business glassware segment is estimated to hold more than half of the total market share in 2025 owing to the increasing contribution of service sector and industrial sector into the gross domestic products across various developing nations.
By Price Range
The global glassware market is segmented by price range into premium, medium and economy, out of which, the medium segment is anticipated to be the most attractive segment with dominating market share across the global glassware market for new entrants looking to enter in the market, existing players looking for business expansion and investors seeking investment opportunities over the forecast period i.e. 2018-2025.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Market Drivers & Challenges
The global glassware market is thriving on the back of the boom in the tourism industry in developing and under developed regions. The development of infrastructure in China, India, South Africa, Brazil and Mexico attracts a major proportion of tourist chunk in their country. The availability of several tourist spots in these countries aligned with the infrastructural development, better connectivity and developing hospitality industry are driving the growth of the glassware market. Further, the growing human development index (HDI) in developing regions is indicating an increase in the living standard of the majority of the population. The elevation in the standard of living is increasing the consumption and utilization of the luxury and semi-luxury items such as glassware table tops and decorative items in many regions of the world.
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