Glass Packaging Market To Undergo Transformative Phase While Grossing Revenues Worth USD 74.87 Billion

Pune, India, August, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Glass Packaging Market Research Report.

The glass material is among one of the oldest and most naturally sustainable raw materials used for packaging various medicines and food products. The characteristics of glass packaging such as the ability to preserve a product’s taste or flavor while maintaining the integrity or healthiness of foods and beverages are driving the progress of the market substantially. The market has noticeably grown due to the widespread use of glass packaging for alcoholic and non-alcoholic beverage packaging due to its non-porous and impermeable qualities. The glass packaging market is expected to witness consistent growth over the forecast period due to its popularity and benefits. The market is anticipated to grow at a CAGR of 5.92 percent approximately while earning revenues worth USD 74.87 Billion in the duration of the forecast period from 2022 to 2030.

Due to a considerably escalating population base, rise in purchasing power, and alteration in the lifestyle of users; individuals in these nations have started buying an escalated quantity of packaged food. The surge in demand for packaged foods such as beverages and more specifically alcoholic beverages, and carbonated soft drinks (CSD) are the key factors fuelling the demand for glass packaging. Furthermore, the use of glass in pharmaceutical packaging is also displaying growth mainly due to its superior protective qualities and rigidity. As an extensive range of pharmaceutical formulations is currently being packaged in glass containers, they are typically the top choice of packaging material in this industry. Consequently, the mounting demand for packaging stemming from the pharmaceutical industry is expected to stimulate the overall growth of the glass packaging market meaningfully. Moreover, the personal care industry in developing nations which is growing rapidly due to the high demand for cosmetic products and fragrances is also projected to add favorably to the expansion of the market during the forecast period.

The emerging economies in nations such as India, China, Vietnam, Thailand, Indonesia, and Brazil are motivating the demand of the market further. These emerging economies are increasing the market‘s growth pace by drawing numerous foreign companies to set up their businesses through FDI incentive schemes which will benefit and revitalize their economy and reinforce the impact of industrialization in the economy on the one hand, while leading to the successful development of the glass packaging industry through the forecast period.

Segmental Analysis

The glass packaging market globally is segmented on the basis of applications, product, and region. The product based segmentation of the market consists of premium glass quality, standard glass quality, and super premium glass quality. By Product, the premium quality glass controlled the glass packaging market in 2022 with a share of 38.2 percent. The market is expected to increase at a CAGR of 5.92 percent during the forecast period. By applications, the market is segmented into beverage packaging, food packaging, personal care packaging, pharmaceuticals packaging, and others. The beverage packaging is controlling the glass packaging market and is also estimated to develop with a rapidly growing CAGR in the forecast period.

Regional Analysis 

The regional analysis of the glass packaging market covers regions such as Europe, Americas, Asia Pacific, Middle East and Africa. The Asia Pacific had been controlling the glass packaging market in 2022 with 34.3 percent share and is estimated to be the most rapidly increasing market through the forecast period. The increasing consumption of alcoholic beverage motivates the market in the region. Moreover, improved disposable income levels among individuals, fluctuating preferences, and lifestyles of consumers, also has had an encouraging effect on the development of the market. India, China, Japan, and South Korea are the important contributors in the market. China is the leading country for the market in the region. Therefore, the region is projected to observe the top CAGR of 3.60 percent and maintain its foremost position in the market through the forecast period. The Americas region is a significant market for glass packaging. The region has observed amplified investment in R&D and product innovation as far as packaging is concerned. Also, the strict food safety policies in countries like Canada and U.S. increased consumption of beverages, and the elevated growth rates in the pharmaceutical sector are the factors motivating the demand for glass packaging in the region.

Competitive Analysis

The global glass packaging market is benefitted by the incidence of several regional, global, and local players. The market is hugely competitive with all the players contending to gain market share. Concentrated competition and growing demand for various grades of products challenge the market’s growth. The vendors contend based on product quality, cost, and reliability. It is essential for the vendors to deliver cost-efficient and high-quality glass, to endure and succeed in a hugely competitive market environment. Vidrala S.A., BA Vidro, Gerresheimer AG, Wiegand-Glas GmbH, Ardagh Group S.A, Vetropack Holding Company, Verallia,  Stölzle Glass Group, Piramal Glass, Nihon Yamamura Glass Co., Ltd., Vitro, Heinz Glas GmbH & Co. KGAA, Zignago Vetro S.P.A., Verescence, Luigi Bormioli Corporation, Owens-Illinois Inc., Vetrobalsamo Spa, Allied Glass Containers Ltd, and others.

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