-- Global Glass Packaging Market by Product (Standard Glass Quality, Premium Glass Quality, Super Premium Glass Quality), Application (Beverage Packaging, Food Packaging, Personal Care Packaging, and Others) and Region – Global Forecast to 2022
The global glass packaging market, which was valued at USD 57,050.5 Million in 2017, is projected to catapult to USD 66,766.0 Million by the end of 2022.
Various factors are responsible for the growth of the global glass packaging market. Increased consumption of beverages, growth in the pharmaceutical industry and the environmental advantages favor the growth of the market, while, availability of alternatives might impede the growth of the market. Market Research Future (MRFR) forecasts that the market would be growing at a CAGR of 3.29% over the forecast period of 2017-2022.
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Glass being non-porous, impermeable and non-reactive, is the most preferred packaging material for various alcoholic and non-alcoholic beverages. Glass packaging, does not alter the flavor of the liquid contained inside and keeps the flavor intact as long as the container is properly sealed making it the preferable choice. Moreover, influenced by the desire to reduce use of plastic in a global scenario, which is increasingly environment-conscious, manufacturers are extensively using glass in the packaging of beverages. The rise in demand for beverages, both alcoholic and non-alcoholic, resulting from increased global consumption is a key factor in stimulating the growth of the market. Surging demand for glass packaging from the pharmaceutical industry is another important influencer of market growth. Glass is primarily used as packaging material in the pharmaceutical industry owing to its protective and rigid qualities. Glass can also be used to contain strong acids and alkalis and is an excellent barrier against all elements due to its chemically inert quality, and as such the material is preferred for pharmaceutical packaging. Additonally, glass packaging material is economically priced which further contributes to its demand in the pharmaceutical industry. Growth in the pharmaceutical industry directly translates into growth in demand for glass packaging market. Rising industrialization across the globe coupled with the increasing prevalence of chronic diseases, which requires drug and medical technology bolsters the growth of the glass packaging market.
Availability of alternatives in the packaging market is a critical restraining factor to the growth of the glass packaging market. Other packaging materials such as plastics and metals which are lighter, more resistant to breakage, reduce transportation costs and perform well under harsh or variable storage conditions as compared to glass are being largely preferred for the packaging of varied products such as juices, water, soft drinks and others However, a widespread preference toward measures which reduce carbon footprint are expected to mitigate the challenge these alternatives represent. Moreover, developing economies such as India, China, Vietnam, Thailand and Brazil store potential growth opportunities for the global glass packaging market. Along with rapid economic advancements, these regions are also advancing in terms of preference, income, and lifestyle. The presence of a large population pool with an evolving lifestyle and higher disposable income has resulted in a greater tendency to indulge more on packaged food and other packaged personal and beauty care products which provides ample scope of expansion to the glass packaging market. Moreover, increasing alcohol consumption among the growing population also provides impetus to the growth of the market, thus providing room for market expansion.
Leading Players
• Verallia
• Vetropack Holding Company
• Zignago Vetro S.P.A.
• Allied Glass Containers Ltd
• Ardagh Group S.A
• Stölzle Glass Group
• Verescence
• Owens-Illinois Inc.
• BA Vidro
• Piramal Glass
• Luigi Bormioli Corporation
• Vitro
• Vidrala S.A.
• Gerresheimer AG
• Wiegand-Glas GmbH
• Vetrobalsamo Spa
• Nihon Yamamura Glass Co. Ltd.
• Heinz Glas GmbH & Co. KGAA.
Regional Analysis
Asia Pacific currently leads the global market for glass packaging and is expected to present lucrative opportunities to market players throughout the forecast period. Growing industrialization in the region in addition to the rising consumption of beverages drives the market in Asia Pacific. Increase in disposable income has resulted in an upsurge in demand for packaged food, which also supports the market growth. Moreover, increase in disposable income encourages consumers to indulge in glass packaged items which are comparatively expensive and changing the preference of consumers towards environment-friendly and recyclable products augment the growth of the market in Asia Pacific region. China, India, and Japan are the key contributors to the Asia Pacific market which is being led by China. China being the most prominent global market for food and beverage products, experiences increased demand for glass packaging and is foreseen to retain its position over the forecast period. Government support for foreign investments and industrialization makes Asia Pacific a lucrative destination for expansion of global glass packaging market.
Europe is the second largest market for glass packaging and the growth of the regional market is led by the U.K. As per the Global Information System on Alcohol and Health (GISAH), Europe ranks the highest in terms of alcohol consumption in the world which results in increased demand for alcoholic beverages and, in turn, drives the market for glass packaging. Additionally, the European region is engaged in the production of personal care and beauty products due to high living standards prevailing in the region which further stimulates the demand for the packaging industry. Several high end cosmetics and personal care brands originate in the region and in order to have an aesthetically pleasing appearance and functional storage of product, glass packaging is preferred.
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Name: Abhishek Sawant
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Organization: Market Research Future
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Website: https://www.marketresearchfuture.com/reports/glass-packaging-market-1258
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