Glass Packaging Market Poised to Grow at a Robust Pace Due to Rising Demand for Sustainable Packaging Options
Glass Packaging Market Poised to Grow at a Robust Pace Due to Rising Demand for Sustainable Packaging Options
Blog Article
The glass packaging market is estimated to witness high growth owing to rising demand for sustainable packaging solutions across food and beverage industry. Glass is considered as one of the recyclable and reusable packaging material available and provides long term preservation of products. Glass is predominantly used for packaging food items, beverages, pharmaceuticals, cosmetics owing to its transparency, durability and chemical resistance. Bottles are the primary product type produced using glass and find extensive usage for packaging water, beer, wine, spirits and other beverages. Product safety, authenticity and premium appeal further boosts adoption of glass packaging globally.
The Global glass packaging market is estimated to be valued at US$ 71.97 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the glass packaging are Amcor Ltd, Ardagh Group, Gerresheimer, Hindustan National Glass and Industries Ltd, Koa Glass Co. Ltd., Owens Illinois Inc, Piramal Glass Limited, Saint-Gobain, Heinz-Glas, Wiegand-Glas, Vidrala SA, Vitro Packaging, Nihon Yamamura, Verallia, Wrapper India, Toyo Seikan, O-I Glass, AptarGroup, Schott Kaisha Pvt Ltd, and Roetell.
Key opportunities in the Glass Packaging Market Demand include rise in demand for premium and customized products along with glass packaging innovation for various end use industries like cosmetics, premium spirits, beer and premium foods & sauces.
Globally the glass packaging market is expanding rapidly across regions like North America, Europe, Asia Pacific owing to growing consumption of packaged beverages, foods and pharmaceuticals. Countries like China, India are expected to significantly contribute to future growth in demand.
Market drivers
The key driver for the glass packaging market expansion is the rising demand for sustainable packaging solutions across industries. Glass is one of the most recyclable materials available with infinitely recyclable properties. This has augmented its adoption among conscious consumers and manufacturers. Secondly, glass imparts premium appeal and authenticity to products like beverages, cosmetics thereby boosting its utilization especially for luxury goods packaging. Many countries are also implementing strict regulations against plastics which will further propel glass packaging demand.
PEST Analysis
Political: Regulations and policies regarding environmental protection and recycling laws favoring glass packaging over plastic packaging.
Economic: Growth in food & beverage industry coupled with rise in disposable incomes impacting demand. Volatility in raw material prices a concern.
Social: Shift towards eco-friendly packaging driving demand. Health and wellness trend boosting food & beverage in glass.
Technological: Advancements in manufacturing processes improving production capacity and reducing costs. Innovations enhancing product protection qualities.
Europe
The European glass packaging market account for majority share in terms of value. Key factors driving large market size are high penetration of food and beverage industry along with stringent regulations regarding waste reduction and recycling.
Asia Pacific
Asia Pacific is the fastest growing regional market for glass packaging. Strong economic growth, increasing urbanization, rising middle class population and growing consumption of packaged food and beverages are fueling demand growth. China, India and Southeast Asian countries are major contributors to regional market expansion.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191) Report this page