Regionally, the global glass packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033. The growth of the market can be ascribed to the rising population boosting the demand for alcohol, ready-to-eat meals, and soft drinks, and changing perception toward social drinking. It was observed that in 2018, the total population of Asia Pacific reached nearly 4500 million and is further estimated to rise exponentially. Therefore, such factors are anticipated to hike the growth of the market in the region during the forecast period.
The global glass packaging market is further classified on the basis of region as follows:
Growing Consumption and Export/Import Volume of Alcohol
As of 2022, alcoholic beverage worth nearly USD 275 million was exported from India while the total import volume in India from the United States was valued at around USD 300 million.
Alcohol is consumed on a higher scale across the globe every day. For instance, approximately 70% people of the population reported having some sort of drinking disorder. Additionally, alcohol has other utilization in cosmetics, medicines, and other verticals and it is highly packed in glass bottles for distribution. Hence, such a higher utilization is estimated to push the market growth over the forecast period.
Convenient Recycling of the Glass Bottles
It was observed that approximately 40% of bottles of beer and soft drinks were recovered for recycling in 2018.
Higher Demand for Glass Packaging in Fragrance Industry
In 2018, the sales volume of perfume was estimated to be about USD 45 billion worldwide, out of which, around USD 450 million came from the women’s segment alone.
Increasing Utilization of Glass Packaging in Tea & Coffee
For instance, approximately 300 billion liters of tea were consumed in 2021.
The global glass packaging market is segmented and analyzed for demand and supply by application into food & beverage, personal care, cosmetics, pharmaceuticals, household care, agriculture, and others, out of which, the food & beverage segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the higher demand for glass packaging in the respective industry. As of 2022, the food and drink segment was valued at about USD 0.75 billion.
Our in-depth analysis of the global glass packaging market includes the following segments:
By Glass Type
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing consumption and export/import volume of alcohol is estimated to majorly boost market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
Ans: A decline in the supply-chain due to COVID-19 is estimated to challenge market growth.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are PGP Glass Private Limited, Verallia Group, Bormioli Luigi S.p.A., VITRO Flat Glass LLC, Stoelzle Oberglas GmbH, Amcor Limited, Mondi plc, Gerresheimer AG, Westpack LLC, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by glass type, application, and by region.
Ans: The food & beverage segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.