Glass Packaging Sector: Growth Drivers and Challenges
Growth Drivers
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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.
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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.
Challenges
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Requirement for Higher Initial Investment
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Decline in the Supply-Chain due to COVID-19
- Presence of Alternatives in the Market
Glass Packaging Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.5% |
|
Base Year Market Size (2024) |
USD 77.86 billion |
|
Forecast Year Market Size (2037) |
USD 156.17 billion |
|
Regional Scope |
|
