The market in the region is projected to garner an estimated revenue of USD 2,578.90 Million by end of the forecast period with a CAGR of 1.83% by 2027. The rising urban population across the region on account of rising employment opportunities has resulted in an increase in the number of people opting for independent housing. This has further resulted in an increase in the demand for sustainable glassware addressing the lifestyle changes.
Glassware sales have been witnessing growth on account of an increasing demand from diversified commercial channels. While commercial channel account for around 67.77 % share in 2019, it is still expected to grow at a faster rate as compared with the residential channel. HoReCa amidst the commercial is expected to exhibit the maximum demand in the future on account of an increasing number of establishments of restaurants.
The increasing adoption of recyclable materials for regular usage is further propelling the demand for glassware products in the market for residential as well as commercial purposes. Advancement in manufacturing and bundling procedures with dip in overall product costs is leading in higher product purchase, pushing the market supportively across U.S.
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Glassware are referred to the products which are made up of different chemical composition and crystalline structures of silicon dioxide. Glassware products are usually of three types namely, soda lime glass, lead glass and heat resistant glass. Glassware products have higher refractive index with lower working temperature and viscosity. These products are also used in ornaments and have decorative applications.
The North America Glassware Market is segmented into two markets i.e. US and Canada. In North America, US Glassware market is expected to grow on account of rising urbanization and rising GDP from the year 2016 to 2017. Glassware market flourished at noteworthy pace over the previous year’s owing to the brilliant technique of handmade glass manufacturing. Leading manufacturers are continuously enhancing the performance of the glassware products utilizing advanced equipment in adding new features and launching new products to attract the consumers.
The increasing adoption of recyclable materials for regular usage is further propelling the demand for glassware products in the market for residential as well as commercial purposes. Advancement in manufacturing and bundling procedures with dip in overall product costs is leading in higher product purchase, pushing the market supportively across US.
Emerging initiatives to make glass production eco-friendly with higher recyclability with reduced pollution and improved environmental performance accompanied with increasing replacement capacities is projected to drive the glassware market robustly across Canada over the forecast period. Shifting trends of glassware industry from institutional presentations to hospitality oriented venues with involvement of multiple vendors in the market scenario is anticipated to expand the glassware market in the commercial space subsequently and significantly across Canada.
By Appliance Type
The North America glassware market segmented by appliance into dinnerware which is further segmented into dinner plate, saucers, soup bowl, and soup cup. The market is also bifurcated into barware, stemware, mugs, and cups. Glassware market is also segmented based on table ware and Ovenware which includes Bowls, Kitchen Jars, Ashtrays pie dish, rectangular baking dish, and tube pan. The market also includes decorative Accessories which further consists of vases, candleholders, others.
Increasing consumption of wine across United States and Canada coupled with higher per capita income in the region results in the significant increase in the demand for Beverage-ware such as stemware and barware.
Significant development in hospitality industry coupled with high purchasing power in United States and Canada covert to high tourist turnout. Substantial growth of tourist turnout manifests significant growth in Liqueurs & Cocktail Glasses bolstering the growth of beverage ware market in North America.
By Distribution Channel
The North America Glassware market is segmented online and offline channel, out of which the online distribution channel segment held the largest market size in 2018 and is estimated to grow significantly throughout the forecast period.
The robust existence of physical distribution channels across North America and the development across various southern states of the United Sates exhibit significant growth in offline glassware market. Existence of large conglomerates and availability of large varieties protrudes to the growth of offline retail channels in the region.
Growth in offline glassware market is attributed to the development of physical channels across various states of United States. Moreover, rising concentration of smartphone users in the region along with high penetration of internet in countries along with the broadening of online distribution channels such as Amazon and eBay facilitates significant increase in demand for glassware products through the online sales channel.
By End Users
The North America Glassware market is segmented into residential and commercial, out of which the commercial segment held the largest market size in 2018 and is estimated to grow significantly throughout the forecast period.
Glass mugs such as coffee cups are used for both residential and commercial applications such as restaurants and cafes along with various households across the region. Existence of a robust HoReCa industry manifests discernible growth of commercial glassware market in the region.
The Human development index North America evince high living standard of the majority of population. The higher living strata emanates the rise in consumption and utilization of premium and semi premium quality of glassware items.
On the account of relatively higher GDP growth and economic empowerment, the consumption of premium glassware and other material products have witnessed a considerable rise which has further resulted in the rise in demand for glass products. High HDI also had catalyzed the industry aligned to secondary products. A cumulative increase in the producers and suppliers in utensils industry was witnessed following the recovery of the economy since subprime crisis.
Lifetime Brands, Inc., Libbey, Inc., Corelle Brands, LLC, Villeroy & Boch, Lenox Corporation, ARC Group, The Oneida Group, Inc., Bormioli Rocco S.p.A., Duralex International, Guy Degrenne S.A. are some of the leading players in the North America Glassware Market.
Oneida Group, Inc. (Oneida) is the manufacturer, supplier and distributor of table top and food preparation products targeted to customers ranging from Fortune 500 companies to medium and small sized companies in the consumer, foodservice, business-to-business and e-commerce channels. The company market their products globally under a wide range of consumer brands which includes Anchor Hocking and Oneida. Company operates two manufacturing plants in the United States and sources a variety of proprietary designed tableware products.
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.