The Glass Packaging Market is estimated to be valued at US$ 68.61 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glass packaging is used widely for beverages, food, pharmaceuticals, cosmetics, and personal care products. Glass provides transparency, durability, versatility, and is a premium packaging material perceived by consumers. Glass does not degrade the quality or taste of the contents. It maintains product freshness and prevents contamination.
Market key trends:
The growth of the glass packaging market is driven by increasing demand for packaged food and beverages due to changing lifestyles and consumption patterns. The food and beverage companies are adopting glass packaging for its sustainability credentials. Glass allows visual inspection and identification of products. It enhances brand image and provides distinction in overcrowded markets. The rising health and environmental consciousness among consumers is further fueling the demand for glass packaging.
Porter's Analysis
Threat of new entrants: The glass packaging market requires large capital investments for setting up production facilities and R&D for new product development. The presence of established players also poses barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like plastic packaging. However, glass is considered a premium packaging material especially for alcoholic beverages and premium food products.
Bargaining power of suppliers: The availability of raw materials like soda ash and sand allows suppliers to exert moderate bargaining power. However, the presence of many suppliers balances out their influence.
Threat of new substitutes: Alternatives like plastic, aluminum, and paper-based packaging pose threats. However, glass is still preferred for its barrier properties, aesthetics, and sustainability credentials.
Competitive rivalry: Intense due to the presence of global leaders constantly improving their offerings though innovations.
SWOT Analysis
Strengths: Glass is inert, recyclable and preserves quality of contents. It offers aesthetic appeal and premium image.
Weaknesses: Glass is heavy and bulky with higher transportation costs. Prone to breakage during transportation.
Opportunities: Growing demand for glass from spirits, beer and premium food industries. Shift towards sustainable packaging presents opportunities.
Threats: Strict regulations regarding usage and disposal of glass bottles. Substitution threat from plastic and carton packaging.
Key Takeaways
The Global Glass Packaging Market Size is expected to witness high growth, exhibiting a CAGR of 3.7% over the forecast period, due to increasing demand for premium alcoholic beverages and non-alcoholic beverages. The growth of cosmetic and perfume industry stimulates the glass packaging market.
Regional analysis: Asia Pacific holds the major share in the global glass packaging market and is expected to grow at the fastest rate during the forecast period. The growth in the region can be attributed to increasing population, changing lifestyles, and rising disposable income in developing countries such as China and India.
North America dominates the global glass packaging market and is expected to maintain its dominance over the forecast period owing to the high consumption of premium beers, spirits, and wines in the region.
Key players operating in the glass packaging market are Amcor Ltd, Ardagh Group, Gerresheimer, Hindustan National Glass & Industries Ltd, Koa Glass Co. Ltd., Owens Illinois Inc, Piramal Glass Limited, Saint-Gobain, Heinz-Glas, Wiegand-Glas, Vidrala SA, Vitro Packaging and Nihon Yamamura. Major players are investing in expansions, mergers and acquisitions to strengthen their market presence.
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