Glass Tableware Market Is Estimated To Witness High Growth Owing To Increased Demand From The Foodservice Industry
Glass tableware products include plates, glasses, jars, and other kitchenware items that are made from glass. Glass tableware products are aesthetically appealing, durable, and hygienic. They are used extensively in restaurants, cafes, hotels, and other establishments in the foodservice industry. Glass tableware products offer an elegant look and feel to food presentation and dining experience in the foodservice industry.
The global Glass Tableware Market is estimated to be valued at Us$ 13.55 Bn in 2024 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased demand from the foodservice industry is one of the major drivers of the glass tableware market. The growing number of restaurants, cafes, bars, hotels, and other foodservice establishments globally has augmented the demand for glass tableware products. According to the National Restaurant Association, restaurant industry sales in the US are projected to reach US$899 billion by 2030, registering a CAGR of 3.6% from 2022 to 2030. Moreover, rising consumer spending on dining out and the popularity of glass tableware in creating premium ambience are further fueling the demand in the foodservice segment.
Another key factor propelling the glass tableware market growth is the rising popularity of glass containers for homemade pickles, jams, sauces and other preserves. Glass containers are favored for home-canning and preserving processes due to their durability and non-reactive properties. They enable storage of food items without any chemical interaction and preserve the taste, color and nutrition of food for prolonged shelf life. Hence, surging interest in homemade culinary creations is positively impacting the sales of glass jars and containers.
SWOT Analysis
Strength: Glass tableware is durable and scratch resistant. It can withstand high temperatures and will not absorb odors or stains. It is easy to clean and maintain. Glass tableware is inexpensive compared to silver or china and is suitable for everyday use. It is available in different designs, colors and styles.
Weakness: Glass is fragile and breaks easily if dropped. Care must be taken during handling, storage and transportation. Extra packaging is required to prevent damage during shipping which increases costs. Energy intensive manufacturing process emits carbon emissions.
Opportunity: Growth of food service industry and rising number of cafes, restaurants and catering businesses is driving the demand. Increasing incomes and western influence is making glass tableware a popular home decor item in Asian countries. Eco-friendly, lightweight and designer glassware finds more customers.
Threats: Plastic tableware is a cheaper alternative perceived as convenient. Metal and porcelain tableware brands offer premium products. Economic slowdowns can reduce discretionary spending on home decor items. Tight regulations to curb carbon emissions during manufacturing.
Key Takeaways
The Global Glass Tableware Market Demand is expected to witness high growth over the forecast period. The growth can be attributed to rising incomes, western influence on lifestyles, expanding food service industry globally and increasing demand for lightweight, designer and eco-friendly tableware options.
Regional analysis-
Asia Pacific region dominates the global glass tableware market currently. Factors like large population, westernization of lifestyles, rapid urbanization and economic development in countries like China, India and other Southeast Asian nations are fueling glass tableware sales. Asia Pacific region is expected to remain the fastest growing market during the forecast period.
Key players operating in the glass tableware market are Brooks Automation Inc., Entegris Inc., Tokyo Electron Limited, Lam Research Corporation, ASML Holding N.V., Applied Materials Inc., Hitachi High-Tech Corporation, AMAT Applied Materials AG, KLA Corporation, Mattson Technology Inc., Tokyo Seimitsu Co. Ltd., Advantest Corporation, Ultratech, MKS Instruments Inc., and Novellus Systems. Key players are focusing on scaling production capacities, introducing cost efficient manufacturing technologies and designs to expand market share.
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