The glass packaging market is expected to show considerable growth during the forecast period of 2014-2020 owing to the increasing consumption of glass packaging, pharmaceuticals as well as the food and beverage sector. In addition research and development activities are also helping in accelerating the growth rate of the glass packaging market as they lead to great developments regarding the quality and ergonomics of glass packaging.
- The pharmaceutical segment tends to observe a good growth rate during the forecast period as many glass packaging manufacturers are in the process of producing glass bottles for filling hand sanitizers as the demand for hand sanitizers has been rising due to the COVID-19 pandemic. The trend of glass industries supporting breweries to make sanitizer glass bottles is on the rise. For instance, O-I Glass in New Zealand supported Good George Brewery with a flint version of its 946ml squealer bottle.
- The healthcare sector may experience great demand for pharmaceutical storage during the COVID-19 pandemic as the demand for sterility and reusability has increased owing to the rising number of infected patients on a daily basis. The food and beverage sector is also expected to witness steady growth due to the properties glass possesses such as durability.
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Printing on glass is one of the most popular ways of labelling and packaging. It is easy and offers manufacturers with huge scope of innovation and creativity. Furthermore, because of its easy molding capacity, it becomes easier to introduce different range of products with variety of shapes and sizes. One of the key driving factors for the development of the global market has been the increasing consumption of alcohol, particularly beer. The alcohol segment is expected to be of immense potential for the development of the global glass packaging market. Packaging plays an important role in the sales of alcohol beverages. Leading companies in the market are thus concentrating on developing niche packaging products that will attract more consumers. Thus, this increasing consumption of alcoholic beverages is expected to drive the overall development of the global glass packaging market.
the regional segment of Asia Pacific is expected to account for a dominant share in the global market in the next few years. With growing spending power and increasing influence of western culture and esteems has created immense popularity of beers and other drinks in the Asia Pacific region. Thus, there is a growing demand for the same, which ultimately is helping the development of the glass packaging market in the Asia Pacific region. The companies in the region are concentrating on developing new ways of packaging that will attract more consumers and help in generating more profits.
Furthermore, some of the leading companies in the global glass packaging market are investing heavily in the research and development activities to development of new and innovative products. In addition to this, the leading companies in the market are expected to incline towards aggressive business tactics such as joint venture, mergers, acquisitions, and takeovers in order to stay relevant and ahead of their competition in the global glass packaging market.
Global Glass Packaging Market for Food & Beverages: Snapshot
The global Glass Packaging Market for Food and Beverages is forecast to expect high growth projections birthing with the multiple use of the glass packaging in the personal care sector, food and beverages, pharmaceuticals, and medical supplies sector. The escalating consumption of alcoholic drinks such as beer could projected to fuel the demand of the glass packaging market in near future. Furthermore, high consumption of beer in developing countries could drive the demand for global market for glass packaging for food and beverages.
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On the other hand, the pharmaceutical companies is likely to propel the demand for glass packaging market in coming years. Whereas, the cosmetic industry have also exhibited the high demand for the glass packaging for the packaging of perfumes, nail paints, and other beauty product has also influence the market growth in near future. In contrast, the presence of substitute such as plastic will restrain the growth of the global glass packaging market. However, the government initiative to curtail the use of the plastic for various environmental concern is another opportunity to help in overcoming this restraint. Additionally, the effectiveness for preserving the product kept inside the glass packaging material could likely to fuel the demand in near future. Depending on this aspect the global market for glass packaging is projected to witness significant growth in demand.
The global glass packaging market is likely to register 4.6% CAGR from the period between 2014 till 2024. This market is anticipated to touch a valuation of US$ 55.24 bn by 2024 end escalating from US$40.32 bn in 2013.
Escalating consumption of alcoholic beverages drives global glass packaging market
The report segregates the global market for glass packaging for food and beverages on the basis of application. Out of all the application segments, alcoholic beverages could be the leading application segment in terms of substantial revenue contribution to the global market. This segment is likely to witness growth due to rising intake of beer in global market, which ultimately drives the demand of the global glass packaging market in coming years. Also, the storage of beer increase the life span of the drink and also protect from harmful UV rays are another factor propelling the demand of the product over the coming years. Moreover, development of healthcare sector for pharmaceutical storage due to its reusability and sterility are another factor boosting the glass packaging market at global level. Also, consumer inclination toward food packaging for more durability is projected to provide lucrative opportunities for the new entrants and the key players in coming years.
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Asia Pacific dominates global glass market in terms of consumption of Beer
Increase in discretionary income of consumers along with that the Impact of western esteems has expanded the consumption of beer, this could be another factor driving the demand of the global market for glass packaging in this region. Rise in take of the beer consumption in country like South Africa could also significantly drives the demand for the glass packaging market in the coming years.
Some of the leading operator in the global market for glass packaging includes Saint-Gobain S.A., Vetropack Holdings AG, Owns-Illinois Inc. and Vidrala SA.
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