Global Glass Tableware Market – Snapshot
Increase in the number of online and offline sales channels has made distribution easier for manufacturers. The well-organized retail industry helps manufacturers to reduce their efforts required in distribution of goods and sell products at competitive prices. Moreover, it helps manufacturers to advertise their products under one roof, thereby reducing their advertising and marketing costs.
Vast sales channel viz. both online and offline channels has a positive impact on the growth of the glass tableware industry. Consumers can access these products through various channels. Hence, growth of the retail industry is a major factor driving the glass tableware products market. The trend of nuclear families is likely to increase the number of households. Surge in number of households coupled with rise in per capita income is expected to fuel demand for global glass tableware in the near future. Hence, rise in the number of small households is a major driver of the glass tableware market.
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Buying behavior of consumers in case of dinnerware has seen a shift, depending on occasion, style, and packaging of the products. Buying decisions usually depend on lifestyle, social standard, income, and availability of cheaper products. Consumers in the higher social strata prefer to use glassware as compared to chinaware or plastic ware, as it symbolizes their luxury lifestyle and goes at par with the prevailing social trends.
Glass tableware manufacturers are failing to maintain quality of the products in terms of durability, composition, and permanent residual stress. Manufacturers are also facing problems in flaw identification. Cosmetic flaws which lead to poor product appearance and functional flaws which reduce the glass surface strength often increases the total manufacture cost per unit produced. This is anticipated to restrain the glass tableware market.
Transition in the lifestyle and rise in disposable income is responsible for the growth of the glass tableware market. With rapid urbanization, purchasing behavior of consumers and adoption of trendy lifestyles are leading to the high demand for glass tableware products. Beverageware and tableware products will witness a significant rise in demand due to rise in consumption of both alcoholic and non-alcoholic beverages. Increase in number of pubs, bars, and other fine dining places is resulting in the use of glass tableware products. Growth of the hotel & catering industry is projected to drive demand for glass tableware in the near future. Increase in investments in the hotel & catering industry in emerging countries such as India and China has fueled the growth of the glass tableware industry.
North America and Europe are anticipated to account for major market share due to sophisticated lifestyles and high spending rate. Increase in demand for glass tableware products in Europe and North America will result in the increased production of these products. Also, these regions will remain the prime markets for tableware products due to vast distribution networks. The market in Asia Pacific is projected to witness steady growth owing to rise in per capita disposable income along with rapid urbanization. The U.S. market will hold the major share in the glass tableware market and is expected to have a CAGR of 3.1% during the forecast period owing to high demand in this region. The U.S. is a technologically advanced country and manufacturers are trying to incorporate varied technologies to keep up with the growing demand. Germany accounts for major share in the Western Europe glass tableware market and its share is expected to rise over the forecast period.
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The glass tableware market is fragmented across the globe. Companies are manufacturing innovative products to retain their market share. Key players in the glass tableware market include
- Libbey Inc.
- Arc International SA
- Anchor Hocking LLC
- Sisecam Group.
Other prominent players include
- Bormioli Rocco Group
- Lenox Corporation
- World Kitchen LLC
- LaOpala R.G. Ltd.
- Borosil Glass Works Ltd.
- Kavalier Glass A.S.
