The "Glass Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global glass packaging market was estimated at USD 56.64 billion in 2020, and it is expected to register a CAGR of 4.39%, to reach USD 73.29 billion by 2026.
Glass packaging is considered as one of the most trusted forms of packaging for health, taste, and environmental safety. Glass packaging, which is considered premium, maintains the freshness and safety of the product. This can ensure its continuous usage, worldwide, across a range of end-user industries, despite the heavy competition from plastic packaging.
Rising consumer demand for safe and healthier packaging is helping glass packaging grow in different categories. Also, innovative technologies for embossing, shaping and adding artistic finishes to glass are making glass packaging more desirable among end-users. Furthermore, factors such as the increasing demand for eco-friendly products, and the rising demand from the food and beverage market are stimulating the growth of the market.
Also, the recyclable nature of glass makes it environmentally the most desired packaging type. The lightweight glass has been the significant innovation in recent times, offering the same resistance as the older glass materials and higher stability, reducing the volume of raw materials used and CO2 emitted.
From a regional point of view, emerging markets, like India and China, are witnessing high demand for beer, soft drinks, and ciders, due to the increasing per capita spending of the consumers and changing lifestyles. However, the increasing operational costs and growing usage of substitute products, such as plastics and tin, are restraining the market growth.
Key Market Trends
Beverage Industry to Hold the Highest Market Share
The market for glass packaging, in the alcoholic beverage industry, is facing intense competition from the metal packaging segment, in the form of cans. However, it is expected to maintain its share during the forecast period, due to its usage in premium products. The growth is expected to be witnessed across different beverage products, like juices, coffee, tea, soups, non-dairy beverages, and others.
Among alcoholic beverages, beer witnessed tremendous growth in the past few years. The majority of beer volume is sold in glass bottles and is driving the need for increased production rates in the glass packaging industry. The increasing demand for premium variants in alcoholic drinks is driving the growth of glass bottles. Developing nations, like India, are also showing much higher quality perception for beer.
Returnable glass bottles are a cost-effective option for companies to deliver their products. This form of packaging is largely used in the non-alcoholic beverage industry. Currently, about 70% of the bottles used for natural mineral water are made of plastic. The choice for bottled-water packaging material is increasing, taking into account, environmental considerations.
European Market to Grow Significantly
Consumers in the United Kingdom have higher awareness related to the health and environmental benefits of glass bottles and are willing to pay higher costs for these benefits. Manufacturers are also realizing these trends and increasingly addressing them in their choice of packaging.
The UK glass industry has the knowledge and expertise to be globally competitive. High-volume glass manufacturing contributes around GBP 1.3 billion to the UK economy each year. The United Kingdom also acts as the central hub of the European economy, when it comes to exports. According to the Environment, Food, and Rural Affairs, the food and drink exports exceeded GBP 22 billion in 2017, up from GBP 20.2 billion in 2016.
Lightweight glass has been the major innovation in recent times, offering the same resistance as the older glass materials and higher stability, while reducing the volume of the raw materials used. Also, alcoholic drinks are expected to lead the way for the glass packaging market, owing to the decent sales of beer and whiskey in the United Kingdom, with an increasing demand for premium variants.
The global glass packaging market is highly competitive, due to the strong presence of major players worldwide. The competition is also intense due to the presence of substitutes, as many companies in the industry are trying to consistently innovate, in order to retain the market share.
Piramal Glass Private Limited
Owens Illinois Inc.
Sonoco Products Company
Hindustan National Glass & Industries Ltd.
HEINZ-GLAS GmbH & Co. KGaA
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005410/en/
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