According to a new market report published by Transparency Market Research titled “Glass Tableware Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global glass tableware market is expected to reach US$ 10.5 Bn by 2026, expanding at a CAGR of 2.9% from 2018 to 2026. Asia Pacific held the highest market share in the glass tableware market in 2017.
Glass tableware comprises cutlery and cookware made of glass and are used for serving food while dining, and is a part of table setting. Glass tableware is becoming an integral part of both commercial and household kitchens since the last few years. The emergence of middle class population is driving the revenue growth of the glass tableware market at the global level. The change in purchasing power and rising standard of living of the growing middle-class population is playing a pivotal role in shaping the demand for glass tableware products.
Increase in disposable income in emerging countries and growing middle class population presents large opportunities in the glass tableware market. This is because the young generation with high income prefers to buy luxury casual products rather than traditional products. Rise in the middle class population with better income opportunities will increase per capita income globally, with higher spending on casual house-ware products such as glass tableware products. Plastic tableware products will be replaced by glass tableware products in the long term due to increase in health awareness among the educated middle class and rise in emphasis on usage of environment friendly, recyclable, and biodegradable products.
Increase in the number of online and offline sales channels have made distribution easier for manufacturers. The well-organized retail industry helps manufacturers to reduce their efforts required to distribute 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.
Increase in demand for glass tableware products can be mainly attributed to the rise in standard of living of consumers, especially in the developing countries. Demand for a better lifestyle has stimulated the demand for glass tableware products. Further, market players are focused on penetrating the developing countries for their business expansion owing to the rising standard of living of people in these countries, which depicts business potential.
The glass tableware industry needs to maintain high temperatures at their production units. When gas pressure or voltage is low, the desired level of temperature reduces and it takes a long time to get back to its original position. Low temperature affects the quality and color of glass and increases the cost of production. Quality can be improved greatly by having a controlled temperature. Correct temperature provides optimum surface finish and dimensional stability through improved physical properties.
The glass tableware market is growing and demand for glass tableware products is gradually changing from formal to casual. This shift in consumer behavior has induced glass tableware manufacturers to engage in research and development activities to introduce new products. Technological advancements will allow manufacturers to reduce cosmetic and functional flaws. Hence, technological innovation is expected to present significant opportunities in the glass tableware market.
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By product, the beverageware segment which includes tea pots, coffee/tea jugs, pitchers, and coffee brewers is expected to have the highest CAGR of 3.1% from 2018 to 2026. Rise in the consumption of alcohol in the U.S. backed by higher spending rates is resulting in the growth of the beverageware market. Coffee jugs held the largest market share in the beverageware segment compared to tea pots and is expected to remain the same over the forecast period. This is due to the high consumption of coffee in the U.S. Tableware segment which includes glass, cups, and mugs is expected to have a CAGR of 2.9% over the forecast timeframe.
Asia Pacific accounted for 33.42% of the global glass tableware market in 2014 and is anticipated to continue its dominance over the forecast timeline. Europe has the largest middle class population in the world, followed by Asia Pacific and North America. The middle class population in Asia Pacific is expected to rise due to economic development in this region. The consumption rate of glass tableware products is higher in EMEA and Asia Pacific as compared to other regions.