Glass Packaging Market worth USD 74.87 Billion by 2028, registering a CAGR of 5.92% – Report by Market Research Future (MRFR)
New York, Aug. 19, 2021 (GLOBE NEWSWIRE) — Glass Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Glass Packaging Market Research Report, Product, Application and Region – Forecast till 2028” the market is projected to be worth USD 74.87 Billion by 2028, registering a CAGR of 5.92% during the forecast period (2021 – 2028), The market was valued at USD 53.37 billion in 2020.
List of the Key Companies Profiled in the Glass Packaging Industry Research Report are:
- Owens-Illinois Inc.
- Vetropack Holding Company
- Ardagh Group S.A
- Verallia
- Vidrala S.A.
- BA Vidro
- Gerresheimer AG
- Stölzle Glass Group
- Piramal Glass
- Zignago Vetro S.P.A.
- Verescence
- Luigi Bormioli Corporation
- Vetrobalsamo Spa
- Wiegand-Glas GmbH
- Allied Glass Containers Ltd
- Nihon Yamamura Glass Co. Ltd.
- Vitro
- Heinz Glas GmbH & Co. KGAA.
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Increased Consumption of Beverages and Growth in the Pharmaceutical Industry
Despite the introduction of a variety of packaging solutions, the glass-packaging industry remains on the rise. Glass packaging demand is still concentrated in areas such as food and beverage, pharmaceuticals, and cosmetics. Glass packaging’s essential properties, such as zero chemical leaching, malleability, and non-reactivity, continue to promote its use. Furthermore, the benefits of recyclability and reuse of glass packaging fit well with the concept of using packaging materials that are not only efficient but also environmentally friendly. Glass packaging keeps things safe and fresh for a longer amount of time. Glass is a popular material for packaging alcoholic and non-alcoholic beverages, liquid pharmaceutical medicines, and a range of other perishable and non-perishable goods. Increased attempts to promote the use of environmentally sustainable products have also aided in the revival of glass packaging.
In the alcoholic beverage business, the market for glass packaging is experiencing significant competition from the metal packaging segment in the form of cans. However, due to its use in luxury products, it is likely to maintain its share during the forecast period. The expansion is likely to be seen across a variety of beverage categories, including juices, coffee, tea, soups, non-dairy beverages, and others.
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Beer has grown dramatically in popularity among alcoholic beverages in recent years. The bulk of the beer is sold in glass bottles, necessitating greater production rates in the glass packaging business. The growing demand for premium alcoholic beverage varieties is propelling the expansion of glass bottles. Developing countries, such as India, have a substantially higher impression of beer’s quality.
Returnable glass bottles are a low-cost way for businesses to deliver their products. This type of packaging is most commonly used in the non-alcoholic beverage market. Currently, approximately 70% of natural mineral water bottles are manufactured of plastic. Taking environmental factors into account, the range of bottled-water packaging material is expanding.
Competitive Landscape
Due to the global presence of large competitors, the global glass packaging industry is extremely competitive. Competition is also fierce due to the presence of replacements, as many companies in the industry strive to continually innovate in order to maintain market dominance.
Market Segmentation
The global glass packaging industry has been segmented into product and application.
By product, the global glass packaging market has been segmented into standard glass quality, premium glass quality, and super premium glass quality.
By application, the global glass packaging market has been segmented into beverage packaging, food packaging, personal care packaging, and others.
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Regional Analysis
APAC to Lead the Global Market
The Asia Pacific dominated the glass packaging industry. The region’s market is being driven by rising alcoholic beverage consumption. Demand is expanding throughout Asia-Pacific and will continue to rise as a result of increased disposable income and population growth, particularly in China and India.
Europe to Follow APAC
East European countries such as Turkey, Russia, and others drive packaging demand in Europe. The increasing consumption of beer in Germany is the primary driver of glass packaging. Furthermore, the nation’s aging population feeds the pharmaceutical packaging sector. Consumers in the United Kingdom are more aware of the health and environmental benefits of glass bottles and are ready to pay a premium price for them. Manufacturers are also seeing these developments and are progressively addressing them in their packaging selection.
The UK glass sector possesses the knowledge and expertise required to compete on a global scale. Each year, high-volume glass manufacturing provides around GBP 1.3 billion to the UK economy. When it comes to exports, the United Kingdom also serves as the major core of the European economy. Lightweight glass has been the key innovation in recent years, providing the same resistance as older glass materials as well as greater stability while lowering the volume of raw materials utilized. Furthermore, alcoholic beverages are likely to lead the glass packaging market, owing to strong sales of beer and whiskey in the United Kingdom, as well as rising demand for premium variations.
Segmentation of Market covered in the research:
Glass Packaging Market by Product (Standard Glass Quality, Premium Glass Quality, Super Premium Glass Quality), Application (Beverage Packaging, Food Packaging, Personal Care Packaging, and Others) and Region – Global Forecast to 2028
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