Dublin, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The "Global Glass Packaging Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global glass packaging market is expected to grow from US$62.88 Billion in 2022 to US$82.99 Billion in 2028, at a CAGR of 4.73%.
The global glass packaging market is characterized by a dynamic interplay of various factors that shape the market. Glass packaging has long been favored for its exceptional qualities, such as purity, recyclability, and preservation of product integrity. However, several key players and trends have emerged to influence the industry's dynamics. First and foremost, significant manufacturers in the global glass packaging market, such as O-I Glass, Ardagh Group, Gerresheimer, Verallia, and others, dominate the sector. These industry giants have established extensive production capabilities and distribution networks, enabling them to cater to various sectors, including food and beverages, cosmetics, pharmaceuticals, and more. Their vast resources and technological advancements give them a competitive edge in product innovation, quality control, and cost efficiency.
The global glass packaging market by product is segmented into bottles, jars & containers, and ampules, vials & others. The bottle segment dominated the product market, accounting for over 48% share in 2022. The demand for glass bottles has been rising due to several factors, including companies expanding their operations, a growing emphasis on eco-friendliness, collaborations among beverage companies, and other related trends. This trend reflects a shift towards more sustainable packaging solutions, as glass bottles are often perceived as a more environmentally friendly option. Additionally, the collaborative efforts among beverage companies have facilitated innovative product offerings and marketing strategies, further driving the demand for the bottles segment in the glass packaging market.
MARKET TRENDS & OPPORTUNITIES
Gen Z and Millennials Highly Influenced by Sustainable Packaging
Gen Z and Millennials have grown up in an era of increased environmental awareness. They've witnessed the consequences of climate change, plastic pollution, and dwindling natural resources. As a result, they are more conscious of their environmental footprint and seek sustainable alternatives. Being a recyclable and eco-friendly material, glass aligns with Gen Z and millennials' values of reducing waste and protecting the planet.
These generations are also more health-conscious than previous ones. Glass is considered a safer option for packaging food and beverages because it doesn't contain harmful chemicals like some plastics can (e.g., BPA). The perception of glass as a healthier choice drives the glass packaging market, especially for products consumed directly from the packaging.
Rising Demand for Pharmaceutical And Cosmetics Packaging
In recent years, the glass packaging market has experienced a notable surge in demand within the pharmaceutical and cosmetics industries. This upswing can be attributed to a convergence of factors, including the inherent properties of glass, changing consumer preferences, and regulatory considerations.
The adoption of glass packaging within these sectors has not only met the stringent requirements for product preservation and safety but has also opened avenues for brand differentiation and sustainable practices, ultimately driving market growth.
INDUSTRY RESTRAINTS
Price Sensitivity of Raw Material
The price sensitivity of raw materials used in glass packaging can directly and significantly impact market demand. Glass production relies on specific raw materials like sand, soda ash, and limestone, and any price fluctuations can influence the overall cost of producing glass containers. This, in turn, can affect producers and consumers in the following ways.
Moreover, when the cost of these raw materials rises, it directly increases the production cost in the glass packaging market. Manufacturers might absorb some of these costs, but eventually, they are likely to pass the expenses on to consumers. This increases prices for products packaged in glass containers, making them less price-competitive than alternatives. Price-conscious consumers may shift their preferences to products with lower-priced packaging, potentially decreasing demand for goods in glass containers.
SEGMENTATION INSIGHTS
INSIGHT BY END-USER
The beverage end-user dominated the global glass packaging market in 2022. This uptick is primarily driven by increased consumption of beverages such as beer, wine, spirits, juice, flavored water, and more. Glass packaging is favored for these products, primarily due to its qualities that preserve the taste and quality of the beverages, making it the preferred choice for producers and consumers.
Furthermore, lightweight glass packaging is more environmentally friendly as it reduces the energy and resources required for production and transportation. This aligns with the growing consumer and industry emphasis on sustainability, which can drive increased demand for glass packaging.
GEOGRAPHICAL ANALYSIS
The global glass packaging market is mainly driven by increased disposable income, urbanization, and rising consumption of food & beverages. Moreover, with the increasing focus on personalization & customization, the demand for glass packaging is expected to rise in various regions. APAC is the leading region in growing consumer awareness of health & safety, rising disposable income, and advanced glass manufacturing technology of glass packaging in the market. Moreover, APAC is expected to witness the highest CAGR of around 5-6% during the forecast period. In 2022, North America was the third revenue contributor to the global glass packaging market. During the forecast period, Latin America is expected to witness the second-highest CAGR due to increased focus on sustainability and rising demand for food & beverages.
Market Opportunities & Trends
- Gen Z and Millennials Influenced by Sustainable Packaging
- Companies Leaning Toward Alternative Packaging
- Rising Adoption of Innovative Technologies
Market Growth Enablers
- Increasing Premiumization in Packaging
- Rising Demand for Pharmaceutical and Cosmetics Packaging
- Increased Alcohol Consumption
Market Restraints
- Price Sensitivity of Raw Materials
- Supply Chain Issues with Glass Packaging
- Alternate Packaging Solutions
COMPETITIVE LANDSCAPE
Key Company Profiles
- Ardagh Group
- Amcor
- AptarGroup
- Berlin Packaging
- Gerresheimer
- HEINZ-GLAS
- Nihon Yamamura Glass
- O-I Glass
- Piramal
- Verallia
- Vidrala
Other Prominent Vendors
- AAPL Solutions
- AGI glaspac
- BA Glass
- Beatson Clark
- Bormioli Luigi
- Groupe Pochet
- Hindustan National Glass & Industries Limited
- koa glass
- Middle East Glass
- Nipro
- Saverglass
- SCHOTT
- Shandong Province Medicinal Glass
- Sisecam
- SGD Pharma
- STOELZLE GLASS GROUP
- Toyo Seikan Group Holdings
- Vetropack
- Vitro, S.A.B. de C.V.
- Wiegand-Glas
- Zignago Vetro
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 278 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $62.88 Billion |
| Forecasted Market Value (USD) by 2028 | $82.99 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/mhw0yr
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