New York , Feb. 06, 2024 (GLOBE NEWSWIRE) -- The global glass packaging market size is slated to expand at 5% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 100 billion by the end of 2033, up from a revenue of USD 70 billion in the year 2022. The escalating use of glass bottles on account of the high consumption rate of beverages is estimated to propel the market growth. Nearly half of the U.S. population consumes soft drinks daily and over 60% of children drink sugary beverages or any kind of soda per day.
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Moreover, the enhancing sales of glass bottles and containers with rising concern towards plastic usage is proliferating the market size in the coming years. About 750 billion units of glass bottles and containers are produced worldwide as of 2023 estimations. The demand for eco-friendly bottles and the rise in the disposable income of people are likely to boost the expansion of the market.
Glass Packaging Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- The Food & Beverages segment to garner the highest growth
- Market in Europe region to grow at the highest rate
Increasing Use of Glassware for Perfume Manufacturing is Predicted to Upscale the Growth of the Glass Packaging Market
The enhancing utilization of perfume by people to get a pleasant and nice scent from their bodies is evaluated to soar the segment’s growth in the coming years. The growing demand for personal care products such as deodorants and cosmetics is anticipated to fuel the market size during the forecast period. Every person uses at least 3 bottles of perfume in 2 years as per the reports. In the United States, more than 40 percent of the population uses perfumes or fragrances daily as per 2023 data.
Glass Packaging Industry: Regional Overview
The global glass packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Mounting Demand for Glass Interiors Among People is Amplifying the Market Growth in the Asia Pacific Region
The Asia Pacific region market in the forecast period holds a significant share of 37% as per the estimations. Extending the intake of ready-to-eat meals by the population of the region especially in China, Korea, and Japanese nations is expected to upsurge the market size. The multiplying implementation of glass interiors in households and buildings for aesthetic appeal is likely to promote market growth opportunities. The amount of glass imported into India increased from 36,700 tons in 2021 to 45,000 tons in 2022.
Fostering the Use of Cosmetic Products and Medical Products is Intended to Outline the Market Expansion in the Europe Region
The Europe region market of glass packaging is impelled to procure a sustainable market share of 22% owing to the sprouting application of cosmetic products by the people. The aggregating implementation of glass in the medical sector for the manufacturing of optical glasses, ampoules, vials, and other apparatus is intended to hike the market growth in the region. The market growth is attributed to the proliferating use of tableware and furniture made of glass. The amount of tableware produced in 2022 in the European nations was approximately 1.2 million metric tons according to the reports.
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Glass Packaging Market Segmentation by Product
- Bottles
- Jars & Containers
- Ampoules
- Vials
- Others
The glass bottles segment from the glass packaging industry is assessed to hold a significant market share of 21% in the forecast period owing to the rise in the consumption of alcohol and other alcoholic beverages. As per the data, alcoholic beverage sales in 2022 reached 0.47% with an increase from 0.22% in 2018. The expanding application of glass bottles for the storage of pickling, soda, preservatives, and food condiments such as sauce, ketchup, jam, and mayo are shooting up the market segment trends.
Glass Packaging Market Segmentation by Application
- Food & Beverages
- Personal Care
- Cosmetics
- Pharmaceuticals
- Household Care
- Agriculture
- Others
The food & beverages segment of the glass packaging industry is protruded to register a sustainable market share of 18% during the forecast period. The development in the production of food and beverages is fueling the market segment growth as a result of the flourishing hospitality sector. The food and beverages sold on e-commerce platforms in 2021 across the world was USD 180 Billion as per the statistical data. The rapid urbanization and changing food habits of individuals with an awareness of perfect storage options are proposed to intensify the market trend.
Glass Packaging Market Segmentation by Glass Type
- Super Premium
- Premium
- Standard
- Others
A few of the well-known market leaders in the global glass packaging industry that are profiled by Research Nester are Ardagh Group S.A., PGP Glass Private Limited, Verallia Group, Bormioli Luigi S.p.A., VITRO Flat Glass LLC, Stoelzle Oberglas GmbH, Amcor Limited, Mondi plc, Gerresheimer AG, Westpack LLC, and others.
Recent Development in the Market
- Stoelzle Oberglas GmbH reported the achievement of an award in 2022 from the UK Packaging Awards for the company’s Dragon Slayer Gin bottle. The bottle was made to represent the culture and heritage of dragon folklore using local ingredients and medieval spa water. Further, Spirit of One Gin and Kirkjuvagr Gin bottles of Stoelzle were selected in the category of Spirits, Perfume, and Cosmetics.
- Ardagh Glass Packaging unit of Ardagh Group S.A. associated with B&B Studio and Belvoir Farm to create a novel 500ml glass bottle design that is 45% recyclable and with weight of only 380 grams. The introduction of the bottles was done in Belvoir Farm for the use of non-alcoholic Botanic Sodas.
Read our insightful Blogs and Data-driven Case Studies:
- Future of Packaging Industry: Sustainable Packaging
The blog covers the evolution of packaging industry including history of packaging and the future. Know the benefits, challenges and future scope of sustainable packaging to grap upcoming opportunities in the market.
https://www.researchnester.com/blog/packaging/future-of-sustainable-packaging
- Industrial Packaging Company successfully implemented the Holy Grail 2.0 Project through thorough Research
This case study examines how an industrial packaging company successfully implemented The Holy Grail 2.0 Project through thorough research. The project aimed to improve the company's packaging design and reduce waste, resulting in significant cost savings and environmental benefits.
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