Glass Packaging Market size to surpass $65bn by 2024
Published Date: August 19, 2019 Authors: Kiran Pulidindi, Soumalya Chakraborty
Glass Packaging Market size is expected to cross USD 65 billion by 2024, according to research conducted by Global Market Insights, Inc.
Glass packaging is widely popular within various end-user industries such as food & beverages, pharmaceutical, and personal care. It prevents mixing of product content with air, moisture and other chemicals. It helps to preserve the taste, aroma and flavor of packaged food & beverage products. Being a safe choice, many consumers opt for glass packaging than other types of packaging. It safeguards product quality while extending the shelf life. Additionally, they offer environmental benefits as they can be recycled over and over easily.
Rising worldwide beer consumption is likely to augment the glass packaging market growth during the forecast time span. High standards of living coupled with increasing disposable income levels will accelerate the pace of beer consumption globally. Alcohol consumption is increasing across developing countries and it is gaining popularity in young population. Additionally, demand for glass bottles are also rising for packaging and supplying dairy products. These trends will bolster the market growth between 2017 to 2024.
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Another significant factor driving the growth of market is the favorable trends associated with pharmaceutical industry. The global pharmaceutical industry will be positively influenced by huge government spending and supportive government policies. These favorable trends associated with pharmaceutical sector will bolster the product demand as it is widely used for packaging of drugs and medicines.
However, market growth may be hindered due to availability of substitutes for packaging. The popularity of plastics for packaging different types of products is increasing, driven its easy availability and low cost, and will adversely affect the product demand in near future.
Browse key industry insights spread across 110 pages with 143 market data tables & 11 figures & charts from the report, “Glass Packaging Market Size By Product (Borosilicate, De-alkalized Soda Lime, Soda Lime), By Application (Alcoholic Beverages, Beer, Food & Beverages, Pharmaceuticals, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Glass packaging market is segregated by the types of product and application. Based on product, the market is divided into borosilicate, soda lime and de-alkalized soda lime. De-alkalized soda lime segment will cross USD 5.5 billion by 2024. It has superior chemical and thermal properties than normal soda lime packaging. It is used for packing of acidic and neutral aqueous products.
Based on application, the market is bifurcated into alcoholic beverages, pharmaceutical, food and beverages, beer and others including personal care, cosmetics, etc. Food & beverages sector will grow with a CAGR over 4% by 2024. Its growth will be attributable to display appeal, preservation of organoleptic properties and product safety.
Europe will be one of the key regions in the glass packaging market share. This region will capture more than 30% revenue share by the end of the forecast time spell. The growth trends will remain strong due to growing demand from pharmaceutical and food & beverages segments. The region invested around USD 40 billion for R&D in pharmaceutical sector in 2016. These aforementioned trends will support the growth of the regional market.
Ardagh Group, Vidrala S.A., Owens-Illinois Inc, Vitro Packaging LLC, Amcor Ltd, Gerresheimer AG, Nihon Yamamura Glass Company Ltd., Hindusthan National Glass & Industries Ltd. and Consol Specialty Glass (Pty) Limited are some of the major manufacturers in the glass packaging market share.
Glass packaging industry research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2013 to 2024, for the following segments:
Glass Packaging Market, By Product
- De-alkalized soda lime
- Soda lime
Glass Packaging Market, By Application
- Alcoholic beverages
- Food & beverages
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- South Africa