May 29, 2024
Glass Packaging Market

Growing demand for sustainable packaging to boost the growth of Global Glass Packaging Market

The global Glass Packaging Market is estimated to be valued at US$ 68.61 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Glass packaging refers to items like glass bottles, jars, vials, ampoules, and others that are used across industries like food & beverages. Also pharmaceuticals, cosmetics & personal care, and others to package liquids, solid & semi-solid products. Glass is a highly recyclable material and does not leach any harmful chemicals into the product. Glass packaging preserves the integrity, quality, safety, freshness and aesthetics of the product packed inside. It is very transparent, chemically inert, shatterproof, eco-friendly, bacterial barrier, and reusable in nature. Glass remains the most trusted packaging material across industries for products requiring microbial purity and shelf-life extension without the addition of preservatives.

Market Overview:

Glass is emerging as one of the most sustainable packaging material preferred by brands pursuing eco-friendly packaging goals. Glass does not degrade or wear out with repeated recycling and reuse cycles. It can circulate endlessly without losing its inherent properties. This gives glass an advantage over other plastics and flexible packaging materials which degrade on repeated use and recycling. With growing consumer demand for sustainably sourced products packaged in recyclable materials, the glass packaging market will witness steady growth over the forecast period.

Market key trends:

One of the key trends in the glass packaging market is increasing demand for premium designs and customized shapes and sizes. Manufacturers are investing in new production technologies and employing skilled craftsmanship to design innovative bottles and jars with intricate engravings, embossing and printing. Unique shapes tailored to the brand image are helping brands differentiate their products on shelf. Another major trend is the rising popularity of hybrid packaging where bottles made of glass are complemented with caps and closures made from sustainable bio-based resins. This marries the product protection advantages of glass with the feel-good properties of plant-based materials.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the glass packaging market is low to medium as it requires large capital investments to set up manufacturing facilities. However, ease of availability of raw materials provides opportunities for new players.

Bargaining power of buyers: The bargaining power of buyers in the glass packaging market is medium to high. This is due to the presence of many manufacturers and easy availability of substitutes. Buyers can negotiate on price and demand better quality and services from manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is medium as there are ample raw material suppliers. But requirements like high-quality raw materials increase suppliers’ bargaining power.

Threat of new substitutes: The threat of new substitutes is medium to high as plastic used as an alternative to glass in some packaging applications. Metal cans also act as a substitute for glass packaging in certain segments.

Competitive rivalry: The competitive rivalry in the glass packaging market is high due to the presence of many global and regional players. Manufacturers compete on the basis of product quality, price, innovation, and superior services.

Key Takeaways

The Global Glass Packaging Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing demand for sustainable and environment-friendly packaging from various end-use industries like food and beverages, pharmaceuticals, and personal care.

Regional analysis: Asia Pacific holds the largest share in the glass packaging market owing to strong economic growth. And rising population in countries such as China, India. Rapid urbanization and growth in middle-class population driving higher consumption of packaged food and beverages in the region. North America and Europe are also significant markets for glass packaging due to stringent regulations regarding use of recyclable and reusable materials.

Key players: Key players operating in the glass packaging market are Amcor Ltd, Ardagh Group, Gerresheimer, Hindustan National Glass & Industries Ltd, Koa Glass Co. Ltd., Owens Illinois Inc, Piramal Glass Limited, Saint-Gobain, Heinz-Glas, Wiegand-Glas, Vidrala SA, Vitro Packaging and Nihon Yamamura. Companies are investing in expanding their production capacities and developing innovative products to strengthen market position.

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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it