July 19, 2024
Glass Tableware Market

Glass Tableware Market Is Estimated To Witness High Growth Owing To Increasing Demand For Premium Tableware Products

Market Overview:

Glass tableware includes glass products such as drinking glasses, plates, bowls and other related kitchenware that are made using glass. Glass is a popular material for tableware due to its durability, ease of cleaning and transparent appearance. Major glass tableware products include drinking glasses, juice glasses, wine glasses, serving bowls, plates, salad plates and more. These products find widespread application in residential as well as commercial settings such as restaurants, cafes and hotels. The glass tableware market has witnessed significant growth in recent years driven by increasing demand for premium tableware from affluent consumers and rise of culture.

Market Dynamics:

Increasing demand for premium tableware products: There has been rising demand for premium and designer tableware products from affluent consumers globally. Premium glass tableware offer luxury appeal to diners and help enhance the dining experience. This has encouraged various high-end brands to offer innovative and aesthetic glassware collections. The increasing spending power of consumers on home d├ęcor and dining products acts as a key driver for the glass tableware market.

Growth of food service industry: The rapid expansion of the food service industry especially in developing regions has fueled the demand for commercial glass tableware. Hotels, cafes and restaurants require glassware products in bulk for serving various beverages and food items to customers. The increasing disposable incomes and changing lifestyles have encouraged dining out culture which benefits glass tableware manufacturers.

The global Glass Tableware Market Demand is estimated to be valued at US$ 11.76 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The global glass tableware market is dominated by the glass cups and mugs sub-segment. This sub-segment accounts for around 30% of the total market share owing to high demand for glass cups and mugs from households and commercial segments like cafes and restaurants. Glass cups and mugs are considered more premium and sophisticated tableware products compared to plastic or steel alternatives.

PEST Analysis

Political: There are no significant political risks impacting the glass tableware market growth globally.
Economic: The strong economic growth in developing countries of Asia Pacific is driving higher disposable incomes and increases spend on premium home and kitchen products like glass tableware.
Social: Young population across the world prefer glass tableware over plastic or steel options as glass is considered more premium, elegant and environment friendly.
Technological: Advancements in glass molding technologies have enabled mass production of glass tableware at competitive costs. This has increased glass tableware penetration globally.

Key Takeaways

The global glass tableware market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing premiumization of home décor and dining products. The market is projected to reach US$ 11.76 Bn in 2023. Regional Analysis Asia Pacific holds the dominant share in the global glass tableware market led by strong growth in China, India and other South East Asian countries. The regional market is estimated to grow at a CAGR of around 8.5% during 2023 to 2030. Key players operating in the glass tableware market are Sisecam Group, Bormioli Rocco SpA, Wuerttembergische Metallwarenfabrik AG (WMF), Libbey, Inc., ARC International, Anchor Hocking, and Lenox Corporation. These players are focusing on new product development and strengthening their distribution networks across developing regions.

*Note:

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