Market Overview:
Glass tableware includes products such as drinking glasses, plates, bowls and containers that are made up of various types of glass. Glass tableware is highly preferred by individuals and commercial establishments like hotels and restaurants due to its durability, hygiene and aesthetics. Glass being non-porous makes glass tableware easy to clean and maintain, thus ensuring optimum hygiene.
Market key trends:
One of the major trends driving the growth of the glass tableware market is the increasing focus of consumers and manufacturers on sustainability and environment-friendly attributes. Glass being completely recyclable is gaining traction among conscious consumers. Manufacturers are also prominently marketing the recycling capabilities of glass tableware to attract environmentally conscious consumers. The sustainability factor is prompting restaurants and hotels to replace conventional plastic and ceramic tableware with glass variants to enhance their green credentials. The improved collection and recycling infrastructure is also boosting the reuse of glass tableware, thus making it a more sustainable option.
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.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand names make it difficult for new players to enter the market. However, increasing globalization has introduced threat from new international players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several estabilished brands and easy availability of substitutes. Buyers can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are several raw material suppliers and established supply chains.
Threat of new substitutes: Threat of substitutes is low as glass tableware has well-established brand value however plastic tableware is a rising substitute.
SWOT Analysis
Strength: Large product portfolio, brand recognition, established supply chains.
Weakness: Sensitivity to economic cycles, high fixed costs.
Opportunity: Expanding foodservice industry, rising disposable income in developing nations.
Threats: Price wars, increasing environment regulations.
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 usage in foodservice industry and growing disposable income.
Regionally, North America dominates the global market with the largest share, followed by Europe. However, Asia Pacific is expected to grow at fastest pace owing to rising middle class population and their increasing spending on luxury products in countries like China and India.
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. The players are focused on new product launches and expansion strategies to strengthen their market presence.
