The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Glass packaging products are widely used for packaging food & beverage, pharmaceutical, personal care & cosmetic, and other products. Glass packaging provides excellent barrier properties which helps prevent spoilage and contamination of packed products. Its transparency allows product visibility to attract consumers. Glass is extremely durable material and can be reused or recycled multiple times.

Market Dynamics:
Growth of food & beverage industry is a major factor fueling demand for glass packaging products. Glass material is an ideal packaging solution for alcoholic beverages, liquid food, sauces, and other consumables due to its barrier properties. Changing lifestyle and consumption patterns are also boosting packaged food & beverage demand. Glass material is also favorable option for pharmaceutical packaging as it does not react with medicinal products. Stringent government regulations regarding use of toxic chemicals in packaging is further propelling manufacturers to adopt glass over plastic packaging. However, availability of alternative packaging materials is a challenge for glass packaging market.

SWOT Analysis
Strength: Glass packaging offers barrier properties such as moisture, gas, odor, and light protection. It is highly recyclable and reusable. Glass is highly durable and doesn't react with the packed product.

Weakness: Glass is heavy and breakable material which increases the packaging and transportation cost. The manufacturing process of glass requires high energy. Changes in the glass design need costly molds.

Opportunity: Rising demand for premium and luxury goods boost the growth of glass packaging market. Increasing health awareness among consumers promotes the use of glass for packaging of food and beverages.

Threats: Growth of flexible plastic packaging poses a threat to glass packaging market. stringent environmental regulations on glass production and disposal may hamper the market growth.

Key Takeaways
The Global Glass Packaging Market Size is expected to witness high growth, exhibiting a CAGR of 3.7% over the forecast period, due to increasing demand for premium alcoholic beverages and non-alcoholic beverages. The growth of cosmetic and perfume industry stimulates the glass packaging market.

Regional analysis: Asia Pacific holds the major share in the global glass packaging market and is expected to grow at the fastest rate during the forecast period. The growth in the region can be attributed to increasing population, changing lifestyles, and rising disposable income in developing countries such as China and India.

North America dominates the global glass packaging market and is expected to maintain its dominance over the forecast period owing to the high consumption of premium beers, spirits, and wines in the region.

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. Major players are investing in expansions, mergers and acquisitions to strengthen their market presence.

Read more: https://www.rapidwebwire.com/glass-packaging-market-size-trends/