Glass Tableware Market

Glass Tableware Market Expected to Reach US$ 10.5 Bn by 2026
According to a new market report published by Transparency Market
Research titled “Glass Tableware Market – Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast, 2018 – 2026,” the global glass tableware market is
expected to reach US$ 10.5 Bn by 2026, expanding at a CAGR of 2.9% from 2018 to
2026. Asia Pacific held the highest market share in the glass tableware market in
2017.
Glass tableware comprises cutlery and cookware made of glass and are used for
serving food while dining, and is a part of table setting. Glass tableware is becoming
an integral part of both commercial and household kitchens since the last few years.
The emergence of middle class population is driving the revenue growth of the glass
tableware market at the global level. The change in purchasing power and rising
standard of living of the growing middle-class population is playing a pivotal role in
shaping the demand for glass tableware products.
Increase in disposable income in emerging countries and growing middle class
population presents large opportunities in the glass tableware market. This is because
the young generation with high income prefers to buy luxury casual products rather
than traditional products. Rise in the middle class population with better income
opportunities will increase per capita income globally, with higher spending on casual
house-ware products such as glass tableware products. Plastic tableware products will
be replaced by glass tableware products in the long term due to increase in health
awareness among the educated middle class and rise in emphasis on usage of
environment friendly, recyclable, and biodegradable products.
Increase in the number of online and offline sales channels have made distribution
easier for manufacturers. The well-organized retail industry helps manufacturers to
reduce their efforts required to distribute goods and sell products at competitive
prices. Moreover, it helps manufacturers to advertise their products under one roof,
thereby reducing their advertising and marketing costs.
Increase in demand for glass tableware products can be mainly attributed to the rise
in standard of living of consumers, especially in the developing countries. Demand
for a better lifestyle has stimulated the demand for glass tableware products. Further,
market players are focused on penetrating the developing countries for their business
expansion owing to the rising standard of living of people in these countries, which
depicts business potential.
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The glass tableware industry needs to maintain high temperatures at their production
units. When gas pressure or voltage is low, the desired level of temperature reduces
and it takes a long time to get back to its original position. Low temperature affects
the quality and color of glass and increases the cost of production. Quality can be
improved greatly by having a controlled temperature. Correct temperature provides
optimum surface finish and dimensional stability through improved physical
properties.
The glass tableware market is growing and demand for glass tableware products is
gradually changing from formal to casual. This shift in consumer behavior has
induced glass tableware manufacturers to engage in research and development
activities to introduce new products. Technological advancements will allow
manufacturers to reduce cosmetic and functional flaws. Hence, technological
innovation is expected to present significant opportunities in the glass tableware
market.
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By product, the beverageware segment which includes tea pots, coffee/tea jugs,
pitchers, and coffee brewers is expected to have the highest CAGR of 3.1% from 2018
to 2026. Rise in the consumption of alcohol in the U.S. backed by higher spending
rates is resulting in the growth of the beverageware market. Coffee jugs held the
largest market share in the beverageware segment compared to tea pots and is
expected to remain the same over the forecast period. This is due to the high
consumption of coffee in the U.S. Tableware segment which includes glass, cups, and
mugs is expected to have a CAGR of 2.9% over the forecast timeframe.

Glass Tableware Market

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