Wilmington, Delaware, United States, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global glass tableware market is estimated to reach a value of US$ 11.5 Bn by the end of 2031, states analysts of a review report by Transparency Market Research (TMR). In addition, the study finds that the market for glass tableware is expected to grow at a CAGR of 3.5% during the forecast period, from 2022 to 2031.
The use of glass tableware is being rising for the household purposes owing to improving standards of living of people from across many developed and developing nations globally. This factor is expected to lead to rise in the revenue of glass tableware market during the forecast period, states a TMR analysis. This aside, surge in the number of pubs and cafes globally is propelling the global market.
Companies operating in the glass tableware market are executing different strategies such as mergers, acquisitions, partnerships, and joint ventures in order to maintain their leading positions. Moreover, several enterprises are investing heavily in R&Ds that are focused on the product design innovations. Such factors are expected to play important role in the overall growth of the global glass tableware market during the forecast period, note analysts at TMR.
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Glass Tableware Market: Key Findings
The distribution of different types of glass crockery has become easier in the recent years for manufacturers owing to the rapid expansion of the online and offline sales channels, states a TMR analysis. This aside, the popularity of latest glass dinner sets and glass dinnerware is being rising globally due to rapid growth in the hospitality sector. These factors, in turn, are creating largest opportunity for glass tableware market players. In addition, the market is being driven by ongoing developments in the hospitality sector and surge in the demand for drinkware, cutlery, candle containers, and serve ware in the hotel/restaurant/cafe (HoReCa) sector, note analysts of a TMR study.
With surge in the urbanization across many developed and developing nations globally, the number of bars and cafes is being increasing globally. This factor is leading to profitable prospects in the market, states a TMR analysis that offers exhaustive insights on the recent developments in the glass tableware industry. This aside, the report states that the future market demand for glass tableware is anticipated to rise owing to surge in the inclination among people toward using trendy homeware and changing buying behavior of major consumer population globally.
Glass Tableware Market: Growth Boosters
- Rise in the use of glass tableware in the food service sector is driving the sales growth in the global glass tableware market
- Improving spending power of people across the globe is boosting the demand avenues in the market
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Glass Tableware Market: Regional Analysis
- Europe and North America are the fastest growing market for glass tableware manufacturers owing to increase in the product demand due to improved spending power of the people from these regions
- The glass tableware market in Asia Pacific is prognosticated to gain lucrative opportunities in the near future owing to swift urbanization and improving purchase power of the regional populace
Glass Tableware Market: Key Players
Some of the key players profiled in the report are:
- World Kitchen LLC
- Lenox Corporation
- Anchor Hocking LLC
- ARC International S.A.
- Borosil Glass Works Ltd.
- Libbey Inc.
- LaOpala R.G. Ltd.
- Bormioli Rocco Group
- Wuerttembergische Metallwarenfabrik AG (WMF)
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Glass Tableware Market Segmentation
- Type
- Dinnerware
- Plates & Bowls
- Trays
- Others (Spoons, Forks, etc.)
- Drinkware
- Glasses
- Mugs
- Jugs
- Others (Pitchers, Kettles, etc.)
- Others (Serving Pieces, Dip Sets, etc.)
- Dinnerware
- Quality
- Low
- Standard
- Premium
- End-use
- Residential
- HoReCa
- Distribution Channel
- Online
- E-commerce
- Company-owned Websites
- Offline
- Supermarkets/Hypermarkets
- Specialty Stores
- Other Retail Stores
- Online
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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