Glass Tableware Market is Likely to Reach USD 17 billion in 2031, Increasing at a CAGR of 3.5%: TMR Report

Wilmington, Delaware, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global glass tableware market is anticipated to develop at a 3.5% CAGR from 2023 to 2031, reaching US$ 17.0 billion by the end of 2031. The glass tableware market is a dynamic and thriving sector within the consumer goods industry.

Glass tableware encompasses a wide range of products, including drinking glasses, plates, bowls, and serving dishes, made from high-quality glass materials. These items are popular for both everyday use and special occasions due to their aesthetic appeal, durability, and ease of maintenance.

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One of the key drivers behind the growth of the glass tableware market is the increasing consumer preference for elegant and sophisticated tableware products. As dining experiences become diverse and culturally influenced, consumers are seeking aesthetically pleasing and functional glassware to enhance their meals and social gatherings.

The market is witnessing innovations in terms of design, shapes, and patterns, catering to various tastes and preferences. Eco-friendly and sustainable practices are also becoming essential, with manufacturers focusing on recyclable materials and production processes.

The growing trend of online shopping has significantly contributed to the market's expansion, providing consumers with convenient access to a wide range of glass tableware products. The glass tableware market continues to evolve, driven by consumer demand for quality, style, and sustainability.

Key Takeaways from the Market Study

• The global glass tableware market was valued at US$ 12.5 billion in 2022.
• In 2022, the drinkware segment held a market share of 40%.
• The market in North America is poised to expand at a CAGR of 4% until 2031.
• The market in Asia Pacific is likely to expand at a CAGR of 4.5% until 2031.
• The United States held a market share of 46% of North America in 2022.
  

Global Glass Tableware Market- Key Drivers and Trends

• Environmental concerns are pushing the industry toward sustainable practices. Consumers are conscious of eco-friendly products.
• The rise of online shopping platforms has transformed the glass tableware market. E-commerce allows manufacturers to reach a broad audience and enables consumers to explore a wide range of products conveniently.
• Evolving dining habits, influenced by global culinary trends, are impacting the glass tableware market.
• The durability of glass serves as an excellent choice for environmentally aware consumers. Key companies are focused on establishing developments including the development of environment-friendly glass dinnerware.
• Leading manufacturers to produce glass tableware from recyclable materials and adopt eco-conscious production methods, aligning with the global green movement.
  

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Regional Landscape of the Glass Tableware Market

• According to the most recent glass tableware industry statistics, Asia Pacific is projected to make up the majority of the world's market from 2023 to 2031. Rapid urban development and flourishing economies are predicted to add to the region's sector's growth.
• An increasing percentage of individuals are migrating to cities and implementing luxurious lifestyles with an increase in financial resources. The luxurious lifestyle is creating attractive chances for the glass tableware market to expand in the Asia Pacific.
• The market in North America is anticipated to expand at a significant pace in the near future due to the increase in drinking alcohol. Glass drinkware is offered in a range of alternatives for serving various beverages, resulting in the choice of alcoholic beverage drinkers.
  

Competitive Landscape

The glass tableware market boasts a competitive landscape with several key players vying for market dominance. Established companies such as Anchor Hocking LLC, ARC International S.A., Bormioli Rocco SpA, Cristar, Duralex USA, Glass & Glass, glassia (Hidalglass S.A. de C.V.), Lenox Corporation, Libbey Inc., Nadir Figueiredo, Rigolleau S.A., Santos Décor, and Sisecam Group (Pasabahce) lead the industry with their diverse product portfolios and global presence.

Some key market developments in the market are as follows:

• Libbey Glass LLC, is one of the leading global glass tableware producers. They disclosed the sale of its European procedures, as well as the Royal Leerdam and Crisal Glass brands, to Ander Invest Co-Invest Fund 3 Coöperatief U.A on May 18, 2022.
• Duralex, a well-known French dinnerware producer, was purchased by Worldwide Cookware, a proprietor of the Pyrex brand, on January 29, 2021. This acquisition is likely to assist Global Cookware in becoming an innovator in glass tableware. The business intends to invest roughly US$ 18.6806 million by 2024 to guarantee adherence to requirements and increase manufacturing capacity.

Key Segments Covered

• By Type
  • Dinnerware
    • Plates
    • Bowls
    • Trays
  • Drinkware
    • Non-alcoholic Beverages
      • Water Glasses
      • Juice Glasses
      • Tumblers
      • Others (All-purpose Beverage Glasses, etc.)
    • Alcoholic Beverages
      • Beer Glasses
      • Martini Glasses
      • Highball & Collins Glasses
      • Shot Glasses
      • Margarita Glasses
      • Champagne Glasses
      • Rock Glasses
      • Wine Glasses
      • Others (Specialty Cocktail Glasses, Lowball Glasses, etc.)
    • Cups & Saucer
    • Pitchers
    • Bottles
    • Others (Mugs, Jugs, etc.)
  • Serveware
    • Roasters
    • Casseroles
    • Bakeware
    • Others (Food Warmer, etc.)
  • Others (Coffee Brewers, Storage Jars, etc.)
• By End-use
  • Residential
  • Commercial
    • Hotels and Restaurants
    • Bars
    • Cafes
    • Others (Bistro, Resorts, etc.)
• By Price
  • Low
  • Medium
  • High
• By Distribution Channel
  • Online
    • E-commerce Websites
    • Company-owned Websites
  • Offline
    • Hypermarkets / Supermarkets
    • Specialty Stores
    • Other Retail Stores
      • Departmental Stores
      • Discount Stores
  • Direct Sales
    • Promotional Sales & Corporate Gifts
    • HoReCa
    • Other Stores and Offices
• By Region
• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East & Africa

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