Wilmington, Delaware , Feb. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Glass Packaging Market By Packaging Type (Bottles, Jars, and Other), Glass Type (Clear Glass, Coloured Glass), End User Industry (Food And Beverage, Pharmaceutical, Personal Care, Other): Global Opportunity Analysis And Industry Forecast, 2023-2032 ". According to the report, the global glass packaging market was valued at $45,505.5 million in 2020 and is projected to reach $77,471.4 million by 2032, registering a CAGR of 4.5% from 2023 to 2032.
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Prime determinants of growth
The rise in demand for packaging in food & beverage, and cosmetics & personal care product industries drives the growth of the glass packaging market. In addition, the need for packaging in different industries along with rise in e-commerce and trade also boost the market. However, the fluctuating cost of raw materials restricts market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Historic Period | 2020-2021 |
| Market Size in 2020 | $45,505.5 million |
| Market Size in 2032 | $77,471.4 million |
| CAGR | 4.5% |
| No. of Pages in Report | 184 |
| Segments Covered | Packaging type, glass type, end user Industry, and region. |
| Drivers | Rise in demand for packaging in food & beverage and cosmetics & personal care products industries Growth in Trade and E-commerce Necessity of Packaging in different industries |
| Opportunities | Development in the Packaging Industry |
| Restraints | Fluctuating cost of raw materials |
The bottles segment to maintain its leadership status throughout the forecast period
On the basis of packaging type, the bottles segment held the highest market share in 2020, accounting for more than half of the glass packaging market revenue, and is estimated to maintain its leadership status throughout the forecast period. There is a growth in preference for sustainable packaging options as environmental awareness increases. Glass is perceived as eco-friendly due to its recyclability and inert nature. Consumers and businesses have increasingly favored packaging materials that have a minimal impact on the environment.
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The clear glass segment to maintain its leadership status throughout the forecast period
On the basis of glass type, the clear glass segment held the highest market share in 2020, accounting for more than two-thirds of the glass packaging market, and is estimated to maintain its leadership status throughout the forecast period. Clear glass allows consumers to see the product within, which is advantageous for items such as beverages, food products, cosmetics, and pharmaceuticals. Transparency enhances the visual appeal of the product and can influence purchasing decisions. Such factors fuel the market growth.
The Food and beverage segment to maintain its lead position during the forecast period
On the basis of end user industry, the food and beverage segment accounted for the largest share in 2020, contributing nearly three-fifths of the glass packaging market revenue, and is projected to maintain its lead position during the forecast period. In the food and beverage segment, glass packaging innovation plays a key role in gaining a competitive advantage for retailers and product manufacturers who seek to promote and differentiate their brands. Such factors are expected to propel the demand for glass packaging during the forecast period.
Asia-Pacific to maintain its dominance by 2032
On the basis of region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for more than one-third of the glass packaging market revenue.
The major drivers of the glass packaging market in the Asia-Pacific region are new and emerging packaging technologies for food packaging and packaging based on eco-friendly materials. Moreover, there is a high demand for new technologies to improve packaging quality and provide better safety and protection to contained products such as food, cosmetics, and pharmaceuticals. All such factors are anticipated to provide lucrative opportunities for the growth of the glass packaging market.
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Leading Market Players: -
- Verallia SA
- Vidrala
- Taiwan Glass Industry Corporation Limited
- BA Group
- Gerresheimer AG
- O-I Glass
- Stoelzle Glass Group
- PGP Glass Private Limited
- Vitro Glass
- Ardagh Group S.A.Atlas Copco
The report provides a detailed analysis of these key players in the glass packaging market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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