Pune, July 13, 2020 (GLOBE NEWSWIRE) -- The global glass packaging market is expected to gain momentum from the rising demand for recycling glass in the developed countries. This trend is setting new standards for stakeholders and consumers worldwide. Fortune Business Insights™ mentioned this information in a new report, titled, “Glass Packaging Market Size, Share & Industry Analysis, By End-use Industry (Alcoholic beverages, Food, Non-Alcoholic beverages, Pharmaceuticals, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the glass packaging market size was USD 60.32 billion in 2019 and is projected to reach USD 81.00 billion by 2027, exhibiting a CAGR of 3.95% during the forecast period.
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This Report Answers the Following Questions:
- What are the current trends and challenges in the market?
- What are the market dynamics, drivers, and hindrances?
- Which segment would dominate in the near future?
- Which strategies are being adopted by companies to intensify competition?
Drivers & Restraints-
Increasing Demand from Beer Industry to Boost Growth
The beverage industry is the major contributor to the glass packaging market growth. The alcoholic beverage segment is the largest consumer of glass packaging as more than half of the global demand for glass containers comes from the beer industry. Wine, spirits, and other alcoholic beverages would also propel the demand. Russia, Germany, Brazil, the U.S.A., and China are considered to be the largest consumers of alcoholic beverages. Besides, the glass packaging is experiencing high demand from the non-alcoholic beverages sector to pack sauces, juices, milk, and others. Consumers mainly prefer glass bottles for their premium look and inertness. However, the plastic packaging solutions are gaining more popularity nowadays for their low cost. This factor may hamper the market growth for glass packaging.
Segment-
Alcoholic Beverages Segment to Dominate Backed by High Demand from Western Countries
Based on end-use industry, the market is segregated into pharmaceuticals, alcoholic beverages, non-alcoholic beverages, food, and others. Out of these, the alcoholic beverages segment held 62.1% glass packaging market share in 2019. It is expected to dominate throughout the forthcoming years owing to the rising demand for glass packaging from the western countries for liquor.
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Regional Analysis-
Asia Pacific to Exhibit Steady Growth Fueled by High Disposable Incomes
Geographically, Asia Pacific procured USD 22.20 billion in terms of revenue in 2019. This growth is attributable to the presence of a well-established alcoholic beverage industry in this region. It is occurring because of the improved standard of living and rising disposable incomes of people. Apart from that, the outbreak of the COVID-19 pandemic has surged the demand for glass packaging from the pharmaceutical and food industries in this region. Europe, on the other hand, has been impacted severely owing to COVID-19. The end-use demand has reduced but the production of glass containers has not been halted.
Competitive Landscape-
Key Players Focus on Mergers & Acquisitions to Gain a Competitive Edge
The companies present in the market are persistently engaging in mergers and acquisitions. They are doing so to maintain a leading position in the market and attract more consumers.
Fortune Business Insights™ lists out the names of all the glass packaging manufacturers operating in the global market. They are as follows:
- Ardagh Group S.A. (Ireland)
- Anchor Glass Container Corporation (BA Glass B.V.) (U.S.)
- Verallia (U.S.)
- Owens-Illinois Inc. (U.S.)
- TOYO GLASS CO., LTD. (Japan)
- Heinz Glas GmbH (Germany)
- Vetropack Group (Switzerland)
- AGI Glasspack Ltd. (India)
- Yantai NBC Glass Packaging Co., Ltd. (China)
- Yantai Changyu Glass Co., Ltd. (China)
- Others
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Glass Packaging Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By End-use Industry
- Alcoholic beverages
- Food
- Non-Alcoholic beverages
- Pharmaceuticals
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- North America Glass Packaging Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By End-use Industry
- Alcoholic beverages
- Food
- Non-Alcoholic beverages
- Pharmaceuticals
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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Below are two of the key industry developments:
- July 2019: Ardagh Group declared the spin-off of its metal packaging business. It merged the business with Exal Corporation by investing USD 2.5 billion. The new company is called Trivium Packaging.
- July 2019: Nueva Fanal was acquired by Owens-Illinois, Inc. worth USD 188 million. It is anticipated to generate a revenue of more than USD 140 million for Owens in the coming years.
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