by The global Glass Packaging Market is estimated to be valued at US$ 68.61 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glass packaging is used to store beverages, food products, pharmaceuticals, cosmetics and other goods owing to its durability, transparency and safety. Glass helps in extending the shelf life of products while ensuring hygiene and product quality.
Market key trends:
One of the key trends in the glass packaging market is increasing preference for sustainable and eco-friendly packaging. Rising environmental concerns are compelling glass manufacturers to focus on reducing carbon footprint and adopting recycling practices. They are redesigning glass packaging to minimize resource consumption and increase recyclability rates. Additionally, technological advancements in glass forming and shaping techniques have enhanced product innovation and development of specialized glass containers catering to various end-use applications. This is augmenting the demand for glass packaging worldwide.
SWOT Analysis
Strengths: Glass packaging is known to be sustainable and completely recyclable. It does not deteriorate chemically or biologically over time. This reduces environmental pollution.
Weaknesses: Glass packaging is heavy and bulky, making it expensive to transport. It is fragile in nature and prone to breakage, leading to product wastage.
Opportunities: Rising health consciousness among consumers is increasing the demand for sustainable and eco-friendly packaging options like glass. Growing food and beverages industry worldwide presents an opportunity for glass packaging.
Threats: Plastic packaging is cheaper than glass and competes with glass packaging. Growing demand for lightweight flexible packaging poses a threat.
Key Takeaways
The Global Glass Packaging Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing demand from food and beverages industry. Glass packaging provides oxygen and moisture barrier for food preservation and brings product appeal with glass visibility.
Regional analysis: North America dominates the global glass packaging market due to high consumption of alcoholic beverages, food, and pharmaceutical products in the region. Asia Pacific is expected to exhibit the highest CAGR during the forecast period. Rapid urbanization and changing lifestyles are fueling the demand for packaged food and beverages in Asia Pacific economies like India and China.
Key players operating in the glass packaging market are Amcor Ltd, Ardagh Group, Gerresheimer, Hindustan National Glass & Industries Ltd, Koa Glass Co. Ltd., Owens Illinois Inc, Piramal Glass Limited, Saint-Gobain, Heinz-Glas, Wiegand-Glas, Vidrala SA, Vitro Packaging and Nihon Yamamura. Manufacturers are focusing on production expansion and strategic partnership with beverage companies. Partnerships are helping companies strengthen customer base and geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
