Market Analysis
The Glass Packaging Market will touch USD 66,000 million at a 3.29% CAGR between 2022- 2030, reveals the latest Market Research Future (MRFR) report. Glass packaging or glass containers are highly preferred to pack chemicals, liquid-based pharmaceutical products, alcoholic and non-alcoholic beverages, and other non-perishable/perishable products.
Several factors are adding to the global glass packaging market growth. Some of these factors as per the MRFR report include increasing adoption in cosmetics, pharmaceuticals, and food and beverage industries, the growing preference for eco-friendly packaging solutions, increase in shipments of containers for non-alcoholic beverages, spirits, and wine end markets, alluring features of glass packaging such as non-reactive nature, malleability, and zero chemical leaching, changing consumer lifestyle, rapid urbanization, worldwide economic growth, increasing health risks, and growing health and fitness awareness.
On the other hand, the scarcity of raw materials needed for production and fluctuating prices may limit the glass packaging market growth during the forecast period.
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COVID-19 Analysis
The on-going crisis had a mixed impact on the glass packaging market. On the one hand, the market faced a couple of problems such as limited workers and shortage of raw materials due to the government-imposed lockdowns and social distancing trends. On the other hand, the increase in alcoholic and non-alcoholic beverage intake during the pandemic and the reopening of bars and restaurants following the lifting of the lockdown had a positive impact on the market growth. Besides, a surge in the demand for glass packaging to pack healthcare products and medical supplies to address the novel coronavirus also had a favorable impact on the market growth. There has been a burgeoning demand for glass vials for their significance in producing and distributing COVID-19 vaccines.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global glass packaging market based on application and product.
By product, the glass packaging market is segmented into standard glass quality, super-premium glass quality, and premium glass quality. Of these, the premium glass quality segment will lead the market over the forecast period.
By application, the glass packaging market bifurcated into pharmaceutical packaging, personal care packaging, food and beverage packaging, and others. Of these, the food and beverage packaging segment will dominate the market over the forecast period.
Glass Packaging Market – Regional Analysis
The Asia Pacific region dominates the global glass packaging market. The region shows some rapid developments in the healthcare and food & beverage industries, which drives the market growth. Besides, the market growth attributes to increased investments in the development of packaging materials and solutions. Vast consumption of glass packaging material across the end-user industries, alongside the increased consumption of alcoholic beverages in the region, positively impacts the market growth. The APAC Glass packaging market is projected to retain its dominance, growing at 3.60% CAGR throughout the estimated period.
North America stands second in the global glass packaging market. The region has witnessed increased investment in research and development and product innovation. Market growth attributes to the rapid growth in the food industry due to impressive urbanization and high dependency on packaged food products in the region. Additionally, the rapidly growing pharmaceutical industry in the region substantiates the size of the regional market. The North American glass packaging market is expected to expand at a substantial CAGR over the forecast period.
The European glass packaging market is growing rapidly. Factors such as the high demand for glass packaging materials and spurring rise in the region's food and beverage industry drive the regional market growth. Moreover, stringent food safety policies in nations like the UK and Germany influence the region's market growth.
Furthermore, a rise in beverages' consumption, alongside the increased growth rates in the pharmaceutical sector, expands the regional market. The Europe glass packaging market is predicted to grow at a considerable CAGR during the assessment period.
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Key Players
Top industry players profiled in the global glass packaging market report include Vitro, Heinz Glas GmbH & Co. KGAA, Nihon Yamamura Glass Co., Ltd., Vetrobalsamo Spa, Allied Glass Containers Ltd, Luigi Bormioli Corporation, Zignago Vetro S.P.A., Verescence, Wiegand-Glas GmbH, Stölzle Glass Group, Piramal Glass, Vetropack Holding Company, BA Vidro, Gerresheimer AG, Vidrala S.A., Verallia, Owens-Illinois Inc., and Ardagh Group S.A.
Industry Updates
February 2021- Leading glass packaging provider Stoelzle Glass Group has opened its fifth production line in its plant in France.
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