At a CAGR of 1.83%| North America Glassware Market Expected to Worth USD 2,578.90 Million by 2027| Industry Crucial Players- Lifetime Brands, Inc., Libbey, Inc., Corelle Brands, LLC, Villeroy & Boch, Lenox Corporation, ARC Group, The Oneida Group
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market is currently expanding and is expected to grow at a CAGR of 1.83% during the forecast period (2020-2027). By 2027, the North America Glassware Market is predicted to cross USD 2,578.90 Million.
On account of bolstering tourism industry in North America, the complementary industries such as Hospitality exhibits significant growth, which is expected to facilitate market growth. Furthermore, the presence of several tourist spots in Canada and United States aligned with the infrastructural development, better connectivity and sophisticated hospitality industry delineates the growth of glassware tabletop and decors. Additionally, significant increase in the commercialization of food & beverages in developed countries also contributes a marginal increase in hospitality industry across North America.
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According to the World Bank, there were about 76.40 Million international tourist arrivals in the United States in the year 2016 which increased to about 76.94 million in 2017. This can be primarily attributed to favorable economy, better air connectivity and rising disposable income.
The expanding glassware industry with more efficiency and productivity, continuously seeking new and improved products to maintain a competitive position in the market is estimated to aid the market grow strongly during the forecast period. The glass ovenware market across Canada has been positively impacted over the last decade by innovative products entering the market. Although tonnage produced is not high in comparison with other products like containers, the value and profit margins are high. Continued advances in technology and new product innovations is expected to continue growth in the glassware ovenware and tableware markets.
The market is witnessing an augmented surge in the demand of heat resistant glass on account of an increasing penetration of the microwave ovens across the United States and Canada.
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On account of increasing awareness pertaining to the harmful health effects of the plastic used in microwave ovens, glassware is witnessing an escalation in the demand and is expected to grow at the fastest pace in the upcoming years. Henceforth, the companies are focusing on the development of the heat resistant glass. The North America glassware market segmented by appliance into Dinnerware, beverage ware, Table ware, Ovenware and Decorative Accessories.
Beverage ware segment is estimated as the fastest growing segment on account of rising inclination of urban population towards new & designed products and consumption of different types of beverages at commercial and residential sectors.
The market is further segmented based on the sales channel as online channel and offline channel. The offline distribution channel is anticipated to propel further across due to developing and under-developed parts of the region buyers opts to buy from stores on account of the provision for self-investigation and offering better customer satisfaction, whereas online distribution channel penetration to reach at the high level. As the fastest growing sales channel on account of rising internet penetration coupled with high concentration of smartphones in the North American countries.
Plastic is another substitute for the glassware products that inversely affect the glassware market. The utensils made from plastic exhibit durability and are available at lower cost which results in the amplified growth in sale of plastic tableware in comparison to the glassware products. The plastic tableware products have penetrated across the middle income groups and induced a restraint in the growth of the glassware products. Plastic tableware are comparatively more durable compared to glassware and retain a lower price value.
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This report also provides the existing competitive scenario of some of the key players of the North America Glassware Market which includes company profiling of Lifetime Brands, Inc., Libbey, Inc., Corelle Brands, LLC, Villeroy & Boch, Lenox Corporation, ARC Group, The Oneida Group, Inc., Bormioli Rocco S.p.A., Duralex International, Guy Degrenne S.A. In order to expand the market presence, glassware are expanding their product line extensively.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America Glassware Market that will help industry consultants, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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