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Glass Tableware Market to Expand at a Healthy CAGR of 3% through 2031
Glass Tableware Market
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While demand for dinnerware is rising once again, with the hotel & catering industry getting back to its feet, the market is set to witness profitable gains over the coming years.The latest report on ‘glass tableware’ published by Fact.MR depicts market outlook of industry in the post-pandemic years from 2021 to 2031. As per the report, recovery of key end-use industries will raise the revenue of stakeholders, while their will be to concentrate on key countries such as the United States, Canada, the United Kingdom, China, Japan, France, and a few others. Overall, the global glass tableware market is set to expand at a CAGR of more than 3% over the next ten years.
Key Takeaways from Market Study
High requirement from commercial sector to fuel sales
Household application of glass tableware to exhibit fastest growth
Offline stores to remain the most sought-after distribution channel
The United States to hold the largest share of the world’s leading glass tableware industry - North America
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Germany to remain the epicenter of Europe’s glass tableware industry
The market in Asia Pacific to register fastest growth through 2031, with China, India, and a few other lucrative markets at the forefront
Japan, the United Kingdom, France, Canada, South Korea, and a few other countries to maintain positive industry outlook throughout the forecast period
“The glass tableware industry, being majorly dependent on the commercial sector, is expected to witness steady growth. Furthermore, development of sustainable and cost-effective dinnerware and beverage ware is widening the growth scope for manufactures,” says a Fact.MR analyst.
How is Rising Demand for Beverage Ware Aiding Growth of Manufacturers?
Glass tableware manufacturers are experiencing rising requirement for beverage ware from both, the commercial and household sectors. With the food & beverage and hotel & catering sectors getting back on their feet, overcoming restraints due to the COVID-19 pandemic, manufacturers are subject to come across huge growth scope over the coming years.
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According to a report titled “Food and Drink Industry- Internal Market, Industry, Entrepreneurship and SMEs”, published by the European Commission (EC), the food & beverages industry is EU’s biggest manufacturing sector in terms of value added and jobs, and it’s also an asset in trade with non-EU countries. As stated in the report, EU food and drink exports contribute to a significant portion of its economy, while it has doubled in the last 10 years reaching over EUR 90 billion. This provides a glimpse of the growing opportunities for glass tableware suppliers, not only in the EU, but also around the globe.
Who is Winning in this Space?
The global glass tableware market is getting fiercer in terms of competition. In order to secure their leading positions, key players are launching a wider variety of products to target diverse end-use sectors.
For instance,
Arc International recently launched its new Cachet Stemless Wine Glass 21 Oz 4 Pc Set, Luminarc® Range, Cristal D’Arques Range, and others.
WMF Group launched its new Wasserkaraffe und 4 Glaser, Insulation Jug for Tea 1.0 L Impulse Vintage Copper, Burgundy Glass Easy Plus, and others, during the last 5 years.
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More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the glass tableware market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.
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In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (dinnerware and beverage ware), application (household and commercial), and distribution channel (offline and online), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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