Press release
Glass Tableware Market Size Estimation, Share, Business Analysis and Growth Forecast to 2029
COVID-19 Impact
Disruptions in Production Process Reduces Sales Amid COVID-19 Crisis
The outbreak of coronavirus led to a decline in sales for glass tableware. This was due to the halt in operations of several manufacturing units of the product across the globe. Several travel restrictions were also imposed to curb the spread of the virus. Moreover, during the lockdown, consumers faced budget crunches due to unemployment and payment cuts. This also contributed to shrinking the market value during the lockdown. However, as markets are opening, it is expected that the demand will steadily incline and showcase growth.
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Market Segmentation
On the basis of product type, the market for glass tableware is segmented into dinnerware and drinkware. On the basis of application, the market is fragmented into residential and commercial. By quality, the market is trifurcated into low, standard, and premium. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The insights in the report are based on primary and secondary research to come to authentic conclusions. The analysis is based on industry-wide data, and our in-house experts estimate market projections. The data is classified on various bases, and each segment is meticulously studied to give strategies based on market dynamics. The indispensable guidance provided by our experts is beneficial for the new entrants to the market. The guidance includes business priorities, pricing, prominent business models, challenges, potential business expansion opportunities, and much more. This report is beneficial for the new entrants or business holders of the market for glass tableware and the investors in this product.
Driving Factor
Rising Disposable Income of Consumers to Surge Product Demand
The rising disposable income around the globe, especially of medium-income households has had a positive impact on the market growth. For instance, in September 2019, the United States Census Bureau reported that the medium-income families of the country had risen by 0.8% and accounted for USD 61,937 for 2018. The rising disposable income is expected to increase the expenditure for luxurious products such as glassware across households. Furthermore, the rapidly developing hospitality sector is expected to lead to significant glass tableware market growth. The busy lifestyle of working professionals has led to frequent dining out in countries such as the USA that is propelling the demand for the product.
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Regional Insights
Growing Hospitality Sector in Asia Pacific to Aid Market Growth
Asia-pacific is anticipated to lead the glass tableware market share in the forthcoming years. This is due to the increasing number of food outlets in the region such as cafes, coffee shops, restaurants, and others. Moreover, in 2019, the UNWTO World Tourism Organization report projected that Asia-Pacific will witness the arrival of around 350 8.7 international tourists.
North America is anticipated to showcase substantial growth due to the rising competition of domestic brands. Companies such as Lenox, Oneida, Corelle, and others have led to considerable innovation and variety in products. Additionally, the rising disposable income in the region is expected to fuel regional growth.
Competitive Landscape
Industry Players Focus on Strategic Product Launches to Intensify Market Competition
The prominent players of the market have a strong portfolio and a history of continuous investment in research and development. These players are focusing on strategic product launches, along with advanced solutions to propel their product sales. The wide range of possibilities provides ample opportunities for the new entrants in the market. This has resulted in the entrance of several domestic players into the market for glass tableware.
Industry Development:
May 2021 - Lazada introduced elegant but irregular transparent glass plates in the market. These plates are irregular in texture, with gold lining on the edges. These elegant plates are available in three different sizes - dinner plates, medium plates for snacks, and small desserts.
List of Key Players Profiled in the Market:
Oneida Limited,
Borosil Glass Works Ltd,
CoreIle Brands,
Libbey, Inc,
Lenox Corporation,
Sisecam Group
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