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Glassware Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Glassware Global Market Report 2024
According to The Business Research Company's, the glassware and crystalware market size has grown steadily in recent years. It will grow from $8.61 billion in 2023 to $9.01 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to gaming industry growth, artificial intelligence (ai) and machine learning (ml), virtual reality (vr) adoption, cryptocurrency mining boom, pc gaming renaissance.
The glassware and crystalware market size is expected to see steady growth in the next few years. It will grow to $10.4 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to 8k gaming and high-resolution displays, ai-powered graphics enhancement, augmented reality (ar) and mixed reality (mr), energy efficiency and sustainability, edge computing and cloud gaming. Major trends in the forecast period include global digitization initiatives, ray tracing technology, technological advancements:, digital content creation, ray tracing technology advancements.
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Market Drivers and Trends:
The growing penetration of cafes and bars is driving the growth of the glassware market. A café and a bar are two distinct types of establishments that serve food and beverages, each with its own unique characteristics and atmosphere. Glassware is used in cafes and bars to serve a wide variety of beverages, including cocktails, wines, beers, and non-alcoholic drinks, enhance the sensory experience, maintain drink quality, and contribute to the overall atmosphere and identity of the establishment. For instance, in October 2021, according to reports shared by Starbucks Corporation, a US-based coffeehouse company, Starbucks achieved significant growth in Q4 of fiscal year 2021 by opening 538 new stores, marking a 4% increase compared to reach 33,833. Furthermore, in 2024, according to Budget Branders, a US-based restaurant supply store, there will be roughly 69,485 registered bars in the US, representing a 1.5% growth from 2022. Therefore, the growing penetration of cafes and bars is expected to propel the growth of the glassware market.
Major companies in the glassware market are focused on developing innovative glassware, such as the Syksy Nordic autumn rain pattern glassware, to expand the brand's table-setting category, which is inspired by the autumn rain. This series combines functional shapes with a drawn pattern reflecting the Nordic autumn rain, from a gentle drizzle to powerful downpours. For instance, in August 2023, Marimekko Oyk, a Finland-based fashion and lifestyle company, launched the Syksy glassware series, including mouth-blown tumblers, goblets, and carafes. The glassware features a drawn pattern inspired by the Nordic autumn rain, from a gentle drizzle to drenching downpours. The pieces, stackable and mixable with other Marimekko tableware, offer a sophisticated addition to the brand's table setting category.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Groupe SEB SA, Arc International Tableware UK Ltd., Sisecam Dis Ticaret Anonim Sirketi, Lenox Corporation, Taiwan Glass Industry Corporation, Villeroy & Boch AG, Libbey Glass LLC , Lifetime Brands Inc., The Oneida Group Inc., Anchor Hocking Group Inc., Denby Pottery Company Ltd., Anhui Deli Housedhold Glass Co. Ltd., Shandong Huapeng Glass Co. Ltd., Borosil Limited, DEGRENNE, Ocean Glass Public Company Limited, Cello World Limited, Stölzle Lausitz GmbH, Garbo Glassware, Glasstech Industries (India) Pvt. Ltd., Zrike Brands, Steklarna Hrastnik d.o.o., Eagle Glass Deco Pvt. Ltd., Guangzhou Jing Huang Glassware Co. Ltd., Steelite International Ltd., Jiangsu Rongtai Glass Products Co. Ltd., Cumbria Crystal Limited
Glassware Market 2024 Key Insights:
• The glassware market is expected to grow to $10.4 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%.
• Cafe And Bar Culture Fuels Glassware Market Expansion
• Marimekko Oyk Introduces Syksy Nordic Autumn Rain Series
• Asia-Pacific was the largest region in the glassware market in 2023
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