F&B, Liquor Industries Significantly Driving Glass Packaging Market, To Cross $65bn by 2024

The worldwide glass packaging Market share was pegged at USD 45 billion in 2016 and is further anticipated to garner a valuation over USD 65 billion by 2024.

The recent partnership between Merck, Corning, and Pfizer with regards to pharmaceutical packaging has remarkably impacted glass packaging market trends. Reportedly, the trio have introduced Corning Valor glass, a groundbreaking pharmaceutical glass packaging solution that has enhanced the storage and delivery of formulated drugs and has also enabled a more convenient and reliable access to medicines issued in interest of public health.

Taking into account the ongoing developments in the healthcare fraternity, it is quite overt to mention the medical sector as one of the top influencing sectors with regards to glass packaging market growth. In fact, estimates claim the pharmaceutical glass packaging industry to witness 4% growth rate over 2017-2024.

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A core factor standing as a testament for the increasing popularity of glass packaging is its 100% recyclability and reusability without any depreciation in the quality or purity of the material. Moreover, owing to its negligible chemical interaction rate, glasses have been widely adopted in packaging of medicines and other beverages. Speaking of packaging of alcoholic beverages, more than 60% of beers were being packed in glass bottles as per the record in 2015. Taking into account the significant share beer packaging holds in the overall glass packaging market and the reduced cost and high consumption rate of beers, this segment is likely to provide a substantial momentum to the overall glass packaging industry size.

Vietnam and Mexico, for instance, have witnessed highest increase in the rate of beer consumption – approximately 7.5% & 6.5% respectively from 2014 to 2015. Moreover, in the same time period, beer consumption rate in Columbia, India, and Romania increased by 6%. These statistics proclaim the huge potential of glass packaging industry growth from beer applications in the ensuing years.

Other packaging materials such as plastic bottles and metal cans are also witnessing an appreciable adoption rate of late, primarily due to limitations of glass packaging which include transport related difficulties and high cost. Although, glass packaging industry shares are being shackled by these trends, glass is still a prevalent packaging material due to its non-reacting nature. Moreover, having a high grade environmental viability over plastics, glass packaging industry is certain to carve out a profitable growth chart in the coming seven years.

Browse Complete Summary Of This Report Titled "Glass Packaging Market Size By Product (Borosilicate, De-alkalized Soda Lime, Soda Lime), By Application (Alcoholic Beverages, Beer, Food & Beverages, Pharmaceuticals, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024"

https://www.gminsights.com/industry-analysis/glass-packaging-market

The industry is highly characterized by product innovations and diversification, which are also the chief parameters defining the success and sustainability quotient of the market players. Speaking along similar lines, in a bid to offer a diversified range of solutions, recently, Berlin Packaging launched a new Bruni Glass app which puts over 3000 new glass designs at the user’s fingertips. The app exhibits a range of glass packaging designed for wine, champagne, spirits beer, fragrances, gourmet food, pharmaceuticals and others. Such instances, where the market players are aggressively involved in modifying and enhancing their product ranges, are anticipated to form the competitive landscape of this business space. Some of the renowned names in glass packaging market include Owens-Illinois Inc, Vetropack Holding AG, Nihon Yamamura Glass Co., Ltd., and Hindustan National Glass (HNG).

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