by The global Glass Tableware Market is estimated to be valued at US$ 11.76 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glass tableware products include drinking glasses, serving dishes, plates, bowls, and other glassware items used for formal dining or casual meals at home. Glass tableware provides an elegant look and feel along with being scratch-resistant and heat-resistant.
Market key trends:
One of the key trends in the glass tableware market is the launch of new premium product lines by major companies. Companies are launching high-end glass tableware products made of crystal glass or special glass materials to cater to the needs of the luxury dining segment. For instance, Baccarat launched its Harmony Collection in 2021 made of lead crystal glass with fine detailing and design. This launch helped the company strengthen its presence in the luxury glass tableware market.
SWOT Analysis
Strength: Glass tableware products are durable and can withstand high temperatures. They are reusable and sustainable.
Weakness: Glass tableware products are fragile and prone to breakage. Their production requires high energy.
Opportunity: Increasing demand for eco-friendly products presents an opportunity for glass tableware manufacturers. Rising disposable incomes in developing nations boost sales.
Threats: Plastic tableware is cheaper than glass alternatives, posing a threat. Trade protectionism and fluctuations in raw material prices increase business costs.
Key Takeaways
The Global Glass Tableware Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing preference for sustainable packaging solutions. Glass tableware is durable and completely recyclable.
Regional analysis: North America dominates the global glass tableware market currently. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising middle-class population and their increasing disposable incomes in the region. China accounts for the major share of the Asia Pacific glass tableware market owing to presence of leading manufacturers.
Key players operating in the glass tableware market are Sisecam Group, Bormioli Rocco SpA, Wuerttembergische Metallwarenfabrik AG (WMF), Libbey, Inc., ARC International, Anchor Hocking, and Lenox Corporation. Sisecam Group is a prominent player with significant presence in glass packaging solutions. WMF partners with hotels and restaurants to supply high-quality glassware products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
