Market Overview:

Glass tableware refers to dinnerware and drinkware made from glass. It includes glass plates, bowls, mugs, cups, and other serving dishes. Glass tableware is durable, transparent, non-porous, and offers greater design flexibility compared to ceramic or metal tableware. It is popular for formal dining and events owing to its aesthetics. Glass tableware promotes healthier lifestyles as it is BPA-free, stain-resistant, and does not fade or dull over time unlike plastic tableware.

Market Dynamics:

Growth in the glass tableware market is driven by rising health-consciousness among consumers and increasing popularity of the sustainability trend. Consumers are shifting from plastic to glass tableware as glass does not leach chemicals into food and is reusable and recyclable. Glass manufacturers are offering lead-free and dishwasher-safe glassware to meet sustainability demands. Furthermore, the product's premium finish and transparency attract consumers toward glass tableware for special occasions, home decoration, and gifting purposes. The growing hotel, restaurant, and catering industry also contributes to glass tableware demand.

The global Glass Tableware Market Demand 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.

SWOT Analysis:

Strength: explain in three sentence explanation; Weakness: explain two weakness in three sentence long explanation; Opportunity: explain two opportunity in three sentence long explanation

Strength: Glass tableware offers durability and dishwasher compatibility which gives them an edge over other materials. They are non-porous and therefore do not absorb odors or flavors. Glass tableware is also considered a premium product which enhances the perception of brands and restaurants using them.

Weakness: Glass is fragile and prone to breakage during production, storage, transportation and use which increases costs. Frequent breakages can also affect brand image negatively. Glass tableware is heavier compared to other materials increasing freight costs.

Opportunity: Growing demand for premium and sustainable products from rising middle class presents an opportunity for glass tableware makers. Increasing number of restaurants and cafe culture also drives demand. Growing online retail and e-commerce channels provide new sales avenues.

Threats: Rising raw material costs especially energy can squeeze margins. Plastic and ceramic tableware are cheaper alternatives threatening market share.

Key Takeaways

The global glass tableware market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing online retail penetration and expanding quick service restaurant industry. Glass tableware finds wide applications in commercial establishments like hotels, restaurants, cafes and bars.

The North America glass tableware market held the largest revenue share in 2022 and is expected to maintain dominance over the forecast period. This is attributed to strong demand from large and developed foodservice and retail industries in the US and Canada.

Asia Pacific region is expected to be the fastest growing market for glass tableware owing to growing middle class population, rising disposable incomes and westernization of lifestyles in countries like China, India and countries in Southeast Asia.

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. Industry players adopt strategies like new product development, mergers, acquisitions and expansions to increase market share and cater to diversified customer requirements.

Read More: https://blogger-veritas.blogspot.com/2023/11/tableware-segment-contributing.html