- Glass Packaging Market To Undergo Transformative Phase While Grossing Revenues Worth $66.8 billion.
- The glass packaging market is expected to witness consistent growth over the forecast period due to its popularity and benefits.
- Increased efforts towards promoting the adoption of environmentally sustainable products have also helped revive glass packaging.
The glass material is among one of the oldest and most naturally sustainable raw materials used for packaging various medicines and food products. The characteristics of glass packaging such as the ability to preserve a product’s taste or flavor while maintaining the integrity or healthiness of foods and beverages are driving the progress of the market substantially.
The market has noticeably grown due to the widespread use of glass packaging for alcoholic and non-alcoholic beverage packaging due to its non-porous and impermeable qualities. The glass packaging market is expected to witness consistent growth over the forecast period due to its popularity and benefits. The market is anticipated to grow at a CAGR of 3.29 percent approximately while earning revenues worth $66.8 billion in the duration of the forecast period from 2017 to 2022.
Due to a considerably escalating population base, rise in purchasing power, and alteration in the lifestyle of users; individuals in these nations have started buying an escalated quantity of packaged food. The surge in demand for packaged foods such as beverages and more specifically alcoholic beverages, and carbonated soft drinks (CSD) are the key factors fuelling the demand for glass packaging.
Furthermore, the use of glass in pharmaceutical packaging is also displaying growth mainly due to its superior protective qualities and rigidity. As an extensive range of pharmaceutical formulations is currently being packaged in glass containers, they are typically the top choice of packaging material in this industry.
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Consequently, the mounting demand for packaging stemming from the pharmaceutical industry is expected to stimulate the overall growth of the glass packaging market meaningfully. Moreover, the personal care industry in developing nations which is growing rapidly due to the high demand for cosmetic products and fragrances is also projected to add favorably to the expansion of the market during the forecast period.
The emerging economies in nations such as India, China, Vietnam, Thailand, Indonesia, and Brazil are motivating the demand of the market further. These emerging economies are increasing the market‘s growth pace by drawing numerous foreign companies to set up their businesses through FDI incentive schemes which will benefit and revitalize their economy and reinforce the impact of industrialization in the economy on the one hand, while leading to the successful development of the glass packaging industry through the forecast period.
The global glass packaging market is benefitted by the incidence of several regional, global, and local players. The market is hugely competitive with all the players contending to gain market share. Concentrated competition and growing demand for various grades of products challenge the market’s growth. The vendors contend based on product quality, cost, and reliability. It is essential for the vendors to deliver cost-efficient and high-quality glass, to endure and succeed in a hugely competitive market environment.
Vidrala S.A., BA Vidro, Gerresheimer AG, Wiegand-Glas GmbH, Ardagh Group S.A, Vetropack Holding Company, Verallia, Stölzle Glass Group, Piramal Glass, Nihon Yamamura Glass Co., Ltd., Vitro, Heinz Glas GmbH & Co. KGAA, Zignago Vetro S.P.A., Verescence, Luigi Bormioli Corporation, Owens-Illinois Inc.,