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Glass Packaging Market Future Scope To 2027
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Glass packaging is preferred among beverage manufacturers owing to its impermeable and non-porous nature. The aversion to plastic is likely to lead to major manufacturers choosing glass packaging for their products. The global glass packaging market report by Market Research Future (MRFR) provides a clear outlook on the industry that is supported by drivers, challenges, opportunities, and trends for the period of 2017 to 2022 (forecast period). The COVID-19 outbreak and its implications on the production and supply chain are included in the report.
Market Scope
The global glass packaging market is expected to exceed USD 66,000 Mn by 2022. It is expected to accrue huge demand from industries of cosmetics, pharmaceuticals, and food & beverages. Malleable nature of glass and zero chemical leaching in glass packages can drive the market demand significantly. Benefits of recyclability and reusability of glass packaging can find many takers across industries and push for the proposal in the coming years.
Consumption of alcoholic and non-alcoholic beverages can spur the demand for glass packaging over the forecast period. Glasses offered by the brewing industry owing to their characteristics of aroma retention, moisture barrier, and long shelf life can bode well for the market. Moreover, the ban on plastic can work favorably for the market as sustainability approaches see a higher adoption rate among industries. This is exemplified by the Clean Seas campaign launched by the U.N. for eliminating marine litter by 2022.
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The COVID-19 pandemic has caused shutdown of industries and restricted employment opportunities. However, the development of a vaccine and its subsequent distribution has provided a plum opportunity for the glass packaging market. Recently, Corning Incorporated received USD 204 million from the Biomedical Advanced Research and Development Authority (BARDA) for increasing the capacity of glass vials for supporting vaccination of patients.
Segmentation
By product, the market has been segmented into standard glass quality, premium glass quality, and super premium glass quality. The premium quality glass segment accounts for the largest share of the market and is likely to retain its position throughout the forecast period due to its extensive application in the pharmaceutical and food & beverage industry.
On the basis of key applications, it is segmented into pharmaceuticals packaging, beverage packaging, food packaging, and personal care packaging. Beverage packaging is the largest segment in the glass packaging market and is expected to expand at a CAGR of 3.35% over the forecast period. Increased consumption of alcoholic beverages such as beer, vodka, wine, and rum and non-alcoholic beverages such as energy drinks across the globe has induced demand for beverage packaging which is reflecting positively on the glass packaging market. Plastics contain ethylene glycol and terephthalic acid which causes alcohol to leach by storing it for long periods. Compared to plastic, glass bottles have high resistance against leaching which makes it a favored material for beverage packaging.
Regional Analysis
Asia Pacific currently leads the global market for glass packaging and is expected to present lucrative opportunities to market players throughout the forecast period. Growing industrialization in the region in addition to the rising consumption of beverages can drive the market in the region. Increase in disposable income levels has resulted in an upsurge in demand for packaged food, cosmetic items, and medicines. China, India, and Japan are the key contributors to the Asia Pacific glass packaging market. China being the most prominent global market for food and beverage products, experiences increased demand for glass packaging and is foreseen to retain its position over the forecast period. Government support for foreign investments and industrialization makes Asia Pacific a lucrative destination for expansion of global glass packaging market. According to the India Brand Equity Foundation (IBEF), India is anticipated to be among the top 3 spots for consumption by 2021.
Europe is the second largest market for glass packaging and the growth of the regional market is led by the U.K. The region ranks the highest in terms of alcohol consumption in the world which results in increased demand for alcoholic beverages and, in turn, drives the market for glass packaging. In addition, high living standards in the region and inclination towards high-end brands can stimulate the demand for the glass packaging industry.
Competitive Outlook
Vitro, Wiegand-Glas GmbH, Ardagh Group S.A, Stölzle Glass Group, Zignago Vetro S.P.A., Allied Glass Containers Ltd, Owens-Illinois Inc., Piramal Glass, Heinz Glas GmbH & Co. KGAA, Luigi Bormioli Corporation, Gerresheimer AG, BA Vidro, Vidrala S.A., Verescence, Verallia, Vetropack Holding Company, Vetrobalsamo Spa, and Nihon Yamamura Glass Co., Ltd. are key players of the glass packaging market.
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