The Glass Packaging Market is estimated to be valued at US$ 68.61 Bn or Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glass packaging refers to using glass as a raw material for packaging products. It is majorly used for packaging beverages, food, pharmaceuticals, cosmetics, and others. Glass being transparent, recyclable, and reusable material makes it ideal for product packaging. Some key products packaged using glass includes bottles for alcoholic and non-alcoholic beverages, jars for food items like jams, sauces, etc. Glass packaging provides oxygen and moisture barrier protecting the products from external contamination.
Market Dynamics:
The glass packaging market is driven by the growing demand for sustainable and eco-friendly packaging solutions. Glass being 100% recyclable is gaining popularity as consumers are preferring recyclable materials for packaging over non-recyclable plastics. According to Glass Packaging Institute, glass can be recycled endlessly without losing its purity or quality. This sustainable nature of glass contributes to its increasing consumption for product packaging. Additionally, glass provides excellent barrier protection from oxygen, moisture, and other contaminants as compared to other materials. This makes glass packaging ideal for products with high quality standards and longer shelf-life requirements like premium alcoholic beverages and pharmaceuticals. These barrier properties aid in enhancing brand appeal and shelf-life of packaged products, thereby augmenting the glass packaging market growth.
Segment Analysis
The glass packaging market is segmented by type into bottles, jars, vials and ampoules. The bottles segment dominated the market in 2022 and accounted for around 50% share of the total market. Bottles are widely used for packaging beverages such as juices, alcoholic drinks, water etc. Their durability and reusability makes them an ideal choice for beverage packaging.
PEST Analysis
Political: Favorable government regulations regarding use of sustainable and recyclable packaging materials is expected to drive the glass packaging market. Many countries have imposed bans or restrictions on use of plastic packaging.
Economic: Rising disposable incomes and changing consumption patterns are contributing to growth of FMCG and food & beverage industries globally. This will boost demand for glass packaging from these end-use industries.
Social: Growing health awareness and preference for natural and transparent packaging materials is a major factor favoring glass packaging over plastic packaging. Glass is perceived as a safe and pure packaging material.
Technological: Advancements in glass forming techniques have improved productivity and reduced manufacturing costs. Ultra-thin glass and glass laminates with multi-layer barrier properties are recent innovations.
Key Takeaways
The Global Glass Packaging Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing demand from beverage and food packaging industries. The market size for glass packaging is projected to reach US$ 68.61 Bn by 2023.
The Asia Pacific region is expected to dominate the glass packaging market during the forecast period. Developing economies like India and China are major contributors to regional market growth. Increasing consumption of packaged foods, juices and alcoholic beverages is driving demand for glass bottles and jars in Asia Pacific.
Key players operating in the glass packaging market are Amcor Ltd, Ardagh Group, Gerresheimer, Hindustan National Glass & Industries Ltd, Koa Glass Co. Ltd., Owens Illinois Inc, Piramal Glass Limited, Saint-Gobain, Heinz-Glas, Wiegand-Glas, Vidrala SA, Vitro Packaging and Nihon Yamamura. Major players are focusing on expanding their production capacities and geographical reach through mergers and acquisitions to strengthen their positions in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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