The Glass Packaging Market is estimated to be valued at US$ 63.8 Billion 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 packaging products made up of soda-lime glass. Glass is a recyclable material which can be infinitely recycled without loss of quality or purity. Glass offers excellent barrier properties and preserves the quality, safety and taste of packaged foods and beverages better than any other packaging material. Glass containers are used for packaging application across various industries such as food and beverage, pharmaceuticals, personal care, and others. Common glass packaging products include glass bottles, jars, vials, ampoules and others. Glass packaging provides transparency, visibility and resealability which makes it an excellent choice for packaging of foods and beverages.
Market Dynamics:
Growing awareness about environmental sustainability and demand for eco-friendly packaging materials act as a key driver for the glass packaging market. Glass is one of the most recyclable materials globally with a recycling rate of over 80% in North America and Europe. It can be recycled endlessly without any loss of quality. This adds to its green credentials and makes glass packaging an environmentally sustainable choice. Moreover, glass does not leach toxins or chemicals into packaged food and beverages over the storage period. This improves product safety. Glass packaging preserves freshness, color and aroma of contents better than other materials. This aids in retaining consumer appeal of packaged products. However, glass being a heavier material makes transportation and logistics cost higher which acts as a market restraint.
Segment Analysis
The glass packaging market is broadly segmented into glass bottles and glass jars. Among these, the glass bottles segment accounts for the largest market share. Glass bottles are preferred for packaging food and beverages such as alcoholic drinks, carbonated drinks, juices, sports drinks, cordials etc. due to properties like barrier against moisture, light and chemicals. Glass is also considered as the most sustainable packaging material for beverages. The increasing demand for alcoholic beverages especially craft beer is a major factor boosting the glass bottles segment.
PEST Analysis
- Political: Stringent regulation regarding recyclable packaging material favors the growth of glass packaging market. Government policies promoting sustainable packaging also support market growth.
- Economic: Rising disposable income levels in developing nations boost spending on packaged food and beverages propelling market revenue.
- Social: Growing health conscious population preferring glass packaging products over products packed in materials like plastic or metal due to perceived purity and safety of glass material.
- Technological: Technological advancements help improve efficiency in glass production, melting and forming, reducing costs. Several innovating coating techniques provide better barrier protection for food and beverages enhances market appeal.
Key Takeaways
The global Glass Packaging market is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing preference for eco-friendly packaging and expanding beverage industry.
The global glass packaging market size was valued at US$ 63.8 billion in 2023 and is projected to reach US$ 86.2 billion by 2030. Rising disposable income levels in developing countries are driving spending on packaged food and beverages, thereby boosting market revenue.
Regional analysis indicates North America represents the largest market for glass packaging globally, followed by Europe and Asia Pacific. Emerging economies in Asia Pacific region especially India and China offer lucrative growth prospects for market players over the coming years.
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 capacity expansion and mergers & acquisitions to strengthen their market presence.
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