GLASS TABLEWARE MARKET ANALYSIS

Glass tableware is a product that is used to serve food for dining and other purposes as these form a part of table setting. These are produced from different materials such as glass, ceramics, and steel. Glass tableware products are generally classified into glass dinnerware, glass beverage-ware, and glass flatware.

Global glass tableware market is projected to surpass US$ 21.07 Billion by 2030, in terms of revenue, exhibiting  a CAGR of 7.6% during the forecast period (2023 to 2030).

Global Glass Tableware Market- Drivers

Growing Urban Population

Growing urban population is expected to drive the market growth of the glass tableware. According to the United Nation, in 2022, 55% of the world's population lives in urban areas, a proportion that is expected to increase to 68% by 2050. This factor are projected to add 2.5 billion to the world’s urban population by 2050.

Growing Hospitality Industry

Growing hospitality industry is expected to drive the market growth of the glass tableware. According to the National Restaurant Association, in 2022 in the U.S., the restaurant industry's projected sales of US$ 899 billion. Moreover, increasing investment in the restaurants by international brands across emerging economies such as India and China is again projected to drive the market growth of the glass tableware as glass tableware are widely used in the hotel and catering industry.

Global Glass Tableware Market- Regional Analysis

Asia Pacific held a dominant position in the global glass tableware market in 2022, accounting for 40% share in terms of revenue, followed by North America and Europe, respectively due to growing urban population around the globe.

Figure 1. Global Glass Tableware Market, Revenue Share (%), By Region, 2022

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Global Glass Tableware Market- Restraints

Need to Maintain High Temperature at the Production Unit

The need to maintain  high temperature at the production unit of glass tableware is one of the major factors that is expected to hinder the market growth. Low temperature impact the quality and color of glass materials, and thus, increases the overall production cost.

Increasing Price of Raw Materials

Increasing price of raw materials is projected to hamper the market growth of glass tableware. High cost of soda ash contributes to more than 30% of the overall cost of production of glass products is one of the major restraints for this industry.

Global Glass Tableware Market- Opportunities

Growing Preferences for Designer Glassware

Developing innovative and decorative tableware products is projected to offer new market opportunities in the near future. Improving living standard of consumers coupled with growing disposable income is boosting demand for decorative tableware products. Increasing consumer spending on home decor products is another major factor that is expected to drive the market growth. Thus, growing demand for decorative tableware products is expected to drive the market growth.

Growing preferences for designer glassware over old fashioned designs is projected to offer major growth opportunities in the near future. Shift from old to new fashion designers tableware especially among the young generation coupled with increasing population around the globe is further stimulating the market growth. According to the United Nation, in 2022 the world population is projected to reach 8.5 billion in 2030, and will increase to to 9.7 billion in 2050 and 11.2 billion by 2100. 

Global Glass Tableware Market- Trends

• The influence of social media marketing on consumers is boosting sale of innovative glass tableware due to growing trend of increasing smartphone and digitalization around the globe. For instance, casual dining invests a majority of their marketing budget on Search / Email Marketing (51%).This is majorly for discovery and communicating promotional offers. Also, rising offline distribution channel such as supermarkets and hypermarkets is further anticipated to drive the market growth.
• Growing strategic merger and acquisition among key manufacturers for business expansion is one of the growing trends in the market. H.I.G. Capital, LLC acquired Nadir Figueiredo Indústria e Comércio SA, a Brazil-based glass tableware Company. The deal was valued at approximately 2 million US$. Thus, increasing adoption of such strategic merger and acquisition among key players is projected to drive the market growth of the glass tableware over the forecast period.

Figure 2. Global Glass Tableware Market, Revenue Share (%), By Product, 2022

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Global Glass Tableware Market- Segmentation

• Beverages ware held a dominant position in the market,and accounted for 55% share in the global glass tableware market in 2022. The segment is expected to reach US$ 10,439.19 million in 2030.
• Growing small household around the globe is boosting demand for  glass tableware t. I Increasing number of smaller households is expected to positively impact the market of glass tableware. Also, growing numbers of households along with the increase in per capita income will further propel the market growth of global glass tableware over the forecast period. Moreover, increasing the replacement of plastic-based dishes and beverage-ware with glass due to environmental impact is further projected to drive the market growth over the forecast period.

Global Glass Tableware Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic is still influencing growth of numerous industries, while some industries may experience decline in demand, many others will stay unaffected and exhibit strong development prospects. Global glass tableware market might be affected by COVID-19. In comparison to 2019, the market growth in 2021 is expected to be higher. Global glass tableware market was heavily damaged by pandemic-related temporary shutdown in the hotel and hospitality industries thatslowed sales of tableware such as drinking glasses.

Global Glass Tableware Market- Competitive Section

Major players operating in the global glass tableware market include, Sisecam Group, Bormioli Rocco SpA, Wuerttembergische Metallwarenfabrik AG (WMF), Libbey, Inc., ARC International, Anchor Hocking, and Lenox Corporation.

Global Glass Tableware Market- Recent Developments

• In June 2021, Oneida Consumer LLC was acquired by Lenox Corporation, a major manufacturer of tabletop, giftware, and home entertaining products. All existing Oneida Consumer LLC tabletop products including flatware, tableware, and cutlery are included in the deal.
• In January 2021, Hampton Forge, a flatware and cutlery manufacturer, was  acquired by Lenox Corporation. The deal includes Hampton Forge Portfolio, Tomodachi by Hampton Forge, Skandia, and Argent Orfèvres, as well as the trademark brand.
• In January 2021, following their inauguration, President Joe Biden and Vice President Kamala Harris were presented with custom-made engraved crystal vases by Lenox Corp., which has been doing so for nearly three decades.