Players in the global glass packaging market are investing heavily on research and development and at the same time equally on marketing their new products. Further, companies are also vigilant about small players introducing new products, and are keen on acquiring them to create an over competitors.
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The global glass packaging market is projected to grow at a stable CAGR of 4.6% during the forecast period, says TMR report. It also predicts that the global glass packaging market will reach an overall value of US$55.4bn by the end of 2020.
When it comes to geography, Asia Pacific is believed to dominate the global glass packaging market. Densely populated countries like India and China where the spending capacity of the people is rising are fueling demand here. Further, the food and beverages market along with consumption of electronics is expected to stimulate growth in the coming years.
Alcohol to Steer Growth in the Coming Years
Alcohol is today a huge area of experimentation, uniqueness, and a highly consumer-centric business. Unlike two decades ago, today people are travelling and with easy access to information through the internet, people are aware about niche products in the alcohol industry. What adds value to the liquor is the packaging. This is where players in the global glass packaging market are expected to benefit.
On the other hand, the rise in consumption of food, introduction of new food products, and growing online delivery services are promoting growth in the global glass packaging market. Glass is also easy to print and provide opportunities for food manufacturers to introduce marketing strategies to attract consumers. Further, the ease of introducing new designs, size, and shapes are also favorable aspects that support preference of the product in the global glass packaging market. Further, electronics is another major area of demand. With a new type of gadget rolled out every day, many components require glass packaging. This is expected to augment demand in the global glass packaging market.
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Substitutes to Material Might Challenge Growth
Glass is brittle and is a prone to breakage easily. Hence it requires safety and handling with care. To avoid loss, consumers are preferring usage of substitutes like plastic. The growing consumption of plastic is expected worry players in the global glass packaging market.
However, the rising concerns over usage of plastic and recycling the material may emerge as an advantage for companies in the global glass packaging market. Glass is recyclable and reusable, hence reducing investment cost of the consumer. Further, it is a green material and is considered to be healthy. Plastics, on the other hand, are known to have adverse health effects, and hence are not preferred for hot food items. These aspects instill growth in the global glass packaging market.
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