Glass tableware is a product used to serve food for dining and other purposes as they form a part of table setting. They 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.
The Global Glass Tableware Market is projected to surpass US$ 16,933.87 million by the end of 2028, in terms of revenue, growing at CAGR of 6.10% during the forecast period (2021 to 2028).
Robust growth in the urban population is expected to drive the market growth of the glass tableware. According to the United Nation, the urban population of the world has grown rapidly since 1950, having increased from 751 million to 4.2 billion in 2018. Growth in the urban population is driven by an overall population increase and by the upward shift in the percentage living in urban areas. Together, these two factors are projected to add 2.5 billion to the world’s urban population by 2050.
Strong growth in the hospitality industry is a prime factor fueling the market growth of the glass tableware. According to the National Restaurant Association, in the United States, the restaurant industry's projected sales of $899 billion. Moreover, increasing investment in the restaurants by international brands across emerging economies such as India and China is again projected to foster the market growth of the glass tableware as glass tableware is widely used in the hotel and catering industry.
Asia-Pacific held dominant position in the Global Glass Tableware Market in 2020, accounting for 38.32% share in terms of revenue, followed by North America and Europe, respectively. As a result of growth in the urban population around the globe.
Figure 1. Global Glass Tableware Market, Revenue Share (%), By Region, 2020
The need to maintain the high temperature at the production unit of glass tableware is one of the major factors expected to hinder the market growth. Low temperature impact the quality and color of glass materials and thus increase the overall production cost.
The increasing price of raw materials is projected to hamper the market growth of glass tableware. For instance, the higher cost of soda ash which contributes to more than 30% of the overall cost of production of glass products is one of the major restraints for this industry.
Developing innovative and decorative tableware products is projected to bring new market opportunities in the near future. Improving living standard of consumers coupled with the growing disposable income is propelling demand for decorative tableware products. Increasing consumer's spending on home decor products is another major factor accelerating the market growth of the decorative tableware products. Thus growing demand for decorative tableware products is expected to foster market growth.
Growing preferences for designer glassware over old fashioned designs is projected to serve major growth opportunities in the near future. Shift from old to new fashion designers tableware especially among the young generation coupled with the increase in population around the globe is further stimulating the market growth. According to the United Nation, the world population is projected to reach 8.5 billion in 2030, and to increase further to 9.7 billion in 2050 and 11.2 billion by 2100.
|Base Year:||2020||Market Size in 2021:||US$ 10,544.67 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||6.10%||2028 Value Projection:||US$ 16,933.87 Mn|
Sisecam Group, Bormioli Rocco SpA, Wuerttembergische Metallwarenfabrik AG (WMF), Libbey, Inc., ARC International, Anchor Hocking, and Lenox Corporation
|Restraints & Challenges:||
Figure 2. Global Glass Tableware Market – Opportunity Analysis
Figure 3. Global Glass Tableware Market, Revenue Share (%), By Product, in 2020
Key Takeaways of the Graph:
Global Glass Tableware Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic is still influencing the growth of numerous industries, while some industries may experience a decline in demand, many others will stay unaffected and exhibit strong development prospects. The glass tableware market might be affected by COVID-19. In comparison to 2019, the market growth in 2021 is expected to be higher. The glass tableware market was heavily damaged by pandemic-related temporary shutdown in the hotel and hospitality industries, which slowed sales of tableware such as drinking glasses.
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
Few Recent Developments
Glass tableware is a broad category of tableware that includes serving dishes, glass vessels, tablecloths, tea sets, decanters, cutlery sets, and plaques. Some common glass tableware items include serving bowls, cocktail glasses, ice buckets, flutes, goblets, pitchers, spoons, fondue sets, thermoses, tumblers, champagne glasses, shot glasses, stemware, and dessert bowls.
Rapid urbanization and increasing population is a prime factor driving growth of the glass tableware market. Moreover, the growing popularity of trendy glassware is again stimulating growth of the market.
On the other hand, the need to maintain the high temperature at the manufacturing facility is expected to hinder growth of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective.