Glass tableware includes products such as drinking glasses, mugs, plates, bowls, and others which are made from glass. Glass tableware provides advantages such as aesthetic appeal, durability, and hygienic properties. They are widely used in commercial settings such as restaurants, cafes, and banquet halls. The rising foodservices industry globally is driving the demand for glass tableware.
The global Glass Tableware Market is estimated to be valued at Us$ 13.55 Bn in 2024 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand from the foodservices industry is one of the key trends propelling the growth of the glass tableware market. The booming foodservices sector is positively impacting the glass tableware market. As per the National Restaurant Association, restaurant industry sales in the US are projected to reach US$ 899 billion in 2023, exhibiting a CAGR of 5.5% from 2022 to 2033. The growing number of restaurants, cafes, banquets halls is resulting in increased demand for glass tableware products from these commercial establishments. Glass tableware provides an aesthetic appeal and luxurious experience to customers dining out. Moreover, their hygienic and durable properties make them a preferable choice for commercial foodservices over plastic tableware. This rising demand from the foodservices industry is estimated to drive the glass tableware market substantially over the forecast period.
SWOT Analysis
Strength: Glass tableware is durable and lasts for many years. It is easy to clean and maintain.
Weakness: Glass is breakable. High maintenance costs related to storage and transportation of glass tableware.
Opportunity: Innovation in designs and patterns increases its aesthetic appeal. Growth of dining out culture and home decor trend enhances market demand.
Threats: Alternatives like plastic and ceramic tableware are cheaper. Economic slowdowns and recession impacts consumer spending on luxury items like glass tableware.
Key Takeaways
The Global Glass Tableware Market Demand is expected to witness high growth.
Regional analysis comprises North America dominates the market currently due to large number of luxury diners. Growth in Asia Pacific region is expected to be the fastest due to rising disposable incomes and changing lifestyles.
Key players operating in the glass tableware market are Brooks Automation Inc., Entegris Inc., Tokyo Electron Limited, Lam Research Corporation, ASML Holding N.V., Applied Materials Inc., Hitachi High-Tech Corporation. Innovation in designs and expanding distribution networks are the key strategies adopted by leading players to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
