Market Overview:
Glass tableware refers to glass items such as glass bottles, drinking glasses, serving dishes and bowls that are used for serving food and beverages on tables. Glass tableware offers advantages such as durability, sustainability, and transparency over other materials. They can withstand high temperatures and do not absorb odors or flavors easily. The glass tableware industry has witnessed substantial growth owing to the growing adoption of glass tableware by hotels, restaurants, cafes and households.
Market key trends:
One of the key trends in the glass tableware market is the increasing demand for customized and personalized glassware. Manufacturers are increasingly offering customized glassware with company logos, branding and designs to cater to the specific needs of their customers especially in the hospitality industry. This has boosted the sales of customized glass tableware. Another major trend is the growing popularity of handblown glass tableware. Fine handcrafted pieces are gaining preference over mass produced tableware due to their unique designs and artistic value.
Porter’s Analysis
The threat of new entrants: The threat of new entrants is moderate as it requires high initial investments to set up manufacturing units and develop distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high as the glass tableware market has numerous established brands providing substitutable products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials like soda ash and sand are commodities available from many suppliers globally.
Threat of new substitutes: The threat of substitutes is low as there aren’t many viable substitutes for glass tableware available.
Competitive rivalry: High as the market has many established global and regional players.
The global Glass Tableware Market Demand is estimated to be valued at US$ 11.76 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global glass tableware market is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period 2023 to 2030, due to increasing demand for aesthetically pleasing and durable tableware from residential and commercial sectors.
The US dominates the regional market followed by Europe. Growth in the US can be attributed to rising number of households and increasing residential and commercial construction activities. Growth in Europe is driven by presence of major manufacturers and consumers preference for glass tableware over plastic and ceramic alternatives.
Key players operating in the glass tableware market are Sisecam Group, Bormioli Rocco SpA, Wuerttembergische Metallwarenfabrik AG (WMF), Libbey, Inc., ARC International, Anchor Hocking, and Lenox Corporation. Sisecam Group and Bormioli Rocco SpA account for the majority of market share owing to their diversified product portfolio and global distribution network.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it