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Global Glass Packaging Market is projected to reach at a market value of US$ 80.98 Billion by 2031: Visiongain Research Inc
Visiongain has published a brand-new report focused on the Global Glass Packaging Market Report Forecast 2021-2031. Forecasts by type, closure, color, and region. Plus, Profiles of Leading glass packaging Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios
Glass Packaging lead analyst states: ‘The Global Glass packaging market was valued at US$ 58.54 billion in 2021 and is projected to reach at a market value of US$ 80.98 billion by 2031. Key factor driving the market growth is increasing demand of packaged food products in different developing countries, including China, India, South Africa, and Brazil. Rising demand from the beverage sector and increasing requirement of transparent packaging is a key factor driving the market growth.
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How has COVID-19 Impacted the Glass packaging Market?
Overall glass packaging market has been witnessed a significant slowdown in 2020. Restriction in raw material transportation in different countries is one of the major factors for market decline. However, significant growth in the food and beverage end-use industry is expected to drive market growth in 2021 and 2022.
Market Drivers
Demand from Beverages Industries
The demand for glass packaged product is high in beverage production units. Key beverage manufacturers prefer to sign long term deal with glass packaging companies. Consumer shift towards consuming healthy beverages coupled with the availability of large product categories are one of the major factors driving the market growth.
Overall, the beverage industry is growing at an annual rate of over 10%. This trend will impact the glass packaging market. Moreover, technological advancement in the beverage segment, coupled with automated beverage production and packaging activities, are factors that will boost the market growth in coming years.
Advancement in the Pharma Industry:
It is a well-known fact that huge numbers of pharmaceutical products require glass packaging to maintain their products’ shelf-life. As a result, penetration of glass packaging is higher in the pharmaceutical segment. Glass packaging has the advantage of being not contaminant with the material. Glass containers are manufactured predominantly with silicates. Silicate does not mix with other material which makes it popular in pharma applications. Current development within the pharma industry will boost the demand for glass packaged products in coming years.
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What are the Market Opportunities in this sector?
Product Development in the Glass Packaging Market:
Prominent glass packaging players are working on product development, innovation, creating new packaging designs and advanced processes to attract new customer companies which will lead to creating new opportunities in the overall market. These factors are expected to replace plastic packaging products with glass material in coming years.
Demand of Transparent Packaging:
Consumer demand towards purchasing transparent package goods is rapidly increasing. Customer usage of this form of see-through packaging helps increase product value, by showcasing the packaged content. Overall, transparent beverage packaging market has witnessed a positive growth as a result of product visibility feature.
Competitive Landscape
Some of the companies profiled in the report include Amcor Ltd., Vitro Packaging, LLC., Laval, and WestRock Company. Stoelzle Glass Group has manufactured a new Type II glass in In December 2020. North America based company Ardagh Group, has introduced its online, interactive 3D glass packaging catalogue in November 2020. It is expected to increase consumer demand over the forecasted period.
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About Visiongain
Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports mean that you can have a bespoke piece of market intelligence customized to your very own business needs.
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