The only drawback in the global glass tableware market is the inability of manufacturers to maintain the quality of the products.
Albany, NY -- (SBWIRE) -- 02/09/2017 -- Glass tableware has become an important part of commercial as well as household kitchens over the past few years. The emergence of middle class has been pivotal to the soaring revenue of the global market. Their improving purchasing power and rising standard of living has played a crucial role in defining the demand in the global class tableware market. According to the research report by Transparency Market Research, the overall market was worth US$8.8 bn in 2015 and is anticipated to reach US$14.2 bn by the end of 2024. Between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 6.1%.
Environmental Hazards of Using Plastic Encourages Consumers to Replace it with Glass
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In the coming years, the global market is expected to thrive against the backdrop of changing perception towards plastic. Increasing awareness about its environmental hazards and the fact that it remains non-biodegradable has encouraged consumers to replace plastic tableware with glass. The negative implications of using plastic tableware on health have also prompted several consumers to use glass instead. All of these factors are expected to have a high impact on the global market in the coming years. The market also stands to benefit from the radical transformation in the glass is made. The improving aesthetics of glass tableware has won the market numerous consumers in the recent past.
The only drawback in the global glass tableware market is the inability of manufacturers to maintain the quality of the products. The lack of standardization is expected to act as an impediment to the growth of the overall market in the coming years. Furthermore, rising prices of raw materials to manufacture glass is also anticipated to hinder the market growth.
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Tableware Segment to Show Consistent Progress throughout Forecast Period
The various products available in the global glass tableware market are tableware, beverageware, which includes tea pots, coffee or tea jugs, coffee brewers, and pitchers. The market also sells baby bottles, cookpots, roasters, bakeware, casseroles, food warmer, bowls, and measuring jugs. Of these, the tableware product segment showed the highest growth rate, accounting for nearly 40% of the overall market in 2015. The glass cups and mugs were the most popularly sold items under this segment. Beverageware remained in tow, with coffee or tea jugs contributing to its second-highest revenue.
Asia Pacific Exhibits Excellent Growth Rate as Economies Strengthen
In terms of regions, the market is segmented into North America, Europe, the Middle East, Latin America, and Asia Pacific. Of these, the emerging economies have made a significant contribution in making Asia Pacific the frontrunner in the global glass tableware market. Emerging economies of countries such as China, Japan, and India are expected to boost the demand for glass tableware in Asia Pacific all throughout the forecast period. The rising disposable incomes of consumers, their changing spending patterns, ability to eat outdoors, and flourishing hotel industry has been the architecture of the positive trajectory of the market in Asia Pacific. Analysts expect that developing regions of the Middle East and Latin America are also likely offer incremental opportunities to the global glass tableware market in the coming years.
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Some of the leading players operating in the global glass tableware market are Libbey Inc, Arc International, Anchor Hocking LLC, Sisecam Group, and WMF Group. The players are facing tough competition in the market due to the strong presence of several local manufacturers. The ability of local players to reduce costs and sell products at cheaper prices has been winning them a large consumer base. Additionally, strong promotional activities and marketing strategies has also worked in their favor.