PUBLISHER: Allied Market Research | PRODUCT CODE: 1415003
PUBLISHER: Allied Market Research | PRODUCT CODE: 1415003
"Glass Packaging Market expected to Reach $ 77.5 Billion by 2032."-Allied Market Research.
Glass packaging refers to containers, bottles, jars, and other receptacles made from glass used for storing various products such as food & beverage, pharmaceuticals, cosmetics, and more.
The demand for packaging by the food & beverage industry has rapidly expanded. This is attributed to the increase in urbanization and rise in younger population which is excessively dependent on packaged food as a result of their busy and contemporary lifestyles. Thus, companies have expanded their production capacities, to cater to the increase in demand for food & beverage. For instance, in March 2022, Nestle, one of the biggest producers of packaged food & beverage, announced a $675 million investment to construct a new beverage facility in Glendale, Arizona, the U.S. This factory is projected to produce high-quality packaged beverage to fulfill increase in consumer demand for its packaged products. Furthermore, 27.3% of population of India is aged between 15 and 29 years. Considering young people consume a significant amount of food & beverage, a large young population is expected to benefit the market for food & beverage packaging. For instance, in September 2021, PepsiCo which is a packaged food & soft drink company, commissioned its greenfield food plant in Mathura city of Uttar Pradesh state in India. The plant is built at a cost of $110 million.
Moreover, the cosmetics sector has grown substantially, in both developed and developing nations. This is largely attributed to the rise in consumer disposable income and a shift in consumer demand toward high-end beauty and cosmetic items. Apart from the quality of cosmetic products, the appearance of their packaging plays an important role in driving their sales. A majority of cosmetic items are packaged in jars, bottles, or tubes. Hence such a type of innovative packaging is expected to boost the growth of the glass packaging market.
The most common form of packaging is glass packaging along with paper and carton packaging, plastic film packaging, plastic boxes and containers, and metal packaging. There is an increase in the demand for packaged food along with rise in urban and millennial population, who consume packaged food due to their busy and modern lifestyles. In addition, cosmetic and personal care product industries have witnessed an increased demand in both developed and emerging countries. Since, food & beverage and cosmetic & personal care products industries are major end users of packaging, their growth has driven the growth of glass packaging market. In addition, developments in e-commerce and increase in domestic and international trade has played an instrumental role in driving the growth of the glass packaging market. However, government regulations against non-ecofriendly packaging are a major restraint in the growth of the market. Furthermore, the development of innovative glass packaging solutions is expected to provide lucrative opportunities for the growth of the market.
The major players that operate in the global market have adopted key strategies such as product launch to strengthen their market outreach and sustain the stiff competition in the market.
Key companies profiled in the glass packaging market report include: Verallia SA, Vidrala, Taiwan Glass Industry Corporation Limited, BA Group, Gerresheimer AG, O-I Glass, Stoelzle Glass Group, PGP Glass Private Limited, Vitro Glass, Ardagh Group S.A.