Asia Pacific glass packaging market accounted for more than one-third of the total industry share. Rising alcohol consumption coupled with advances in pharmaceutical industry will present brighter growth aspects for the regional product market growth by 2024. Growing hospitality & tourism sector in China and India will drive the regional product market in coming years.
Glass Packaging Market size is projected to exceed USD 65 billion by 2024. The ever-growing healthcare industry will be a significant factor behind the glass packaging market development in the near future. In 2016, healthcare industry had observed revenue gains exceeding USD 1.5 trillion and is probable to follow the similar trend during forecast timespan. Rising demand for medicines and pharmaceutical products will boost the glass packaging market due to its chemical inertness towards liquid syrups.
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Considering the applications, the glass packaging market can be divided into pharmaceuticals, food & beverages, alcoholic beverages, beer and other applications including cosmetic products, personal care products, etc. In 2016, beer segment had contributed to over 20% of overall market and is projected to witness CAGR over 4.5% by 2024. Pharmaceuticals sector poses as another key application segment that, in 2016, contributed over USD 3.5 billion in revenue. The segment is set to grow with a CAGR exceeding 4% during the forecast period on account of the increasing product usage in medicine and pharmaceutical drugs packaging.
Food and beverages are stored in glass containers and bottles as it is impermeable and non-porous. This makes it easy to keep intact and preserve the flavors and smell of the food and beverages. Close to 80% of the product that goes into the recycle bin is used to make new bottles. Rising health awareness and potential risks from plastic packaging have shifted consumer focus on glass packed products over plastic or metal. These aspects will propel the glass packaging market in coming years.
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Intensifying beer consumption amongst the emerging nations is likely to propel the glass packaging market development for its extensive use in beer bottle production. Beer consumption rate in India, Romania and Columbia witnessed an annual growth of 6% in 2015. Mexico and Vietnam observed the highest beer consumption rate gains, approximately 6.5% and 7.5% respectively during the same timeframe. Breweries present exclusive glassware for every brand of beer served by them. Contributing to the promotional activities, industry participants tend to engineer the bottles before the beer. These trends of beer consumption hike feature a positive outlook for the industry by 2024.
With top six players accounting for a 30% industry share, global glass packaging market is highly fragmented in nature. The key top players in the market are Vetropack Holding, Vidrala, Gerresheimer, Saint-Gobain, Ardagh Group, and Owens-Illinois Inc. Other prominent players in the industry include Wiegand-Glas, Amcor, Vitro Packaging, Stolzle-Oberglas, Piramal, Nihon Yamamura, Koa, Heinz-Glas, Hindusthan National Glass & Industries, Consol, and Bormioli Rocco SpA to name a few.
Buy this industry insights spread across 110 pages with 143 market data tables & 11 figures & charts from the report, “Glass Packaging Market Size By Product (Borosilicate, De-alkalized Soda Lime, Soda Lime), By Application (Alcoholic Beverages, Beer, Food & Beverages, Pharmaceuticals, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
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