The global Glass Packaging Market is estimated to be valued at US$ 68.61 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glass packaging is suitable for food and beverages due to its rigidity, transparency, reusability, and resistance to breakage. It preserves the quality and taste of products by providing protection against climatic conditions, dirt, and contamination. Glass packaging helps maintain product quality and freshness for an extended period.
Market key trends:
One of the key trends in the glass packaging market is increasing demand for glass jars and bottles for packaging food and beverages. Glass packaging is preferred for bottling beverages, jams, sauces, and other food items as glass does not react with the contents. It provides a durable and sustainable solution compared to other flexible packaging formats. Also, glass is 100% recyclable and reusable which makes it an environment-friendly packaging solution. Consumers are increasingly opting for products packed in glass containers owing to health and sustainability benefits of glass packaging.
Segment Analysis
The global glass packaging market is segmented by product type and end-use industry. Based on product type, the market is segmented into glass bottles, glass jars, glass vials, cans, and others. Among these, the glass bottles segment dominates the market and accounted for over 60% share of the total market in 2023. Glass bottles are increasingly preferred for packaging beverages, food products, pharmaceuticals, and personal care & cosmetic products due to their sturdiness, reuse-ability, and compatibility with various products.
Key Takeaways
The Global Glass Packaging Market Size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing demand from the food & beverage industry. The global glass packaging market size is expected to reach US$ 68.61 Bn in 2023.
The Asia Pacific region dominates the global glass packaging market with over 40% share in 2023. Growing population, rising disposable incomes, and increasing demand for packaged food & drinks are fueling market growth in the Asia Pacific region. China emerged as the fastest growing country in the Asia Pacific glass packaging market.
Key players operating in the glass packaging market are Amcor Ltd, Ardagh Group, Gerresheimer, Hindustan National Glass & Industries Ltd, Koa Glass Co. Ltd., Owens Illinois Inc, Piramal Glass Limited, Saint-Gobain, Heinz-Glas, Wiegand-Glas, Vidrala SA, Vitro Packaging and Nihon Yamamura. Key players are investing in expansions, acquisitions, and new product launches to strengthen their market position.
Read more: https://www.ukwebwire.com/glass-packaging-market-insights-forecast/
