Glass tableware includes products made from glass which are used for dining purposes such as glass bottles, glass cups, glass plates and bowls. Glass tableware offers various advantages over plastic and metal tableware such as non-toxic and sterile surfaces, transparency, durable and aesthetically appealing design options. With the growing food service industry worldwide, the demand for glass tableware has increased significantly owing to its ideal properties for food packaging and serving applications.
The global Glass Tableware Market is estimated to be valued at US$ 11.76 billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing Demand from Food Service Industry
The food service industry has witnessed significant growth over the past few years owing to rising disposable income, growing dining out culture and increasing number of restaurants, cafes, hotels and catering businesses. Glass tableware provides an elegant and premium look suitable for various food service establishments. The transparency and durable nature of glass allows visualization of menu items and maintains hygiene. The report expects the food service industry to grow at a CAGR of over 7% during the forecast period, thereby driving the demand for glass tableware from this end-use sector. As glass tableware complements the appearance and services of the food industry, its demand is estimated to rise considerably in the coming years.
Porter’s Analysis
Threat of new entrants: The glass tableware market requires high capital investments for setting up manufacturing plants. Established players dominate the distribution channel further increasing entry barriers.
Bargaining power of buyers: The market has several organized retail chains with global operations which gives buyers higher bargaining power driving prices down. Product customization also gives buyers alternatives.
Bargaining power of suppliers: Few large suppliers exist for raw materials like glass with strict quality standards limiting easy substitution. Switching costs for established manufacturers are high.
Threat of new substitutes: Alternatives like plastic and ceramic tableware saw increasing demand but haven't replaced glass significantly due to premium pricing and perception as luxury/formal product.
Competitive rivalry: Major players compete on brand, design, quality while expanding geographically. Price wars are less common due to focus on premium/luxury segments.
SWOT Analysis
Strength: Superior product features over other materials. Established brand value and loyal customer base. Vertical integration enabling control over value chain.
Weakness: Higher R&D and production costs. Vulnerable to economic cycles affecting luxury goods. Slow penetration in developing markets. Concentration of profits in few regional markets.
Opportunity: Emerging middle class in developing nations and demand for luxury products. Innovation in designs, shapes catering to changing lifestyles and trends.
Threats: Trade regulations affecting sourcing and exports. Rising raw material prices and energy costs. Impact of economic slowdowns on demand for non-essential luxury goods.
Key Takeaways
The global Glass Tableware Market Share is expected to witness high growth over the forecast period driven by rising incomes in developing regions translating to demand for luxury/premium glass tableware products.
Regional analysis shows China as the largest producer and consumer of glass tableware globally accounting for over 30% of market share. Other major Asian markets include India, Japan and Southeast Asian countries experiencing fast economic growth and westernization of lifestyles increasing affordability of glass tableware products.
Key players operating in the glass tableware market are Brooks Automation Inc., Entegris Inc., Tokyo Electron Limited, Lam Research Corporation, ASML Holding N.V., Applied Materials Inc., Hitachi High-Tech Corporation, AMAT Applied Materials AG, KLA Corporation, Mattson Technology Inc., Tokyo Seimitsu Co. Ltd., Advantest Corporation, Ultratech, MKS Instruments Inc., and Novellus Systems. Major players are expanding into developing Asian and Latin American markets through partnerships with local retailers to tap rising demand. Innovation in designs, decorations and customized orders catering to diversifying consumer preferences is a key competitive strategy adopted.
For more insights, read- https://www.newsanalyticspro.com/glass-tableware-market-trends-size-and-share-analysis/
