Leading Players in Global Glass Tableware Market Looking Towards Emerging Economies as They Exhibit Higher Lifestyle Spending
The global glass tableware market has been steadily advancing due to several favorable factors. The growing trend of social dining with family and friends and rising consumer interest in sophisticated dining practices across varied age groups are influencing the growth of this market. For instance, from millennials to Baby Boomers, individuals are constantly wanting to break from the routine and pushing for new products for table settings and fine dining experiences.
Glass tableware includes tableware and beverageware used for setting a table to eat a meal, teapots, baby bottles, mixing bowls, cook pots, and roasters among others. The global market for glass tableware will rise at a CAGR of 6.1% between the forecast years of 2016 and 2024, and increase from a valuation of US$8.8 bn in 2015 to US$14.2 bn by 2024, as per the findings of a new report by Transparency Market Research (TMR).
Analysts at TMR present answers to some of the pertinent questions that are vital to understand the developments of the global glass tableware market:
Q. What are the factors impacting the growth rate?
A. The emergence of a middle class has been significant to the soaring revenue of the glass tableware market. This population displays a substantial demand for fine homeware due to the increasing purchasing power and subsequently rising standard of living in the recent years. The increasing trend of eating out in fine dining restaurants and increasing expenditure on travel and tourism has also spiked the demand for glass tableware.
The massive investments made by branded hotel chains in developing countries such as China, India, and Japan is also expected to have an immense impact on the growth of the global glass tableware market. This has given a significant fillip to the glass tableware market, especially in Asia Pacific.
The increasing awareness about the environmental implications of plastic and its non-biodegradability has also prompted consumers to replace plastic tableware with glass. Moreover, the rising awareness about the health implications of using plastic tableware is also leading to the increased use of glass tableware. The radical transformation in the aesthetic quotient of glass tableware has led to a significant rise in the numbers of consumers using glass tableware.
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Q. Which product segments are expected to lead in the near future?
A. Amongst all products, beverageware is anticipated to dominate the global market with a share of 34.9% by the end of 2024.This is mainly due to the increasing consumption of beverages, the increasing variety of beverages produced, and recyclability of beveragewares.
Q. Which region will top demand in the global glass tableware market
A. Asia Pacific has been the frontrunner in the global market due to significant contribution made by the emerging economies in the region. The region is expected to hold a share of 35.8% by 2024 in the global market due to continuous urbanization at an accelerated pace.