July 18, 2024
Glass Tableware Market

Glass Tableware Market Is Expected To Gain Traction Driven By Increasing Demand From The Food Service Industry

Glass tableware includes glass bottles, cups, plates, bowls, and various other products that are used for serving food and beverages. Glass tableware offers various benefits such as durability, aesthetics, and maintainability. Glass does not break down or absorb odors and flavors like other materials. These properties make glass tableware suitable for commercial applications in restaurants, cafes, and other food service establishments. Glass tableware is considered premium by consumers and helps enhance the dining experience. The rising popularity of home cocktail parties and growing trends of hosting dinner parties at home have also augmented the demand for glass tableware in residential settings. The global glass tableware market is estimated to be valued at US$ 11.76 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The demand from the food service industry is expected to drive the growth of the glass tableware market over the forecast period. As per the given report, the food service industry has been observing steady growth supported by rising disposable income, urbanization, and changing dining habits of consumers. Glass tableware including bottles, cups, plates, and bowls are preferred for commercial use in restaurants, cafes, and bars owing to their aesthetic appeal and easy maintenance. Another factor augmenting the market growth is increasing demand from residential sector. Consumers are more willing to spend on premium glass tableware products for home cocktail parties and dinner gatherings. This rising home entertaining trend among urban populations is providing impetus to the residential glass tableware market.

Segment Analysis

Glass tableware market is dominated by the dinnerware segment which holds around 60% share of the total market. Glass being non-porous, odorless and durable makes it an ideal material for making dinnerware items like plates, bowls, cups and glasses. Changing dining habits and rising consumer preference for premium quality tabletop items is driving the demand for glass dinnerware globally.

PEST Analysis

Political: No significant political factors affecting the glass tableware market globally. Economic: Rising disposable incomes in developing nations is fueling the sales of premium glass tableware items. Social: Changing lifestyles and growing emphasis on fine dining experience at home is increasing the demand. Technological: Advanced glassmaking techniques allowing manufacturers to produce durable and aesthetically appealing glass tableware in different designs and styles.

Key Takeaways

The global Glass Tableware Market Share  is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: In terms of growth, Asia Pacific region is poised to register fastest CAGR led by increasing middle class population and their rising spending on luxury home products in countries like India and China.

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, MKS Instruments Inc.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it