ALBANY, New York, January 17, 2017 /PRNewswire/ --
Glass tableware has become an important part of commercial as well as household kitchens over the past few years. The emergence of middle class has been pivotal to the soaring revenue of the global market. Their improving purchasing power and rising standard of living has played a crucial role in defining the demand in the global class tableware market. According to the research report by Transparency Market Research, the overall market was worth US$8.8 bn in 2015 and is anticipated to reach US$14.2 bn by the end of 2024. Between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 6.1%.
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Beverage-ware Assumes Lead with a Lion's Share of 34.9% in Global Market
The various products available in the global glass tableware market are beverageware, tableware, baby bottles, tea pots, cookpots, bowl, and roasters amongst others. Of these, beverageware is expected to lead the global market as it is poised to acquire a share of 34.9% by the end of the forecast period. This growth will be supported by the increasing consumption of beverages, the recyclability of beveragewares, and rising production of various types of beverages.
In terms of regions, the global market is divided into Europe, North America, Asia Pacific, the Middle East, and Latin America. Asia Pacific has been leading the global market due to improving per capita income of consumers in the region. The region is anticipated to acquire a share of 35.8% by 2024 in the global market as urbanization continues at an accelerated pace.
Improving Purchasing Power of Middle Class Contributes Significantly to Soaring Revenue
The global glass tableware market is expected to witness tremendous growth in the coming years due to the skyrocketing investments being made by international chain of hotels in developing countries of India, China, and Japan. This has given the demand for glass tableware market a significant fillip, especially in Asia Pacific. Furthermore, growing disposable incomes of overall consumers in emerging economies, increasing expenditure on travel and tourism, and growing interest in eating out has also spiked the demand for glass tableware in recent years. The market is also anticipated to thrive due to the flourishing catering industry, which is expected to have a positive impact on the overall market.
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The rising middle class population is expected to make a mammoth contribution to the soaring revenue of the global glass tableware market. Their increasing purchasing power, growing avenues to spend money, and the improving per capita income has triggered a demand for glass tableware. The shifting preference of glass over plastic has been attributable to the changing standard of living and growing awareness about the environmental hazards of using plastic. "The rise of the retail industry is also expected to complement the growth of the overall glass tableware market in the coming years," states the lead author of this research report.
Lack of Standardization in Quality of Glass Manufacturing to Impede Overall Growth
However, the market faces some tough restraints that are likely to hold back its growth. One of the biggest restraints in the global market is the lack standardization amongst manufacturers to maintain the quality of the product. For instance, the durability, grade of glass used, permanent residual stress, and composition varies with every manufacturer. The market is also likely to be restrained due to increasing prices of raw materials.
This review is based on Transparency Market Research's report, titled " - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
The report segments the glass tableware market as:
Global Glass Tableware Market, by Product Type:
- Tea Pots
- Coffee/Tea Jugs
- Coffee Brewers
- Baby Bottles
- Food Warmer
- Measuring Jugs
Global Glass Tableware Market, by Region:
- North America
- Rest of North America
- Western Europe
- Rest of Western Europe
- Southern Europe
- Rest of Southern Europe
- Eastern Europe
- Rest of C.I.S.
- Northern Europe
- Rest of Northern Europe
- Western Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- North Africa
- Sub-Saharan Africa
- Latin America
- Rest of Latin America
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