Glass tableware has widespread usage in households as well as in commercial establishments such as restaurants, hotels and offices all over the globe. A variety of glass tableware products are being manufactured by astute companies in the market in a constant quest for increased customer base. This has provided a significant impetus to the global glass tableware market.
The opportunity in the global market for glass tableware is expected to become worth US$14.2 bn by 2024-end from US$8.8 bn in 2015 by expanding at a 6.1% CAGR, finds a report by Transparency Market Research.
Why does the competitive landscape appear in the market?
The global glass tableware market exhibits a consolidated landscape, as a handful of market player account for a large amount of market share. Five top companies of Sisecam Group, ARC International, Libbey, Inc., Bormioli Rocco S.p.A., and WMF Group held a share of about 65% in 2015. These players are concentrating on mergers and acquisitions, collaborations, partnerships, and other similar strategies to consolidate their positions.
How is the regional outlook of the global glass tableware market?
From a geographical perspective, Asia Pacific dominated the market in 2015, mainly due to high population, in which the proportion of middle class families is on the rise due to growing industrialization and tertiary sectors providing reasonably good incomes to people.
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China and India, with a sizeable proportion of middle-class people, are at the forefront of driving the Asia Pacific market. Rapid urbanization and changing lifestyles are also stoking demand for glass tableware in the region.
Which is the leading segment in the global tableware market?
The global glass tableware market has been segregated into several segments on the basis of product type and regions. Based on the product type, the global glass tableware market is segmented into beverageware, tableware, and others. Of these, the tableware segment held the leading position due to high demand, and is expected to retain the same position in future.