The global glass tableware market size is expected to reach USD 12.8 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% over the forecast period. Changing lifestyle, along with rising purchasing power, is encouraging consumers to buy glass tableware products. Furthermore, growing hotel and catering industry at the global level is expected to play a crucial role in expanding the market size over the next few years.
Dinnerware products accounted for the largest market share in 2018. These products include a wide range of plates and bowls for different cuisines. The drinkware products are projected to witness the highest growth from 2019 to 2025. Increasing number of bars, pubs, and other fine dining places is expected to fuel the demand for drinkware products in the near future.
In terms of application, the household segment is expected to foresee the fastest growth in the upcoming years. Consumers of the developing countries including China and India have been replacing traditional metal tableware with trendy glass products owing to increasing purchasing power at the domestic level. Additionally, increasing popularity of luxury dinnerware for occasions including weddings and housewarming is expected to remain a favorable factor.
Asia Pacific held the largest share of over 35.0% in 2018 and is anticipated to witness the highest growth in the coming years. Shifting trend towards luxury dining in countries including China, Japan, South Korea, and Philippines is expected to promote the scope for the premium dinnerware in the commercial sector. In addition, increasing popularity of drinking culture among adults in developing nations including China and India has been fueling the demand for drinkware in the household and commercial sectors.
Key glass tableware manufacturers include Libbey, Inc.; Arc International; Oneida Limited; Şişecam Group; WMF Group; Bormioli Rocco; Borosil Glass Works Ltd.; Lenox Corporation; Corelle Brands; La Opala RG Ltd.; Kavalierglass, a.s.; and TERMISIL Huta Szkła Wołomin S.A. The industry participants are expected to increase the spending on developing products with new designs in order to expand their market share.
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Glass Tableware Market Report Highlights
• The drinkware product segment is expected to witness the fastest growth in the coming years due to increasing number of bars, pubs, and hotels at the global level
• In terms of application, the commercial segment held the largest share of over 75.0% in 2018
• The offline channel dominated the global glass tableware market owing to presence of a large number of organized retail stores selling glass tableware. Online channel is expected to register the fastest CAGR of 7.3% from 2019 to 2025
• Asia Pacific held the largest share of over 35.0% in 2018 and is expected to register the fastest growth in the coming years.
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