Medical Tourism is fastest growing segment fueling the growth of Glass Packaging Market
The global Glass Packaging Market is estimated to be valued at US$ 68.61 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glass packaging is suitable for food and beverages due to its rigidity,
transparency, reusability, and resistance to breakage. It preserves the quality
and taste of products by providing protection against climatic conditions,
dirt, and contamination. Glass packaging helps maintain product quality and
freshness for an extended period.
Market key trends:
One of the key trends in the glass packaging market is increasing demand
for glass jars and bottles for packaging food and beverages. Glass packaging is
preferred for bottling beverages, jams, sauces, and other food items as glass
does not react with the contents. It provides a durable and sustainable
solution compared to other flexible packaging formats. Also, glass is 100%
recyclable and reusable which makes it an environment-friendly packaging
solution. Consumers are increasingly opting for products packed in glass containers
owing to health and sustainability benefits of glass packaging.
Segment
Analysis
The global
glass packaging market is segmented by product type and end-use industry. Based
on product type, the market is segmented into glass bottles, glass jars, glass
vials, cans, and others. Among these, the glass bottles segment dominates the
market and accounted for over 60% share of the total market in 2023. Glass
bottles are increasingly preferred for packaging beverages, food products,
pharmaceuticals, and personal care & cosmetic products due to their
sturdiness, reuse-ability, and compatibility with various products.
Key Takeaways
The Global
Glass Packaging Market Size is expected to witness high growth,
exhibiting CAGR of 3.7% over the
forecast period, due to increasing demand from the food & beverage
industry. The global glass packaging market size is expected to reach US$ 68.61 Bn in 2023.
The Asia Pacific region dominates the global glass packaging market with over
40% share in 2023. Growing population, rising disposable incomes, and
increasing demand for packaged food & drinks are fueling market growth in
the Asia Pacific region. China emerged as the fastest growing country in the
Asia Pacific glass packaging market.
Key players operating in the glass packaging market are Amcor Ltd, Ardagh
Group, Gerresheimer, Hindustan National Glass & Industries Ltd, Koa Glass
Co. Ltd., Owens Illinois Inc, Piramal Glass Limited, Saint-Gobain, Heinz-Glas,
Wiegand-Glas, Vidrala SA, Vitro Packaging and Nihon Yamamura. Key players are
investing in expansions, acquisitions, and new product launches to strengthen
their market position.
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