February 26, 2024

Glass Tableware Market Is Expected To Be Flourished By Increasing Demand For Luxury And Premium Products

Glass tableware includes a range of glass products used in dining and serving food items such as glass bottles, glass jars, glass plates, glass bowls, glass tumblers, and drinking glasses. Glass tableware is favored mostly for its aesthetics and has a sense of luxury. It is used in high-end dining and hospitality establishments and also in modern household kitchens and entertaining spaces. The global glass tableware market is witnessing growth owing to the rising disposable incomes and increasing preference for luxury and premium products among consumers. Glass tableware products are more durable than ceramic or porcelain tableware and withstand high heat without breaking or cracking. Modern designs and patterns in glass tableware allow them to double up as decorative pieces for homes as well as commercial spaces.

The global Glass Tableware Market is estimated to be valued at Us$ 13.55 Bn in 2024 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increasing demand for luxury and premium products from the rising affluent population is expected to drive the glass tableware market over the forecast period. According to the Asian Development Bank Institute report, the global middle-class population is projected to reach 5.3 billion people by 2030 from 1.8 billion in 2009. These affluent consumers are more likely to spend on luxury items like glass tableware. Innovations in production technologies are allowing glass tableware manufacturers to develop innovative designs, patterns, and shapes at competitive prices. This increased accessibility of attractive glass tableware at affordable prices is further expected to support the market growth.

 

Segment Analysis

The global glass tableware market is dominated by the glass tumblers segment, accounting for nearly 35% share. Glass tumblers are widely used for serving water, juices, cocktails etc. in domestic as well as commercial establishments like restaurants, hotels etc. They are break-resistant and do not allow any chemicals to leach into the drinks. The glass plates segment is another major segment, holding approximately 30% share, owing to widespread use of glass plates for serving food items.

PEST Analysis

Political: There are no significant political risks impacting the glass tableware market.

Economic: Growth of the food service industry and increase in disposable incomes are driving demand for glass tableware from restaurants and households.

Social: Changing lifestyles and rising number of nuclear families are propelling the ‘dine-out’ culture, benefiting glass tableware sales via restaurants and cafes. Consumers also prefer glassware for its chemical resistance and premium appearance.

Technological: Advancements in glass manufacturing technologies have enhanced glass tableware’s durability and enabled mass production.

Key Takeaways

The Global Glass Tableware Market Demand is expected to witness high growth at a CAGR of 8.5% during the forecast period of 2024 to 2031 to reach a market size of US$ 13.55 Bn in 2024.

Regional analysis:

 

North America dominated the market in 2021 due to large food service industry and presence of many restaurants and hotels in the region. Furthermore, the rise in number of food joints is driving the demand for glass tableware from the region.

Key players:

 

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, AMAT Applied Materials AG, KLA Corporation, Mattson Technology Inc., Tokyo Seimitsu Co. Ltd., Advantest Corporation, Ultratech, MKS Instruments Inc. and Novellus Systems.

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