Selbyville, Delaware, Dec. 07, 2022 (GLOBE NEWSWIRE) — As per the report published by Global Market Insights Inc., the global Glass Packaging Market was estimated at USD 55 bn in 2022 and is expected to surpass a valuation of $88 bn by 2032, progressing at a CAGR of 4.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Increasing consumption of packaged foods will propel glass packaging industry growth. The food & beverage industry is a major consumer of glass packaging, as the impermeable, sterile, and sturdy nature of glass makes it an ideal packaging solution for perishable items. Furthermore, technological advancements in the food and beverage packaging sector have been gaining momentum following product quality retention, safety, as well as shelf-life extension initiatives, fostering industry outlook.
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Vaccine development efforts to foster de-alkalized soda lime product segment share
Based on product, glass packaging market from de-alkalized soda lime segment is slated to register over 3.5% CAGR from 2023 to 2032. Dealkalized soda lime glass is well suited for making vials that hold medicinal fluids, such as vaccines, blood, and plasma, as it ensures that the ionic strength or the pH value of the product is not affected in storage. In wake of the Covid-19 pandemic, testing and vaccine development efforts have increased rapidly worldwide, fostering the demand for suitable containers. According to a recent disclosure by WHO, over 12 billion doses of vaccine have been administered globally to date.
Key reasons for Glass Packaging Market growth:
- Increasing beer consumption in emerging economies will boost demand for glass bottles.
- Rising demand for glass packaging in pharmaceutical industry.
- Growing consumption of packaged foods will benefit glass packaging market growth.
Rapidly growing consumption to drive beer application segment outlook
On the basis of application, the glass packaging industry share is bifurcated into alcoholic beverages, beer, food and beverage, pharmaceutical, and others. The beer segment size is slated to surpass USD 24.5 billion by 2032, driven by the rapidly rising consumption of the alcoholic beverage. Beer is currently the most consumed beverage across the world, with US alone consuming over 9 liters per person on average in 2018, claims WHO. A majority of beer bottles are made of soda lime glass, and high consumption is creating strong demand for the material.
Rising elderly population base to fuel Asia Pacific segment expansion
APAC glass packaging market is slated to grow at over 5% CAGR from 2023 to 2032, owing to the constant increase in regional population as well as an ongoing shift in demographics, which are influencing consumption of alcoholic beverages. Furthermore, the market is also slated to benefit from the expanding pharmaceutical industry in Asia Pacific, amid rising cases of acute and chronic diseases from the increasing aging population in the region.
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Sustainability initiatives to define glass packaging market outlook
Some of the leading contenders in the global glass packaging industry include Bormioli Rocco SpA, Ardagh Group, Vitro Packaging LLC, Saint-Gobain S.A., Nihon Yamamura Glass Co Ltd., Hindusthan National Glass & Industries Ltd, and others. The energy-intensive nature of the production process has been a major pain point for the market in past years. However, to conform to modern standards industry players are working on making production and manufacturing more sustainable and eco-friendlier.
Partial chapters of report table of contents (TOC):
Chapter 5 Glass packaging Market, By Product
5.1 Market product insights
5.3 De-alkalized Soda Lime
5.4 Soda Lime
Chapter 6 By Application
6.1 Market application insights
6.2 Alcoholic Beverages
6.4 Food & Beverages
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.