Gurugram, India, April 24, 2023 (GLOBE NEWSWIRE) -- Driven by the Growing consumption of beverages and increasing demand for eco-friendly packaging products, Global Glass Packaging Market is forecasted to Cross $85 Bn by 2028 says Ken Research Study.
Glass Packaging is a mixture of various chemical materials such as silica, boric acid, sodium oxide, aluminum oxide, sodium carbonate, calcium oxide, and others. The type of glass product depends on the chemical material used in the manufacturing of glass. Among all the other packaging material types, Glass is the only material that has been granted the FDA status of “GRAS”, Generally Recognized as Safe. It maintains the freshness and safety of the product and is considered the trusted packaging type for health, taste, and the environment.
Glass Packaging is widely used in food and beverage, cosmetics, pharmaceuticals, personal care products, and others. Glass material exhibit nonporous and impermeable properties which means there are no interactions between glass packaging and products. Due to these properties, it is considered the most suitable packaging material for the pharmaceutical industry. According to Ken Research estimates, the Global Glass Packaging Market – which grew US$ 65 Bn in 2022 – is expected to grow further into a more than US$ 85 Bn opportunity by 2028.
“Ken Research shares 5 key insights on this high opportunity market from its latest research study”
- The Increase in Beverage Consumption throughout the World Is One of the Primary Reasons Driving Market Expansion
The Global Glass Packaging Market is expected to witness strong growth during the forecast period, due to the increasing beverage consumption globally. There is a steady demand in the beverage industry and glass bottles are the only solutions used for packing any type of alcoholic or non-alcoholic beverage. The increase in beer consumption throughout the world is one of the primary reasons driving market expansion. Beer is one of the alcoholic beverages that is packaged in glass bottles. It's packaged in dark-colored glass bottles to keep the contents from spoiling when exposed to UV radiation. Furthermore, according to the NBWA Industry Affairs, U.S. consumers aged 21 and above consume approximately 26.5 gallons of beer and cider per person per year. According to a 2022 report published by Packmedia srl, glass bottle continues to be the most widely used packaging for alcoholic beverages and atleast 30% of these products in volume terms use glass packaging.
- The Growth in the Pharmaceutical Industry is Fuelling the Market for Glass Packaging Globally
Global Glass Packaging Market is expected to witness growth of at least 5% CAGR over the next five years, owing to the steady consumer demand for safe and healthier packaging. The demand for pharmaceutical packaging is majorly emerging from densely populated economies like India, Brazil, and China. The introduction of stringent laws to enhance the quality and integrity of domestically manufactured drugs has led to an increase in the usage of glass for pharmaceutical packaging solutions. Since the time of Covid, the demand for glass vials and ampules has increased in the pharmaceutical industry to a much greater extent as compared to previous years. Companies are investing more in the manufacturing of glass vials and ampules.
For instance, in January 2022, Schott published an article stating that it tripled its capacity for pre-sterilized, ready-to-use glass vials in the USA in 2021. Further enhancing the portfolio, it expanded the capacity of pre-fillable glass syringes by 50% in Switzerland to strengthen the supply of sought-after drug delivery systems. In May 2022, the company inaugurated a production site for pre-fillable high-quality polymer syringes in Germany. According to latest annual report findings released by FEVE – the European Container Glass Federation, the production volume of glass flacons used in Perfumery, Cosmetics and Pharma industries increased from 12.9 million units to 13.7 million units by 2021.
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- The Increased Competition from Alternative Forms of Packaging is the Most Significant Barrier to the growth of the Glass Packaging Market
Increased competition from alternative forms of packaging, such as aluminum cans and plastic containers is the factor that restrains the growth of the market. The items are lighter in weight than the bulky glass, gaining popularity among manufacturers and customers because of the lower cost involved in their carriage and transportation. Moreover, in recent years, the glass packaging industry has been concentrating on increasing traceability to restrict counterfeit activities in the country. The companies are mentioning using permanent engravings on containers, protecting consumers from harmful practices by spurious product manufacturers.
Shipping glass can become expensive fast. Glass has a density of approximately 2.6 g/cm3. HDPE plastic is approximately 0.9 g/cm3. This means that a piece of glass the same size as a piece of plastic is almost three times heavier. The melting point of plastic is much lower than glass, requiring less energy during production. With new technology developments in plastic molding, manufacturing plastic containers has become even more affordable. Whereas, a much higher amount of energy and extreme heat is required during the production of glass.
- Food and Beverages Application Segment Dominates the Market with the Largest Revenue Share and is Expected to Maintain Dominance during the Forecast Period followed by the pharmaceutical segment
Among the application / end user segments, Food and Beverages remained the dominant segment during the 2017-2021 period contributing the largest market revenue share. Further, the Research Study found that this segment is likely to retain dominance even by 2028. Their dominance is owing to the consumers’ preference for increasing consumer demand for safe and healthier packaging.
Furthermore, glass packaging is also used effectively in the pharmaceutical industry as it allows for easy sterilization and visibility of the product it contains. The pharmaceutical segment is also seen to witness a growing share in the future as after the Covid effect, there is a huge demand for glass material as packaging in the form of vials, ampules, and others from hospitals, clinics, and other pharmaceutical centers.
For Instance, In February 2022, Bormioli Pharma announced a series of collaborations aimed at improving the performance and sustainability of glass used for pharmaceutical applications, including a research program for enhancing the resistance of bottles to chemical contents and reducing the carbon footprint of glass production.
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- Large Presence of Country Niche Players Dominate the Market in terms of Number of Companies
Global Glass Packaging industry is highly fragmented in nature with over 250 participants comprising global players (having presence in 2 or more continents), regional players (having presence in multiple countries within specific region), and Country-Niche Players (presence limited to just 1 country or very niche presence in the value chain). Most of Country-Niche’s players are involved in supplying raw materials for the production of glass.
However, the Research study found that few major players, such as Amcor Plc, Piramal Glass Private Limited, Owens-Illinois Inc., Ardagh Group S.A., and HEINZ-GLAS GmbH & Co. KGaA are forming strategic acquisitions and partnerships for the introduction of new products in the market. In addition, several other players are implementing several strategies to strengthen their position in the glass packaging market, including Research and Development activities, M&A, geographical expansion, and collaborations.
Market Taxonomy
By Glass Type
- Type 1
- Type 2
- Type 3
- Others
By Capacity
- Up to 50 ml
- 51 - 200 ml
- 201 - 500 ml
- 501-1000 ml
- Above 1,000 ml
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By Packaging Type
- Bottles
- Jars
- Flacons
- Tubular Glass Vials
- Others
By Application / End User Segment
- Food & Beverages
- Cosmetics
- Pharmaceuticals
- Household
- Personal Care
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America Middle East and Africa (LAMEA)
For more insights on the market intelligence, refer to below link:-
Global Glass Packaging Market
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