According to Data Bridge Market Research new Market report, global glass tableware market will account to an estimated USD 10.8 billion in 2017 growing at a CAGR of 2.8% during the forecast period of 2018 to 2025.
Global Glass Tableware Market
Glass tableware can be defined as the cutlery and kitchen utensils that are produced from glass. These items are in trend in the modern times due to their aesthetic appeal and various designs associated with it. They are a sign of luxury, and are driven due to the change in lifestyle and rising levels of disposable income of the population. They are higher priced than their counterparts such as metal based tableware, and are majorly adopted in hotels and restaurants.
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Global glass tableware market is segmented on the basis of product type and geography.
By Product Type (Beverageware, Tableware, Baby Bottles, Others) and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa).
FACTORS DRIVING GROWTH IN GLASS TABLEWARE MARKET
Growth of hospitality industry:
According to National Informatics Center Department of Electronics and Information Technology of Government of India, by January 2019 there are 1060 classified approved star category of hotels in India, and 58 classified heritage hotels all over India. According to their data in the period of January 2016-December 2016, there were 149 approved, and classified hotels in India, this number rose to 273 hotels that were approved during the period of January 2017 to December 2017. And again in January 2018 to December 2018, 363 more hotels were approved and classified. This rise of approved hotels is expected to positively impact the market for glass tableware, as these hotels majorly require the usage of glass tableware for their operations.
Few of the major competitors currently working in the glass tableware market are Libbey Inc., Arc International, Oneida, Şişecam Group, Bormioli Rocco S.r.l., WMF Group, Lenox Corporation, Corelle Brands LLC, LaOpala RG Limitied, Borosil, Kavalierglass of North America Inc., Termisil SA Glassworks, Anhui Deli daily Glass Co. Ltd., Zhejiang Chengtai Industrial Co. Ltd., Ocean Glass Public Company Limited, ABERT SPA, China Yong Feng Yuan Co. LTD., Belleek & Export Technologies, Inter IKEA Systems B.V., and Lifetime Brands Inc.
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Global Glass Tableware Market- Industry Trends and Forecast to 2025