Rising Popularity of Fine Dining bolsters the Demand for Glassware Market

The growing demand for fine delicate dining is mainly accomplished by the successful operations of different types of brands of glassware products in the hotels and restaurants. Over 90% of fine dine outlets are present in metros and mini metros that cater to the affluent class limited in size and present mostly in larger cities. Furthermore, the fine dine category is experimenting with personalized menus and chef-customer interactions because the target client is ready to pay a premium for high-quality food, service, and experience and hence fostering the growth of the global glassware market.

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Data Bridge Market Research analyses that the glassware market is expected to grow at a CAGR of 5.3% in the forecast period of 2022 to 2029 and is expected to reach USD 36, 28,900.34 million by 2029. Furthermore, the trend of incorporating fancy and sophisticated glass products in newly formed households has further increased the demand for glassware products, thus contributing to the growth of the overall glassware market.

Growing levels of investment in the hotel and catering is expected to drive the market's growth rate

As per the Livemint, private equity investments in the hotel industry tripled in 2017, with transactions worth about $119 million completed during the year, showing an increased interest in the sector. Thus, the investment has further fostered the demand for glassware products for hotels and restaurants. The number of counts in luxury hotels has been increasing over the years due to the increase in tourism all over the world and thus forcing the demand of the glassware products used in the hotels to go up and hence contributing to the growth of the global glassware market. Moreover, with a consistently growing middle class and increasing disposable income mainly in developing countries, the tourism and hospitality sector is witnessing a healthy growth, fostering the demand for glassware products used in that industry and thereby contributing to the growth of growth the global glassware market.

Report Scope and Market Segmentation

Segment Analysis:

The global glassware market is segmented into five notable segments which are based on the material, style, distribution channel, price range, and end use.

• Based on material, the global glassware market is segmented into soda lime glass, lead glass, heat resistant and others. In 2022, soda lime glass segment is expected to dominate global glassware market, growing at the highest CAGR of 5.6%

The soda lime glass segment is expected to dominate global glassware market

In 2022, the soda lime glass segment is expected to dominate the global glassware market, growing at the highest CAGR of 5.6% as soda lime glass is resistant to chemical attack from aqueous solutions, thus helping to withstand repeated boiling, which increases its demand globally. Moreover, this type of glass provides scratch-resistant surfaces, low melting temperature that helps maintain the softness of any product, has a high coefficient of thermal expansion, and is easily chemically strengthened to provide hard surfaces that increase its demand across the globe.

• Based on style, the global glassware market is segmented into everyday usage, stemware, stemless glass, and others. In 2022, stemless glass segment is expected to dominate the global glassware market, growing at the highest CAGR of 5.6% in the forecast period of 2022 to 2029. The stemless glass dominates the global glassware market as stemless glass is easy to hold and is more durable, increasing its demand globally. Moreover, this type of glass easily maintain the proper temperature of the liquor poured inside the glass.
• Based on distribution channel, the global glassware market is segmented into segmented into b2b, e-commerce, supermarkets/hypermarkets, specialized stores, and others. In 2022, b2b segment is expected to dominate the global glassware market, growing at the highest CAGR of 6.3%

The b2b segment is expected to dominate the global glassware market

In 2022, the b2b segment is expected to dominate the global glassware market, growing at the highest CAGR of 6.3% The b2b channel helps reduce cost while boosting revenue. It allows businesses to acquire, analyze, and measure core data far more easily which increases its demand globally. Moreover, the b2b speed up the process for buyers by enabling fast delivery option, it allows firms to reach out to a wider customer base and attract more buyers, helping in maximizing sales and it also removes paper-based processes and reduces the time and resources required for administration and thus rising its demand within the region.

• Based on price range, the global glassware market is segmented into economy, mid-range and premium. In 2022, mid-range segment is expected to dominate the global glassware market, growing at the highest CAGR of 5.6% as mid-range prices encourage customers to buy and familiarize themselves with the product and it offers the advantage to earn more in certain situations which increases its demand globally. Moreover, it covers both variable and fixed costs of business. The prices are flexible and provide more efficiency, which allows firms to reach out to a wider customer base, increasing their demand in the market.
• Based on end use, the global glassware market is segmented into hotels and restaurants, bars and café, corporate canteens, household, and others. In 2022, the hotels and restaurants segment is expected to dominate the global glassware market, growing at the highest CAGR of 5.7% due to the increase in the construction of hotels in the developing region and rising demand for fine dining. Moreover, these products provide an elegant look to any type of occasion and the occurrence of various meetings of the corporate sector further increases its demand globally.

Major Players

Data Bridge Market Research recognizes the following companies as the major glassware market players in glassware market are Hrastnik1860 (Slovenia), Oneida (U.S.), NoritakeChina (U.S.), Ocean Glass Public Company Limited (Thailand), Lenox Corporation (U.S.), Treo.in (India), Libbey Inc (U.S.), Fiskars Group (Finland), WMF (A Subsidiary of Groupe SEB) (German), Lifetime Brands, Inc (U.S.), Villeroy & Boch (Germany), Bormioli Rocco S.p.A. (Italy), Wonderchef Home Appliances Pvt. Ltd. (India), The Zrike Company, Inc (U.S.), Shandong Hikingpac Co., Ltd. (China), Stölzle Lausitz GmbH (Germany)., Eagle Glass Deco (P.) Ltd. (India), Degrenne (France), Jiangsu Rongtai Glass Products Co., Ltd. (China), Cumbria Crystal (U.K.) and Garbo Glassware (China).

Market Development

• In October 2021, Lenox Corporation acquired Oneida Consumer LLC with its brand of table top products, including flatware, dinnerware, and cutlery. The collaboration was undertaken to market a leading portfolio of brands and innovative goods with unrivaled customer awareness across a wide range of retail channels.
• In February 2021, The Middleby Corporation increased its global footprint by opening a 40,000-square-foot facility in the Dallas area. The expansion represents the company's offerings in the beverage, cooking, automation, and IoT sectors. This facility is known as the Middleby Innovations Kitchen, and it houses over 150 pieces of equipment.
• In October 2020, Libbey Inc. announced the confirmation of a plan of reorganization and expected to complete its court-supervised restructuring and emerge with a stronger balance sheet in the upcoming weeks. The company made this announcement to succeed in the current business operating environment.
• In July 2020, Groupe SEB acquired a majority stake in StoreBound. This acquisition aimed to be the first exit among the most recent cohort of stylish, youth-focused house & cookware brands to emerge from the New York startup scene in the last decade, which includes Chefman and Gourmia, as well as the most recent venture-backed cookware brands Great Jones, Caraway, and Pattern Brands.

Regional Analysis

Geographically, the countries covered in the glassware market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in glassware market during the forecast period

North America dominated the glassware market due to the consumption of luxury and semi luxury products and increasing disposable income. North America will continue to dominate the glassware market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the technological innovation in producing glassware in this region.

Asia-Pacific is estimated to be the fastest-growing region in glassware market

Asia-Pacific is expected to grow during the forecast period due to the increasing development in the countries as well as the surge in number of restaurants and bars in this region. In addition to this, rising growth of the international food chains and increasing per-capita income are expected propel the market's growth rate in this region.

COVID-19 Impact Analysis

The outbreak of COVID-19 largely impacted the glassware market. Glassware demand fell during these days due to a lack of stocks and disrupted distribution channels. The restaurants were closed because the lockdown limited consumers' access to fine dining, discouraging new glassware requirements. Consumers who have a high level of availability and interest in premium glassware products have shifted their focus to essential products to help them get through the lockdown period.

However, with the decline in COVID-19 patients worldwide, the market is projected to grow at a continued pace. The restrictions and measures will likely relax, which will help the market witness a slight increment as the manufacturers focus on various developments and innovations, market trends, and other expansion strategies. Thus, the glassware market will grow at an accelerated pace post COVID-19.

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