Albany, NY, May 11, 2016 (GLOBE NEWSWIRE) -- According to the research study, the worldwide glass tableware market is estimated to rise from a value of US$6.2 bn in 2011 to US$8.8 bn by 2017 at a CAGR of 6.0% between 2011 and 2017. The rapid growth of the hotel and catering industry across the globe has propelled this market significantly.
The rising trend of nuclear families, together with increasing disposable incomes of the middle-class population, is also expected to drive the growth of this market extensively during the forecast period. However, the augmenting prices of raw materials and the difficulty faced in maintaining the desired level of temperature in glassware are likely to hamper the market’s development in the forthcoming years, notes the market study.
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The report investigates the global glass tableware market on the basis of major product types such as flatware, dinnerware, and beverage-ware. The beverage-ware market segment accounts for the topmost market share, followed by dinnerware. The beverage-ware market has been further sub-segmented into stemware, barware, and others. It is expected that more than 50% of the gross growth in the global glass tableware market between 2011 and 2017 will take place in the beverage-ware segment, which makes it the most attractive segment to invest in.
The growth of the global glass tableware market is upheld by numerous social, monetary and demographic factors. The significant contributors are – improving economies of emerging nations leading to elevated purchasing power of the average consumer, the advent of new glass tableware products, advancement in manufacturing and bundling procedures. Consumers now choose to dine out and travel regularly, which is driving the development of the hotel business, and thusly the development of the glass tableware market. Increase in disposable income has enhanced the utilization of glass tableware at home, which is augmenting market growth massively.
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The beverage-ware market in North America and Eastern Europe is expected to see moderate growth due to changing preference for crystal beverage glassware, which looks more elegant and attractive. For the same reason, it is preferred in the hotel industry, which is a potential end customer for the global glass tableware market, especially glassware. However, with the fast economic growth in Eastern markets such as Asia Pacific and Latin America, and the resultant rise in consumerism, the global glass tableware market is expected to see a moderate to high growth across various geographies.
Globally, the glass tableware market growth is supported by many social, economic and demographic factors. The major contributors are – economic development in emerging countries, development of new and novel glass tableware products, improvement in manufacturing and packaging technologies, and growing disposable household income.
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Leading players in the global glass tableware industry includes renowned names such as Arc International, Libbey Inc., Bormioli Rocco group, WMF, and Lenox Corporation. Arc International is the global leader with the highest market share, and is closely followed by Libbey Inc. The Egyptian glass tableware market is dominated by companies such as Egyptian Glass co., and El Nasr Glass & Crystal Co.
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