According to the latest research report by Global Market Insights Inc., the glass packaging market valuation is set to cross USD 88 billion by 2032. Rising inclination towards reusable packaging products and growing consumer awareness regarding the environmental effects of plastic would increase the demand for glass packaging solutions.
Growing demand for beverages to drive glass packaging market
Growing demand for alcoholic and non-alcoholic beverages worldwide escalates the need for glass packaging solutions. Glass, being 100% recyclable, is used as a reliable alternative to plastic packaging materials. It ensures efficient food preservation and safety and is considered the only broadly-used food packaging component enough to bag FDA’s Generally Recognized As Safe (GRAS) designation.
Certain key features of glass, like its ability to have almost zero rates of chemical interactions, that helps it preserve the aroma, flavor, and quality of a product, as well as its impermeable and nonporous characteristics, could play a significant role in encouraging its adoption in the food and beverage sector.
Increasing concerns regarding environmental degradation have driven the demand for recyclable glasses. Concerns regarding rising carbon emissions and pollution across countries worldwide have led to the imposition of strict regulations that focus on minimizing the use of plastics. In San Francisco alone, single-use plastic bottles have been banned at airport premises.
Proliferating demand for glass in the alcohol industry
For a long, glass has been an ideal packing alternative in the alcohol industry. It helps preserve essential characteristics like color, smell, and flavor and can store alcohol for a prolonged duration. In recent years, there has been a significant rise in the consumption of alcoholic drinks across countries like Europe and the U.S.
Essentially across Europe, alcohol intake is slated to be around 15 liters per person each year across Lithuania, the Czech Republic, and Moldova. Meanwhile, in 2018, nearly 49% of adults in England were reported to have consumed alcohol at least once a week. Rising disposable income and increasing demand for beer have facilitated the production and use of glass packaging in Europe.
Strong demand from the cosmetic industry
The premium feels and aesthetic features of glass have made it a preferred packaging alternative in the cosmetics industry. Customers nowadays get more attracted to compensation-looking personal care products.
Speculating this, manufacturers mostly use glass packaging to display products like nail cosmetics, lotions & creams, and perfumes. The advent of ecommerce websites has aided the sales of cosmetics products online. With an increasing focus on product aesthetics, glass packaging is expected to become mainstream in the cosmetics industry.
Growing inclination towards plastics
The increasing popularity of plastic packaging can be one of the eminent factors challenging the growth of the glass packaging industry. Over the last decade, technological innovation in plastics has played a massive role in propelling its consumption. Benefits like cost-effectiveness, easy transportation, better aesthetic features, and durability have made plastic an alternative to glass packaging.
Surging requirements for durable and lightweight packaging, affordable to small product manufacturers, have facilitated the demand for plastic packaging. Comparing production, a 2017 EPA report claims that overall production of glass containers accounted for 8.9 million tons. In contrast, roughly 14.5 million tons of plastic containers and packaging were generated in the same year.
Trends like this could impact the growth prospects of the glass packaging industry. However, restrictions on plastic use by nations worldwide could pave the way for new opportunities for manufacturers in this industry. Consol Specialty Glass (Pty) Limited, Bormioli Rocco SpA, Hindusthan National Glass & Industries Ltd, Gerresheimer AG, Koa Glass Co. Ltd, Heinz-Glas GmbH, Owens-Illinois Inc, Nihon Yamamura Glass Co Ltd., and Piramal Glass Limited are the leading players in the glass packaging sector.
Growing product demand has impelled these firms to expand their production units worldwide. Taking 2019, for instance, Piramal Glass announced plans to invest €15 million in its Kosamba plant and build three new production lines, increasing its furnace capacity to 140 tons per day.
Source: Global Market Insights