Glass Packaging Market Expected to Reach $77.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Glass Packaging Market," The glass packaging market was valued at $45.5 billion in 2020, and is estimated to reach $77.5 billion by 2032, growing at a CAGR of 4.5% from 2023 to 2032.

The development of innovative glass packaging solutions and the expansion of key players in new territories is expected to provide lucrative opportunities for the key players. Moreover, various favorable government guidelines to support the growth of the domestic industry are also expected to provide lucrative opportunities for the glass packaging market growth.  Furthermore, key players in glass packaging have now adopted various strategies to sustain the harsh competition.  Attractive glass packaging plays a vital role in the trade and e-commerce industry. The types of packaging that are generally used for this sector include jars, bottles and others.   

The past century witnessed an incline in the international trade as a result of rapid globalization. For instance, in February 2022, according to United Nations Conference on Trade and Development (UNCTAD), the total value of international trade increased by 25% in 2020 and 13% during 2021 and it reached a record high of $28.5 trillion in 2021. It is important for exporters to keep  few possible problems such as physical damage, humidity, leakage, pilferage, and extreme weight into consideration  when designing and manufacturing shipping packaging for international trade.  

Packaging is essential for providing protection to the contained products from external elements such as bacteria, light, dirt, and others. Furthermore, packaging also enhances the usability and appearance of the products; thereby, increasing the sales. In addition, it provides space for putting labels, and other necessary information regarding the product. Moreover, packaging safeguards its contents from any physical harm that might occur during handling, storage, and transportation.   

Thus, companies offer a wider range of packaging solutions for different kinds of products and needs and significant investment are expected to boost the growth of the glass packaging market substantially in Europe, Middle East, and Africa regions.    

However, various manufacturers of glass packaging had to stop their business in countries such as China, the U.S., and India, during the pandemic lockdown. This break directly had an impact on their sales. In addition, lack of manpower and constricted supply of raw materials for packaging have negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly which is helping in expansion of Glass Packaging Market Size. 

The main materials used by packaging industries are plastic, metal, glass, paper, and paperboard. Products manufactured from these materials include rigid boxes, glass jars, corrugated boxes, container board, industrial boxes & bags, and others. Both industrial and consumer packaging makes substantial use of these materials.    

It is challenging for the manufacturers of packaging solutions to maintain the profit of their business owing to the frequent price changes of these materials. Thus, they continuously update their prices in response to changes in the cost of raw materials to manage this problem. Such instances of fluctuating prices have hindered the market growth.  

Many companies having significant glass packaging market share have focused on sustainability. This involves reducing the weight of glass containers to lessen their environmental impact, investing in eco-friendly production processes, and promoting recycling programs to ensure used glass gets repurposed.  There is a trend toward innovative bottle and jar designs that attract consumers while maintaining functionality. Unique shapes, embossing, and labeling techniques are being used to differentiate products on shelves. Automation and technological advancements in glass production have improved efficiency and reduced production costs. Precision manufacturing techniques are also being employed to create thinner yet stronger glass containers. 

KEY FINDINGS OF THE STUDY  

• The report provides an extensive Glass Packaging Market Analysis along with current and emerging market trends and dynamics.    

• On the basis of Packaging Type, the bottleees segment has dominated the glass packaging market, in terms of revenue in 2020.  

• On the basis of Glass Type, the Clear glass segment has registered highest revenue in 2020.  

• Food and beverage industry is projected to register the highest growth rate in the coming years.   

• The key players within the glass packaging market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand competitive outlook of the glass packaging industry.   

• The report provides an extensive analysis of the current glass packaging market trends and emerging opportunities of the market.    

• In-depth analysis during the Glass Packaging Market Forecast period is conducted by constructing estimations for the key segments between 2020 and 2032.