Glass tableware comprises of products which are used for serving food for dining, and other purposes as well. They also form a part of table setting. The global glass tableware market has passed through a number of qualitative and quantitative changes in the past few years. More than 400 manufacturers are involved in the production of Glass Tableware Products at the global level. However, quite a few of them have merged into one or split into two during the course of time. The sales of glass tableware products have escalated in the past few years with Asia Pacific being the dominant market for the same in 2015.Request For Free Sample Report @ [URL]https://www.mrrse.com/sample/1101[/URL]
Previously, the purchase of glass tableware products was restricted to the upper class population and a part of the upper middle class population, since they were considered as premium products. However, in recent times, these products have gained access to consumers across all income groups, which are primarily fuelled due to the increasing disposable income of the consumers. This factor is expected to lead the glass tableware market during the forecast period.
Global Glass Tableware Market: Snapshot
Glass tableware has become an important part of commercial as well as household kitchens over the past few years. The emergence of middle class has been pivotal to the soaring revenue of the global market. Their improving purchasing power and rising standard of living has played a crucial role in defining the demand in the global class tableware market. According to the research report by Transparency Market Research, the overall market was worth US$8.8 bn in 2015 and is anticipated to reach US$14.2 bn by the end of 2024. Between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 6.1%.
Global Glass Tableware Market: Drivers and Restraints
Increasing investment by the international hotel brands in the developing countries is one of the major factors responsible for the growth of the glass tableware market at present. Rising disposable income of the consumers which has resulted in increasing expenditure on travel and tourism, which in turn has resulted in the growth of the hotels industry. The impact of this is expected to be high in the long run.
However, increasing raw material prices are expected to hinder the growth of the glass tableware market. The glass tableware industry pay high tariffs on gas compared to the other industries. High cost of soda ash, which contributes more than 30% of the overall cost production of glass products, which is the key factor hindering the growth of the market at present and the impact of this restraint is likely to remain high throughout the forecast period.
Global Glass Tableware Market: Segmentation
The global glass tableware market has been bifurcated on the basis or product types into beverageware, tableware, baby bottles and others. In terms of revenue, tableware held the major market share. Increasing repeat purchases for tableware products is the key factor for the high market share of this segment. Beverageware held the second largest market share in 2015 and is expected to retain its position throughout the forecast period.
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