Global Glass Tableware Market is Expected to Reach USD 8,828.5 Million in 2017: Transparency Market Research
Albany Newyork (PRWEB) November 12, 2012
The global glass tableware market, with fast growth exhibited by emerging markets and the beverage-ware and dinnerware segment, is expected to reach market size of USD 8,828.5 million in 2017. The market is estimated to register a growth of approximately 40% during 2011 – 2017. Beverage-ware accounts for approximately half of the global glass tableware market share.
Some of the factors driving the market growth include growing tourism sector, especially the hotel and catering industry, developing retail industry, growth in the numbers of higher middle class people, and gradual organization of the market. The market is largely influenced by growing consumerism and trends such as growing preference for designer tableware, changing consumer buying behavior, and other demographic and social trends. The increase in demand from emerging markets and the growing hospitality industry are among other factors which are significant contributors to the global glass tableware market growth.
Among all regions, EMEA holds the largest market share, especially due to excessive demand in the European markets, across both Western and Eastern Europe regions. The Latin America market is forecasted to register the highest percentage growth for the period 2011 – 2017. It is closely followed by Asia Pacific, which is forecasted to register a marginally less percentage growth during the same period. Though North America and the EMEA region are forecasted to grow in the near future, they are estimated to lose their market share due to slow growth rate as compared to the other regions.
The key players in this segment include names such as: Arc International, Libbey Incorporation, Bormioli Rocco group, Sisecam (Pasabache), Anchor Hocking Company, WMF and Lenox Corporation. Among all, Arc International holds the largest market share, followed by Libbey Inc. Arc International gets most of its revenue from the European market due to its wide spread presence and effective distribution network. Libbey Inc. is the largest manufacturer in the western hemisphere and the second largest manufacturer globally.
Egypt is estimated to account for less than 1% of the global glass tableware market and is expected to maintain its share till 2017. Some of the key players exhibiting high growth in the Egyptian market are Pearl Glass Co., City Glass and Pyramid Glass.