Global glass packaging market to grow at 4% CAGR to 2021
The global retail glass packaging (RGP) market is expected to grow at a CAGR of more than 4% during the forecast period, according to Technavio’s (technavio.com) latest market research.
In 2016, with a market share of over 36%, EMEA (Europe, Middle East and Africa) emerged as the market leader in the global RGP market, followed by APAC (Asia Pacific) with over 34% and the Americas with close to 30%.
Retail glass packaging market in EMEA
EMEA is the largest market for glass packaging and will continue to dominate the market during the forecast period. The market is driven by the high consumption of alcoholic beverages in the region. Most European brewers are focusing on innovative glass packaging so that the product becomes more appealing to consumers. For instance, the limited edition of Carlsberg Nordic was launched across 13 European markets in 2014. This collection includes three premium design bottles decorated to showcase the landscape and industrial design of the Nordic region.
“The launch of low-calorie beers in Europe will create a demand for new beverage packaging products, which will add volume sales in the market. However, the prohibition of alcohol consumption in many countries in the Middle East will restrict the growth of the market in this region,” says Sharan Raj, a lead analyst at Technavio for packaging research.
Retail glass packaging market in APAC
The retail glass packaging market in APAC will show the fastest growth during the forecast period. The major revenue contributors to the market are China and India. Rising disposable income, changing lifestyles, and westernization are some of the factors driving the alcoholic beverage packaging market in APAC. The increasing demand for spirits in this region is one of the major factors for the growth of the alcoholic beverage market.
“APAC led the global whiskey market and accounted for 54% of the whiskey consumed globally in 2015. The growth of the alcoholic beverages market in the region augurs well for the growth of the glass packaging market,” says Raj.
Retail glass packaging market in Americas
The retail glass packaging market in the Americas will grow at a steady rate during the forecast period. One of the major reasons for the growth of the market in this region is the launch of innovative products by vendors in the market. For instance, Rexam, a leading beverage can manufacturer in South America, launched the Germânia 55 beer in fusion bottles in 2014.
Also, the growing number of breweries, wineries and distilleries in the Americas is driving the growth of the market. The production of hard cider in the U.S. tripled during the period 2011-2013. One of the major reasons for the growth of the market in this region is the launch of innovative products by vendors.