Rising beer consumption to propel glass packaging market to $55.24 Billion by 2020
According to a market study recently published by Transparency Market Research (transparencymarketresearch.com/plastic-packaging), the global market for glass packaging stood at $40.32 billion in 2013. Analysts project the market to rise moderately at a CAGR of 4.60% during the period from 2014 to 2020 and reach a market value of $55.24 billion by the end of the forecast period.
The report, titled “Glass Packaging Market for Food & Beverages, Pharmaceuticals, Beer and Other Alcoholic Beverages - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, further states that the demand for glass packaging amounted to 54,246.8 kilo tons across the globe in 2013.
According to the report, the rising consumption of beer around the world has strengthened the demand for glass bottles from the food and beverages industry, resulting in exceptional growth of the global glass packaging market. Additionally, the increasing usage of glass in the pharmaceutical industry for packaging is expected to stimulate the glass packaging market during the forecast period.
On the other hand, the augmenting popularity of plastic as a packaging item is anticipated to hamper the market’s growth in the near future, cites the report.
The global glass packaging market is analyzed on the basis of application and regional distribution. The market for alcoholic beverages excluding beer held more than 40% of the global market based on application, acquiring the leading position in 2013. The market segment is anticipated to retain its leadership and post the fastest growth during the forecast period.
sia Pacific emerged as the leading regional market for glass packaging and occupied over 35% of the overall market in 2013. It is projected to remain the dominant regional market during the forecast period, notes the study.