LONDON--(BUSINESS WIRE)--Technavio analysts expect the global glass packaging market for food and beverages to exceed USD 56 billion by 2019, growing at a CAGR of over 2%, according to their latest report.
“The global glass packaging market for food and beverages is expected to grow at a slow pace during the forecast period. However, a rise in the consumption of beer worldwide and growing demand from APAC are factors which are expected to boost the volume sales of glass packaging products during the forecast period,” says Sharan Raj, lead research analyst at Technavio for the packaging industry.
Technavio’s lead transportation and logistics research analysts have identified the following three factors that will drive the global glass packaging market for food and beverages:
- Rise in beer consumption
- Increased demand from APAC
- Technological advances
Rise in beer consumption
Beer is one of the major commodities that require glass packaging because it is sensitive to UV light. The rate of beer consumption is high in the growing economies of APAC and Eastern Europe.
In addition, the availability of a wide range of beer options in the hence far, untapped markets of emerging economies and an increase in the purchasing power of consumers has led to a rise in the consumption of beer which augurs well for the glass packaging market.
Increased demand from APAC
APAC witnessed an increase in the volume sales of glass packaging materials in the packaging of food and beverage products. Rapid urbanization and an increase in the number of organized retail sectors in Southeast Asia are boosting the sales of packaged food and beverages.
APAC is expected to witness the highest growth when compared to other regions owing to increased demand from China and India. Massive consumer base in these countries leads to a high consumption of food and beverage products. China will account for the major share in the APAC during the forecast period.
In addition, the rapid development of organized retail outlets in APAC is expected to further increase the demand for food and beverage products, which in turn, increases the volume sales of glass packaging materials.
Vendors are investing heavily in R&D to develop new packaging materials. Modern microprocessor-based controllers and intelligent control systems are used to make hi-tech glass, which is resistant to extreme conditions of temperature and pressure.
Marketing departments provide feedback from major B2B customers, leading to the creation of visually appealing, break resistant, quality packaging materials. For instance, major companies such as Amcor and Ardagh are using new injection molding, blow molding, and extrusion molding processes to offer different kinds of glass packaging products.
In addition, manufacturers are investing in R&D to develop lightweight glass packaging as glass is heavy and cumbersome to transport. Frozen polymers are blasted with lasers, and the liquid is cooled rapidly to produce lightweight glass. This type of glass enhances end-user usability and reduces wastage. Lightweight glass packaging is both recyclable and cost-effective.
Browse Related Reports:
- Glass Packaging Market in North America: Trends and Forecast 2015-2019
- Global Cosmetic and Perfume Glass Bottle Market 2015-2019
- Global Wine Packaging Market 2015-2019
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