Rolling out new products to stay relevant in the business is building competition among players in the global glass packaging market. Inundated with companies, a Transparency Market Research report finds that about six companies hold nearly 35% share in the global glass packaging market. The prominent names in the global glass packaging market include Gerresheimer AG, Owens-Illinois Inc., Vetropack Holding AG, Ardagh Group, Saint-Gobain S.A., and Vidrala SA.
Players in the global glass packaging market are investing heavily on research and development and at the same time equally on marketing their new products. Further, companies are also vigilant about small players introducing new products, and are keen on acquiring them to create an over competitors.
The global glass packaging market is projected to grow at a stable CAGR of 4.6% during the forecast period, says TMR report. It also predicts that the global glass packaging market will reach an overall value of US$55.4bn by the end of 2020.
Alcohol to Steer Growth in the Coming Years
Alcohol is today a huge area of experimentation, uniqueness, and a highly consumer-centric business. Unlike two decades ago, today people are travelling and with easy access to information through the internet, people are aware about niche products in the alcohol industry. What adds value to the liquor is the packaging. This is where players in the global glass packaging market are expected to benefit.
On the other hand, the rise in consumption of food, introduction of new food products, and growing online delivery services are promoting growth in the global glass packaging market. Glass is also easy to print and provide opportunities for food manufacturers to introduce marketing strategies to attract consumers.
Substitutes to Material Might Challenge Growth
Glass is brittle and is a prone to breakage easily. Hence it requires safety and handling with care. To avoid loss, consumers are preferring usage of substitutes like plastic. The growing consumption of plastic is expected worry players in the global glass packaging market.