May 18, 2024

Glass Tableware Market is Estimated to Witness High Growth Owing to Growing Demand for Luxury Dining Experience

Glass tableware offers many advantages over ceramic and metal tableware such as it is non-porous, durable, transparent, safe for use in microwave ovens and dishwashers. It provides a premium look and feel to food served on it. The major applications of glass tableware include commercial serveware for restaurants, cafes and catering services as well as household dining accessories.

The global glass tableware market is estimated to be valued at US$ 13.55 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Glass Tableware Market Size are Brooks Automation Inc., Entegris Inc., Tokyo Electron Limited, Lam Research Corporation, ASML Holding N.V., Applied Materials Inc., Hitachi High-Tech Corporation, AMAT Applied Materials AG, KLA Corporation, Mattson Technology Inc., Tokyo Seimitsu Co. Ltd., Advantest Corporation, Ultratech, MKS Instruments Inc., Novellus Systems. Glass tableware manufacturers are focused on introducing new product designs with premium craftsmanship and functionalities to cater to the growing demand for glass tableware in fine dining. The rising disposable incomes and changing lifestyles leading to the growing popularity of home dining and house parties is expected to drive the demand for glass tableware globally. Furthermore, glass tableware providers are expanding their manufacturing facilities and distribution networks across major markets to benefit from the opportunities arising from the high usage of glass tableware in commercial food service establishments.

Market drivers: The major market driver for the glass tableware market is the growing demand for luxury dining experience. Customers are increasingly preferring glass tableware over other materials for special occasions, party hosting and fine dining experiences due to its high-end and premium aesthetics. Furthermore, the rising number of cafes, restaurants and bars globally is propelling the demand for commercial grade glass tableware from the food service industry.

PEST Analysis
Political: The glass tableware market is influenced by government regulations and policies regarding materials, packaging and waste management. Changes in import-export tariffs and global trade regulations impact the market dynamics.

Economic: The growth of the food service industry, tourism industry and changing consumer lifestyle and preference for aesthetically appealing tableware drive the demand for glass tableware. Economic downturns negatively impact consumer spending affecting market revenues.

Social: Changing demographics, urbanization and rising disposable incomes fuel the demand for elegant glass tableware for home and commercial use. Growing popularity of glass tableware for special occasions and social gatherings boost the market growth.

Technological: Advancements in glass molding, coating and decoration techniques allow manufacturers to develop innovative designs, shapes and customize glass tableware as per consumer tastes. Automation in manufacturing improves production efficiency.

Geographical regions where market in terms of value is concentrated

North America and Europe account for majority of the market value share currently due to high consumer spending on premium tableware products. Established food service industry, fine dining culture and appreciation for glass tableware further support market growth in these regions.

Fastest growing region

The Asia Pacific region is projected to be the fastest growing market for glass tableware during the forecast period. Rising affluence, growth of hospitality industry infrastructure and shifting consumer preference towards branded glassware from plastic and metal tableware are driving the market growth in Asia Pacific countries like China, India and Southeast Asian nations. Increasing social occasions and promotional activities by manufacturers to impart western dining styles are fueling market demand.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it