Due to the current COVID-19 pandemic, most industries are facing heavy losses. The world economy is fluctuating with most businesses at a temporary halt. The lockdown period imposed by various governments to prevent coronavirus is still a temporary measure, impacting most of the industries. The healthcare sector is also not able to suffice to the needs of the increasing number of corona positive cases.
The Europe glass packaging marketis likely to rise prominently in the coming years on account of the increasing use of glass bottles for packaging food and beverage products. Glass packaging is considered safe for consumers and has been used for food and beverage products for a long time. The research states that the value of this market was USD 19.24 billion in 2019 and will rise at a CAGR of 4.38% to reach USD 22.01 billion by the end of 2027.
Growing Popularity of Bottled Beverages to Add Impetus to Market
The ncreasing demand for glass packaging from the food and beverage sector is a key factor boosting the Europe glass packaging market growth. Most of the alcoholic and non-alcoholic beverages such as milk, beer, sauces, juices, and others are packed in glass containers and bottles as glass helps to maintain the authenticity of the product stored in it without disrupting the taste or smell. Additionally, the increasing awareness about health and fitness and the rising inclination of people towards healthy food and drinks are expected to aid in the expansion of the market in the coming years.
On the contrary, the presence of substitutes such as plastic, paper and board, and metal packaging may hamper the market growth in the coming years. The increasing popularity of metal cans is likely to cause major hindrance to the market. Nevertheless, the rising awareness about environment-friendly products is propelling the use of sustainable and eco-friendly packaging, thereby creating lucrative growth opportunities for the market in the near future.
Beverages Segment to Cover Largest Share in the Coming Years
With respect to segmentation by end-use industries, the beverage segment earned 73.18% Europe glass packaging market share in 2019 and emerged dominant. The beer industry holds the major share, contributing to maximum shares in the beverage sector. Food industry, on the other hand, holds the second largest share.
West European Nations hold Highest Share Owing to Increasing Inclination towards Environment-friendly Products
Nation wise, the western nations such as the United Kingdom, France, Germany, and Italy are holding more than 55% shareand held the largest market sharein 2019. They arefurther expected to continue doing so in the coming years owing to the rising inclination towards environment-friendly packaging products.
Vendors are Engaging in Joint Ventures to Gain Competitive Edge
The competitive landscape of the market for Europe glass packaging is bestowed by many players. Most of them are engaging in joint ventures and other collaborative agreements to hold significant position in the market competition. The others are investing in strengthening their portfolio by expanding to other nations such as Portugal and Spain.
Some Industry Developments of the Market include:
October 2019 – Renovation of clear-glass furnace was successfully completed by Gerresheimer AG. Itinstalled a new and improved technology in the factory will help to reduce the energy needs and multiply the overall glass production capacity for itsconsumers in the healthcare and pharmaceutical industry.
Name- Raginee Sarkar
Raginee currently works as a content writer at Fortune Business Insights™. She comes with extensive experience in writing advertising and marketing content, blogging, film scripting, and news reporting. She strongly believes in quality content and thus prefers to write in a simple, elegant, yet impactful way.