The Europe Glassware Market size is expected to reach USD 4.01 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.8% from 2021 to 2028. The market is expected to witness prominent growth in the future owing to the economic growth in emerging countries and the development of attractive glassware products.
Furthermore, the increasing urbanization is one of the
prominent factors leading to a change in the purchasing behavior of consumers.
The growing population due to the migration of individuals from different
countries has increased the number of glassware purchases as per the
individual’s preference, in turn, propelling the product demand. A majority of
the population in each EU-27 Member State lived in owner-occupied dwellings in
2018, this share ranging from 51.4% in Germany to 96.4% in Romania; the EU-27
average was 70.0%. The trend of living in rental houses has resulted in
individuals often changing their houses, thus triggering the product demand as
individuals prefer new glassware in their new house.
A rise in alcohol consumption is also acting as a
major driver for the market from both the residential and commercial sectors.
According to a 2019 report by the WHO, on average, adults (aged 15 years and
over) in the European Union countries drink the equivalent of more than 2
bottles of wine per week. When lifetime abstainers and former drinkers are
removed, it reveals that adults drink more than 3 bottles of wine a week.
Across the population, 30.4% of people report having consumed more than 60g of
pure alcohol on a single occasion in the last 30 days - this is equivalent
to more than 5 drinks on 1 occasion.
The growing trend of nuclear families is creating more
opportunities and growth prospects for the market. In addition, the frequency
of formal dining occasions at home is increasing, thereby creating more demand
for luxury and premium glassware among consumers. However, the use of plastic
ware in various small restaurants due to their low cost and less maintenance is
projected to restrain the market growth in the commercial sector. However,
increasing awareness about the health benefits of using glassware for drinking
can negate the effect of the restraining factors.
The growth of the commercial sector, particularly
restaurants and cafes, in the region is creating a high demand for glassware.
As per the Specialty Coffee Association (SCA), in 2017, there were 301,593
cafes and 13,344 coffee-focused shops in Western Europe. The uptick in the
number of café outlets is increasing the need for glassware products, which is
likely to boost the growth prospects for the market over the forecast period.
In Europe, the U.K. is foreseen to remain at the forefront and is projected to
expand at a notable CAGR over the forecast period.
Related Press Release@ Europe Glassware Market Report
Europe Glassware Market Report
Highlights
- By product, the wine glass segment is projected to be the
fastest-growing segment over the forecast period
- Based on distribution channel, the specialty stores segment
dominated the market with a share of over 37.0% in 2020
- In terms of branding, the branded glassware segment is expected to
expand at the fastest CAGR of 9.2% from 2021 to 2028
- In Europe, the U.K. held the largest share of almost 16.0% in 2020
and is foreseen to remain at the forefront in the forthcoming years
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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