Global Spirit Glass Packaging Industry Analysis and Forecasts Report 2024: Market to Surpass $50 Billion by 2029 - Rapid Expansion of HoReCa Sector & Premiumization and Customization

News provided by

Feb 22, 2024, 10:30 ET

DUBLIN, Feb. 22, 2024 /PRNewswire/ -- The "Global Spirit Glass Packaging Market: Analysis By Capacity, By Color of Glass, By Application, By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.

The global spirit glass packaging market was valued at US$38.03 billion in 2023 and is expected to reach US$50.94 billion by 2029, growing at a CAGR of approx. 5% during the forecasted period of 2024-2029.

Packaging made especially for holding and transporting spirits, such as beer, vodka, gin, rum, and whiskey, is known as spirit glass packaging. Decanters, jars, and bottles are a few examples of the several spirit glass packaging options. The most popular type of spirit packaging is glass bottles, which are available in a variety of sizes and forms. Specific characteristics, such a screw cap or cork, are included into some bottles to keep the contents fresh and stop leaks.

Looking ahead, the spirit glass packaging market is expected to continue its growth trajectory for several reasons. The major drivers for the spirit glass packaging market include growing shift of the consumers towards premium and super premium packaging products, rising income levels, and an increasing consumption of spirit in developed and developing countries. In addition, the rising product differentiation of spirits through packaging design and innovation as glass bottles represent high-quality brand image is driving the demand for spirit glass packaging.

In 2023, the Asia Pacific region led the spirit glass packaging market, propelled by growing popularity of alcoholic beverages among the vast population of young consumers in countries like India and China along with rising income levels and developing social acceptance of alcohol consumption. Additionally, the manufacturers of spirit glass packaging are constantly working towards reducing the weight of the bottles in order to make it easy to handle, transport, and improve the consumer experience without impacting consumer-brand experience, which is expected to offer new opportunities to the overall market.

During 2024-2029, the US is forecasted to maintain its lead within North America. The US is one of the prominent markets for spirit glass packaging owing to its rapidly flourishing beer industry and its consumption. Further, wine glass packaging manufacturers are innovating their offerings keeping in pace with the latest trends in the region.

Market Segmentation Analysis:

750 ml is the most common size for liquor bottles and is perfect for people who drink occasionally. Further, spirit glass manufacturers offer their products in distinct capacities due to varied customer preferences, thus boosting the demand for 200 ml to 750 ml capacity segment.

The colored glass category held the highest share in the market as there is a higher demand for colored glass packaging for spirits currently, as color can distinguish a glass container and protects its contents from unwanted ultraviolet rays.

The beer segment held the largest share of the market in 2023. Glass packaging keeps beer fresher for a longer period of time. Advantages, like reusability and the ability to keep beer fresh for a longer period of time as compared to other alternative packaging materials, the glass packaging is estimated to grow substantially.

Competitive Landscape:

Prominent players adopting several growth strategies, such as product launches, acquisitions, and collaborations, which are contributing to the growth of the global spirit glass packaging market.

These market players are highly focused on developing innovative products to serve their customers better. For instance, in November 2023, Ardagh Glass Packaging-North America (AGP-North America), an operating business of Ardagh Group, introduced two new Boston Round bottles to its growing portfolio of American-made bottles. The bottles are designed and manufactured in the U.S., by AGP-North America out of high-quality glass that is 100 percent and endlessly recyclable.

The global spirit glass packaging market is highly competitive and is dominated by several key players, operating on a regional and global scale.

Market Dynamics

Growth Drivers

Increasing Consumption of Spirits
Higher Utilization of Glass Packaging For Alcoholic Beverages
Rising Income Levels
Rapid Urbanization
Surge in Consumer Preference for Glass Packaging

Challenges

Rising Availability Of Alternative Forms of Packaging
Stringent Government Regulations Regarding Spirit Packaging
Fragility and Transportation Concerns

Market Trends

Rapid Expansion of HoReCa Sector
Accelerating Online Sales and E-Commerce Channels
Growing Trend of Eco-Friendly & Recyclable Packaging Solutions
Premiumization and Customization
Escalating Emphasis on Sustainability
Advancements in Glass Packaging Technology

Company Profiles

Ardagh Group
Verallia SA
O-I Glass, Inc.
Toyo Seikan Group Holdings, Ltd.
Vidrala, S.A.
Gerresheimer AG
BA Glass B.V.
Amcor PLC
Vetropack Group
Nihon Yamamura Glass Co., Ltd.
HEINZ-GLAS GmbH & Co. KGaA
Stoelzle Glass Group
Wiegand-Glas GmbH

For more information about this report visit https://www.researchandmarkets.com/r/lyuat8

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets