Western markets are reaching the point of saturation in the global glass tableware market. Consumers are either shifting to the more rugged plastic tableware, or are simply finding lesser use for outdated designs and materials in the global glass tableware market. This is being mitigated, however, as players are working towards incorporating designer products and multipurpose glass tableware.
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Against this backdrop, the global and Egypt glass tableware market is expected to expand at a healthy CAGR between 2011 and 2017, powered mostly by an increase in demand from the developing economies of the Asia Pacific region and the MEA region, along with a steady consumer base in Europe. The market was valued at US$6.2 bn in 2011. The key players benefitting from the growth rate of the global glass tableware market are Bormioli Rocco group, Arc International, Libbey Inc., Lenox Corporation, and WMF. Of these, Arc International holds the highest share of the market, closely followed by Libbey, Inc. The Egypt glass tableware market is led by the players El Nasr Glass and Crystal Co. and Egyptian Glass Co.
Hospitality Industry Consumes a High Amount of Glass Tableware
With slowly improving economies, especially in the developing nations, a greater number of individuals are now left with higher disposable incomes. At the same time, the professional growth of companies is creating a greater scope of travel for employees. Both factors have cumulatively added to a higher demand on hotels and restaurants. They are consequently demanding a larger quantity of glass tableware to supplement this increase in consumer base, further improving the scope of growth of the global and Egypt glass tableware market.
The global and Egypt glass tableware market itself is currently supported by multiple layers of positive reinforcements. This includes demographic, economic, and social factors, such as improving income rates in emerging countries, improvement in quality and rate of manufacture of glass tableware, and the adoption of innovative designs and materials.
Glass Beverage-ware Could Show a Slower Growth Rate
The fastest growing regions in the global and Egypt glass tableware market are Asia Pacific and Latin America, although the largest share in this market for 2011 was held by EMEA. We could see Asia Pacific lead the global and Egypt glass tableware market by the end of 2017, owing to the rapid rate of industrialization and economic growth and a burgeoning tourism industry.
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As for beverage-ware, the global and Egypt glass tableware market is dominated by Eastern Europe and North America, which however is projected to experience only a moderate growth rate in the near future. Designer crystal glass tableware is being preferred due to its aesthetic appeal, increasing the potential customer base for the global and Egypt glass tableware market. The future of the beverage-ware market, however, will be largely based on the consumption rates of Asia Pacific and the MEA. This could pose a problem for the global and Egypt glass tableware market. Alcohol being the most common beverage that consumers use glass tableware for, the restrictions on consumption of alcohol in several regions will hamper the growth of this market.
Changes in regional preferences for tableware spell a major shift in regions for the global and Egypt glass tableware market. Developing economies are now a focus for many players, as these regions are showing a greater promise of higher demand.