A CAGR of 5.5% is expected of the global restaurant glassware market, due to the growing demand during the forecast period. It is anticipated to be appraised at US$ 2,280.2 Mn by 2033, up from US$ 1,334.9 Mn in 2023.
The key aspect pushing the sales of restaurant glassware is growing popularity owing to high affordability and that makes them highly adaptable as both home and commercial products. Moreover, they are nicely durable as most of them do not react with acids and other substances. Amidst the growth of industries such as medical tourism, leisure, and business, the ever expanding hospitality sectors in various countries have also spurred product demand. Restaurants in the contemporary world have shifted their preference toward glassware that fit the meal, are aesthetically appealing and also represent the overall brand image and interiors which has evidently raised the demand for restaurant glassware.
Furthermore, changing lifestyles have surged consumers to look for recyclable products to reduce adverse environmental impacts. In the United States, the restaurant industry’s projected sales is about US$ 899 Bn, as stated according to the National Restaurant Association. International brands across emerging economies such as China and India have increased their investments in restaurants. This is expected to support the global restaurant glassware market growth.
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Fine dining restaurants place a lot of importance on different types of glassware for their establishment. This is because critics have long posited that shapes, colour and sizes of glassware affect the overall taste of beverages, and provides a positive experience on indulging eatables. Moreover, feel and texture are further supposed to affect our taste, in many ways.
Restaurants purchase and use lots of different varieties of glassware, as they go through several glassware in a day, which can be overwhelming. This is estimated to increase the sales of restaurant glassware. In 2018, restaurant glassware witnessed a significant demand from pubs and bars, owing to the football World Cup and the royal wedding heatwave. The number of luxury hotels with fine dining restaurants have increased in metropolitan areas of different countries, to accommodate a plethora of tourists as a result of the booming travel tourism industry.
In addition, the demand for restaurant glassware is likely to surge in the forecast period due to transparency of products amongst consumers have increased, which is attributed to stringent government regulations pertaining to the use of lead in glassware. For instance, the government protected the public by setting legal limits on the amount of cadmium or leachable lead in all glazed ceramic or glass food ware products, under the Glazed Ceramics and Glassware Regulations (GCGR). These factors are anticipated to surge product demand, as well as expand the global restaurant glassware market size.
However, due to their fragile nature, restaurant glassware may eventually result in breakage if they experience thermal shock and mechanical shock, both of which can cause stress on the glassware. Hence, the product requires careful maintenance at all times, to avoid damage. Moreover, the increasing price of raw materials is further expected to hamper the market growth.
Key Takeaways:
v India is anticipated to achieve a remarkable CAGR of 9.3% in 2023–33. This is attributed to the presence of several established key manufacturers. Moreover, the booming culinary industry and launching of large numbers of restaurants, cafés, bistros, etc. in the country surges a high demand for restaurant glassware, owing to the influx of orders they receive every day and to augment the aesthetics of the food outlets.
v In 2023, the United States maintained its position as the market leader, with a revenue share that was greater than 19.8%. The pivotal factors that are contributing to the expansion of the market in this region are, the presence of several established key players and manufacturers of restaurant glassware. Additionally, the well-established culinary world and opening up of several restaurants in the country are increasing the sales of restaurant glassware.
v The “drinking” glassware type held the greatest revenue in 2023, accounting for more than 48.9% of total revenue. This is because feel, shape, texture, and sizes of drinking glassware allegedly affect the taste and aroma of beverages. Additionally, standard culture in the culinary world dictates that certain glasses are meant for specific beverages. These factors increase the sales of this particular glassware type.
v As a result of innovative and unique ‘one of a kind’ designs, the “specialized store” distribution channel type accounted for more than 39.2% in 2023. This is because such stores may offer glassware that fits the end user’s requirements, which can be attributed to their years of experience and expertise in the glassware business.
Competitive Landscape:
The restaurant glassware market share is fragmented with prominent competitors and are striving to gain a competitive edge, particularly in developed regions where regulatory compliance is rigorous and public awareness of hygiene of utensils is high. Additionally, key players have been involved in various advanced productions of restaurant glassware. For instance, in January 2021, following their inauguration, President Joe Biden and Vice President Kamala Harris were presented with custom-made engraved crystal vases by Lenox Corp., which has been doing so for nearly three decades.
