How Has the Glassware And Crystalware Market Size Evolved in Recent Years?
The glassware and crystalware market has seen considerable growth due to a variety of factors.
• In recent years, the market size for glassware and crystalware has seen considerable growth. The market is forecasted to expand from $34.27 billion in 2024 to $36.14 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%.
The historical growth of this market can be traced back to several factors including the expansion of the gaming industry, the advent of artificial intelligence (AI) and machine learning (ML), the acceptance of virtual reality (VR), the surge in cryptocurrency mining, and the resurgence of PC gaming.
What Are The Predictions for The Glassware And Crystalware Market in the Coming Years?
The glassware and crystalware market is expected to maintain its strong growth trajectory in upcoming years.
• The market of glassware and crystalware is predicted to exhibit robust growth in the coming years, speculated to expand to $44.26 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.2%.
The escalation in the projected period is due to factors including 8k gaming and high-definition displays, AI-backed graphics enrichment, augmented reality (ar) and mixed reality (mr), energy efficiency and sustainability, as well as edge and cloud gaming. Key trends during this projection period are anticipated to be global initiatives towards digitization, the evolution of ray tracing technology, technological advancements, digital content production, and progress in ray tracing technology.
Which Drivers Are Accelerating Growth In The Glassware And Crystalware Market?
The expansion of the restaurant and hotel sector is anticipated to foster the progress of the glassware and crystalware market. As key components of the hospitality industry, restaurants and hotels offer food, drink, and lodging services to patrons and rely on glassware and crystalware to serve beverages and elevate the dining environment due to their luxuriousness, durability, and ability to enhance the visual appeal of meals and beverages. As an illustration, information from the US Bureau of Labor Statistics in August 2023 highlighted that the number of establishments in the private industry for food services and drinking spaces in the fourth quarter of 2022 rose to 694,267, marking a 4.28% increase from 665,736 in the corresponding period of 2021. Evidently, the surge in the number of restaurants and hotels contributes to the advancement of the glassware and crystalware market.
Glassware And Crystalware Market Driver: Tourism Surge Fuels Need For High-Quality Glassware And Crystalware
What Are The Core Segments Of The Global Glassware And Crystalware Market?
The glassware and crystalware market covered in this report is segmented –
1) By Type: Glassware, Crystalware
2) By Price: Low, Medium, High
3) By Application: Tableware, Drinking Vessels, Ornamental And Decorative, Other Applications
Subsegments:
1) By Glassware: Glass Cups And Mugs, Glass Bowls, Glass Plates, Glass Jars And Containers, Glass Bottles
2) By Crystalware: Crystal Glasses, Crystal Vases, Crystal Bowls, Crystal Decanters, Crystal Figurines
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What Trends Are Shaping The Glassware And Crystalware Market?
Leading businesses in the glassware and crystalware market are concentrating their efforts on creating inventive glass designs, such as the Nordic autumn rain motif, in order to grow their table-setting segment and enhance their market profits. The Nordic autumn rain design, inspired by the phenomena of rainfall, exudes a serene and melancholic ambiance. For example, Marimekko, a lifestyle design company from Finland, unveiled the Syksy glassware collection in August 2023, comprising mouth-blown tumblers, goblets, and carafes. The design showcases a Nordic autumn rain pattern, interpreted in a sketched, relief style, providing a tranquil and gloomy element to the practical glassware. The items, which are stackable and can be combined with other Marimekko tableware, represent a refined extension to the brand's table-setting range.
Who Are the Key Players In The Glassware And Crystalware Market?
Major companies operating in the glassware and crystalware market report are:
• Groupe SEB
• Schott Zwiesel AG
• Fiskars Group
• WMF Group
• Villeroy & Boch AG
• Noritake Co Ltd.
• Libbey Inc.
• Lifetime Brands Inc.
• The Oneida Group Inc.
• Lenox Corporation
• The Denby Pottery Company Ltd.
• FUSO Glass India Pvt Ltd.
• Anchor Hocking Company
• Baccarat SA
• Riedel Crystal
• Guy Degrenne SA
• WWRD Holdings
• Duralex International
• Ocean Glass Public Company Limited
• The Zrike Company Inc
What Are The Regional Insights Into The Glassware And Crystalware Market?
North America was the largest region in the glassware and crystalware market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the glassware and crystalware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
