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Description
Glass Packaging Market was valued at USD 56.72 billion in 2021 and is anticipated to grow at USD 73.38 billion till 2028 recording a CAGR of 4.48% during the forecast period 2022-2028. Glass packaging adds to the product’s aesthetic appeal. The product differentiation in wine and spirit brands demonstrates this. To appeal to design-conscious consumers, glass bottles can be made with thin or thick bases and embossed labels. Additionally, their aesthetics effectively communicate the brand and product storey to customers. Glass packaging solutions are projected to become more popular in the future as a result of these characteristics. Glass is a non-crystalline substance made from natural ingredients such as silica, limestone, and alumina. Glass is the most widely used packaging material in a variety of industries, including pharmaceuticals, food, alcoholic beverages, medical, and personal care products. Furthermore, because glass is impermeable and non-porous, no interaction occurs between the glass and the product contained within it. The glass packaging market is divided by application and geography in the report. Rising demand for alcoholic beverages along with rapid increase in the beer industry, growing consumption of glass packaging in pharmaceuticals along with food & beverages sector, increasing consumer health awareness and growing technological innovation in terms of packaging are some key factors influencing the market growth. However, factors such as growing usage of substitute products and rising operational costs are hindering the market growth. Global glass packaging market is surging owing to frequent acquisitions and launchings by the market players. For Instance, In April 2019: Owens Illinois acquired Nueva Fanal, which is located near Mexico City, and is a container glass manufacturing facility from Grupo Modelo.
