The global glass packaging market size is projected to reach USD 81 billion by the end of 2027. The rising demand for glass material across the world will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights the market was worth USD 60.32 billion in 2019 and will exhibit a CAGR of 3.95% during the forecast period, 2019-2027.
Increasing Efforts to Maximize Glass Packaging Use Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the growing efforts put in to maximize the use of glass by major companies as well as governing bodies across the world will have a huge impact on the growth of the market. This will also influence the companies operating in the market towards making large investments in the development of efficient products. The rising consumption of alcoholic beverages and the use of glass packaging material in the beverages industry in India will contribute to market growth. Furthermore, strict government regulations regarding the use of plastic and plastic bans in several countries will emerge in favor of the growth of the market in this region.