The global drinkware market is expected to witness a CAGR of 3.49% during the forecast period. Certain factors that are driving the market growth include the introduction of drinkware products in various designs and styles, growing number of pubs, bars, hotels, and home bars, and access to online distribution channels and growing online sales of drinkware products.
A few of the key findings from the global drinkware market analysis report are summarized below
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The growth in the number of pubs, bars, hotels, and home bars is triggered by various factors such as demographics, increasing work population, changing lifestyles, and urbanization. According to the World Bank Group, more than 65% of the global population will live in urban areas by 2050. The growth in urban population and a substantially large percentage of white-collared professionals have supported the launch of pubs, bars, liquor-serving café, and lounges. This is having a direct impact on the purchase of drinkware products in the commercial sector. Also, the increase in the number of house parties is driving the demand for drinkware products among residential customers. Hence, the above-mentioned factors are expected to boost the growth of the market during the forecast period.
Global Drinkware Market Overview
Vendors of the global drinkware market have been manufacturing glassware with luxurious designs such as gold-plated champagne flute glasses. The affluent levels across the world are increasing, which is changing consumer behavior. The emerging consumers for premium products are accelerating the sales of glasses with features such as temperature-sensing and instant cooling abilities. The trend of introducing luxurious drinkware products with innovative functionalities will drive the growth of the market during the forecast period.
The online sales of drinkware have significantly grown over the last couple of years. A few vendors have their retail distribution platforms, and the others have partnered with e-commerce players. The online sales platforms are increasing the visibility of vendors. Moreover, the availability of an extensive product portfolio on online platforms is bolstering the growth of the online distribution channel. Therefore, easy access to online distribution channels and growing online sales of drinkware products will drive the growth of the global drinkware market during 2019-2023.
Top Companies Covered in the Drinkware Market Research Report
The global drinkware market is fragmented. The report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies, which will help clients in improving their market positions. It also provides a detailed analysis of the upcoming drinkware market trends and challenges that will influence market growth. The research will help companies in creating effective strategies to leverage future market growth opportunities.
The report offers a detailed analysis of many leading drinkware companies, including:
- Fiskars Corp.
- Lenox Corp.
- Libbey Inc.
- Şişecam Group
- The Oneida Group Inc.
Drinkware Market Segmentation Based on End-users
- Commercial
- Residential
The commercial end-user segment held the highest share of the drinkware market size in 2018. The number of beverage bars, pubs and nightclubs, restaurants and catering service providers, and hotels and resorts, which are significant end-users of drinkware, is increasing across the world. This will contribute to the substantial growth in the global drinkware market in the commercial end-user segment during the forecast period.
Drinkware Market Segmentation Based on Geographic Region
- APAC
- Europe
- MEA
- North America
- South America
APAC was the highest revenue contributor to the global drinkware market in 2018. It will continue to remain the highest market shareholder, based on geography, throughout the forecast period. The high sales volume of drinkware in APAC is attributed to the rising prevalence of pub culture and the increasing number of cafés and restaurants in the region. Furthermore, footfalls in cafes, restaurants, and pubs are rising because of the rising disposable income in the region.
Key Highlights of the Global Drinkware Market Forecast Report for the Forecast Period 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the drinkware market during the next five years
- Precise estimation of the global drinkware market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the drinkware industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of drinkware companies
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