Sustainability Trend Drives Glass Packaging Market in Europe
Germany was the leading region for the glass packaging market in Europe in 2017, accounting for a market share of nearly 17%.
The European glass packaging market is projected to grow at a CAGR of over 2% from 2018-2022, according to a report from Technavio. The compatibility of glass as a packaging material is a major factor driving the market’s growth, along with concerns about the use of environmentally friendly packaging. Glass is nonporous and impermeable, which makes it ideal for packaging. It does not affect the flavor or the taste of the product, as it is chemically inert. It has Generally Recognized as Safe (GRAS) ratings, which is the highest in terms of rating a packaging material for safety.
During the forecast period, sustainable packaging is expected to have a major impact on the purchasing decision of the customer. This can be attributed to the growing consensus among consumers that packaging materials lead to more wastage. Nearly one-third of consumers consider that some products are often over-packaged. Thus, the material with the least environmental footprint will have high demand. This will impact the food and beverages packaging industries, as they are the fastest-growing segments of glass packaging in Europe.
“Glass stands at third position after paper and metal, in terms of recyclable packaging materials,” said a senior analyst at Technavio for research on packaging. “Presently, nearly 70% of glass containers produced in Europe comes from recycled glass. Companies that have adopted sustainable policies in their manufacturing activities have reported a margin of up to 3%-5% higher than their traditional manufacturing counterparts. Thus, by increasing the proportion of recycled raw glass in raw material, glass container manufacturers have a scope to increase their margins. They can combine with glass recycling companies to develop efficient glass collecting practices to bring back 30% of waste glass into the cycle.”
The beverages industry segment held the largest market share in 2017, accounting for nearly 63% of the market; the segment’s market share is expected to decrease nearly 3% by 2022. The fastest-growing end user is the food industry, which will account for nearly 18% of the total market share by 2022.
Germany was the leading region for the glass packaging market in Europe in 2017, accounting for a market share of nearly 17%. Germany is expected to continue dominating the market through 2022.
Additional details are available at www.technavio.com.