The global drinkware market is projected to witness a period of steady growth by 2027 driven by a rising global shift towards the use of more sustainable materials. Over the past couple of years, the anti-plastic sentiment has picked up immense steam. Numerous countries like the UK are gradually restricting use of different grades of plastic.
This is likely to present a remunerative business opportunity for the global glassware industry, where private consumers and commercial consumers, such as the food and beverage sectors, would be inclined towards using drinkware made out of other materials.
To effectively measure the incoming business gains from different avenues, the overall drinkware market has been divided into a number of different segments such as product and regional landscape.
The product segment is classified into bottles, and mugs and cups. The bottles segment covers drinkware such as tumblers, shakers, infusers, and water bottles. The segment is further bifurcated in terms of material, distribution channel, and usage.
Among the bottles, the shakers sub-segment is forecast to record tremendous gains and reach a valuation of more than $1208.9 million by the end of 2027.
With respect to the materials, the industry is segmented into metal, polymer, silicone, glass, and others. Back in 2020 the glass bottles industry share was valued at more than $248.8 million, with a majority of sales driven by the global shift away from plastic. Meanwhile, the silicone bottle industry size is forecast to grow at an impressive CAGR of more than 3.0% through the analysis time period.
Additionally, the others segment is projected to build up sizable gains by the end of the review timeframe, clocking growth at a distinguished CAGR of more than 3.7% over the forecast time period. For instance, recently, in June of 2021, English winemaker The English Wine inked a deal with Frugalpac, a leading British sustainable packaging firm to pack and sell its produce in paper bottles. According to reports, these paper bottles have a carbon footprint that is 84% lower than that of glass.
When it comes to mugs and cups, the industry would be bringing in sizable revenues from the metal and the silicon segment. Metal cups and mugs are more durable than ones made out of other materials, making them much more economically and environmentally viable than their counterparts.
From a regional reference frame, the market is expected to witness notable gains from Latin America, where it is expected to hit the $3,469.4 million revenue mark by the end of 2027. The segment would be growing at a 4.3% CAGR over the forecast period to reach this revenue mark. Meanwhile, the MEA industry landscape is slated to reach a valuation of $3,552.7 million by the end of 2027.