The global drinkware market size is projected to experience dynamic growth in the forthcoming years owing to the increasing number of cafes and resorts across the world, finds Fortune Business Insights™ in its report, titled “Drinkware Market, 2022-2029”.
Nowadays, there has been a significant increase in the number of cafes and resorts across the world owing to the rising demand for drinkware products in the food outlets, workplaces, and others. Thus, this is an important factor responsible for the growth of this market. For instance, as per the report released by the Economic Times in April 2019, the food catering business have witnessed a substantial growth of 16 percent and is expected to be valued at USD 3.3 billion.
However, the increasing price of the product due to high cost of transportation of goods is projected to impede the growth of this market.
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List of Key Players Covered in the Drinkware Market Report:
Libbey, AnHui DeLi Glassware, Bormioli Rocco, Pasabache, Steelite International, The Oneida Group.
Highlights/Summary:
This report offers a 360-degree study of the market drivers, trends, and opportunities and incorporates an all-encompassing analysis of the hindrances facing the market. Further, the report contains an in-depth understanding of the various market segments and provides an exhaustive evaluation of the competitive landscape and regional developments in the market.
Drivers/Restraints:
Rising Consumption of Beverages across the World to Fuel the Market
Over the years, there has been a substantial increase in the consumption of various beverages such as cocktails, cold-drinks, and others owing to the rising disposable income of the people worldwide and the changing lifestyle of the majority of the world population. Thus, this is a crucial factor responsible for the growth of this market. For instance, as per the report published by the International Coffee Organization, the worldwide consumption of coffee has increased from 1.24 million bags to 169.34 million bags in the year 2019/20.
Market Segmentation:
On the basis of material type, this market is classified into glass, steel, plastic, and ceramic. By application, the market is categorized into commercial and household. Based on sales channel, the market is divided into supermarket/hypermarket, and e-commerce stores. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
Growing Food Catering Businesses to Boost the Asia Pacific Market Growth
Asia Pacific region is projected to dominate the drinkware market share on account of the increasing food catering business and the rising number of tourists in the countries such as India, China, Japan, and others.
North America region is anticipated to grow steadily in this market owing to the rising number of offices, educational institutes, and others in the countries such as the US and Canada.
Competitive Landscape:
Increasing Production of Drinkware to Feed Competition
The leading companies in the drinkware market are focusing on increasing the production and distribution of drinkware due to the high demand from several restaurants and cafes around the world. This has resulted in the increasing competition among key companies which will help them to widen their business operations and expand their market footprint.
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Industry Development:
January 2020: Gemline declared its drinkware partnership with Crockcicle which is expected to result in expansion of its product offerings.
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