Global Crystalware And Glassware Market Is Estimated To Witness Growth Due To Rising Number Of Hotels And Growing Standard Of Living

Crystalware And Glassware Market
Crystalware And Glassware Market

Overview:

Crystalware and glassware are a type of glassware used for food service and decorative purposes. The defining criteria for crystalware are clarity, brilliance, and cut. Key factors driving the growth of the global crystalware and glassware industry include the increasing demand for premium goods in developing economies and the growing popularity of fine dining. Also, government initiatives in the field of luxury goods are projected to boost domestic spending on luxury goods. Furthermore, the growing number of hotels and restaurants is expected to drive the development of the market. As the industry continues to develop, competition is likely to be stiff. However, the availability of inexpensive products is projected to limit the growth of the market.

Market Dynamics:

Increasing demand for crystalware is anticipated to propel growth of the global Crystalware And Glassware Market over the forecast period. For instance, the prestigious Tableware International Award of Excellence 2021 was given to Stölzle Lausitz GmbH for their new NEW YORK BAR glasses collection. Moreover, easy availability of cheap products is estimated to hinder growth of the global crystalware and glassware for market over the forecast period.

Impact of COVID-19:

COVID-19 resulted in shutting down of production facilities in the glassware market. This was due to government imposed strict restrictions for preventing COVID-19. The government restricted manufacturing activities, imposed nationwide lockdowns in many countries. There was a shortage of raw materials as many supply chains were disrupted. Travel bans were also imposed in several nations, export and import activities were banned, and this affected the market in a significant manner. Only production of essential goods was allowed. This impacted the global crystalware and glassware for market in a negative manner.

Key Takeaways:

The global Crystalware And Glassware Market is anticipated to witness significant growth, exhibiting CAGR at high rate over the forecast period, owing to growing acquisitions by key players.

For instance, Oneida Consumer LLC was acquired by Lenox Corporation in October 2021. This acquisition aims to market several leading products and increase customer awareness across a wide variety of retail channels, North America is anticipated to witness significant growth in the global crystalware and glassware for market over the forecast period, due growing presence of major players and increasing per capita income in the region.

Key players active in the global Crystalware And Glassware Market are WWRD Holdings Ltd., Noritake Co., Ltd., The Denby Pottery Company Ltd., Villeroy & Boch AG, WMF Wurttembergische Metallwarenfabrik AG, Guy Degrenne SA, Oneida Ltd., Lifetime Brands, Inc., Libbey, Inc., Lenox Corporation, World Kitchen, LLC., and The Zrike Company, Inc.

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