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The Europe glass packaging market size is anticipated to reach USD 22.01 Billion by 2027 on account of the increasing demand from a wide number of applications such as pharmaceuticals, cosmetics, food and beverage, fragrance, and others. A published report by Fortune Business Insights, titled, “Europe Glass Packaging Market Size, Share & COVID-19 Impact Analysis, By End-use Industry (Skin/Personal Care, Fragrance, Food, Beverages (Alcoholic beverages, Non-Alcoholic beverages}, Pharmaceuticals and others), and Regional Forecast, 2020-2027,” states that the value of the market was USD 19.24 Billion in 2019 and will exhibit a CAGR of 4.38% between 2020 and 2027.
An investment of €33 Million made by Verallia for Updating its Industrial Approach
One of the two furnaces of Verallia were declared to undergo modification as the company celebrated its 50th anniversary in November 2019. The main objective behind this reconstruction is to increase the glass bottle making capacity. This will further help the company to account for the top 7 plants that Verallia owns all over Portugal and Spain. The company further strategizes to invest €10 million more on the renovation of the second furnace located in Spain for improving the growth prospects in the country. Such initiatives taken by major companies are likely to bode well for the entire European market.
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Rising Consumption of Bottled Beverages to Augment Growth
The increasing demand from the food and beverage industry is the key driver boosting the Europe glass packaging market growth. This, coupled with the increasing importance about health and fitness and the rise in health awareness will also add impetus to the growth of the market for Europe glass packaging. In addition to this, glass is 100% recyclable, the use of which will help to maintain the carbon footprint, thereby aiding to the expansion of the market in the coming years.
However, the increasing popularity of alternative packaging products, such as plastic may hamper the entire market for Europe glass packaging in the forecast period. Nevertheless, the rising awareness about environmental degradation and the increasing adoption of sustainable, recyclable, and eco-friendly products for packaging such as glass, paper, and board, will help create lucrative growth opportunities for the market in the coming years.
Adoption of Strategies such as Joint Contracts and Agreements – Key Objective of Players
Some of the Europe glass packaging manufacturers are focusing on strengthening their position in the market competition by expanding their geographical outreach. Some others are adopting collaborative efforts such as mergers and acquisition, contracts and agreements, and more to gain a competitive edge in the market.
Major Industry Developments of Europe Glass Packaging Market include:
List of Significant Players in the Market include:
Further Report Findings
The Global Market is categorized into:
Value (USD Billion), Volume (Kilotons)
End-use Industry and Geography
By End-use Industry