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Glassware Definition: Glass, opal, melamine, porcelain made—dinner sets, cups/mugs, bowls, bakeware, serving plates and glasses (Excluding glassware covered in Consumer houseware categories i.e. glass bottles, flasks, Insulated Ware, lunchboxes, containers.
The Indian glassware market has witnessed tremendous growth in recent years on account of rising demand across industries.
In financial year 2022, the market was valued at INR 31 billion. This denotes a significant jump from just INR 15 billion in FY 2015. Between FY 2015 and FY 2020, the glassware market grew at an impressive compound annual growth rate (CAGR) of 11.6% to reach INR 25 billion.
This robust momentum is expected to continue over the coming years. The market is projected to grow at a CAGR of 10% from FY 2020 to FY 2022. For 2023, an even higher growth rate of 12.1% has been estimated.
By financial year 2027, the Indian glassware market size could reach INR 63 billion. The CAGR for the five-year period between FY 2022 and FY 2027 is forecast at 15.5%.
Drivers of Growth
The rapid growth can be attributed to rising demand from industries like food and beverage, pharmaceuticals, chemicals, and construction. Increasing use of glass packaging and demand for glass containers, vials, and tableware is driving expansion. With India's economy poised for strong growth ahead, the glassware industry looks set for even higher demand and production scales.
