The Compound Annual Growth Rate Of The North American Glass Packaging Market Will Reach 3% In 2024

The Compound Annual Growth Rate Of The North American Glass Packaging Market Will Reach 3% In 2024

Date:Sep 27, 2020

According to a research report released by Global Market Insights, the glass packaging market in most countries will exceed $65 billion in 2024, and the compound annual growth rate of the glass packaging market in North America will reach 3%. In the past few decades, the glass packaging industry has continuously optimized packaging solutions for the pharmaceutical and food and beverage industries. Due to its relatively stable chemical properties, glass has long been a favored packaging material in pharmaceutical and other beverage packaging.

   Mexico and Vietnam have seen significant increases in beer consumption, with growth rates of 6.5% and 7.5% respectively. The brewery will equip a variety of glass bottles for each beer. Therefore, the increase in the consumption of beer products will play a positive role in the development of the glass packaging industry.

   The Asia-Pacific region accounts for more than one-third of the entire glass packaging market. The increase in alcohol consumption and the progress of the pharmaceutical industry will bring brighter prospects for the growth of the glass packaging products market in the Asia-Pacific region. The growing hotel industry and tourism industry in China and India in the next few years will also further promote the development of this market.

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