Market Size of Mexico Glass Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Glass Packaging Market Analysis
The Mexico Glass Packaging Market is expected to register a CAGR of 9.5% during the forecast period. With the outbreak of COVID-19, the country has taken steps to deem alcohol production and non-essential business. This will significantly impact the consumption and requirement of glass containers and further suspended beer production after preventive orders from the Mexican government to stop the spread of the coronavirus.
- The country has been witnessing an active expansion of its production capacities. For instance, The joint venture between Constellation Brands, O-I, and Industria Vidriera de Coahuila (IVC), operates several glass bottle plants in Mexico. Further, in early 2020, IVC opened the fifth furnace in Piedras Negras.
- Although the growth rate is less than the United States, Mexico's craft beer market is growing by 53% every year. According to the Mexican craft beer association, Acermex estimates that there are now over 600 independent breweries in Mexico. This is expected to drive increased demand for the glass packaging market.
- Further, Owens-Illinois Inc.,acquired Nueva Fabrica Nacional de Vidrio, from Grupo Modelo for USD 188 million. The glass bottle manufacturer expects the Mexican market to contribute around USD 140 million of revenue and an additional USD 40 million yearly earnings before interest, taxes, depreciation, and amortization. Currently, this plant has four furnaces that can produce and supply approximately 300,000 metric tons of glass containers annually for Grupo Modelo brands, which include Corona, Modelo Especial, and Pacifico. This acquisition happened to capture the growing glass market in Mexico, which is expected to strengthen the demand for glass packaging in the country.
