According to Market Research Future (MRFR), the global aluminum foil packaging market is estimated to grow with a 4.5% CAGR from 2017 to 2023 (forecast period). The report offers a systematic and thorough analysis of the effect of the COVID-19 pandemic on the global aluminum foil packaging market.
Aluminum packaging is a resistant barrier to protecting beverages, food, pharmaceuticals, cosmetics, and reducing waste. Aluminum packaging is extremely corrosion-resistant and chemically neutral for most fillings. It is also hygienic and non-toxic in nature.
The global market for aluminum foil packaging has been segmented into packaging type, application, and end-user.
By packaging type, the global aluminum foil packaging market has been segmented into rigid and flexible.
By application, the global aluminum foil packaging market has been segmented into food beverage, pharmaceutical, cosmetics, and others.
By the end-user, the global aluminum foil packaging market has been segmented into bags pouches, wraps rolls, blisters, laminated tubes, and trays.
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The global packaging market is rapidly changing and is expected to experience substantial growth over the forecast period. Developing new and diversified packaging types and high potential in emerging economies provides aluminum foil packaging consumption with many opportunities, generating exciting opportunities for the packaging industry. Packaging innovation plays a crucial role in driving the development of the aluminum foil packaging industry. Advanced packaging technology has driven companies to innovation rather than just sticking to traditional methods. As a result, several companies are adopting sustainable and smart technologies in their product designs. This will help to enhance food safety as well as draw consumers. Companies invest more in packaging innovation than in production costs. Active packaging and intelligent packaging were introduced in order to improve the efficiency of the packaging technique.
The growth of the aluminum foil packaging market is driven by the development of the pharmaceutical industry and the rise in demand from the cosmetics industry. Aluminum foil is used for packaging applications in the personal care and cosmetics industries. This protects the items internally and increases the appearance of the packaging. Cosmetic content involves the application of special oils, vitamins, herbal and chemical compounds, which require protection from light and contamination. Despite many drivers of growth, there may be obstacles that would restrict marketability and impede the market's growth. One such factor is the lack of adequate recycling processes in a number of countries.
A new industry trend is the research and development of packaging manufacturers concentrating on profitable manufacturing and short-distance supply locations to minimize costs. The aluminum foil packaging market is anticipated to thrive during the forecast period due to factors such as evolving consumer lifestyles and growing purchasing power. Packaging plays an essential role in increasing product sales. Customers may reject a high-quality product as a result of improper packaging. The aesthetic appeal of the packaging shall affect the purchasing decision.
Moreover, the aluminum foil packaging market is witnessing a number of changes, such as availability in different forms, acceleration of technical progress and shifts in competitive power, and evolving consumer preferences.
The key players of the global aluminum foil packaging market include Amcor Ltd. (Australia), Ess Dee Aluminium Ltd (India), China Hongqiao Group Limited (China), United Company RUSAL Plc. (Russia), Alufoil Products Pvt. Ltd. (India), Alcoa Corporation (U.S.), Nicholl Food Packaging (U.K.), Penny Plate, LLC (U.S.), Wyda Packaging (Pty) LTD (South Africa), Novelis Inc. (U.S.) and others.
Based on regions, the global aluminum foil packaging market has been divided into the four major regions of North America, Europe, Asia Pacific, and RoW.
The Asia Pacific accounted for a majority market share and will continue to dominate the market throughout the forecast period. Developing economies like India, China, and Indonesia have altered their buying habits by consuming more packaged foods. The growing food industry enables global players to launch new products, extend to new regions, and establish new technologies. The Asia Pacific is the most lucrative market because it tends to increase food quality and other consumables in developing countries. The Asia Pacific has seen strong demand for packaged goods, primarily due to a changing lifestyle and a rise in buying power. In addition, increased investment in the pharmaceutical industry also has a positive effect on the market's growth.
North America is also a significant market for aluminum foil packaging. This area is expected to make a substantial contribution during the forecast period, as the U.S. is home to considerable aluminum foil packaging manufacturers.
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