New York , Feb. 12, 2024 (GLOBE NEWSWIRE) -- The global aluminum foil packaging market size is predicted to grow at a CAGR of over 5% from 2023 to 2033. The market is projected to garner a revenue of USD 50 billion by the end of 2033, up from a revenue of USD 35 billion in the year 2022. The increasing demand for convenience foods is driving the growth of the market.
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Convenience foods are pre-packaged meals that require minimal preparation and are easy to consume. This trend is driven by busy lifestyles and the need for on-the-go meals. It has been noticed that 59% of customers sometimes buy to-go snacks or meals to take away from supermarkets or discount stores. Additionally, in 2021 the sales revenue for packaged meals, in India reached a total of 170 million U.S. Dollars. This trend of consumers buying ready-made meals, snacks, and beverages is increasing, and aluminum foil packaging is used to pack these products due to its protective and hygienic properties.
Aluminum Foil Packaging Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Food and Beverage segment to garner the highest growth
- Market in North America to grow at a significant rate
Rising Awareness of Sustainable Packaging to Boost Market Growth
The increasing awareness of sustainable packaging practices has had a significant impact on the aluminum foil packaging market. Consumers are becoming more conscious of the environmental impact of traditional packaging materials, such as plastic, and are actively seeking alternatives that are more eco-friendly. According to a survey 80% of consumers spanning various age groups as well as a staggering 90% of Gen Z consumers expressed their willingness to pay extra for packaging that is environmentally sustainable. Additionally, the survey revealed that an overwhelming 65% of consumers indicated that they are now less inclined to purchase products with packaging that has impacts, on the environment.
Aluminum foil packaging offers several sustainable advantages that have contributed to its growing popularity. Firstly, aluminum foil is 100% recyclable, meaning it can be reused without any loss in quality or performance. This makes it an attractive option for environmentally conscious consumers who want to reduce their carbon footprint. Furthermore, aluminum foil provides excellent barrier properties, protecting products from moisture, light, and oxygen. This extends the shelf life of perishable goods, reducing food waste and promoting sustainability.
Aluminum Foil Packaging Industry: Regional Overview
The global aluminum foil packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Production of Aluminium Foil to Drive the Growth in The Asia Pacific Region
The aluminum foil packaging market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. Emerging economies such as India and China are the largest consumers of aluminum foil in the world, and demand for the material is expected to grow in the coming years. In the year 2020 China boasted 150 aluminum foil companies producing a total of 4050kt which accounted for around 67% of the global output. This is due to its many applications, such as food packaging, insulation, and electronics. The Asia Pacific region is expected to account for a large share of this growth, due to its large population and growing demand for aluminum packaging.
Expanding Pharma Sector to Drive the Growth in the North America Region
The North America aluminum foil packaging market is estimated to garner the largest revenue by the end of 2033 owing to the growing pharmaceutical industry in region. The pharmaceutical industry in the United States made a total of $500 billion in revenue during the year 2021. American citizens collectively spent $570 billion on medication within the same year. It is projected that by 2025 the expenditure on medicine in the U.S. Will increase to a range of $600 to $630 billion. Pharmaceutical products require safe and secure packaging to maintain their quality and effectiveness. Aluminum foil is widely used in pharmaceutical packaging due to its excellent barrier properties and ability to provide protection against moisture, light, and oxygen.
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Aluminum Foil Packaging Segmentation by Product
- Blisters
- Containers
- Foil Wraps
- Pouches
- Others
The containers segment is anticipated to hold the largest revenue by the end of 2033 this is due to the containers segment is expected to grow at a faster rate than the other segments due to the increasing demand for aluminum containers from the food industry for storing and preserving food and beverages. Every year 182 billion aluminum cans are used for beer and soda consumption worldwide. This translates to a rate of 6,600 cans being used every second. Aluminum containers are lightweight, strong, and corrosion-resistant, making them an ideal choice for the food industry. Additionally, they are cost-effective and can be reused, making them an attractive choice for many companies.
Aluminum Foil Packaging Segmentation by End User
- Cosmetics
- Food & Beverage
- Pharmaceutical
- Others
The food and beverage segment are anticipated to hold the largest revenue by the end of 2033. This is due to its widespread use in the food industry for packaging perishable items such as meat, poultry, dairy products, fruits and vegetables. It is also used in the beverage industry for packaging alcoholic beverages and soft drinks. In the year 2021, people across the globe consumed 130 million tons of poultry meat. The total amount of milk consumed domestically exceeded 200 million tons in 2023. Furthermore, aluminum foil packaging is lightweight and corrosion-resistant, making it an ideal choice for packaging of products that are sensitive to moisture and contamination. It is also cost-effective, which makes it an attractive choice for food and beverage manufacturers.
Aluminum Foil Packaging Segmentation by Packaging Type
- Flexible
- Rigid
- Semi-Rigid
- Others
A few of the well-known market leaders in the global aluminum foil packaging market that are profiled by Research Nester are All Foils, Inc., Handi-foil Corporation, Novelis Deutschland GmbH, Aleris International, Inc., Flexifoil Packaging Pvt. Ltd., Reynold India Private Limited, Amcor Limited, Ardagh Group S.A., Tetra Laval Group, and Revere Packaging, LLC., and other key market players.
Recent Development in the Aluminum Foil Packaging Market
- Amcor Limited has introduced the DairySeal, a friendly packaging line designed for ready to drink dairy products. This innovative packaging solution incorporates ClearCor, a form of polyethylene terephthalate (PET) which helps preserve the freshness and flavor of the dairy products.
- Ardagh Group S.A. to receive the World Beverage Innovation Award with Ardagh Packaging at the drintec exhibition. This prestigious award recognizes their metal design, H!GHEND which provides top notch decoration on the shell surface.
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