India and China, as emerging economies, will witness substantial demand for aluminum foil packaging due to the expanding packaging, food & beverage, and pharmaceutical & healthcare industries.
Northbrook, IL 60062 -- (SBWIRE) -- 09/20/2023 -- The report "Aluminum Foil Packaging Market by Product Type (Bags & Pouches, Wraps & Rolls, Blisters, Containers), Application (Food, Beverages, Pharmaceutical, Personal Care & Cosmetics), Type (Rolled Foil, Backed Foil), Packaging Type & Region - Global Forecast 2028", The global aluminum foil packaging market size is estimated to be USD 21.7 billion in 2023 and is projected to reach USD 27.9 billion by 2028, at a CAGR of 4.3% between 2023 and 2028. India and China, as emerging economies, will witness substantial demand for aluminum foil packaging due to the expanding packaging, food & beverage, and pharmaceutical & healthcare industries.
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Market growth is further supported by rapid economic development and government initiatives promoting sustainable packaging solutions, such as Japan's Plastic Smart campaign and Singapore's Zero Waste Masterplan. These initiatives drive the demand for eco-friendly materials like aluminum foil packaging. Aluminum foil is highly recyclable, contributing to a sustainable approach to packaging. The Asia Pacific region is expected to have the highest compound annual growth rate (CAGR) of 4.9% in the aluminum foil packaging market, fueled by factors like industrialization, rising middle-class population, increased disposable income, changing lifestyles, and growing awareness about eco-friendly packaging.
By product type, containers account for the second largest share in the Aluminum Foil Packaging Market
Aluminum foil containers possess unique properties that make them widely used for various purposes. Their excellent heat conductivity allows for efficient heat transfer, making them ideal for cooking and heating food. Additionally, these containers are microwave-safe, ensuring even heating through the thin aluminum layer. With the rise in convenience food consumption and take-out meals, the demand for reliable and convenient packaging solutions, like aluminum foil containers, is increasing. Their heat resistance, insulation, and easy disposal make them well-suited for food packaging.
By packaging type, Semi-Rigid account for the largest share of the Aluminum Foil Packaging Market
Semi-rigid aluminum foil packaging is a moderately stiff packaging material made from thin strips of aluminum. It provides structural support and retains its shape. It offers strength, heat resistance, and is suitable for food applications. The packaging is retortable and can be sealed and sterilized at high temperatures. It is commonly used in catering, aircraft catering, and the food industry for transporting, storing, and heating meals. The packaging maintains food quality and protects against moisture, oxygen, and light. The demand is driven by its lightweight, durability, customization options, compatibility with printing techniques, and the popularity of convenience and ready-to-eat meals. Sustainability concerns also contribute to its growth.
Europe to be the second largest market during the forecast period.
In 2022, Europe held a 19.12% share in the global aluminum foil packaging market. Key European countries like the UK, Germany, Italy, France, and Spain were studied, while the Rest of Europe includes countries like the Netherlands, Belgium, Poland, and Switzerland. The European market offers moderate growth opportunities, driven by stringent environmental regulations that encourage innovation and sustainable packaging solutions. Organizations like EUROPEN and INCPEN promote best practices using recyclable and reusable materials for sustainable packaging. Factors such as the improving global economy, rising domestic and export demand for food products, and focus on reducing packaging waste support the growth of aluminum foil packaging. The well-developed European pharmaceutical market coupled with increasing research, production, and distribution of pharmaceuticals creates opportunities for aluminum foil packaging manufacturers. The region's emphasis on environmentally friendly packaging contributes to the demand for sustainable solutions, particularly in countries like Germany, France, and the UK.
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The leading players in the Aluminum Foil Packaging Market are RUSAL (Russia), Hindalco Industries Ltd. (India), China Hongqiao Group Limited (China), AMCOR Ltd. (Switzerland), GARMCO (Bahrain), Pactiv Evergreen Inc. (US), Hulamin (South Africa), Constantia Flexibles Group GmbH (Austria), Aluflexpack ag (Switzerland), Penny Plate LLC. (US).