Global Aluminum Foil Packaging Market to Exceed Valuation of $44.29 Billion by 2028 | Beverage Industry Generates 47% Market Revenue
Global aluminum foil packaging market was valued at USD 34.23 billion in the year 2021, and it is expected to reach USD 44.29 billion by 2028, increasing at a CAGR of 4.2% from 2022 to 2028
Westford, USA, Dec. 20, 2022 (GLOBE NEWSWIRE) — The aluminum foil packaging market has been witnessing a steady growth in recent years as the market is predicted to grow at a CAGR of 4.2%% over the next seven years. The major factor contributing to the growth of this market is the increasing demand for food products, which is mainly attributed to the growing awareness about health and hygiene issues. Another factor that is propelling the growth of this market is the increasing adoption of eco-friendly products. Many consumers are increasingly keen on selecting environmentally friendly products, which in turn has led to an increase in the demand for aluminum foil packaging rather than plastic.
In addition, technological innovations such as disposable packaging are also responsible for fueling the aluminum foil packaging market growth of this subsector. The major players in this market are investing in R&D efforts to develop new products and improve existing ones. This is expected to drive up competition in the market and result in increased prices for raw materials and goods. However, automation and innovation are likely to play an important role in determining the success of this subsector over the next few years.
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SkyQuest’s Trends Analysis of Global Aluminum Foil Packaging Market
Consumption in North America will increase by 10% owing to the growth in the construction sector by 2025. The European Union is projected to register a growth rate of 15%, while Asia Pacific’s growth rate is estimated at 20% over the next 7 years – Growth in aluminum foil packaging will be led by developed countries such as the United States and Canada, while Asia Pacific will be predominantly responsible for growth in developing countries.
The major companies operating in this aluminum foil packaging market are Foilworks SA, Amcor Limited, and RPC Impex – Production of aluminum foil packaging will reach 2.5 million tons by 2021, up from 900,000 tons in 2018 – Continuing environmental concerns about packaging waste are prompting a shift towards more sustainable materials Packaging manufacturers are turning to recycled materials for their products as reusable packaging becomes more popular. By 2023, 71% of total aluminum demand will come from recycled sources.
The global aluminum foil packaging market is projected to experience a modest rebound in 2023 owing to increasing demand for eco-friendly products, such as food wraps and aluminum foil packs used for cigarette smoking cessation products. However, over the long term, the aluminum foil packaging market is forecast to experience an overall decline in sales. Environmental concerns are the main reason for this trend. In addition to posing a health risk, aluminum foil can also contaminate food if it touches surfaces that are later touched by human beings. As consumers become more environmentally conscious and less likely to buy products that pose a threat to the environment, the demand for aluminum foil packaging is projected to decline over time.
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Beverage Industry is Largest Consumer of Aluminum Foil Packaging Market
The beverage industry is expected to account for the majority of demand for aluminum packaging, according to a report by SkyQuest. The report, which was released in June 2022, forecasts that the beverage industry will account for 47% of the total global demand for aluminum packaging by 2028. The food and beverage industry is expected to grow at a rate of 5.8% each year throughout the forecast period, which will be faster than the overall market growth rate of 4.2%.
The report identifies five major sectors that are responsible for generating most of the demand for aluminum foil packaging market: soft drinks (24%), alcoholic beverages (20%), foodservice containers (15%), pharmaceuticals (10%), and others (5%). The soft drink sector is projected to account for the largest share of demand growth, with a projected increase of 9% by each year. This is followed by the alcoholic beverage sector, with a projected increase of 7%. The foodservice container sector is expected to see the fastest growth rate, with a projected increase of 10%. On the other hand, pharmaceuticals are among one of the fastest-growing sectors in terms of demand for aluminum packaging due to increasing acceptance of oral dispensing technologies.
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SkyQuest Survey Reveals Sustainability and Rising Awareness are Key Determinants Behind Growing Popularity of Aluminum Foil Packaging
Perhaps one of the more surprising findings from SkyQuest’s industry-wide study of aluminum foil packaging market is that consumers are looking for products in different shapes and sizes. We found that 44% of respondents would like to see more multipack sizes, while 37% would like to see more unique shapes. The study also found that consumer awareness is increasing, with 57% of respondents saying they are “very” or “quite” aware of the health benefits of using aluminum foil to cook, compared with only 33% five years ago. This increase in consumer awareness coincides with a change in packaging design trends as manufacturers look for ways to improve the aesthetic and environmental appeal of their products. Multipack sizes (48%), unique shapes (45%) and eco-friendly materials (42%) were all identified as key factors influencing product choice by consumers.
About two-thirds (67%) of users in the global aluminum foil packaging market said they would switch to a more sustainable packaging option if it were available, while only 27% said they would not change their behavior. Aluminum foil was the most popular option among those who said they would switch (44%). Packaging made from sustainable materials such as natural fibers, recycled materials or biodegradable plastics was also popular with these consumers (37%), followed by paper and plastic bags (31%). This trend indicates that food manufacturers and retailers are beginning to recognize the benefits of more sustainable packaging options. With global demand for products increasingly being driven by sustainability concerns, this trend is likely to continue into the future.
Key Vendors in the Global Aluminum Foil Packaging Market
- Amcor Ltd. (Australia)
- China Hongqiao Group Limited (China)
- United Company RUSAL Plc. (Russia)
- Ess Dee Aluminum Ltd (India)
- Alufoil Products Pvt. Ltd. (India)
- Nicholl Food Packaging (U.K.)
- Wyda Packaging (Pty) LTD (South Africa)
- Penny Plate
- LLC (US)
- Alcoa Corporation (US)
- Novelis Inc. (US)
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