According to the latest market study released by Technavio, the global aluminium foil packaging market is expected to reach USD 10.46 million tons by 2020, growing at a CAGR of nearly 4 per cent.
Flexible packaging is an economical method to package, preserve, and distribute food, beverages, consumables, pharmaceuticals, and other products that require long shelf life. They are mainly designed with barrier properties like resistance to heat, oxygen, and moisture and are tailored to fit the products being packaged and according to the need of the end-uses. Flexible packaging can be customized in a variety of shapes, sizes, and appearances.
Aluminium foil packaged products ensure product safety as a result of which, the demand for the market is growing in the packaged industry sector. As consumers look for convenient and lightweight packaging, innovative aluminium foil packaging solutions are being developed by vendors to capitalize the growing organized retail and packaged food markets.
The top three end-user segments for the global aluminium foil packaging market are:
The food and beverage packaging industry, which accounts for 40 per cent of the global packaging market, is estimated to reach USD 35.82 billion in 2020 with a CAGR of 3.55 per cent.
According to Sharan Raj, a lead packaging analyst from Technavio, “The property of aluminium foils to withstand high temperature has driven the demand for the market in ready to eat food industry. Packaged foods covered with aluminium foils are used in convention and fan-assisted ovens, making the process of heating fast and swift for consumers who purchased ready to eat packaged foods.”
Pharmaceutical industries, which invest 20 per cent of their revenue in R&D are focusing on innovative ways to make the products more beneficial for the users. Growing at a CAGR of 2.86 per cent they are collectively driving the demand for the aluminium foil packaging market.
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The demand for aluminium foil packaging in the cosmetic industry will post a CAGR of 2.63 per cent through the forecast period, and the market is estimated to be valued at 1.41 million tons by 2020.
According to Technavio, the top vendors which will continue to dominate the global flexible packaging market through 2020 include Amcor, Alcoa, Novelis, and Rusal.
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