These extensive applications across end-use industries have made foil wraps a prominent product segment.
They are used as one of the layers in snack pouches, liquid cartons, candy wraps, confectionery wraps, and pharmaceutical pouches or bags. The aluminum foil wraps segment dominated the aluminum foil packaging market and accounted for the largest revenue share of over 33.0% in 2020. However, unlike other industries, the food and beverage and pharmaceutical industries have remained unaffected, which are the major end-users of aluminum foil packaging, benefitting the market. The Covid-19 pandemic has severely impacted global industrial production due to lockdowns imposed across major economies. The high adoption of low-cost flexible plastic alternative solutions such as pouches and bags is also restraining the industry growth.
Fluctuating aluminum costs leading to uncertainty around the availability of raw materials at economical or consistent prices is likely to be a key challenge for the industry. The profit margins of the market players are largely dependent on the raw material costs. Furthermore, increasing consumer awareness regarding the impact of plastic on the environment is boosting the demand for alternative packaging solutions, impacting the aluminum packaging industry positively.Īdvancements in the technical field such as the development of modified atmosphere technology (MAP) which aids in locking the freshness of food by controlling the blend of gases such as oxygen, carbon dioxide, and nitrogen inside the flexible packaging are expected to support the industry growth. is increasing consumer reliance on packaged food and beverages. The busy lifestyle of the working population in the U.S. Furthermore, availability of packaged food products through online channels is supporting the growth of the food and beverage industry, which in turn is expected to have a positive impact on industry growth. The processed food industry is witnessing high growth owing to increasing urban population along with changing consumer lifestyles. The rising application of aluminum foil in food and beverage packaging application is likely to be a key driving factor for the industry growth.
The global aluminum foil packaging market size was valued at USD 33.56 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2028.
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