Huge Growth And Opportunities in Global Aluminum Foil Packaging Market Till 2023

May 31, 2018 | Author: | Posted in Business

Market Synopsis

The global packaging market is constantly evolving, and is expected to witness high growth over the forecast period. The development of new and diversified packaging styles and high potential in emerging economies provides aluminum foil packaging consumption, many opportunities, creating exciting opportunities within the packaging industry. Innovation in packaging plays a major role in driving the growth of aluminum foil packaging market. Advanced technology in packaging has driven companies toward innovation, rather than sticking to the traditional methods only. Due to this, many companies are adopting sustainable and smart innovation in their product designs. This will help improve the safety of food as well as it will attract consumers. Companies spend more on packaging innovation than on production cost. They are adopting active packaging and intelligent packaging so as to enhance the performance of the packaging technique.

Aluminum packaging forms a resistant barrier to protect beverages, food, pharmaceutical, and cosmetics as well as it aids in reducing waste. Aluminum packaging is highly corrosion-resistant and is chemically neutral for most fillings. Also, it is hygienic, and non-toxic in nature. The growth of aluminum foil packaging market is influenced by the growth in pharmaceutical industry, and the increase in demand from cosmetic industry. Aluminum foil is used for the packaging applications in personal care and cosmetic industries. This provides protection to the products internally and enhances the appearance of the packaging. Cosmetic content includes the application of special oils, vitamins, herbal and chemical compounds, which requires protection from light and contamination. Despite the several drivers of growth, there might be barriers that would limit the marketability, and hamper the growth of the market. The lack of proper recycling processes in a number of countries, is one such factor.

A new trend in the market is research and development by packaging manufacturers with focus on profitable locations for production and short-distance supply to reduce costs. Aluminum foil packaging market is expected to flourish during the forecast period due to factors such as changing lifestyle of consumers and rising spending power. Packaging plays a very important role in increasing the sales of products. A good quality product might be rejected by consumers due to inappropriate  packaging. The aesthetic appeal of packaging influences the buying decision.

The aluminum foil packaging market is undergoing various changes such as availability in various forms, acceleration of technological innovation, and shifts in competitive power, and with the evolving customer expectations. Based on regions, global aluminum foil packaging market has been segmented into the four major regions of North America, Europe, Asia Pacific and RoW. Additionally, Asia Pacific region is expected to be the fastest growing market for aluminum foil packaging during the forecast period. Rising per capita income, coupled with increase in purchasing power of the consumers, are accepted to be the key factors behind the growth of the market in this region.

Hence, global aluminum foil packaging market is expected to grow with ~4.5 % CAGR during the forecast period.

Regional Analysis

In terms of geography, Asia Pacific accounted for the majority market share and will continue to dominate the market in the forecast period. Developing economies such as India, China, and Indonesia have changed their buying patterns by purchasing more packaged foods. The rising food market enables global players to introduce new products, expand to new regions, and develop new technologies. Asia Pacific is the most attractive market because of its inclination toward improvement in quality of food and other consumables in developing nations. Asia Pacific region has been witnessing high demand for packaged items majorly due to the changing lifestyle and the increase in purchasing power. Additionally, increase in spending on pharmaceutical sector is also a positive influence on the growth of the market.

North America is also another major market for aluminum foil packaging. This region is expected to contribute significantly during the forecast period as U.S is home to major aluminum foil packaging manufacturers.

The key players of global aluminum foil packaging market includes Amcor Ltd. (Australia), China Hongqiao Group Limited (China), United Company RUSAL Plc. (Russia), Ess Dee Aluminium Ltd (India), Alufoil Products Pvt. Ltd. (India), Nicholl Food Packaging (U.K.), Wyda Packaging (Pty) LTD (South Africa), Penny Plate, LLC (U.S.), Alcoa Corporation (U.S.), Novelis Inc. (U.S.) and others.

Extensive research in this market has brought to light that expansion is the key strategy adopted by the major players in the global aluminum foil packaging market. This strategy is widely adopted to spread their geographical presence and achieve operational efficiencies.

The demand for aluminum foil is increasing continuously in packaging industry mainly due to aluminum foil packaged products ensure product safety.

Aluminum packaging is the packaging, which provides a resistant barrier to protect beverage, food, pharmaceutical, and cosmetics and aids in reducing waste. Aluminum packaging is highly corrosion-resistant and for most fillings, chemically neutral. Also, it is hygienic, and non-toxic in nature.

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