Product ID: SQMIG15G2070
Global Aluminum Foil Packaging Market Size, Share, Growth Analysis, By Products(Foils Wraps, Pouches), By End User(Food & Beverage, Tobacco), By Type(Rigid, Semi-rigid) - Industry Forecast 2024-2031
Report ID:
SQMIG15G2070 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
93 |
Figures:
76
Global Aluminum Foil Packaging Market Insights
Aluminum Foil Packaging Market size was valued at USD 25640.48 million in 2019 and is poised to grow from USD 26666.1 million in 2023 to USD 37954.17 million by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
Aluminum foil is a crucial component of laminates and is widely used in food packaging. It generally performs better than any plastic laminate material in terms of resistance to the resettling of moisture, oxygen, and other gases as well as the impact of light. The expansion of the pharmaceutical and food and beverage industries has resulted in a significant increase in demand for products in this industry. The Earth is rich in aluminium, which is also entirely recyclable.
Aluminum foil is increasingly being used in food and beverage packaging, which is projected to be a major contributor in the industry's growth. Due to changing consumer lifestyles and an increase in the urban population, the processed food business is expanding quickly. Additionally, the expansion of the food and beverage business is being aided by the accessibility of packaged food items through online channels, which is anticipated to have a favourable effect on industry growth. More and more flexible films are being combined with aluminium foil to create lightweight packaging. Pet food, tuna, coffee, and soups alone generate 13 billion packets worldwide, making them feasible substitutes for traditional plastic packaging. Additionally, the market is expanding as a result of the rising demand for pharmaceutical items brought on by the rising incidence of diseases and the introduction of plastic bans in numerous nations. In addition, manufacturers are using aseptic packaging to protect the sterility of products due to increased worries about the spread of the coronavirus illness (COVID-19) through packaging surfaces, which is projected to propel the market even further.
US Aluminum Foil Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Aluminum Foil Packaging Market Report Snapshots
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