Aluminium foil market to grow to $51bn by 2028
The global aluminium foil packaging market is expected to be worth $50.94billion by 2028, according to a new study.
The report, “Aluminum Foil Packaging Market Share, Size, Trends, Industry Analysis Report, By Type; By Printing Type; By Product; By End-Use; By Regions; Segment Forecast, 2021 – 2028”, gives a detailed insight into market dynamics and provides analysis on future market growth.
Consumers are increasingly demanding easy and hassle-free packaging for products. Market players are introducing aluminium foil packaging designs that are effortless, hassle-free to open as well as reseal for convenient returns.
The increase in online retail and growing demand for convenience food and ready-to-eat meals is expected to accelerate market growth during the forecast period.
The demand for flexible foil packaging is expected to increase during the forecast period owing to their relatively low cost, stiffness, and hygiene.
Flexible foil is majorly used for the wrapping of food products such as dried food, prepared meals, and savoury snacks. Flexible wraps and pouches are widely used in fast-food restaurants and coffee shops for savoury snacks and baked products.
The market is segmented into food and beverage, personal care & cosmetics, pharmaceutical, and others based on end-user.
The food and beverage segment accounted for a major share in the global aluminium foil packaging industry in 2020.
The increasing need to protect packaged goods and public health while handling food & beverages has increased the demand for aluminium foil across the globe.
Brands operating in the industry are taking initiatives to offer brand differentiation and value to the consumer, while also providing necessary information about the packaged goods.
Asia Pacific emerged as the largest market in 2019 and is expected to maintain its dominance over the forecast period.
There has been an increasing demand for aluminium packaging for packaged food and beverages, cosmetics, toiletries, and electronics in the region.
The increasing population, growing inclination of consumers towards beauty trends and concerns, and introduction of innovative personal care products in the market at competitive prices by players further augment the demand.
For more information about this report visit https://www.researchandmarkets.com/r/t7shik
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