5% growth for aluminium foil packaging
The global aluminum foil packaging market is expected to register growth at a CAGR of 5% during the forecast period from 2020 to 2025, according to a report by a research report by Transparency Market Research (TMR).
Due to rise in understanding among consumers on environmental concerns pertaining to materials utilized for the packaging of products, people are inclining toward the use of environment-friendly products. Moreover, government bodies of many nations globally are focusing on the development of regulations that encourage consumers to use eco-friendly products. Hence, varied companies associated with different end-use industries are increasing focus on the use of packaging solutions as per the current market demands.
This factor is encouraging players in the global aluminum foil packaging market to increase R&D activities in order to develop eco-friendly products, notes TMR study.
Companies operating in the global aluminum foil packaging market are increasing different strategies such as mergers, acquisitions, and collaborations in order to expand their presence in newer regions. These moves are estimated to help in the market growth in the forecast period.