LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global aluminum foil packaging market is expected to reach USD 10.46 million tons by 2020, growing at a CAGR of nearly 4%.
This research report titled ‘Global Aluminum Foil Packaging Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report presents the vendor landscape and a corresponding detailed profiling of the key market participants across the value chain of global aluminum foil packaging market.
Aluminum foil packaged products ensure product safety as a result of which, the demand for the market is growing in the packaged industry sector. As consumers look for convenient and lightweight packaging, innovative aluminum foil packaging solutions are being developed by vendors to capitalize the growing organized retail and packaged food markets.
Flexible packaging is an economical method to package, preserve, and distribute food, beverages, consumables, pharmaceuticals, and other products that require long shelf life. They are mainly designed with barrier properties like resistance to heat, oxygen, and moisture and are tailored to fit the products being packaged and according to the need of the end-uses. Flexible packaging can be customized in a variety of shapes, sizes, and appearances.
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Technavio’s transportation and logistics analysts categorize the global aluminum foil packaging market into four major segments by end user. They are:
- Food and beverages
The top three end-user segments for the global aluminum foil packaging market are:
Aluminum foil packaging market by food and beverage industry
The food and beverage packaging industry is estimated to reach USD 35.82 billion in 2020 with a CAGR of 3.55%.
The food and beverage industry accounts for 40% of the global packaging market. Manufacturers of the food and beverage sector invest 15% of the revenue on packaging as rapid advances in food packaging innovations and technology have increased and affected the overall market. The constant need for innovation in food and beverage packaging industry is driven by consumer needs and demands influenced by dynamic global trends such as increased shelf life, and need for high quality and hygienic products.
According to Sharan Raj, a lead packaging analyst from Technavio, “The property of aluminum foils to withstand high temperature has driven the demand for the market in ready to eat food industry. Packaged foods covered with aluminum foils are used in convention and fan-assisted ovens, making the process of heating fast and swift for consumers who purchased ready to eat packaged foods.”
Aluminum foil packaging market by pharmaceutical industry
Rapidly growing pharmaceutical packaging industry, posting a CAGR of 2.86%, is driving the demand for the aluminum foil packaging market.
Pharmaceutical industries invest 20% of their revenue in R&D, focusing on innovative ways to make the products more beneficial for the users. The market demand for aluminum foil packaging in the pharmaceutical industries is due to the growing concern for safety and hygiene, as tablets can be damaged from exposure to moisture and oxidation effects. In the pharmaceutical market, aluminum foils are used for blister packaging. Manufacturers in the pharmaceutical packaging industry use special lamination of low-density polypropylene (LDPE) 150 series on the aluminum foils. This lamination serves as a barrier to moisture, vapor, and gas.
“Hygiene is the elemental factor in pharmaceutical industries. The barrier properties of aluminum foils eliminate penetration of oxygen, moisture, aromas and other gasses, as light and micro-organisms. Aluminum foils are non-toxic and non-hazardous and sterilized before their application on products,” says Sharan.
Aluminum foil packaging by cosmetic industry
The demand for aluminum foil packaging in the cosmetic industry will post a CAGR of 2.63% through the forecast period, and the market is estimated to be valued at 1.41 million tons by 2020.
The growth in the cosmetic industry is driving the demand for cosmetic packaging. Aluminum foil is used for the packaging applications in the personal care and cosmetic industries. This provides protection to the products internally and enhances the appearance of the packaging externally. Cosmetic content includes the application of special oils, vitamins, herbal and chemical compounds, which requires protection from light and contamination.
The cosmetics market in developed regions like Europe and North America will as manufacturers invest on R&D to discover new needs and innovate new products. The growth trend is also seen in emerging markets like China and India where consumers are keen on choosing from wide arrays of products. The growing demand for versatile cosmetic products worldwide is driving the market for innovative packaging of the products.
The top vendors highlighted by Technavio’s research analysts in this report are:
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