The aluminum foil packaging market reached a valuation of US$ 28,051.4 Million in 2023. Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a whopping 5.3% CAGR, reaching US$ 46,970.6 Million. The growth of aluminum foil in food packaging is mainly attributed to the growing demand for the FMCG sector. In addition, there are certain health guidelines issued by the government for the packaging industry, pushing the growth of this market. Some of the advantages of aluminum foil are it is easily available, affordable, non-toxic in nature, and easy to use, which has expanded its application in protecting and packaging food products.
The growth of aluminum foil for food packaging is mainly due to the shifting preference of the consumers towards packaged and processed FMCG goods. The packaged food consists of food and beverage in cans or tetra packs where the aluminum foil is used and also in packaging bags and as the Aluminum Foil Used In Food Packing Market grows it directly impacts the Aluminum Foil Used In Food Packing Market and Government regulations towards food packaging standards also has a huge impact like recently due to covid governments around the world have subsequently raised their health safety, food quality and packaging standards which require the packaging to be in a particular way which does not let the food rot easily.
Key Takeaways from the Market Study
- According to Fact.MR, a CAGR of 7% was recorded for the aluminum foil packaging market from 2017-2022
- In FY 2023, the aluminum foil packaging market is likely to reach a valuation of US$ 26,666.1 Million
- The market is likely to register a Y-o-Y growth rate of 4.0% in 2023
- By product, aluminum foil wraps are expected to dominate the market, documenting a 6.1% value CAGR
- As per Fact.MR’s projections, the market for aluminum foil packaging in the UK will likely expand at a 7% CAGR
- The aluminum foil packaging market in China is expected to expand at an 9% CAGR
“Availability of packaged food products through online channels is supporting the growth of the food and beverage industry, which in turn is expected to have a positive impact on Aluminum Foil Packaging Market,” comments an analyst at Fact.MR.
Prominent players in the Aluminum Foil Packaging Industry are taking advantage of the rapidly increasing demand for the Aluminum Foil Packaging in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
- In April 2022, Novelis announced that it is investing more than USD 30 million to build a new continuous annealing line at its Plettenberg-Ohle, Germany, facility, which will double the plant’s capacity for aluminum in the production of coffee capsules. The development represents the inaction of the company strategy for growing line solutions for sustainable packaging.
- In November 2021, ProAmpac acquired Irish Flexible Packaging and Fispak from their parent company, IFP Investments Limited. Both Irish Flexible Packaging and Fispak are Ireland-based manufacturers and distributors of sustainable, flexible packaging serving the dairy, bakery, meat, fish and cheese markets in Ireland and internationally.
- In August 2021, ProAmpac introduced the HC-Series of healthcare products, consisting of HC-600 high barrier films, which can be used in a variety of market applications. The HC-600W films are ideal for packaging traditional fragrance-containing products or disinfection agents.