Aluminum Foil Packaging Market Is Estimated To Reach US$ 49.14 Billion By 2034, Fact.MR

According to Fact.MR's recently released report, the global aluminum foil packaging market is projected to reach a value of $26.7 billion by the end of 2022, with an expected CAGR of 5.3% from 2022 to 2032.

One of the main drivers of increased preference for aluminum foil packaging is its ability to extend the shelf-life of products. Aluminum foil packaging excels in barrier properties, protecting food items from moisture and air exposure, which significantly reduces spoilage and increases the need for effective packaging solutions.

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The aluminium foil packaging market is highly competitive, characterized by numerous buyers and sellers. Competitive pricing is crucial in boosting the market shares of key stakeholders across regions. Major end-users in the food and pharmaceutical industries depend on long-term contracts with foil suppliers for various grades, offering significant opportunities for manufacturers at all levels.

Key Takeaways from Market Study
• The global aluminium foil packaging market is to grow from US$ 26.7 billion in 2022 to US$ 44.8 billion in 2032
• The North American market is estimated to account for a 21.9% share of the global aluminum foil packaging market, in 2022
• The APAC market is estimated to account for a 33.4% share of the global aluminum foil packaging market in 2022
• Amcor, Pactiv and Berry to remain the top suppliers of aluminium foil packaging products
High Preference for Convenience Packaging Is an Emerging Factor that Fuels Market Expansion During the Forecast Period - says a Fact.MR analyst

Market evolution and approaches
Merger and acquisition, product launches, joint ventures, and other collaborations are some of the key strategies embraced by players. Adoption of digital platforms enhances brand image and expands business territories remotely offering an add-on advantage to the manufacturers to remain competitive in a highly fragmented market. Long-term trade relations with suppliers and distributors offer immense revenue growth opportunities to eminent players in the market.

Aluminum Foil Packaging Market- Competitive Landscape
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 vendors. 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.

Key Segments of Aluminum Foil Packaging Market Research
• By Product Type :
o Bags & Pouches
o Wraps & Rolls
o Blisters
o Containers

• By Application :
o Food & Beverages
o Tobacco
o Pharmaceutical
o Personal Care & Cosmetics

• By Type :
o Rolled Foil
o Backed Foil

• By Packaging Type :
o Semi-Rigid
o Flexible

• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o Middle East & Africa

Read More: https://www.factmr.com/report/518/aluminium-foil-packaging-market

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This release was published on openPR.