In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~USD 35 Billion |
|
Forecast Year Market Size (2033) |
~USD 50 Billion |
The global aluminum foil packaging market is estimated to garner revenue of ~USD 50 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated revenue of ~USD 35 billion in the year 2022. The growth of market can be attributed to the higher demand for aluminum foil in food packaging. For instance, the revenue generated by the ready-to-eat meals generated around USD 45 billion 2022.
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Global aluminum foil packaging market trends such as, escalating demand for packaged food across the globe on the back of changing lifestyle is projected to influence the growth of the market positively over the forecast period. The total sales volume of packaged food was estimated to be about 35 thousand metric tons in 2021 while in 2022 the revenue generated by the ready-to-eat meals was projected to hit approximately USD 0.50 trillion. Additionally, growing sales of tobacco products and significand growth in the disposable income of the global population is further anticipated to drive the growth of the market over the forecast period. For instance, the sales of tobacco product were anticipated to reach around USD 55 billion in 2020. Hence, all these factors are anticipated to hike market growth during the forecast period.
For instance, in 2020-21, approximately 160 million bags of coffee were consumed across the globe
People are consuming tea and coffee for an ancient time and the prevalence is still higher across the globe. the form of tea and coffee distribution has been changed owing to the technological advanced. Both the product requires proper packaging to keep their health properties for a long time since they are exported and imported to country to country. Hence such factors are estimated to push the market growth over the forecast period.
As of 2022, the baby food segment was projected to generated approximately USD 280 billion.
In 2021, the sales of ready-to-drink (RTD) was anticipated to hit 750 million nine-liter cases up from 600 million nine-liter cases in 2020.
The snack food segment was predicted to obtain a revenue of approximately USD 500 billion in 2022.
The global aluminum foil packaging market is segmented and analyzed for demand and supply by end-user industry into cosmetics, food & beverage, pharmaceutical, and others, out of which, the food & beverage segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the growing sales of packaged food across the globe. As of 2022, the food and drink segment was anticipated to reach approximately USD 0.75 billion.
Regionally, the global aluminum foil packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific region is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be accounted to the rising number of middle class population. It is estimated that the middle-class population of Asia Pacific can dropped to approximately 1.50 billion by the year 2030. Moreover, the increasing disposable income and rising demand for aluminum foil packaging in food and drink industry of the region is further estimated to propel the growth of the market over the forecast period.
The global aluminum foil packaging market is further classified on the basis of region as follows:
Our in-depth analysis of the global aluminum foil packaging market includes the following segments:
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By Product |
|
|
By Packaging Type |
|
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By End-User Industry |
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FREQUENTLY ASKED QUESTIONS
Growing production and consumption of coffee and tea is estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
Requirement for higher initial investment is estimated to challenge the market growth.
The market in Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Handi-foil Corporation, Novelis Deutschland GmbH, Aleris International, Inc., Flexifoil Packaging Pvt. Ltd., Reynold India Private Limited, Amcor Limited, Ardagh Group S.A. and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, packaging type, end-user industry, and by region.
The food & beverage segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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