The global market for aluminum foil packaging features an extremely fragmented vendor landscape, with the leading 12 companies collectively holding only around 10.1% of the overall market in 2017, observes Transparency Market Research in a recent report. Alongside internal struggles in the way of attaining a larger hold of the market, external challenges such as easy availability of substitute packaging options continue to make the aluminum foil packaging continues to be intensely competitive. Focus on improved and more proliferative marketing strategies, expansion across emerging economies that are witnessing a vast rise in the number of modern retail outlets such as supermarkets and hypermarkets, and strategic collaborations with smaller players with well-developed distribution channels could help companies gain traction.
Some of the leading companies in the market are Ess Dee Aluminium Ltd, United Company RUSAL Plc., Amcor Limited, China Hongqiao Group Limited, Eurofoil, Hulamin Ltd, Pactic LLC, and Hindalco Indistries Ltd.
According to the report, the global aluminum foil packaging market will exhibit a 4.8% CAGR from 2017 to 2025, rising from a valuation of US$20.8 bn in 2016 to a revenue opportunity of US$31.5 bn by 2025.
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Asia Pacific Market to Flourish as Packaged Foods Gain Increased Uptake
Based on thickness, the segment of 0.09 mm to 0.2 mm serves the dominant share of demand and is likely to expand at the most prominent CAGR over the forecast period as well. In terms of type, the segment of unprinted foil serves a notably larger share of demand as compared to the segment of printed foils. Geographically, the market in Asia Pacific is presently the most lucrative regional market and is likely to remain so over the forecast period as well. The key factors driving the Asia Pacific aluminum foil packaging market include the high population, a thriving food and beverages industry, and increased uptake of packaged foods and beverages across emerging economies.
Increased Demand for Packaged Foods to Drive Market
The increased demand for convenience packaging and the steadily rising demand for packaging products capable of extending the shelf life of packaged foods globally are some of the most crucial factors driving the global aluminum foil packaging market. The high use of aluminum foils in flexible packaging solutions is also a key factor driving its demand. Moreover, high barrier properties, light weight, and recyclable nature also increase improve the suitability of aluminum foil, making it application for a vast set of application areas. Over the next few years, the market is likely to gain notable traction owing to rising demand from the sectors of processed foods and ready-to-eat meals.
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While the increased emphasis on the adoption of eco-friendly packaging has proved to be a major driver for the aluminum foil packaging market, the large volumes of aluminum foil packaging products that are not recycled and are left unaccounted for in landfills has started become a huge ecological challenge. This factor could hamper the growth of the market to a certain extent, especially in regions where waste management practices are not well-established and improper disposal of recyclable packaging products is not penalized.