Global Aluminium Foil Packaging Sales to total US$ 40 Bn by 2030 as Demand for Eco-friendly Packaging Continues Rising: Fact.MR
DUBAI--(Korea Newswire) July 21, 2021 -- According to a recent study by Fact MR, East Asia is emerging as a frontrunner in the aluminium foil packaging market. China, being the dominant manufacturer and consumer of blister packed items, is significantly contributing towards the expansion of the market in East Asia.
As per the report, a thriving cosmetic industry in South Korea will fuel the aluminium foil packaging demand. Meanwhile, China will contribute as the leading tobacco manufacturer in the world. Fact MR sees the launch of new tobacco products as a key growth opportunity for the aluminium foil packaging market.
Introduction of the foil-wraps aluminum packaging is anticipated to emerge as a chief growth drive. Their superior abilities like better water-resistance and cost-effective pricing in comparison to plastics wraps will bolster opportunities for sales in the market.
Globally, the aluminium foil packaging market is forecast to grow at an impressive 6% CAGR through 2021 and beyond. Increasing demand for pharmaceuticals and cosmetics has improved the sales of aluminium packaging across China and South Korea.
“Growing e-commerce and increasing demand of online food delivery services amidst pandemic will boost the aluminium foil packaging market growth,” says a lead analyst at Fact.MR.
Thriving Food and Beverage Industry Creating Opportunities for Aluminium Foil Packaging Sales in East Asia
According to Fact MR’s analysis, sales of aluminium foil packaging is anticipated to propel due to an increasing demand for ready to eat food services and growing sales of packaged food items in East Asia.
International Trade Administration states that the food and beverage sector of China registered a 7.8% y-o-y growth reaching a market valuation of US$ 595 Bn in 2019.
Elevated consumption of fast food and beverage in China will create growth opportunities for manufacturers. Presence of leading aluminium foil packaging manufacturers in China will further influence growth over the assessment period.
As per the report from Government of Canada, increasing demand of convenient and healthy packaged food among South Koreans is driving the packaged food sales. The retail sales are expected to reach US$ 31.3 Bn by the end of 2023. Increasing consumption of packaged food among millennials will drive the aluminium foil packaging demand in upcoming years.
Rising inclination towards recyclable packaging and strict international laws regarding pollution will create a conducive environment for aluminium foil packaging market growth.
Dominance of South Korea in pharmaceutical industry in terms of new drugs and biologics development and heavy technological export will positively influence the aluminum foil packaging market in the country.
Key market players are focusing on developing new eco friendly products to meet increasing demand compatibilities and environment norms with associated application usage.
The Fact.MR study also profiles leading players in the aluminium foil packaging market, Pactiv LLC., Aleris Corporation., Hulamin Ltd., Handi-Foil Corp., Penny Plate, LLC., Contital srL., Reynolds Food Packaging LLC., Revere Packaging LLC, Uflex and i2R.
Key Questions Answered by the Report
· The report offers insight into aluminium foil packaging market demand outlook for 2020-2030.
· The market study also highlights projected sales growth for the aluminium foil packaging market between 2020 and 2030.
· Aluminium foil packaging trends and evaluation of current market size and forecast and technological advancements within the industry.
· Aluminium foil packaging market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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Read Global Market Survey Report Here: https://www.factmr.com/report/518/aluminium-foil-p
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This is a news release distributed by Korea Newswire on behalf of this company.