Consumer preferences coupled with evolving regulatory regulations are some of the leading factors that have a strong influence on the various aspects of the food & beverages industry, including packaging, ingredients, and product information. Modern day consumers are increasingly demanding environment sustainability from several industrial sectors and a similar trend can be observed across the food packaging sphere. The food packaging sector has gradually matured into a multi-million industry due to which, innovative, cost-effective, and eco-friendly products and concepts have hit the market. The popularity of aluminum foils has experienced considerable growth over the past decade, due to its exceptional ability to protect food items from external factors, such as moisture, oxygen, and bacteria, among others.
The demand for aluminum foil has witnessed consistent growth over the past decade, particularly from the food & beverages sector. As packaging trends around the world continue to evolve, the adoption of lightweight, easy-to-use, and cost-efficient aluminum foil across various end-use industries, such as food & beverages, pharmaceutical, and construction, have experienced substantial growth. The booming on-the-go food trend, mainly in the urban areas of the world, is another factor that is expected to provide an impetus for growth of the global aluminum foil packaging market.
These factors coupled with growing interest levels for convenience packaging are expected to steer the global aluminum foil packaging market past the US$ 31.5 Bn mark by the end of 2025. In addition, increasing adoption of aluminum foil in the manufacturing of an array of packaging containers is another factor that is expected to boost the overall growth of the aluminum foil packaging market during the forecast period.
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Food & Beverages Industry to Provide Lucrative Opportunities to Market Participants
The soaring demand for aluminum foil from the food packaging sector is expected to play a key role in boosting the overall prospects of the aluminum foil packaging market during the forecast period. The high demand for aluminum foil can be attributed to various benefits of the product, including optimal thermal insulation, flexible packaging, and favorable physical characteristics. In addition, aluminum packaging has gained considerable popularity over the past few years, as it is non-toxic in nature, chemically neutral, and corrosion resistant.
While the adoption of aluminum foil from the food & beverages sector is expected to remain the highest, market participants are increasingly focusing on the potential avenues across the pharmaceutical packaging space. Due to increasing pressure from regulatory bodies and high demand for green packaging practices, aluminum foil has emerged as a feasible packaging alternative as it is recyclable. As per the research carried out by Transparency Market Research, the adoption from the pharmaceutical sector is likely to grow at a faster rate than that of the food & beverages sector due to which, capitalizing on the opportunities in pharmaceutical packaging will remain key to gain advantage in the current market landscape.
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Regulatory Pressure Drives Pharmaceutical Companies to Opt for Sustainable Packaging Materials
Regulatory bodies around the world continue to pressurize various industrial sectors to minimize their packaging usage. Although considerable uncertainty looms around how these objectives are likely to be accomplished, several sustainability initiatives have been put forward over the past few years– a trend that is expected to deeply impact the adoption of recyclable aluminum foil for packaging requirements in different industries. Aluminum foil continues to remain the gold standard for packaging, particularly in the pharmaceutical sector due to its exceptional barrier properties and other benefits. Leaner production models across the pharmaceutical packaging sector are likely to offer environmental benefits for operators involved in the current market landscape.
At present, players operating in the aluminum foil packaging market are increasingly focusing on regulating the quantity of aluminum foil in the inventory to address the challenges across the supply chain and manage complexities pertaining to stock-keeping units (SKUs). In addition, market players are also increasingly emphasizing on decreasing packaging complexities and improving the overall operational efficiency to cut through the competition.
Demand from Food Sector Drops amid COVID-19 Pandemic
The ongoing COVID-19 pandemic is expected to have a strong impact on the different facets of the aluminum foil packaging market. While lockdowns imposed in various parts of the world as a preventive measure to contain the transmission of the novel coronavirus has created several barriers across the supply chain in the current aluminum foil packaging market, market players are likely to chalk out new strategies to overcome this uncertain period for the business.
While the demand for aluminum foil is expected to remain sluggish from the food & beverages sector in 2020, the pharmaceutical sector is likely to provide considerable opportunities amid the ongoing COVID-19 pandemic. As the demand for medicines such as antibiotics and other types of COVID-19 drugs continues to rise exponentially, the demand for aluminum foil from the pharmaceutical packaging sector is expected to provide considerable boost to the aluminum foil packaging market during the ongoing health crisis.
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