Aluminum Foil Packaging Market to Grow at CAGR of Nearly 5% to 2022
The global aluminum foil packaging market research report by Technavio predicts the market to post a CAGR of close to 5 percent during 2018-2022. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key driver is the growing global commercial food service market. Quick service restaurants (QSR) are one of the fastest-growing segments of the global commercial food service market and the revenue of this segment will reach U.S. $700-$800 billion by 2020. The changing lifestyle of people and the growing working population are factors that are contributing to the increasing demand for QSRs. This increase in this type of restaurant will promote the demand for aluminum foil packaging as it can withstand high temperature and block moisture.
Aluminum foil containers are lightweight, fire resistant, strong, non-toxic and recyclable. Over 12 billion aluminum foil containers are produced across the globe every year. The containers are made up of almost pure aluminum and are 100 percent recyclable. Foil containers are environmental friendly, as recycling aluminum saves 95 percent of the energy required to produce new primary aluminum.
The food and beverage industry segment held the largest market share in 2017, accounting for nearly 39 percent of the market. The segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with more than 39 percent of the market share, followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the forecast period.