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.