The global Aluminum Bag Market is estimated to be valued at US$ 9.83 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aluminum bags are lightweight packaging solutions used widely in food, beverages and other consumer goods industries. Aluminum provides excellent barrier properties against moisture, oxygen and light making aluminum bags ideal packaging choice for extending the shelf life of products. Growing demand for flexible and sustainable packaging from consumers and brands has increased the adoption of aluminum bags.
Market Key Trends:
One of the key trends in the aluminum bag market is increasing use of aluminum coated films and laminates for packaging beverages, snacks and other products. Aluminum coating on plastics and paper provides moisture and gas barrier properties at lower costs compared to pure aluminum foil bags. Furthermore, aluminum deposited plastics offer ease of processing on packaging machinery and qualify as lightweight and recyclable packaging solutions. Brands focus on sustainability and convenience packaging has accelerated the replacement of rigid containers with aluminum laminated flexible pouches and bags.
Market key trends:
One of the key trends in the aluminum bag market is increasing preference for lightweight and sustainable packaging materials. Aluminum bags are very light in weight compared to plastic bags and require lesser resources to produce. They are 100% recyclable and can be reused multiple times, thus making them a more eco-friendly alternative. The aluminum material also imparts excellent barrier properties that help extend the shelf-life of products. These advantages are driving several companies to switch from plastic to aluminum bags.
SWOT Analysis
Strengths: Aluminum bags have very high strength and durability. They can withstand harsh manufacturing and distribution environment.
Weaknesses: Aluminum bags have higher production costs than plastic bags. Furthermore, aluminum is a less flexible material to work with.
Opportunities: Strong government support for sustainable packaging presents an opportunity. Many countries have imposed bans or restrictions on plastic bags.
Threats: Stagnant demand from key end-use industries during economic downturns can reduce sales of aluminum bags. Volatility in aluminum prices also poses a threat.
Key Takeaways
The Global Aluminum Bag Market Demand was valued at US$ 9.83 Bn in 2023 and is expected to reach US$ 16.17 Bn by 2030, expanding at a CAGR of 6.9% during the forecast period. The growth is attributable to increasing demand from food & beverage industry for fish, meat, dried foods packaging.
Regionally, Asia Pacific dominated the global market in 2023 and is likely to witness highest growth during the analysis period. Rapid industrialization and urbanization coupled with rising disposable income in countries such as China and India is driving the demand in the region.
Key players operating in the aluminum bag market are Amcor, Mondi, Sonoco, Bemis, Novolex, Berry Global, Pactiv, ProAmpac, Coveris, Huhtamaki, Technovin, Flexopack, Celplast, UltraSource, Printpack, Bryce, Genpak, Astrapak, Plus Packaging, Presto. Amcor and Mondi collectively hold over 35% of the global market share.
Read More:
https://insightskies12.blogspot.com/2023/11/sustainable-packaging-push-to-spur.html
