Aluminum Foil Packaging Market Expects Explosive Growth Over Next Decade
According to a report recently released by the analyst group Visiongain, the aluminum foil packaging industry should see strong growth between 2013 and 2023. The report, entitled “World Aluminum Foil Packing Market 2013-2023” cites developing markets as a primary source for driving this growth.
These countries have only recently begun to make the transition from transporting fresh produce to processed foods. As these markets develop, their demands for higher quality and quantities of processed foods should bring about a tremendous increase in their consumption of foil packaging. Low labor costs are also contributing to the increase in demand.
Because there will be more competition among suppliers of aluminum foil packaging, these sources will begin offering a wider variety of products to choose from, according to the report. Visiongain expects the production of such packaging to reach 3.82 million tons during the 2013 year.
Comparatively, the production of aluminum foil packaging in 2003 was approximately 1.4 million tons. About 75 percent of the world’s aluminum foil packaging is used for food. The remainder is used for industrial applications, such as electronics, cables, and thermal insulation.
Other factors are also contributing to the growth of this industry. An aging population (particularly in the United States) is increasing demands for versatile, easy to use food packaging. Additionally, the increase in disposable income among the newly arising middle class in developing regions is leading to a demand for such products.
The turmoil brought by the recent economic recession means more people are eating at home instead of dining out, which also drives up demand for cheap, quick, easy prepackaged meals. Finally, workers are working longer hours to compensate for the downturn in the economy, which means they need more fast, simple prepackaged meals.
Suppliers of aluminum foil packaging will have to create new innovations in design and features to help their products stand out among the stiff competition.
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