Sustainable Packaging Push To Spur Growth Of The Aluminum Bag Market

 
Aluminum Bag Market

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:
The aluminum bag market consists of bags made from aluminum foil or laminated with aluminum foil. Aluminum bags provide better barrier protection than plastic bags and prevent leakage, moisture, and enhance product shelf life. They are lightweight, recyclable, and reusable. Aluminum bags help reduce carbon footprint as they are thinner than plastic bags but provide equivalent protection. They can be heat sealed easily and used for packaging of various products including food & beverages, pharmaceuticals, cosmetics, and homecare. Rise in awareness about sustainable packaging and single-use plastic ban is fueling the demand for aluminum bags globally.

Market Key Trends:
One of the key trends in the aluminum bag market is growing demand for sustainable packaging solutions. Stringent government regulations regarding single-use plastic are propelling manufacturers and brands to adopt eco-friendly aluminum bags. Aluminum being 100% recyclable is gaining traction in the FMCG industry. Sachet packaging using aluminum foil is gaining popularity in developing regions for oral care, hair care and skincare products. Another trend is development of innovative aluminum bag types such as stand-up pouches, zipper pouches and spout pouches. They provide better handling and are suitable for viscous liquids. Growing e-commerce industry is augmenting the use of aluminum bags for product packaging and shipping.


Porter’s Analysis
Threat of new entrants: The threat of new entrants in the aluminum bag market is moderate. Startup costs for manufacturing aluminum bags is high due to equipment and machinery requirements. Bargaining power of buyers: The bargaining power of buyers in the aluminum bag market is high. Buyers have several product alternatives available at lower prices. Bargaining power of suppliers: The bargaining power of suppliers in the aluminum bag market is moderate. Raw material suppliers have high switching costs involved due to certification requirements.
Threat of new substitutes: The threat of substitutes in the aluminum bag market is high. Substitute products like plastic bags, pouches and paper bags are easily available at competitive prices.
Competitive rivalry: The competitive rivalry in the aluminum bag market is high due to presence of numerous global and regional players.

Key Takeaways
The Global Aluminum Bag Market Demand  is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand for enhanced product protection and preservation in end-use industries such as food & beverage, pharmaceutical, and personal care.

Regional analysis: North America accounts for more than 30% of global aluminum bag market share and is expected to continue its dominance over the forecast period. Growing demand for convenient packaging from retail and e-commerce industries is driving market growth. Asia Pacific exhibits fastest growth rate of 8.2% owing to expanding economies of countries like China and India.

Key players: 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 holds leading market share of over 15% with wide geographical footprint and innovation capabilities.

Read More:

https://www.marketwebjournal.com/aluminum-bag-market-forecast-demand-and-size/

 

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