According to a report published by Fact.MR, the aluminum bags and pouches market is anticipated to surpass $5.5 billion valuation in 2031, and expand at a CAGR of more than 6% over the next ten years.
With rise in urbanization, the health and wellness sector has skyrocketed in recent years. Pharmaceutical manufacturing has swelled at an enormous rate, creating significant demand for related packaging.
Asia Pacific excluding Japan currently accounts for a majority of the consumption aluminum bags and pouches for packaging purposes, followed by Europe and North America. This is owing to the fact that the number of aluminum ore companies as well as aluminum bag and pouch producers are high in these regions, thus narrowing the gap between demand and supply.
Aluminum bags and pouches are widely used at snacks counters and restaurants for packaging products, which remains the main driver for the market.
Key Takeaways from Market Study
- The aluminum bags and pouches packaging market is anticipated to add 1.7X value by 2031.
- 0.09-0.2 mm thickness aluminum bags and pouches capture a more than 45% share of the global market, and are set to create an absolute $ opportunity of between $2-3 billion over 2021-2031.
- Among the applications, the pharmaceuticals sector has been the fastest-growing segment.
- APEJ is set to dominate market revenue in 2021, and is expected to gain nearly 120 basis points by 2031.
- The market in China and the U.S. is expected to rise at close to 7% CAGR through 2031.
- Due to the COVID-19 crisis, demand for aluminum bags and pouches was hit in 2020, which saw a net decline of around 1.6% over the 2nd and 3rd quarters.
Fact.MR has profiled the following key manufacturers of aluminum bags and pouches in its report:
- Amcor Ltd.
- Pactiv LLC
- Novelis, Inc.
- Bemis Co., Inc.
- Clifton Packaging Group Ltd.
- Ess Dee Aluminium Limited.
- Mondi Group plc
- Berry Global Group, Inc.
- Protective Packaging Ltd.
- Printpack Inc.