by Aluminum bags are used for packaging products such as snacks, pet food, coffee, flour and other dry food products. They provide excellent barrier properties that help retain the freshness of products for longer durations. They are lightweight and flexible with high durability which makes them suitable for transportation and storage.
The global aluminum Bag Market is estimated to be valued at US$ 22 Billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
As per recent data, packaged food sales grew by over 15% in key markets like the United States, China and Western Europe in the last five years. This is majorly attributed to changing lifestyles, busier schedules and preference for convenience foods among consumers. The trend of nuclear families and single households has further accelerated ready-to-eat food demand. Aluminum bags have emerged as the ideal and sustainable packaging solution for these foods due to properties like lightweight and excellent barrier against moisture, gas, dirt and bacteria. Leading packaged food companies are actively adopting aluminum bags for various product categories to leverage these advantages.
SWOT Analysis
Strength: Aluminum is lightweight and durable material which makes aluminum bags strong for carrying items. It is recyclable and environment friendly material.
Weakness: Aluminum bags are expensive as compared to plastic bags. The production of aluminum requires large amount of energy.
Opportunity: Increasing demand for sustainable and eco-friendly bags provides opportunity to promote use of aluminum bags. Many countries are banning use of plastic bags which favors aluminum bags market.
Threats: Stiff competition from other alternative bags such as jute bags, cotton bags pose threat to aluminum bags market. Volatility in aluminum prices can impact the production cost of aluminum bags.
Key Takeaways
The Global Aluminum Bag Market Size is expected to witness high growth.
Regional analysis: Asia Pacific region dominates the global aluminum bag market and is expected to grow at fastest pace during the forecast period. Factors such as availability of low cost raw materials and labor in countries like China and India are driving the aluminum bag market in Asia Pacific region.
Key players operating in the aluminum bag market are Brazilian packaging company Novelis, Eco-products Inc., Polyethylene Terephthalate (PET).,Commodities Source USA, and International Aluminum Products Co. Novelis is one of the largest producers of rolled and extruded aluminum products. Eco-products Inc. offers variety of aluminum bags for different uses like retail packaging, wine bottles, food bags and others. PET manufactures custom printed aluminum foil bags and pouches for various end-use industries. Other small and medium regional players also offer wide range of aluminum bags catering to different regional markets.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
