Global Retort Packaging Market - Segmented by Packaging Type (Pouches, Cartons, Trays), Material Used, End-Users and Region - Growth, Trends, and Forecast (2018 - 2023)
The retort packaging market was valued at USD 33.72 billion in 2017, and it is expected to reach a value of USD 51.04 billion by 2023 at a CAGR of 7.11 % over the forecast period (2018 - 2023).
The scope of the report is limited to solutions offered by major players for retort packaging in terms of pouches, cartons, and trays. While the end-users considered in the scope of the report include food & beverages and healthcare. The study also emphasizes on various attack points on materials used for retort packaging and various regions considered globally.The thermal sterilization of low-acid food products has been a prevalent means of preserving food and is the basis of the evolution of retort packaging. The ease and adaptability of the retort packaging technology resulted in rapid growth of the retort packaging market, making it one of the major domains in the packaging industry. The demand for the light-weight packaging technologies has been a major driving force, contributing to market growth.
Rapidly Increasing Demand for Light-Weight and Compact Packaging
Convenience is a major differentiating factor in packaging solutions. Recent innovations in retort packaging have emphasized on reducing the overall weight of the materials, without compromising the packaging quality. This emphasis on weight reduction has received wide appreciation and is expected to be extensively adopted by the industry. There has been a drastic rise in the number of packaged food products occupying shelf-space in the market, which has boosted the demand for packaged food products, further. The ‘on-the-go’ lifestyle of new age consumers, coupled with the reduction in the average size of households, has led to a strong focus on convenience. The consumer goods companies are increasingly depending on packaging solutions, to gain a competitive edge in the market. Consumers are demanding products that have extended shelf life and are easy to use, which, in turn, is driving the companies to develop alternative packaging solutions
Pouches are Primary Hotspots for Growth
These pouches were initially incorporated in military applications for packing the ready-to-eat meals, as an alternative to the rigid metal cans. Retort pouches have a distinct advantage over the other conservative alternatives, owing to their quicker heat penetrating property and their compliance with the FDA approvals for thermal processing techniques in the packaging to elongate the product shelf life. The light-weight property of packaging solutions and the ease of opening have been additional factors driving the adoption rate of the retort packaging technology. Pouches have gained popularity, owing to their significant advantages over the existing alternatives, by reducing the logistics and freight costs. Consumer convenience has been another major factor in the increasing adoption of retort packaging techniques. Most common applications for retort pouches include food products, such as tuna, pet food, rice and other ready-to-eat meals, among others. The FDA and USDA approvals for materials is a necessity in the packaging industry, as they have to go through a sterilization process that extends the product shelf life and protects the contents, thereby, significantly boosting the durability of the package on the whole.
North America to Dominate the Retort Packaging Market
The United States accounts for more than 20% of the global food retail industry, with an estimated market size of more than USD 1,000 billion. The retail food industry is witnessing growth, owing to the growing demand for packaged food products. Further growth has been forecasted for the market, because of the rise in investments in the healthcare industry, for flexible and retort packaging solutions. The major industry players’ increasing focus on the lucrative market opportunities has resulted in major revenue-generating opportunities in the region. Being home to some of the biggest retail stores and highly-informed customers, makes North America, a very favorable destination for investments in the retort packaging market.
Key Developments in the Market
- May 2017- Amcor upgraded the quality of retort packaging in the latest brand called AmLite, which is a micro-thin, ultra high barrier that gives packaging designs and protects the product while boosting sustainability.
- May 2017- Amcor announced the expansion of specialty containers business in Latin America, which led to the addition of injection molding and in-mold labeling. The product offerings in the region are thus, also expected to increase.
Major Players -Amcor Limited, Constantia Flexibles, Bemis Company Inc., Clifton Packaging Group Limited, Clondalkin Industries Bv, Coveris Holdings Sa, Flair Flexible Packaging Corporation, Mondi Plc, Tetra Pak International S.A, Sonoco Product Company, Winpak Ltd, And Sealed Air Corp. among others
Reasons to Purchase the Report
- Study of the growing number of applications for retort packaging as a driver to the global market.
- Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
- The type of retort packaging that is expected to dominate the market is analyzed in detail.
- The regions which are expected to witness the fastest growth during the forecast period are analyzed and estimated for growth.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in Excel).
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