Retort packaging Market Scope
Market Research Future (MRFR) reveals that the global retort packaging market is set to expand at a CAGR of about 7.5% from 2017 to 2023 and scale up to a valuation of USD 42.05 billion by the end of the forecast period.
The rising awareness about the micro-organism intolerant property of retort packaging is noted to be the primary factor for its market to surge. Technical advancements are contributing significantly to the expansion of the market. Modern technologies are being deployed by manufactures of provide more effective retort packaging solutions of modified designs and better quality raw materials. This, in turn, is likely to aid in shelf-life extension of the intended subustance, thus, escalate the sales number. These factors are likely to promote the market growth in the coming years. The availability of different types of the packaging that asserts feasibility for packing any type of substance is expected to gain momentum for the market. The food and beverage and the pharmaceutical industries are high consumer of retort packaging. The fast-paced expansion of these industries is likely to gain traction for the market. However, lack of cost-effectiveness can hinder the market expansion.
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MRFE profiled prominent vendors of retort packaging. They are;
- Astrapak Limited (South Africa)
- Amcor Ltd. (Australia)
- Mondi Group (South Africa)
- Berry Plastics Corporation (U.S.)
- Ampac Holdings LLC(U.S.)
- Sonoco Products Company(U.S.)
- Coveris Holdings S.A. (U.S.)
- Clondalkin Industries BV (Netherlands)
- Bemis Company Inc. (U.S)
- Otsuka Holdings Company Limited (Japan)
- Tredegar Corporation(U.S.)
- DS Smith PLC(U.K.)
- Sealed Air Corporation(U.S.)
- RockTenn Company (U.S.).
Deepening competition among market contenders is likely to benefit the global market expansion. Key players are driving the market on the ground of new and effective strategies, encouraging innovations. In a parallel way, partnership, collaboration, and agreements are expected to amplify the market growth.
The global retort packaging market has been segmented on the basis of material type, packaging type, and end use. Based on the material type, the global market has been segmented into polypropylene, polyester, aluminum foil, food grade cast polypropylene, biomaterials, paperboard, nylon, and others. Retort packaging materials are highly intolerant to micro-organisms. Hence, use of retort packaging across its high number of end users is expected to gain traction for the global market. Based on the packaging type, the market has been segmented into pouches, cartons, trays, and others. The growing awareness about different type of retort packaging is likely to promote the market growth. Based on the end-user, the global market has been segmented into food, beverage, pharmaceutical, and others. Retort packaging is widely used in the food and beverage industry.
Regionally, the retort packaging market has been examined across Europe, North America, Asia Pacific, and the Rest of the World (RoW).
MRFR states that the retort packaging market in the Asia Pacific is expected to register the highest growth rate over the assessment period. The increase in demand for ready-to-eat food due to the fast-beat lifestyle of people is noted to boost the growth of the APAC market. In economies such as China, Japan, Korea, and India, surge in number of people opting for retort packaging is high, which is expected to positively influence the growth of the market. In addition, the increase in population base and rapid urbanization is escalating the sales of retort packed goods. Thereby, is likely to promote the regional market growth. In North American region, the growing awareness about the benefit of retort packaging is likely to propel the market. In Europe, adoption of trending technologies for launching more effective retort packaging solutions is anticipated to boost the regional market.
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