ID: MRFR/PNT/1647-CR | August 2020 | Region: Global | 163 pages
Retort packaging market in terms of value is estimated to register 6.49% CAGR during the forecast period.
Retort packaging is a type of food packaging that is done using flexible plastic pouches or retort pouches. Retort pouches and cans are used to pack ready-to-eat and other perishable food items, which are subjected to extreme heat, rendering the product commercially sterile. Such pouches have a shelf life of up to 18 months with no preservatives and zero refrigeration. They are four-layered pouches that are manufactured with retort films, namely, aluminum foil (barrier layer), polyester (outside layer), polypropylene (physical food contact layer), and nylon (abrasion resistance layer). The processing method uses heat and pressure to sterilize food.
The process of retorting deactivates enzyme action, arrests microbial growth, and ensures the shelf-stability of products. Reduced processing time ensures the food packed in a retort pouch retains maximum nutritional value, taste, aroma, and flavor at the time of consumption. Retort packages are popular with food manufacturers across the world. They are among the most commonly used methods of thermal food processing. Retort packaging has revolutionized the packaging of ready-to-eat food items in food and beverage packaging.
The growth of market vendors depends on the growth of the industry, market environment, and regulations. Thus, they should continue to consider enhancing their offerings and expanding their presence. Amcor PLC (Australia), Mondi (Austria), Sonoco Products Company (US), Sealed Air Corporation (US), and Winpak Ltd (Canada) held nearly 41.00% of the market share in 2018. PROAMPAC (US), Constantia Flexibles (US), Clondalkin Group (Netherlands), Coveris Group (Austria), and Clifton Packaging Group Limited (UK) are some of the other key players operating in the global retort packaging market.
Global Retort Packaging Market is segmented based on Packaging Type, Material, Application and Region.
Based on Packaging Type, the global market has been segmented into pouches, trays, cartons, and others. In 2018, the pouches segment accounted for the larger market share of 52.86%, with a market value of USD 16,873.29 million. It is projected to grow at 6.9% CAGR during the forecast period.
Based on Material, the global market has been segmented into paper & paperboard, aluminum foil, polypropylene, polyester, and others. In 2018, the paper & paperboard segment accounted for the largest market share of 28.04%, with a market value of USD 8,951.21million. It is projected to grow at 5.9% CAGR during the forecast period.
Based on the Application, the Global Retort Packaging Market has been segmented into food, beverages, and others. In 2018, the food segment accounted for the largest market share of 61.81%with a market value of USD 19,731.69 million. It is projected to grow at 6.7% CAGR during the forecast period.
Geographic analysis of the Global Retort Packaging Market spans across North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Source: MRFR Analysis
Europe covers the UK, Germany, France, Spain, and the rest of Europe. The region holds the largest share of the retort packaging market. It is home to several key companies, such as Mondi Group, Clondalkin Group, and Austria, which supports the growth of the market for retort packaging. Europe accounted for a 36.86% share of the retort packaging market in 2018, owing to factors such as increased investment by the companies in the packaging of food and beverage and pharmaceutical products.
The retort packaging market in Asia-Pacific is expected to witness steady growth, owing to the high demand for fast-moving consumer goods (FMCG). FDI (Foreign Direct Instance) in retail has further widened the scope for packaging, which attracts foreign players to establish their facilities in the region. The increasing demand backs the growth of the retort packaging market in the region for packaged food and beverage items in countries such as China and India, primarily due to the increasing per capita disposable income.
Global Retort Packaging Market is segmented based on Packaging Type, Material, Application and Region. The global retort packaging market is characterized by a large number of players that operate at global and regional levels. The players adopt strategies such as expansions, mergers & acquisitions, and product development to improve their position in the global market. High competition, rapid changes in technology, and availability of integrated solutions by industry participants are the key factors that restrict the market growth.
|Market Size||2023: USD 42.05 Billion|
|CAGR||6.49% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Packaging Type, Material, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amcor PLC (Australia), Mondi (Austria), Sonoco Products Company (US), Sealed Air Corporation (US), and Winpak Ltd (Canada) PROAMPAC (US), Constantia Flexibles (US), Clondalkin Group (Netherlands), Coveris Group (Austria), and Clifton Packaging Group Limited (UK)|
|Key Market Opportunities||Rising demand for ready-to-eat food in asia-pacific|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The rising hygiene levels of the people, in conjunction with rising disposable income, are supposed to influence the market growth positively.
The market is presumed to reach USD 42.05 Bn by 2023 reflecting a CAGR of 7.5%.
Huge capital investment requirement, coupled with lack of technical expertise, is expected to restrict growth of the market.
The key end-user segments that are assessed to offer a comprehensive view of the market are pharmaceutical, food, beverage, and others.
Urbanization in Asia Pacific is likely to provide impetus to market growth.