In the highly fragmented global retort packaging market, wherein the top ten companies held a nearly 30% of the market’s overall revenue in 2015, product differentiation achieved through innovation in product features and design is the key to success, observes a recent report by Transparency Market Research. For instance, Mondi group, one of the market’s leading players, introduced retort stand-up pouches for pet care products, with a high-definition rotogravure printing feature. The enhanced graphics and texture of the print on the package has since helped the company gain a sizeable rise in its share in the overall market.
Transparency Market Research estimates that the global retort packaging market, which was valued at US$13,026.9 mn in 2015, will register a CAGR of 7.5% over the period between 2016 and 2024. If the prediction holds true, the market will surpass US$24,706 mn by 2024. In terms of product varieties, the segment of retort pouches accounted for a dominant share of over 45% in the global market and is expected to retain dominance over the forecast period as well. Geographically, Asia Pacific, expected to account for a share of over 34% of the global market in terms of revenue, is expected to retain dominance as well.
Need for Feasible Alternatives to Conventional Packaging to Increase Focus on Retort Packaging
With the vast rise in the global consumption of processed and packaged food products, there has been a vast surge in demand for versatile and good quality packaging materials and technologies. Retort packaging, owing to its capability of meeting the necessary standards of food packaging such as low weight and convenience of use, aesthetic appeal, shelf life extension, and maintaining food safety and hygiene, has emerged as a convenient option to a number of conventional packaging technologies.
Moreover, owing to the fact that retort pouches use only about 5% of the packaging material as compared to conventional cans, the shift from conventional packaging to retort packaging is a highly beneficial and profitable move for packaging manufacturers. As a result, retort packaging is witnessing vast surge in demand from consumers as well as packaging manufacturers.
Other than these factors, the environment-friendly nature of retort packaging, on account of its low packaging weight, which translates into real transportation cost savings and reduced waste for both end-consumers and the environment, is also working in favor of the market. The global retort packaging market is also driven by the rising demand for convenient and hygienic packaging options for the lucrative baby food industry. Rapid product development and innovations in retort packaging market in recent years have helped manufacturers of retort packaging materials and products to efficiently cater to this application segment, fueling market’s growth opportunities.
Rising Demand for Eco-friendly Packaging to Fuel Market Growth
Owing to rising concerns regarding the harmful effects of the non-biodegradable waste generated by packaging products, eco-friendly materials are expected to gain increased adoption in the packaging industry in the next few years. Eco-friendly packaging is expected to be offer new opportunities for packaging manufacturers and film converters. According to the Grocery Manufacturers Association (GMA), approximately 70% of pet food, baby food, sea food as well as meals ready to eat food products are anticipated to feature an eco-friendly packaging materials. This trend is expected to be highly conducive for market growth in the next few years, having a significant impact on the development of the market.
This review of the market is based on a recent report published by Transparency Market Research, titled “Retort Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
For the study, the global retort packaging market has been segmented as follows:
By Product Type
- Stand- up Pouches
- Back-seal Quad
- Spouted Pouches
- Gusseted Pouches
- Others (Cans, Bottles)
- Cast Polypropylene
- Nylon (Bi-Oriented Polyamide)
- Polyester (PET)
- Polyethylene (PE)
- Aluminum Foil
- Paper & Paperboard
- Others (PVDC, PVC)
- Meals Ready-to-Eat (MRE)
- Sea Food
- Pet Food
- Baby Food
- Soups & Sauces
- Others (Meat stew)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa