Global Retort Packaging Market to drive new Opportunities with the Adoption of Eco-friendly Products
Published On : Nov 22, 2018 | Category : Packaging
The global retort packaging market is anticipated to boost the demand of ready-to-eat foods due to the changing lifestyle and urbanization. It is important to pack food in a way that it doesn’t lose its nutrients and has a good shelf-life. With the help of retort packaging, food products are wrapped in special pouches which are lightweight and can resist a temperature of 130 degree Celsius which subdues the unwanted bacteria. The decontamination of low-acid food items is one of the powerful means of storing food. This has ultimately given rise to retort packaging. The retort packaging market is one of the major domains in the retort packaging market due to its light-weight retort packaging technology.
Retort Packaging market is projected to expand at a CAGR of 7.45% between 2017 and 2024. As per revenue, the market was valued at US$14945 mn in the year 2017 and is expected to be valued at US$24706 mn by 2024. As per volume, the retort packaging market is estimated to reach 6.7% CAGR and generate 72494 mn units of demand by the end of 2024. Few of the leading players in the global retort packaging market are Amcor Limited, Mondi Group, Sealed Air Corporation, Bemis Company, Inc, and Sonoco Products.
Stand-up Pouches to be the Key Segment as they are Attention Seekers and maintain a good Shelf-life.
According to product type, the global retort packaging market is bifurcated into spouted, stand-up, cartons, gusseted, trays, and back-seal quad pouches. The stand-up pouches are expected to boost the demand of retort packaging by generating a revenue of US$7562.1 mn by 2024. These pouches grab attention of the consumers and eventually drive sales. Also, the stand-up pouches have the quality of storing moist food for some time and thereby maintaining the shelf-life in the retail outlets. The other product segments such as trays are also estimated to drive demand for the retort packaging market over the forecast period.
According to material, the retort packaging market is segmented into polypropylene, nylon, aluminum foil, cast, paperboard, polyester, polyethylene and others for instance polyvinylidine chloride and polyvinyl chloride. Of these, the two segments called polyester and cast polypropylene are showcasing huge growth. The cast polypropylene market is estimated to be worth US$4634.2 mn by the end of 2024 possessing high moisture barrier and great adhesion properties. The global market for retort packaging is also classified on the basis of form which include rigid, semi-rigid, and flexible. By application, the market is divided into pharmaceuticals, food, and beverages.
Asia Pacific to Demonstrate the Highest Potential due to vast Urban Population
The global retort packaging market is geographically divided in to regions such as Europe, North America, and Asia Pacific. Among these, Asia Pacific is expected to lead the market by generating a revenue worth of US$8607.4 mn by the end of 2024. Owing to vast urban population, the retort packaging market is growing at a thriving pace. On the other hand, Europe is expected to reach US$7148 mn by the end of forecast period. However, due to strict government policies and guidelines, demand for eco-friendly products is expected to drive the retort packaging market.
Transparency Market Research also states that the growing demand for readymade foods, flourishing supermarkets, and innovations in baby food packaging are some of the drivers which propel the overall demand for retort packaging market globally. On the contrary, some strict environmental guidelines related to polyvinylidine chloride and polyvinyl chloride is restricting the growth of retort packaging market. Having said that, various research and development activities are upcoming which are meant to come up with eco-friendly packaging and this is likely to offer lucrative growth opportunities in the global retort packaging market.