Due to the highly fragmented nature of the global retort packaging market, development of innovative products with newer design and functional features is the key to success, states a new report by Transparency Market Research (TMR). The top ten companies held only about 30% of the market in 2015. For instance, in 2015, Mondi Group, one of the leading players in the market introduced a new stand-up pouch with transparent high barrier silicon oxide instead of aluminum. This next-generation pouches increase the shelf life of packaged foods more than 18 months and have proved to be the best post-retort oxygen barrier pouches.
Transparency Market Research projects that the global retort packaging market will register a CAGR of 7.5% between 2016 and 2024. If the figure holds true, the market which was valued at US$13,026.9 mn in 2015 will exceed US$24,706 mn by 2024. On the basis of product type, pouches led with a share of more than 45% in the global market in 2016 and are anticipated to retain dominance until the end of the forecast period in 2024. Asia Pacific is expected to display the fastest growth at a CAGR of 7.8% from 2016 and 2024.
Easy Handling and Aesthetic Characteristics of Retort Packaging Suitable for Myriad End-use
The increasing consumption of processed and ready to eat food products has necessitated the development of good quality and versatile packaging solutions. Retort packaging offers the essential characteristics for food packaging such as ease of use and low weight, aesthetic appeal, extended shelf life of packaged content, and maintain food safety and hygiene. Moreover, retort pouches need only about 5% of the packaging material in comparison to conventional cans, therefore the shift from conventional packaging to retort packaging is highly profitable for packaging manufacturers. Hence, retort packaging is displaying extensive demand from both consumers and packaging manufacturers.
In addition, retort packaging is lightweight and compact, which translates into real cost savings and increased revenue for end-users. Retort packaging is less bulky and lighter for shipping, therefore has a lower environmental impact. Such versatility of retort packaging is expected to increase its uptake in the near future.
The massive consumption of packaged food through retail channels such as supermarkets, hypermarkets, convenience stores, online retail and in-store purchases has indirectly benefitted the packaging industry to a high degree. In particular, the increasing purchasing power of consumers in Asia Pacific has not only benefitted the retail sector but the packaging industry made fortunes from the increasing demand for packaged goods. Expansion of existing outlets and setting up of new retail stores is expected to have a significant impact on the growth of the retort packaging market in the near future.
Need to Address Environmental Concerns of Conventional Packaging Fuels Market Growth
The increasing concerns regarding the non-biodegradability and environmental hazards of conventional packaging materials have necessitated the adoption of eco-friendly packaging materials. Eco-friendly packaging is expected to offer growth opportunities for packaging manufacturers and film converters. As per the Grocery Manufacturers Association (GMA), almost 70% of baby food, pet food, seafood, and ready to eat meals are expected to be characteristic of eco-friendly packaging materials. This trend is expected to have a significant impact on the development of the global retort packaging market in the coming years.
The review presented is based on the findings of a TMR report, titled “Retort Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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