Retort Packaging Market to accelerate at 5.6% CAGR, $28,522 million incremental growth expected during the forecast period

Retort Packaging Market by Type (Pouches, Trays, Cartons, and Others), Material (Paperboard, Aluminum foil, Polypropylene, and Others), and End User (Food, beverage, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the retort packaging market was valued at $14,583.1 million in 2022 and is estimated to reach $28,522 million by 2032, exhibiting a CAGR of 5.6% from 2023 to 2032.

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Prime determinants of growth
The growth in demand for usage of retort pouches, trays, cartons, and others along with the rise in demand for convenience and processed food drive the growth of the retort packaging market. However, the uncertain prices of raw materials of retort packaging restrict the market growth. On the contrary, growth in e-commerce sectors is expected to present new opportunities in the coming years.

Analysis of the impact of inflation on the market
The retort packaging market is experiencing slow-paced growth due to various global events such as the economic downturn and the COVID-19 pandemic. Formerly, the COVID-19 pandemic forced countries globally to halt all industrial and trade activities, which severely impacted market growth.

This led to reduced output from key players in the retort packaging market and resulted in lower demand from various end users. However, the COVID-19 pandemic has mostly subsided, and the probability of its severe negative impact on the retort packaging market is relatively low.

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The pouches segment is expected to maintain its dominance throughout the forecast period
By product, the pouches segment held the highest market share in 2020, accounting for more than half of the retort packaging market revenue and is estimated to maintain its leadership status throughout the forecast period. A retort pouch is a laminated plastic packaging that is thin, lightweight, and flexible and is used to hold processed meals. The pouch is also known as a flexible pouch for low-acid food that is heat-treated in a pressure vessel, known as "retort pouches". The pouch is made of layers of polyester, aluminum foil, and polypropylene. It is used to store seafood, pet food, soups, and sources of meat and ready-to-eat meals. In addition, the pouch is hermetically sealed so it can withstand high temperatures during the sterilization process. The sealed pouch also provides an extended life for the product, which makes it perfect for storing food for long periods. The packaging industry is moving toward retort pouches, owing to their multi-fold energy and environmental advantages. Retort pouch offers numerous advantages such as freshness, barrier protection, durability, printability, and simplicity of use of the product.

The polypropylene segment is expected to maintain its leadership status throughout the forecast period
By material, the polypropylene segment held the highest market share in 2020, accounting for nearly one-fourth of the retort packaging market, and is estimated to maintain its leadership status throughout the forecast period. Polypropylene (PP) has gained significant demand as a material for retort packaging owing to its exceptional resistance to heat and its strong barrier properties. The major factor driving the adoption of polypropylene in the retort packaging sector is its capacity to endure high-temperature processing while preserving the quality of food products, making it suitable for ready-to-eat meals and other convenient food items. Furthermore, its lightweight nature reduces transportation costs, and its recyclability makes it an environmentally friendly choice that aligns with the increasing focus on sustainability. In addition, innovations in polypropylene packaging technology have enabled the creation of more versatile and visually appealing packaging designs, meeting consumer expectations for both practicality and aesthetically pleasing packaging. Polypropylene acts as a sealing layer and provides flexibility and strength to the retort packaging. Polypropylene is a tough and robust plastic material that assists in retaining the freshness of various food items owing to which it is widely used in manufacturing retort pouches, trays, cans, and others. These benefits of polypropylene used in retort packaging are expected to drive market growth during the forecast period.

The food segment is expected to maintain its lead position during the forecast period
By end-user, the food segment accounted for the largest share in 2020, contributing nearly three-fifths of the retort packaging market revenue, and is projected to maintain its lead position during the forecast period. In the food industry, retort packaging is a very common way to package prepared food. Retort packs are heated in a pressurized environment and sealed before being cooled and sterilized. These packs can be used for many things such as soups, rice dishes, sauces, meat products, fish items, and pasta dishes among others. The advantage of this type of packaging is that it provides an easy way to heat these products even when there's no access to electricity or gas because of the need for boiling water. The retort is a processing method that uses heat and pressure to sterilize food. It is one of the most used methods of thermal food processing and is popular with food producers across the world. The sealed pouch can also be re-heated in hot water or in a microwave before consumption. In addition, major players are adopting various strategies such as product launches and acquisitions to sustain the intense competition in the market. For instance, in August 2023, Amcor announced that it entered into an agreement to acquire Phoenix Flexibles, expanding its capacity in the high-growth Indian market. Phoenix Flexibles has one plant located in Gujarat, India, and the business generates annual revenue of approximately $20 million from the sale of flexible packaging for food, home care, and personal care applications. Such factors are expected to boost the market growth during the forecast period.

Asia-Pacific is expected to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global retort packaging market revenue. The increase in urbanization, higher disposable income, and awareness of food safety are driving the retort packaging market growth. The increasing urbanization and busy lifestyle have led to rise in demand for convenient, ready-to-eat food products, which is expected to boost the demand for retort packaging. The growing e-commerce industry fuels the demand for efficient and secure packaging solutions. Retort packaging provides effective protection during transit, reducing the risk of leakage, breakage, and contamination. In addition, the rise in demand for sustainable packaging solutions leads to the adoption of retort packaging by various end-users such as food & beverage. Moreover, advancements in retort packaging technology have made packaging more efficient, reliable, and cost-effective. Asia-Pacific is a large consumer of retort packaging. The rise in demand for retort packaging in pharmaceuticals and cosmetics drives the demand for retort packaging, owing to the fact that it helps ease the process of packaging and transit. However, LAMEA is expected to witness the fastest CAGR of 6.1% from 2023 to 2032. Latin America and Africa are among the fastest-growing regional markets for retort packaging. The food industry is the largest application segment, which positively affects overall demand.

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Leading Market Players: -
Amcor PLC, Berry Global Group, Inc., Constantia Flexibles Group, Huhtamaki Flexible Packaging Ltd., Mondi Group, ProAmpac., Sonoco Products Company, Sealed Air Corporation, Tredegar Corporation, Winpak Limited

The report provides a detailed analysis of the key players in the retort packaging market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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