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Retort Packaging Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Retort Packaging Market Size
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According to The Business Research Company's, The retort packaging market size has grown strongly in recent years. It will grow from $4.18 billion in 2023 to $4.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to convenience and ready-to-eat food trends, shelf-life extension for food products, packaging for military and space missions, cost-effective and efficient sterilization methods, increase in single-person households..
The retort packaging market size is expected to see strong growth in the next few years. It will grow to $5.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to premium and gourmet retort packaging, eco-friendly and sustainable retort materials, growth in pet food and baby food packaging, customization and branding opportunities, on-the-go and portable packaging formats, expansion in the pharmaceutical industry.. Major trends in the forecast period include microwavable and sous-vide retort pouches, retort stand-up pouches for snacks, recyclable and compostable retort materials, retortable glass and plastic containers, smart packaging with qr codes and labels, retort packaging for plant-based and organic foods..
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Market Drivers and Trends:
An increase in demand for ready-to-eat or ready meals across the globe is contributing to the growth of the retort packaging market. Ready-to-eat food products refer to prepared foods that are fully cooked and can be consumed immediately without the need for further cooking or preparation. Retort packaging, characterized by its ability to preserve the quality and safety of food products while extending their shelf life, has emerged as a preferred choice for packaging these ready-to-eat items. For instance, in 2022, according to the United States Department of Agriculture, a federal agency in the US responsible for overseeing aspects of food quality and safety as well as nutrition labeling, the total value of US processed food products exported from the country accounted for $38 billion, an increase of 10.96% from $34.24 billion in 2021. In addition, Canada exported processed food products valued at $11.43 billion, while Mexico exported processed food products valued at $5.65 billion in 2022. Therefore, increase in demand for ready-to-eat or ready meals across the globe is driving the retort packaging market growth.
Retort packaging manufacturers are increasingly developing recyclable retort pouches to increase sustainable packaging across the globe. For instance, in January 2021, ProAmpac announced it has developed recycle ready retort pouch for pet and human food, this product is added to ProAmpac ProActive Sustainability product portfolio, a set of packaging solutions that are helping ProAmpac customer to meet their greener packaging goals. Moreover, in September 2020, Amcor, a Switzerland-based packaging company, and Nestle, a Switzerland-based food and beverage company collaborated to develop a recyclable retort pouch for pet food.
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Major Key Players of the Market:
Amcor Ltd., Coveris Flexibles UK Ltd., Sonoco Products Company, Mondi Group Plc, Berry Global Group Inc., Clondalkin Group, Tredegar Corp., Flair Flexible Packaging Corporation, ProAmpac Holdings Inc., Huhtamaki Oyj, Clifton Packaging Group Pvt Ltd., Winpak Ltd., Otsuka Holdings Co Ltd., HPM Global Inc., Avonflex Pvt Ltd., Alliedflex Technologies Inc., Constantia Flexibles International GmbH, AB Tetra Pak, Techni-Pak LLC, Lithotype Company Inc., Fujimori Kogyo Co Ltd., Pyramid Packaging Pvt Ltd., DNP Imagingcomm America Corporation, Printpack Inc., Paharpur 3P Pvt Ltd., Bemis Company Inc., Sealed Air Corporation, Ampac Holdings LLC, Scholle IPN India Packaging Pvt Ltd., American Packaging Corporation, Lawrence Packaging Supply Corporation
Retort Packaging Market 2024 Key Insights:
• The retort packaging market size is expected to see strong growth in the next few years. It will grow to $5.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Growing Demand For Ready-To-Eat Meals Drives Expansion Of The Retort Packaging Market
• Rise Of Recyclable Retort Pouches Advancing Sustainability In Retort Packaging
• Asia-Pacific was the largest region in the retort packaging market in 2023
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