Retort Packaging Market - Eco-friendly Packaging to Gain Traction
The global market for retort packaging has gained significant traction in the past few years owing to the wide usage in the packaged food industry. Retort packaging has also gained wide adoption and preference among manufacturers as well as consumers due to its properties such as compactness, low weight, and lower environmental impact. As compared to traditional packaging, retort packaging products are less bulky and have less packaging weight, making them lighter for shipping, which in turn offers real cost savings and reduces waste for both end-consumers. Such versatility of retort packaging is expected to drive its adoption in the near future.
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Transparency Market Research estimates that the revenue generated from sales of retort packaging across the globe will value over US$13 bn by the end of 2016. Over the period between 2016 and 2024, the global retort packaging market is projected to exhibit a CAGR of 7.5%.
Retort Pouches to Constitute Lion’s Share in Market Revenue
Of the key retort packaging product varieties examined in the report, namely pouches, trays, cartons, cans, and bottles, the segment of retort pouches is anticipated to command a share of 45.8% in the global market in 2016. The segment of retort pouches is also expected to retain its dominance throughout the forecast period; demand will be chiefly driven owing to the flexible nature of these packages and the use of heat resistant plastics suitable for processing at temperature of around 127 °C for their manufacturing. The segment of retort pouches is expected to witness 1.8 times rise in its revenue share in the global market from 2016 to 2024.
The consumption of retort pouches has not only witnessed increased adoption at the consumer end but also as the manufacturer end of late. The rising popularity of this trend can be attributed to the increasing availability of the transparent AlOx-coated polyethylene terephthalate (PET) film, an environmentally friendly packaging material, which can be used in microwaves as well. Moreover, the stand-up variety of retort pouches use less than 5% of the packaging material as compared to aluminum trays and cans, while also meeting the sterilization requirement of the package at lower temperature. This leads to cost cutting for packaging manufacturers and enhances the overall profitability for the companies.
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Flourishing Food and Beverages Industry to Ensure Dominance of Asia Pacific Market
Asia Pacific is expected to be the most promising region in terms of incremental opportunities and is expected to dominate the global retort packaging market, with a share of 34.0% in the overall revenues of the global market in 2016. The region will be followed by Europe and North America. Europe and North America are highly regulated and likely to create a substantial demand of retort packaging worth nearly US$7,500 mn in 2016, approximately 7.0% higher than the previous year. The markets for retort packaging in Latin America and Middle East are estimated to collectively represent slightly over 9% of global retort packaging market value in 2016.
Asia Pacific is estimated to represent the global retort packaging market with CAGR of over 7.8% between 2016 and 2024. The market in Asia Pacific is expected to gain immense growth opportunities from the flourishing food and beverages industry. High demand for ready-to-eat food products coupled with increasing disposable incomes in countries like India and China is expected to further propel the growth of the retort packaging market in the region over the forecast period. Furthermore, high investments in new manufacturing facilities and food institutes in Asia Pacific is also expected to fuel demand for retort packaging over the forecast period. The trend of increasing consumption of convenience foods is expected to also fuel the demand retort packaging in other regional markets over the forecast period.
Some of the key participants in the global retort packaging market are Amcor limited, Bemis Company, Inc., Sealed Air, Coveris Holdings S.A, Mondi Group, Sonoco Products Company, Berry Plastic Group, Inc., Ampac Holdings LLC., Winpak Limited Company, Clondalkin Group, and Flair Flexible Packaging Corporation.
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