Press release
Retort Packaging Market - Flourishing Food and Beverages Industry to Ensure Dominance of Asia Pacific Market
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According to Transparency Market Research, the global retort packaging market will be worth US$24,706 mn by 2024. On the basis of product, the market will be led by the retort pouches segment. The segment was leading even in the past and accounted for 45.8% of the market in 2016. The high demand for flexibility and increased need for heat resistant plastics for processing at temperature of around 127° C in time of manufacturing are some of the factors boosting the growth of the retort packaging segment market. On the basis of geography, Asia Pacific accounted for 34% of the market by revenue in the year 2016. The Asia Pacific retort packaging market is estimated to be one of the most lucrative regional markets in the future, stated a TMR analyst. Between 2016 and 2024 the Asia Pacific retort packaging market is expected to witness a CAGR of 7.8%. The European and North American markets for retort packaging are expected to be key markets apart from Asia Pacific.
Cost Effectiveness Continues to Drive Market
The increased demand for retort packaging by consumers as well as by manufacturers is one of the key factors boosting the growth of the market. The growing popularity of retort packaging can be attributed to its eco friendly nature on account of the use of AlOx-coated polyethylene terephthalate (PET), which is an easily available packaging material. AlOx-coated polyethylene terephthalate can also be used in microwaves and thus, their demand is high. This form of packaging meets the sterilization requirement of packaging at lower temperature and also uses less than 5% of the packaging material as used by aluminum trays and cans. Thus, retort packaging is cost effective for packaging manufacturers and also increases profitability among manufacturers, leading to a win win situation for both the parties. Thus, the market will continue to witness a high growth within the forecast period.
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Eco-friendly Packaging to Gain Traction
Some of the factors inhibiting the growth of the global retort packaging market is the increasing concerns of waste generated by packaging products. There are various harmful effects of non-biodegradable waste which is generated from packaging products. This is anticipated to hamper the growth of the market. The demand for eco friendly packaging is gaining traction and has become a popular trend across the globe. This is especially true for developed countries and the emerging economies are fast catching up with this trend.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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