Retort Pouches Market - Players Resort to Product Development to Stay Ahead of Curve
Various keen companies’ efforts to churn out more sophisticated and eye-catching products is also catalyzing growth in the global retort pouches market. Retort pouches are supplanting cans in the food packaging industry because of their ability to prolong the shelf life to the product. Recyclability issues of retort pouches, on account of the multi-layer materials used in them, however, is posing a challenge to the market.
According to Transparency Market Research, the global retort pouch market will likely rise at a steady CAGR of 6.5% from 2017 to 2025, to pull in a revenue of US$7.51 bn by 2025 from US$4.29 bn in 2016.
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Aluminum Material Sees Considerable Application in Developing Countries
The global retort pouch market can be segmented based on different parameters. Depending upon material type, for example, the market can be classified into aluminum foil, polypropylene (PP), food cast PP, polyamide, and polyethylene. The polyethylene can be further segmented into HDPE, LDPE, and LLDPE. At present, the segment of aluminum foil is highly popular in developing countries, while polyamide is seeing substantial uptake in developed continents of Europe and North America. The TMR report predicts the aluminum foil segment to register a CAGR of 6.7% from 2016 to 2025. The PP and food cast PP materials are also expected to gain considerable market share in developed pockets in Asia Pacific and Europe. Polyamide and polyethylene materials, on the other hand, will see slower uptake for making retort pouches due to health hazards posed by them.
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Rising Sales of Ready-to-eat Meals Propels Market in Asia Pacific
From a geographic standpoint, Asia Pacific leads the market in terms of growth rate. By rising at a 7.5% CAGR in the forecast period, the market in the region is projected account for a dominant share in revenue – about US$2.54 bn – by 2025. The annual consumption of retort pouches is expected to touch 12,176 million units by 2025-end in the region, which currently holds 31.3 % share in the market. Asia Pacific’s dominant position is mainly a result of soaring demand for safe and hygienic ready-to-eat meals and pet foods in the region.
Europe, again, is a key market which currently holds a dominant share in the overall revenue. By clocking a 5.9% CAGR in the forecast period, the market in the region will likely lose some of its share in revenue to become worth US$2.30 bn by 2025. Vis-à-vis volume, the market in the region will likely register a CAGR of 5.5%. The Middle East and Africa is predicted to be a fast expanding market too along with South America. The market in North America is expected to register a healthy CAGR of 5.9%, over the forecast period to reach US$ 1,829.5, by the end of 2025.
Some of the key players operating in the global retort pouch market are Sealed Air Corporation, Huhtamaki Group, Amcor Ltd., Mondi Group, Bemis Company, Inc., Clifton Packaging Group Ltd., Foshan Nanhai LD Packaging Co., Ltd., Sonoco Products Company, Constantia Flexibles International GmbH, ProAmpac, Alliedflex Technologies Ltd., Flexi-Pack Ltd., Flair Flexible Packaging, Tong Yuan Packaging Co. Ltd., Purity Flexipack Ltd., MST Packaging Co., Ltd., and Avonflex.
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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