Market Analysis
The global retort packaging market is predicted to grow at a 5.21% CAGR between 2022- 2030 states the recent Market Research Future (MRFR) analysis. Retort packaging, simply put, is a form of food packaging which is made using flexible retort pouches or plastic pouches. These cans and pouches are utilized for packing ready-to-eat other perishable food items that are subject to heat, thus rendering the product commercially sterile.
Various factors are propelling the global retort packaging market share. As per the current MRFR report, such factors include the surging demand for ready meals or ready to eat meals, busy work life, increasing single households, growing spending power, changing consumer preference and lifestyle, and growing middle class. Additional factors adding market growth include burgeoning demand for pouches for their portability, convenience, and lightweight compared to rigid packaging products, adaptability and ease of retort packaging technology, and emerging economies due to increasing disposable income and growing urbanization.
On the contrary, dynamic changes in the price of raw materials utilized to produce pouches and disruption in supply chains due to the current COVID-19 impact are factors that may impede the growth of the global retort packaging market during the forecast period.
Key Players
Eminent players profiled in the global retort packaging market report include Clifton Packaging Group Limited (UK), Coveris Group (Austria), Clondalkin Group (Netherlands), Constantia Flexibles (US), Winpak Ltd (Canada) , Sealed Air Corporation (US), Sonoco Products Company (US), Mondi (Austria), and Amcor PLC (Australia).
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global Retort Packaging Market based on application, material, and packaging type.
By packaging type, the global retort packaging market is segmented into cartons, trays, pouches, and others. Of these, the pouches segment will lead the market over the forecast period. It is predicted to touch USD 16, 873.29 million, and at a 6.9% CAGR by 2030.
By material, the global retort packaging market is segmented into polyester, polypropylene, aluminum foil, paper paperboard, and others. Of these, the paper and paperboard segment will dominate the market over the forecast period. It is predicted to touch USD 8,951.21 million at a 5.9% CAGR by 2030.
By application, the global retort packaging market is segmented into beverages, food, and others. Of these, the food segment will spearhead the market over the forecast period. It is predicted to touch USD 19, 731.69 million at a 6.7% CAGR by 2030.
Regional Analysis
Based on the region, the global retort packaging market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Middle East and Africa (MEA). Of these, Europe is predicted to have the lions share over the forecast period. The presence of several key companies, coupled with the rising investments by companies in the packaging of pharmaceutical and food beverage products, is adding to the global retort packaging market growth in the region.
The global retort packaging market in the APAC region is predicted to grow at a fast pace over the forecast period. Growing demand from Japan, South Korea, Australia, and China, growing population, demand for convenient products owing to hectic work life, rising per capita income, and demand for ready meal products which can be consumed sans much work are adding to the global retort packaging market growth in the region.
The global retort packaging market in North America is predicted to have significant growth over the forecast period. Booming retailing food industry, demand for packaged food products, and increasing investments in the healthcare industry for retort and flexible packaging solutions are adding to the global retort packaging market growth in the region. Besides, North America is the hub to the biggest retail stores highly-informed customers, making it a favorable destination for investments in retort packaging, thus adding market growth.
The global retort packaging market in the MEA is predicted to have sound growth over the forecast period.
