(I-BusinessNews.Com, November 13, 2021 ) Retort Packaging Market size is estimated to reach $5,030 million by 2026, growing at a CAGR of 5.7% over 2021-2026. Retort packaging contains multiple layers and are considered as special packaging that are made from a laminate of flexible plastics and metal. Retort packaging helps to pack a wide variety of food and drink which can be preserved in a longer time. Retort is a kind of processing method that helps to sterilize the food by using heat and pressure and are considered as the most commonly used methods of thermal food processing. Retort packaging are semi rigid and flexible packaging that contains unique form of stand-up pouch used for cook-in-a-bag meals like soups, rice, sauces, and pasta dishes. Retort pouches can be upgrade by using a rotogravure printing process that creates rich, vibrant designs on the outer layer of the package. The durability of retort packaging is excellent that help to increase the shelf life of food which are approved by FDA and various regulatory agencies. Growing consumption of ready to eat and packaged food among consumers and rising demand of light weight and compact packaging materials is the major factor driving the growth of Retort Packaging Market. Furthermore, rising development in online food delivering, growing advancement in food and beverage industry increases the use of packaged products and changing lifestyle among consumers is set to further enhance the overall market demand for Retort Packaging Market for the period 2021-2026.
Retort Packaging Segment Analysis – By Type
The Retort Packaging Market based on Type can be further segmented into Pouches, Trays, Cartoons, and Others. The Pouches segment is the major segment generating revenue in 2020. This is mainly owing to its durability of material that increases the adoption of retort packaging in manufacturing units of various industries. Moreover, retort packaging is light weight and less space consuming which increases the production of pouches in food and beverage industry and thus driving the market growth. The cartoons segment is estimated to register the fastest CAGR of 6.5% for the period 2021-2026. This is mainly owing to its cost effectiveness and biodegradable that rising the preference of cartoons for packaging food. Moreover, rising concerns regarding environment among consumers also increases the adoption of cartoons and various manufacturers are adopting cartoons for packaging of food which in turn boosting the growth of Retort Packaging Market.
Retort Packaging Segment Analysis – By Application
The Retort Packaging Market based on Application can be further segmented into Food and Beverages, Pharmaceuticals, and Personal Care. The Food and Beverages segment registers for the highest Retort Packaging Market share in 2020. This is mainly owing to rising trends of ready to eat packaged food among consumer increases the need of retort packaging as it helps to protect the food. Moreover, rising development in food and beverage industry helps to increase the production of retort packaging and thus driving the market growth. The Pharmaceuticals segment is forecasted to register the fastest CAGR of 7.1% over 2021-2026. Retort packaging are used in various pharmaceutical packaging from fine powders to large chunk of pieces as it helps to protect products from moisture, oxygen, light, odour, chemical resistance, contaminants and also help in improving shelf life and are thus propelling the growth of Retort Packaging Market.
Retort Packaging Segment Analysis – By Geography
North America dominated the Retort Packaging Market with major share of 45% in 2020. This changing lifestyle among consumers that increases the demand of ready to eat foods and thus raising the need of retort packaging. Moreover, rising development in food and beverage industry increases the use of retort packaging for longer shelf life which in turn driving the market growth. Moreover, manufacturers are also focusing on manufacturing on retort packaging owing to its various advantages that further driving the market growth.
However, Asia Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to rising demand of ready to eat products and changing lifestyle of consumers in Asian countries. In India, the production of vegetables and ready to eat in pouches increases to avoid contamination which in turn growing the growth of Retort Packaging Market.
The retort packaging market driver can be attributed to the increase in the demand for retort pouches which is estimated to enhance the growth of retort packaging market owing to the fact that this kind of packaging serves as better alternative across the globe over the traditional packaging methods such as canning using cans and jars. Furthermore, retort pouches are comparatively lightweight, occupying less space and also, the sterilization of these packaged products is achieved by rapid heat transfer owing to the thin profile which reduces the process time for sterilization thereby, is estimated to boost the market during the forecast period 2021-2026.
Surge-Up in the Demand for Processed Foods
With the changing lifestyles owing to busy schedules there is increase in the dependence on processed foods. This is followed by the rapid growth in the food and beverage sector and increasing consumer preference toward on-the-go food & beverages, which has additionally led to the rise in global trade for processed food. Apart from this, this surge-up in the demand for processed foods is supported by the governmental bodies of both developed and emerging nations through incentives and funding also keeping an eye on the hygiene of the products. Hence, altogether this is to drive the market for retort packaging in the forecast period 2021-2026.
Retort Packaging Market Challenges
The restraining factor that is to create a negative impact during the forecast period 2021-2026 is the health concerns pertaining to the retort packaging products which is projected to hamper the market growth as it causes several health issues associated with the consumption of unhygienic packed in food products have shifted the manufacturer’s preference towards proper sterilization.
Retort Packaging Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Retort Packaging market. In 2020, Retort Packaging market share is fragmented by the top ten players present in the market. The Retort Packaging market top 10 companies are Amcor PLC, Mondi Group, Huhtamäki Oyj, Sealed Air Corp., Winpak Ltd., Sonoco Products Company, Coveris Holdings S.A., Proampac LLC, Tredegar Corporation, Avonflex and others.
In March 2020, Coveris acquired Plasztik-Tranzit Kft (Hungary). The acquisition will strengthen Coveris’ position in Eastern Europe.
In February 2019, Sealed Air acquired MGM flexible packaging (Philippines). The acquisition has helped the company to expand in Asia.
In February 2019, Amcor launched Genesis, a PE-based laminate pouches which are recyclable. The packaging targets fresh produce, frozen food, dried fruits, nuts, confectionery, chilled goods and pet food.
In 2020, North America dominated the Retort Packaging Market owing to changing lifestyle among consumers that increases the demand of ready to eat food and thus raising the need of retort packaging. Moreover, rising development in food and beverage industry increases the use of retort packaging for longer shelf life which in turn driving the market growth.
Growing consumption of ready to eat and packaged food among consumers and rising demand of light weight and compact packaging materials are enhancing the growth of the Retort Packaging Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Retort Packaging Market report.
High cost of raw material for retort packaging is set to create hurdles for the Retort Packaging Market.
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