Retort Packaging Market to be worth US$24,706.0 mn by 2024 - TMR
A recent report by Transparency Market Research (TMR), a leading market intelligence firm, states that the global retort packaging market will register a tremendous growth in the coming years. The market demonstrates a highly competitive and fragmented business landscape with a large pool of players, making use of different strategies to remain relevant in the competition. The presence of local and international players in large numbers intensify the competition in this market. New players continue to enter into this market, making it more fragmented.
Amcor limited, Sealed Air, Bemis Company Inc., Mondi Group, Coveris Holdings S.A, Sonoco Products Co., Ampac Holdings LLC., Berry Plastic Group Inc., Winpak Ltd. Co., Flair Flexible Packaging Corp., and Clondalkin Group are some of the key vendors of retort packaging in the global market. Hitherto, the key players in this market have been focusing on improving the quality of their products to keep themselves a step ahead of their competitors.
The high production volume of bigger vendors have been a major point of issue for smaller ones. However, the increasing partnerships and strategic alliances among local players is likely to save them from being ousted from this market. Key retort packaging vendors are also expected to be engaged in several mergers and acquisitions in the near future, reports the research study.
According to the report published by Transparency Market Research (TMR), the global retort packaging market is anticipated to rise at a healthy CAGR of 7.45% over the period from 2017 to 2023. Pouches, cartons, and trays are the main products available in this market. Among the three, the demand for pouches are relatively higher and the scenario is likely to remain same over the next few years. The demand for retort packaging products is greater in the food and beverages industry; however, the pharmaceutical industry isn’t far behind, reports the study.
Geographically, the global retort packaging market is spread across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe have emerged as prominent regions for retort packaging across the world. However, Asia Pacific is projected to surface as the most promising regional retort packaging market in the near future, states the research report.