Global Retort Packaging Market Overview, Challenges, Opportunities, Trends and Market Analysis By 2023
Global Retort Packaging Market Overview
Global Retort Packaging is a type of food packaging made from heat resistant laminated plastic and metal foil. It is mainly used for storing the food and beverage items and provide a longer shelf-life to packaged products. In Global Retort Packaging, food is packed into a metal can or pouch before it is sealed. Furthermore, it is heated at an extremely high temperature which makes the product commercially sterile. The main aim of Global Retort Packaging is to destroy microorganism by heating, protect food from chemical or enzymatic reactants and to keep the food ready for consumption.
The Global Retort Packaging Market is expected to reach approximately USD 42.05 Billion by 2023, growing at a CAGR of ~7.5% during the forecast period.
Segmentation
Global Retort Packaging Market has been segmented based on packaging type, material, end- use, and region. Based on packaging type, the market is segmented as pouches, cartons, trays, and others. Among all, retort pouches have the largest market share due to its flexible characteristics and use of high heat resistant plastics. Different variety of pouches are available in markets such as stand-up pouches, back-seal quad, spouted pouches, and gusseted pouches. At the same time it is light weighted, convenient to hold and is shelf-stable.
Based on material, the market is segmented as polypropylene, polyester, aluminum foil, food grade cast polypropylene, biomaterials, paperboard, nylon, and others.
Key Players
The key players in the market include
- Amcor Ltd. (Australia)
- Berry Plastics Corporation (U.S.)
- Mondi Group (South Africa)
- Sonoco Products Company(U.S.)
- Ampac Holdings LLC(U.S.)
- Clondalkin Industries BV (Netherlands)
- Coveris Holdings S.A. (U.S.)
- Otsuka Holdings Company Limited (Japan)
- Bemis Company Inc. (U.S)
- Astrapak Limited (South Africa)
- Tredegar Corporation(U.S.)
- Sealed Air Corporation(U.S.)
- DS Smith PLC(U.K.)
- RockTenn Company (U.S.)
Regional Analysis
In terms of geography, Asia Pacific dominates the Global Retort Packaging Market, and it is anticipated to grow with the highest CAGR during the forecast period. The major drivers for the growth of Global Retort Packaging market in this region are increasing population and rising demand for ready to eat consumables. Growing health and personal care industry in Asia Pacific is another reason for the market growth of Global Retort Packaging.
The market for Global Retort Packaging is growing with the expansion of urbanization in developing countries. The demand for curry, sauces and other ready-to-eat meals in China & India may be the reason for the fastest growing market. Europe and North America are expected to closely follow Asia Pacific during the forecast period.
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