New York, March 18, 2021 (GLOBE NEWSWIRE) -- Market Size – USD 4 Billion in 2020, Market Growth – at a CAGR of 5.5%, Market Trends –Increasing demand for advanced material across industries
The global retort packaging market is projected to be valued at USD 6.13 billion by end of 2028 from valuation of 4 billion in 2020, expanding at a CAGR of 5.5% over the forecast period. The retort packaging are the heating resistant bag laminated by plastic films. The packaging is constructed with four layers such as polyester, nylon, aluminum foil, and polypropylene. The constructed material reflects the melting point of around 138°C (280°F), which supports sterilization temperature. The growing demand for ready-to-eat or ready-to-cook meals across the globe is fueling growth of the retort packaging market.
Owing to the benefits offered by retort packaging such as strength and flexibility, the adoption of the material is increasing over other traditional canning methods for preservation food. These packaging materials helps improving food quality, flavor, texture, and aroma. Also, these packaging materials are economical and offer benefits by lowering disposal cost over rigid cans. These all factors are contributing in the growth of the global retort packaging market.
Additionally, packed ready-to-eat food under intense heat and pressure to ensure its safety and freshness from harmful bacteria to preserve shelf life of food. Thus, the stored food in the retort packaging can enhance shelf life of 18 months without addition of preservatives.
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Key findings from the report
- Based on type, the pouches segment is projected to hold substantial share in the retort packaging market and is likely to retain its dominance over the forecast period. This growth is attributable to rising demand from food and beverage industries for improved packaging of food products is driving segmental growth from past few years.
- Based on the end use, the food segment is estimated to hold substantial share in the revenue of overall market revenue owing to its demand for improved packaging for ready-to-eat meals, pet food, meat poultry & seafood, and baby food.
- North America is estimated to expand at a fastest CAGR over the forecast period owing to largest retail industry. Additionally, the retail and food industry in the region and especially in the US is expected to remain lucrative over the forecast period, which is driving growth of the market. Strong presence of players in the region is a major factor contributing in the overall retort packaging market.
- Key players operating in the retort packaging market such as Berry Global Inc., Amcor PLC, Coveris, Sonoco, Huhtamaki Oyj, and Mondi Group. These key players are increasingly adopting several strategies to strengthen their product portfolios, enhancing growth prospects, and expansion of their presence in the retort packaging market.
- The retort packaging market displays highly competitive landscape and consists of several major players operating globally. The demand for innovative and sustainable packaging is encouraging companies to expand their market presence by securing new contracts. In terms of market share, few players are currently holding dominant share in the market revenue.
- The key players in the consumer goods are increasingly depending on packaging solutions, to gain a competitive edge. In order to gain this, the consumers are demanding with extended shelf life and are easy to use.
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For the purpose of this report, Reports and Data has segmented the global retort packaging market on the basis of packaging type, packaging, process, end user, and region:
By Type
- Pouches
- Trays
- Cartons
- Others
By Material
- PET
- Polypropylene
- Aluminum foil
- Polyethylene
- Polyamide
- Paperboard
- Others
By End-use
- Food
- Beverages
- Others
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By Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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