by The global Retort Packaging Market is estimated to be valued at US$ 35.43 billion in 2022 and is expected to exhibit a CAGR of 9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Retort packaging refers to food containers or pouches that can withstand high pressure and temperature conditions required for commercial sterilization or pasteurization of food products. Retort packaging helps extend the shelf-life of products by destroying harmful pathogens through a thermal process of sterilization. It provides an easy, convenient, and sustainable packaging solution for food manufacturers to process and preserve a wide range of ready-to-eat meals and snacks. The retort pouch eliminates the need for cans and bottles while maintaining the shelf stability of food.
Market key trends:
One of the key trends in the retort packaging market is the growing demand for flexible packaging from the ready meals industry. Flexible retort packaging solutions help food manufacturers offer varied portions and package types to consumers. The pouches are easy to use, resealable, lightweight, and require less storage space compared to cans or bottles. This flexibility of packaging format is driving the sales of retort pouches for products like pastas, curries, soups etc. Furthermore, the increasing popularity of portable, on-the-go meals among time-pressed consumers is propelling the demand for value-added and high-barrier retort packaging formats.
Porter’s Analysis
Threat of new entrants: The retort packaging market requires high capital investments setting up retort packaging plants and machinery which poses threat of barriers to entry for new players.
Bargaining power of buyers: The presence of numerous established players in the retort packaging market increases the bargaining power of buyers.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of substitute raw materials that can be used by manufacturers.
Threat of new substitutes: Low threat of substitute products existing as retort packaging provides better shelf life and is suitable for various applications.
Competitive rivalry: Intense competition exists among the key established players operating in the retort packaging market.
Key Takeaways
The global Retort Packaging Market Share is expected to witness high growth, exhibiting CAGR of 9% over the forecast period, due to increasing demand for retort packaged food products with long shelf life.
The Asia Pacific region dominates the retort packaging market and is expected to grow at fastest pace during the forecast period due to growing population, changing lifestyle and rising disposable income in developing economies such as China and India.
Key players operating in the retort packaging market incorporate Amcor, Mondi, Sonoco, Clondalkin Group, Coveris, Huhtamaki, Winpak, Berry Plastics, Proampac, Flair Flexible Packaging, Constantia Flexibles, Tetra Pak, Sealed Air, Plastipak Packaging, Printpack, Bryce Corporation, Floeter India Retort Pouches, HPM Global, Sopakco Packaging, and Fujimori Kogyo. Key players focus on product innovation and capacity expansion strategies to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
