Retort Packaging - Global Market Growth, Trends and Forecast Analysis (2019-2024) - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Mar 29, 2019--The “Retort Packaging Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The retort packaging market was valued at USD 36.21 billion in 2018 and is expected to register a CAGR of 7.11% over the forecast period (2019-2024).
The thermal sterilization of low-acid food products has been a prevalent means of preserving food and is the basis of the evolution of retort packaging. The ease and adaptability of the retort packaging technology resulted in rapid growth of the market.
Convenience is a major differentiating factor in packaging solutions. Recent innovations in retort packaging have emphasized reducing the overall weight of the materials, without compromising the packaging quality. This emphasis on weight reduction has received wide appreciation and is expected to be extensively adopted by the industry.
The drastic rise in the number of packaged food products occupying shelf-space in the market, which has boosted the demand for packaged food products, further.
The consumer goods companies are increasingly depending on packaging solutions, to gain a competitive edge in the market. Consumers are demanding products that have extended shelf life and are easy to use, which, in turn, is driving the companies to develop alternative packaging solutions.
Key Market Trends
Pouches to Hold Major Share
Owing to various advantages such as high shelf life equal to metal containers, resistance to corrosion, customizable size, etc. compared to the other available alternates, pouches are one of the most widely used packaging methods.
The manufacture of pouches is easier compared to other forms of packaging. The rapid transfer of heat, aids in the preparation and sterilization during packaging. The thin profile of the pouch contributes to about 30%-40% reduction of processing times; these factors have further aided in the growth of pouches for retort packaging.
Governments of countries, like India, have been keen on producing vegetables and other ready-to-eat food in pouches to avoid contamination of the products. This also enables the availability of such foods off the shelf. These pouches also can be vacuum packed, which can be used for products, like smoked seafood.
Due to the development of on-the-go food consumption, the size of consumption has been decreasing, which has further provided a boost for pouches. There has been a shift toward flexible packaging compared to rigid packaging, which further enables the growth of pouches.
The rise in the middle-aged population globally is stimulating the growth of packaged food. In many developing countries, the average rate of annual spending on packaged food has increased by more than 20% annually.
The United States accounts for more than 20% of the global food retail industry, with an estimated market size of more than USD 1,000 billion. The retail food industry is witnessing growth, owing to the growing demand for packaged food products. Further growth has been forecasted for the market, because of the rise in investments in the healthcare industry, for flexible and retort packaging solutions.
The major industry players’ increasing focus on the lucrative market opportunities has resulted in major revenue-generating opportunities in the region. Being home to some of the biggest retail stores and highly-informed customers, makes North America, a very favorable destination for investments in the retort packaging market.
The retort packaging market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with innovative and sustainable packaging, many of the companies are increasing their market presence by securing new contracts and by tapping new markets.
For instance, in May 2018 Packaging companies Amcor and SIG partnered for Aluminum sourcing. The collaboration aims to ensure supply chain of aluminum foil meets Aluminium Stewardship Initiative (ASI). In Feb 2018, Constantia Flexibles is investing a double-digit million euro (INR 100 crore) amount in the expansion of production capacity at its Indian subsidiary Parikh Packaging, in Ahmedabad, Gujarat. The extra capacity is expected to come on stream in 2019 and serve the growing demand from leading multinationals in the food and home and personal care (HPC) industries in India.
Key Topics Covered
1.1 Study Deliverables
1.2 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Demand for Lightweight and Compact Packaging Materials
4.3.2 Sustained Growth in the Packaged Food Industry
4.4 Market Restraints
4.4.1 Higher Capital Investments and Raw Material Recycling Issues
4.5 Industry Attractiveness of Porter’s Five Force Analysis
5 Market Segmentation
5.1 By Packaging Type
5.1.4 Other Types
5.2 By Material Type
5.2.3 Aluminum Foil
5.2.4 Paper Board
5.2.6 Food Grade Cast Polypropylene
5.2.7 Other Materials
5.3 By End User
5.3.3 Other End Users
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Amcor Ltd.
6.1.2 Constantia Flexibles
6.1.3 Bemis Company Inc.
6.1.4 Clifton Packaging Group Limited
6.1.5 Clondalkin Industries B.V.
6.1.6 Coveris Holdings S.A.
6.1.7 Flair Flexible Packaging Corporation
6.1.8 Mondi PLC
6.1.9 Tetra Pak International S.A.
6.1.11 Sonoco Product Company
6.1.12 Winpak Ltd.
6.1.13 Sealed Air Corp.
7 Investment Analysis
8 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/r/osphlc
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Related Topics:Food Packaging
INDUSTRY KEYWORD: MANUFACTURING PACKAGING RETAIL FOOD/BEVERAGE
SOURCE: Research and Markets
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PUB: 03/29/2019 08:21 AM/DISC: 03/29/2019 08:21 AM