Global Retort Packaging Market is expected to be valued at USD 49.9 Billion by 2025, with a 6.49% CAGR during the forecast period.
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The report covers segmentation and drivers for a better glimpse of the market in the coming years. Retort packaging solutions have registered significant growth in adoption rates over the past few years in developing countries, such as China, India, and Brazil, owing to the growth of online food ordering and growth of the packaged food industry. The growing demand for food and the presence of franchise food organizations backed with the growing retail industry has led to the growth of online ordering and takeaway in urban and sub-urban areas. The food chains and franchise continue to gain momentum owing to the social and economic developments.
Global Market of Retort Packaging is characterized by a large number of players that operate at global and regional levels. The players adopt strategies such as expansions, mergers & acquisitions, and product development to improve their position in the global market. High competition, rapid changes in technology, and availability of integrated solutions by industry participants are the key factors that restrict the market growth. Vendors and key market players compete in terms of cost, product quality, and reliability. It is vital for the players to offer cost-effective and high-quality products and services to succeed in the competitive market environment.
The growth of market vendors depends on the growth of the industry, market environment, and regulations. Thus, they should continue to consider enhancing their offerings and expanding their presence. Amcor PLC (Australia), Mondi (Austria), Sonoco Products Company (US), Sealed Air Corporation (US), and Winpak Ltd (Canada) held nearly 41.00% of the market share in 2018. PROAMPAC (US), Constantia Flexibles (US), Clondalkin Group (Netherlands), Coveris Group (Austria), and Clifton Packaging Group Limited (UK) are some of the other key players operating in the global retort packaging market. The players mentioned above are dominating the market owing to their diversified product portfolios, vast industry experience, and wide geographic reach.
Global Retort Packaging Market is driven by factors such as the growth of online food ordering and the growth of the packaged food industry. However, fluctuation in raw material prices and government norms against plastic packaging act as restraints for the market growth during the forecast period. The global retort packaging market is projected to grow at 6.5% CAGR during the forecast period.
The global market for retort packaging has been segmented based on packaging type, material, and application. Based on the packaging type, the global market has been segmented into pouches, trays, cartons, and others. In 2018, the pouches segment accounted for the larger market share of 52.86%, with a market value of USD 16,873.29 million. It is projected to grow at 6.9% CAGR during the forecast period.
Based on material, the global market has been segmented into paper & paperboard, aluminum foil, polypropylene, polyester, and others. In 2018, the paper & paperboard segment accounted for the largest market share of 28.04%, with a market value of USD 8,951.21million. It is projected to grow at 5.9% CAGR during the forecast period.
Based on the application, the global retort packaging market has been segmented into food, beverages, and others. In 2018, the food segment accounted for the largest market share of 61.81%with a market value of USD 19,731.69 million. It is projected to grow at 6.7% CAGR during the forecast period.
Geographically, the retort packaging market has been bifurcated into these four regions- Europe, the APAC region, North America, and the MEA. Among these, Europe will command the largest share in the market during the forecast period for the presence of several eminent manufacturers, coupled with the increased investments made by companies in the packaging of pharmaceutical products and food and beverage.
In the Asia Pacific region, the market is predicted to have favorable growth over the forecast period for the increasing demand in packaged food and beverage goods in India and China, rising per capita income, FDI in retail has widened the scope of packaging, and burgeoning demand for fast-moving consumer goods (FMCG).
In North America, the market is predicted to have admirable growth over the forecast period for the developing retail food industry, burgeoning need for packaged food products, growing investments in healthcare for flexible & retort packaging solutions, the region being a hub to the largest retail store as well as customers that are highly informed.
In the Middle East and Africa, the market will have steady growth during the forecast period.
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