“Retort Packaging market is valued at $38.96bn in 2019” says new Visiongain report
01 May 2019
Visiongain has launched a new packaging report Retort Packaging Market Report 2019-2029: Forecasts by Type (Pouch, Tray, Cartons), by Materials (Polyester, Polypropylene, Other) and Applications (Food, Beverages, Others) and Profiles of Leading Companies and Regional and Leading National Market Analysis.
The retort packaging market is estimated to be valued at US$38.96bn in 2019 and is expected to record healthy moderate growth rates over the next ten years. Retort packaging is becoming popular in the food and beverage markets due to advantages such as lightweight packaging and it being easy to transport. The retort packaging market has enormously benefitted from the rise in demand for convenience foods driven by the rising young population with high disposable income. This growth is also supplemented by the growing retail network in emerging economies coupled with the rise in awareness of consumer towards hygiene and product quality.
In the recent past, the demand for convenience food and beverages has increased at a significant rate owing to the rising young population with high disposable income and low cooking skills. Also, an increase in urban population and the busy lifestyle of the urban youth is one of the primary factors responsible for the rise of packaged food and beverages market. Asia-pacific region accounted for the highest share of the total market value, followed by Europe and North America. This is attributed to the changing lifestyle, increasing disposable income, extensive growth in population, and growth in the packaged food industry in the region. Other factors include technical developments, cost per package, urbanisation, investment in infrastructure, development of retail chains in the Asia-Pacific. Also, the region is witnessing the highest growth rate from 2019 to 2029 and is expected to lead its dominance in the market. The market in developing countries, such as China and India are estimated to contribute the highest from 2019 to 2029.
The Visiongain report analyst commented "Rising inclination of the consumer for convenience and on-the-go products in both developing and developed countries across the globe is anticipated to drive the growth of the retort packaging market during the forecast period. Further, the entrance of new players in the market is anticipated to intense competition in the market in the near future."
Leading companies featured in the report who are offering retort packaging solutions and services include Amcor Ltd., Astrapak Limited, Bemis Co. Inc., Berry Global Group, Inc., Coveris Holdings S.A., Mondi Plc, ProAmpac LLC (Ampac Holdings, LLC), Sealed Air, and Sonoco Products Co.
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