Published Date : May 02, 2018
Albany, New York, May 2, 2018: MarketResearchReports.biz have announced the addition of a new report which is titled, “Retort Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2024.” According to the report, the future of retort packaging Market lies in the development of eco-friendly products by industry players. Industry players are investing extensively in research and development so as to develop eco-friendly products. Players are also realigning their product portfolio with the changing demands of the food industry. Some of the leading players within the global retort packaging market are Sealed Air Corporation, Mondi Group, Sonoco Products, Amcor Limited, and Bemis Company, Inc.
According to the report, the global retort packaging market will expand at a 7.45% CAGR between 2017 and 2024. In terms of volume, it is expected that the demand for retort packaging units will reach 72,492 million units by 2024. On the basis of product type, this market is segmented into cartons, trays, and pouches. The pouches segment is further segmented into back seal quad, stand-up pouches, gusseted pouches, and spouted pouches. By material type, the market is segmented into nylon (Bi-oriented polyamide), cast polypropylene, polyethylene (PE), polyester (PET), paper and paperboard, aluminium foil, and PVC and PVDC. On the basis of application, the market is segmented into food, including baby food, sea food, pet food, sauces, soups, and ready to eat meals; beverages, and pharmaceuticals. In terms of geography, Asia Pacific will emerge as the most lucrative regional market for retort packaging. Other key markets include Europe and North America.
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The increasing demand for food and beverages on account of their rapidly growing population is driving the growth of the food and beverage industry in ultimately the retort packaging Market. The growing demand for packaged Ready-to-Eat meals and communion foods will also favour the growth of this Market since retort packaging offers lightweight and flexible mode of packaging, they are extremely popular. Also retort Packaging helps and extending the shelf life of food products which in turn will inspire more demand.
On the other hand, the market faces a few challenges which will hamper its growth. One of the key factors restricting the growth of this Market is the stringent regulations regarding the use of HDPE and PVC materials. Nevertheless, Market players are investing in research and development so as to come up with products that are eco-friendly and being back of this restraint is likely to reduce in the years to come. Also, the rising applications of retort packaging across pet care products and also within the pharmaceutical sector, will drive the growth prospects of the global retort packaging market.
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