Increased Need for Convenience and Portability to Drive the Global Retort Packaging Market Through 2020, Says Technavio
By Business Wire News
By Business Wire News
The global retort packaging market is expected grow at a CAGR of over 12% during the period 2016-2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the globalretort packagingmarketfor 2016-2020. The market is further categorized into three types of packaging which includes pouches, trays and cartons with the pouch segment accounting for over 40% of the revenue in 2015.
“The market for retort packaging is expected to grow at a rapid rate during the forecast period, due to the growing demand for consumer goods with convenient packaging such as zippers, cans, peel-off lids, spouts, and cartons. As a result, many consumer and industrial goods manufacturers are seeking advanced, premium, and customized packaging solutions for their products,” says Sharan Raj, a lead research expert on packaging from Technavio.
Technavio’s research study segments the global retort packaging market into the following regions:
- North America
APAC: largest market for retort packaging
The retort packaging market in APAC is likely to reach USD 1.5 billion by 2020, growing at a CAGR of over 12%. In 2015, APAC led the global retort packaging market with almost 40% of the market share. The market in this region is growing rapidly because of the growing population and rise in consumption of ready-to-eat food and beverages, which is increasing the demand for flexible packaging products, including retort pouches, trays, and cartons.
Growing consumption of curries and sauces in India, China, and Japan has surged the demand for retort packaging, which is increasingly used to package these products. In addition, manufacturers in developing countries like China and India prefer flexible packaging over rigid packaging because of its cost-effectiveness, thus driving the growth of the market.
Another major factor contributing to the growth of the market is the introduction of ambient food products, which is also increasing the demand for retort packaging as it increases the shelf life of the products. China was the largest market for ambient food in the region with a share of 45% in 2014, followed by Japan with a share of 26%.
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Europe: increased penetration of processed foods to boost growth
The retort packaging market in Europe is expected to grow at a CAGR of almost 12% during the forecast period. The retort packaging market in Europe is relatively mature and is growing at a slower rate than other regions. France, Italy, Spain, and Germany are the key contributors to the market, however, the market for retort packaging in the UK is mature and saturated.
The markets in Eastern European countries, on the other hand, present good growth prospects. Hence, many companies are shifting their focus to the emerging markets of Eastern Europe and are also increasing the production capacity of higher-value flexible packaging products for the developed markets of Western Europe, as flexible packaging products are eco-friendly and promote sustainability. In addition, increased penetration of processed foods in the retail food industry will contribute to the growth of the market in Europe.
North America: increase in urbanization and rise in disposable incomes to fuel growth
The retort packaging market in North America is predicted to exceed USD 750 million by 2020, growing at a CAGR of over 12%. The retort packaging market in North America is growing at a moderate pace. The food and beverage and convenience food markets are the two major end-users of retort packaging.
Health-conscious consumers buy products with retort packaging as they are processed and treated with heat, which makes them free from microbes. Other factors driving the market are increase in disposable incomes and increase in urbanization. In addition, rapidly expanding retail networks, growth of major industries, and rise in population density contribute to the rapid growth of the market in North America.
ROW: increase in population and manufacturing output to boost growth
The retort packaging market in ROW is expected to reach USD 397 million by 2020, growing at a CAGR of over 12%. ROW includes countries in the Middle East, Africa, and Central and South America. These countries are undergoing rapid advancement and economic development. The increase in population, manufacturing output, and consumer income will fuel the demand for flexible packaging products such as retort pouches. “In addition, increased preference for processed and packaged food products, including convenience products, baby foods, and pet foods, is likely to increase the demand for flexible packaging in these regions,” says Sharan.
Some of the top vendors for the global retort packaging market highlighted in the report are:
- Berry Plastic
Browse Related Reports:
- Global Microwave Packaging Market 2016-2020
- Global Stand-Up Pouch Market 2015-2019
- Global High-Barrier Pouches Market 2015-2019
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