Retort Packaging Market: Global Analysis, Future Trends: Forecast 2024
As compared to traditional packaging, retort packaging products are less bulky and have less packaging weight, making them lighter for shipping, which in turn offers real cost savings and reduces waste for both end-consumers.
Albany, NY -- (SBWire) -- 02/03/2017 --The global market for retort packaging has gained significant traction in the past few years owing to the wide usage in the packaged food industry. Retort packaging has also gained wide adoption and preference among manufacturers as well as consumers due to its properties such as compactness, low weight, and lower environmental impact. As compared to traditional packaging, retort packaging products are less bulky and have less packaging weight, making them lighter for shipping, which in turn offers real cost savings and reduces waste for both end-consumers. Such versatility of retort packaging is expected to drive its adoption in the near future.
Transparency Market Research estimates that the revenue generated from sales of retort packaging across the globe will value over US$13 bn by the end of 2016. Over the period between 2016 and 2024, the global retort packaging market is projected to exhibit a CAGR of 7.5%.
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Need for Feasible Alternatives to Conventional Packaging to Increase Focus on Retort Packaging
With the vast rise in the global consumption of processed and packaged food products, there has been a vast surge in demand for versatile and good quality packaging materials and technologies. Retort packaging, owing to its capability of meeting the necessary standards of food packaging such as low weight and convenience of use, aesthetic appeal, shelf life extension, and maintaining food safety and hygiene, has emerged as a convenient option to a number of conventional packaging technologies.
Moreover, owing to the fact that retort pouches use only about 5% of the packaging material as compared to conventional cans, the shift from conventional packaging to retort packaging is a highly beneficial and profitable move for packaging manufacturers. As a result, retort packaging is witnessing vast surge in demand from consumers as well as packaging manufacturers.
Other than these factors, the environment-friendly nature of retort packaging, on account of its low packaging weight, which translates into real transportation cost savings and reduced waste for both end-consumers and the environment, is also working in favor of the market. The global retort packaging market is also driven by the rising demand for convenient and hygienic packaging options for the lucrative baby food industry. Rapid product development and innovations in retort packaging market in recent years have helped manufacturers of retort packaging materials and products to efficiently cater to this application segment, fueling market's growth opportunities.
Rising Demand for Eco-friendly Packaging to Fuel Market Growth
Owing to rising concerns regarding the harmful effects of the non-biodegradable waste generated by packaging products, eco-friendly materials are expected to gain increased adoption in the packaging industry in the next few years. Eco-friendly packaging is expected to be offer new opportunities for packaging manufacturers and film converters. According to the Grocery Manufacturers Association (GMA), approximately 70% of pet food, baby food, sea food as well as meals ready to eat food products are anticipated to feature an eco-friendly packaging materials. This trend is expected to be highly conducive for market growth in the next few years, having a significant impact on the development of the market.
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