Retort Packaging Market to See Gains to 2024
The retort packaging market was valued at U.S. $36.21 billion in 2018 and is expected to register a CAGR of 7.11 percent over the forecast period 2019-2024, according to ResearchandMarkets.
The thermal sterilization of low-acid food products has been a prevalent means of preserving food and is the basis of the evolution of retort packaging. The ease and adaptability of the retort packaging technology resulted in rapid growth of the market.
Convenience is a major differentiating factor in packaging solutions. Recent innovations in retort packaging have emphasized reducing the overall weight of the materials, without compromising the packaging quality. This emphasis on weight reduction has received wide appreciation and is expected to be extensively adopted by the industry.
The consumer goods companies are increasingly depending on packaging solutions, to gain a competitive edge in the market. Consumers are demanding products that have extended shelf life and are easy to use, which, in turn, is driving the companies to develop alternative packaging solutions.
Pouches are one of the most widely used methods, due to various advantages such as high shelf-life, resistance to corrosion and customizable size. The manufacture of pouches is easier compared to other forms of packaging. The rapid transfer of heat aids in the preparation and sterilization during packaging. The thin profile of the pouch contributes to about 30 to 40 percent reduction of processing times, which has aided the growth of pouches for retort packaging.
Due to the development of on-the-go foods, the size of consumption has been decreasing, which has further provided a boost for pouches. There has been a shift toward flexible packaging compared to rigid packaging, which further enables growth of pouches.
The U.S. accounts for more than 20 percent of the global food retail industry, with an estimated market size of more than U.S. $1,000 billion. The retail food industry is witnessing growth, due to growing demand for packaged food products. Further growth has been forecast for the market, because of the rise in investments in the healthcare industry for flexible and retort packaging solutions.