Market Overview
Retort packaging refers to shelf stable food packaging used for sterilized commercial food products. It involves a thermal process in which packaged products are exposed to high heat for an extended period of time to kill pathogens. Such packaging provides extended shelf life without the need for refrigeration along with product visibility and ease of stacking and transportation. The retort packaging process results in minimized loss of product nutrition.
The Global Retort Packaging Market Growth is estimated to be valued at US$ 40.82 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Retort Packaging are BEYO Chemical Co., Ltd., Cathay Biotech Inc., Chemceed, Evonik Industries AG, Haihang Industry, Selleck Chemicals, Serena Chemicals, TCI Chemicals (India) Pvt. Ltd., Thermo Fisher Scientific Inc., and UBE Industries, Ltd. Growing demand for flexible packaging from end-use industries like food and beverages due to attributes like product visibility, easy transportation and extended shelf-life is fueling market growth. Geographically, the Asia Pacific region dominated the global market in 2019 due to rising consumption of convenience and packaged food products in emerging economies like India and China.
Market Key Trends
The retort packaging market is witnessing high demand from the food industry. Factors such as changing consumer lifestyles and increased disposable incomes have boosted demand for ready-to-eat and packaged food products globally. This has significantly driven the adoption of retort packaging as it eliminates the need for refrigeration and preserves sensory and nutritional properties of food for longer durations. The market is expected to continue gaining from the increasing preference for flexible and easy to use food packaging formats.
Porter’s Analysis
Threat of new entrants: New entrants face high threat as initial capital requirements and well-established brands have strong loyalty. Bargaining power of buyers: Large buyers have significant bargaining power due to bulk purchasing. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Threat is moderate as substitutes such as pouches are available but not widely acceptable. Competitive rivalry: Intense competition due to large number of regional and global players.
Geographical regions
North America holds the largest share in retort packaging market in terms of value owing to high consumption of retorted food products across countries like US and Canada. Asia Pacific is expected to be the fastest growing region due to rising population, economic growth and increasing demand for longer shelf-life foods from countries like China and India. Increasing health consciousness is augmenting the demand for ready-to-eat meals which is propelling the growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it