Retort packaging market worth $41 billion by 2020
The retort packaging market is projected to reach $41.14 billion by 2020 with a CAGR of 6.7 percent from 2015 to 2020, according to market analyst MarketsandMarkets.
In its new report, "Retort Packaging Market by type (Pouches, Tray, and Cartons), by Material (Polyester, Polypropylene, Aluminum foil, and others), by End Use (Food, Beverage, and Others) - Global Forecast to 2020,” MarketsandMarkets defines the segments of the retort packaging market and identifies the driving and restraining factors market with the analysis of trends and opportunities.
According to researchers, much of this growth can be attributed to the surge in pre-made food and pet food and the demand for quality and convenient food. However, the increasing disposable incomes of people in developing countries, combined with increasing urbanization and changing preferences towards more convenient packaging, are also playing a significant role.
“The major restraining factor for the growth of this market is the high capital investment involved in sealing technologies,” researchers say. “Defects due to poor sealing technology is the biggest challenge faced by players in the market. Asia-Pacific is estimated to grow the fastest in the forecast period, due to the increasing demand of convenience food and the growing health and personal care industry.”
Leading players in this market are Amcor Limited (Australia), Berry Plastics Corporation (U.S.), Mondi Group (South Africa), Otsuka Holdings Company Limited (Japan), Sonoco (U.S.), Astrapak Limited (South Africa), Tredegar Corporation (U.S.), Coveris (U.S.), Bemis Company Inc. (U.S.), and Clondalkin Industries BV (Europe)
More information on the report can be found here.