Retort Packaging Global Market Opportunities and Strategies to 2033

This report describes and explains the retort packaging market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global retort packaging market reached a value of nearly $4.21 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.9% since 2018. The market is expected to grow from $4.21 billion in 2023 to $5.58 billion in 2028 at a rate of 5.8%. The market is then expected to grow at a CAGR of 7.1% from 2028 and reach $7.88 billion in 2033.

Growth in the historic period resulted from the rise in demand for ready-to-eat food products, rise in disposable income and increasing demand from the food and beverages industry. Factors that negatively affected growth in the historic period were legal actions against misinformation and false advertising and high-cost of packaging materials in the retort packaging industry.

Going forward, the growth in the e-commerce, increased demand for processed foods, increasing urbanization and increasing size of the working population will drive the market. Factors that could hinder the growth of the retort packaging market in the future include stringent government protocols.

The retort packaging market is segmented by product type into pouches, trays, cartons and other product types. The pouches market was the largest segment of the retort packaging market segmented by product type, accounting for 58.3% or $2.45 billion of the total in 2023. Going forward, the other product types segment is expected to be the fastest growing segment in the retort packaging market segmented by product type, at a CAGR of 6.7% during 2023-2028.

The retort packaging market is segmented by material into polypropylene, aluminum foil, polyethylene, polyamide, paper board and other materials. The polypropylene market was the largest segment of the retort packaging market segmented by material, accounting for 32.3% or $1.35 billion of the total in 2023. Going forward, the aluminum foil segment is expected to be the fastest growing segment in the retort packaging market segmented by material, at a CAGR of 7% during 2023-2028.

The retort packaging market is segmented by end user into food, beverages, pet food and other end users. The food market was the largest segment of the automotive sensors market segmented by end user, accounting for 56% or $2.35 billion of the total in 2023. Going forward, the pet food segment is expected to be the fastest growing segment in the automotive sensors market segmented by end user, at a CAGR of 7.1% during 2023-2028.

Asia-Pacific was the largest region in the retort packaging market, accounting for 42.6% or $1.79 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the retort packaging market will be Asia-Pacific and North America, where growth will be at CAGRs of 6.8% and 6.7% respectively. These will be followed by Western Europe and South America, where the markets are expected to grow at CAGRs of 4.5% and 3.6% respectively.

The global retort packaging market is highly concentrated, with a few large players dominating the market. The top ten competitors in the market made up to 78.5% of the total market in 2022. The market concentration can be attributed to the presence of large players in different geographies. Prominent players are acquiring the products and launching the new products to consolidate their market positions across the globe, while others are distributing products. Amcor PLC was the largest competitor with a 13.9% share of the market, followed by The Tetra Pak Group with 11.9%, Mondi PLC with 10.4%, Huhtamaki Oyj with 9.4%, Sealed Air Corporation with 7.8%, Winpak Ltd with 5.7%, Proampac LLC with 5.7%, Berry Global Group, Inc with 5.5%, Sonoco Product Company with 4.7% and Constantia Flexibles with 3.6%.

The top opportunities in the retort packaging market segmented by product type will arise in the pouches segment, which will gain $829.1 million of global annual sales by 2028. The top opportunities in the retort packaging market segmented by material will arise in the polypropylene segment, which will gain $478 million of global annual sales by 2028. The top opportunities in the retort packaging market segmented by end user will arise in the food segment, which will gain $779.4 million of global annual sales by 2028. The retort packaging market size will gain the most in China at $359.2 million.

Market-trend-based strategies for the retort packaging market include focus on technology advancements in mono-material flexible packaging to provide improved products to customers, introducing new and innovative products to expand product portfolio, strategic partnerships and collaborations to expand geographic presence and sustainable packaging technology to reduce waste and environmental impacts.

Player-adopted strategies in the retort packaging market include focus on expanding production capabilities through strategic acquisitions and strengthening business operations through the launch of new products.

To take advantage of the opportunities, the analyst recommends the retort packaging companies to focus on advancing mono-material packaging, focus on elevating product portfolio sustainability, focus on sustainable advancements for growth, focus on pouches segment for accelerated growth, focus on accelerating growth through aluminum foil segment, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations for market expansion, focus on streamlining distribution channels for growth, provide competitively priced offerings, focus on strategic pricing strategies for competitive advantage, participate in trade shows and events, continue to use B2B promotions, leverage digital platforms for targeted marketing, highlight sustainable practices for brand differentiation, focus on customer-centric solutions for market penetration and focus on rapid growth in pet food segment.