The global retort packaging market size is projected to grow from USD 3.5 billion in 2020 to USD 4.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast year. The growth of this market is attributed to the growing demand for convenient food packaging from consumers due to their fast-paced lifestyle and growing per capita income.
APAC region is projected to lead the retort packaging market, in terms of both value and volume from 2020 to 2025. An increase in demand for retort packages in emerging economies as well as a boost in demand for convenient products from consumer drives the investments of manufacturers to develop unique & innovative packaging solutions. This in turn, increases the demand for retort packages and is further expected to boost the market in the APAC region.
The retort packaging market has been dominated by large players, such as the Amcor PLC (Australia), Berry Global Inc. (US), Mondi Group (Austria), Sonoco (US), and Otsuka Holding Co. (Japan). These players have adopted various growth strategies, such as expansions, new product developments, and acquisitions, to increase their market shares and enhance their product portfolios.
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Acquisitions accounted for the largest share of all the strategic developments that took place in the Retort Packaging market between February 2016 and January 2020. Key players such as Amcor PLC (Australia), Berry Global Inc. (US), Sonoco (US), Huhtamaki Oyj (Finland), Mondi Group. (Austria), Coveris (US) adopted these strategies to strengthen their business portfolios and presence in the retort packaging industry.
In March 2020, Coveris acquired Plasztik-Tranzit Kft (Hungary). The acquisition will strengthen Coveris’ position in Eastern Europe.
In February 2019, Sealed Air acquired MGM flexible packaging (Philippines). The acquisition has helped the company to expand in Asia
Amcor launched Genesis, a PE-based laminate pouches which are recyclable in February 2019. The packaging targets fresh produce, frozen food, dried fruits, nuts, confectionery, chilled goods and pet food.
In June 2018, The Otsuka group established a subsidiary in India Otsuka Foods India Pvt. Ltd. To launch its flagship product Bon Curry in the Indian market
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