To provide a water-base coating material which does not contain endocrine disrupters (e.g. bisphenol A) or polyvinyl chloride, etc., generating dioxins when incinerated and which is excellent in retortability, flavor characteristics, corrosion resistance, etc.

This coating material contains, based on the solid content, 50-99 wt.% acrylic-modified aromatic polyester resin having water-dispersibility imparted by acrylic modification and neutralization with a base and 1-50 wt.% isocyanate curing agent.