Vietnam Flexible Plastic Packaging Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 6.83 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Flexible Plastic Packaging Market Analysis
The Vietnam Flexible Plastic Packaging Market size in terms of shipment volume is expected to grow from 0.23 Million tonnes in 2024 to 0.32 Million tonnes by 2029, at a CAGR of 6.83% during the forecast period (2024-2029).
Vietnam's flexible plastic packaging market is growing, buoyed by the surging demand for sustainable and convenient packaging solutions.
- Flexible packaging excels in product preservation while treading lightly on the environment. Its adaptability to diverse shapes and sizes allows tailored solutions, heightening consumer appeal. The market thrives on material science and printing innovations, particularly in eco-friendly avenues that curb waste and emissions.
- Consumer-centric features like easy-open, resealable, and portable designs fuel this growth. The market’s pivot from traditional rigid containers echoes broader sustainability trends, aligning with the nation's innovation and resource efficiency push.
- Moreover, stringent regulations on sustainability and waste are propelling the demand for greener alternatives, notably flexible packaging. These converging factors are set to boost the flexible packaging market ’s growth, cementing its pivotal role in Vietnam's overall packaging landscape.
- According to the Vietnam Institute of Strategy and Policy for Industry and Trade, the plastic market in Vietnam is gaining recognition as a dynamic sector owing to its rapid pace of development. This growth can be attributed to several factors. The market for plastic products in Vietnam is vast and brimming with potential. These products find applications across various sectors, from packaging and construction to the production of household appliances. Also, while showing robust growth, Vietnam's plastic market is still developing compared to global standards.
- Vietnam's National Action Plan aims to halve marine plastic litter by 2025 and reduce it by 75% by 2030. The country is implementing measures, including a ban on producing and importing plastic bags for domestic use by 2026 and a plan to phase out most single-use plastic products by 2031. The World Bank presented a policy roadmap to assist the Vietnamese government in curbing the use of prevalent single-use plastic items.
Vietnam Flexible Plastic Packaging Market Trends
The Growing Plastic Industry is Expected to Boost Market Demand
- In Vietnam, consumer plastic packaging is fueled by rising demand from food and non-food sectors. In 2023, the flexible packaging segment, encompassing multi-layered and mono-layered options, led the market, making up 75% of the overall market. Plastic bags are pivotal in this segment, accounting for 15% of Vietnam's plastic export turnover (Source: FiinGroup).
- Consequently, the government, ministries, and enterprises nationwide have collaboratively crafted detailed, long-term plans spanning 5 to 10 years. Over the past half-decade, Vietnam's plastic industry has consistently notched double-digit growth, averaging between 12% and 15% annually.
- According to a study by EuroPlas Group, the nation's production capabilities encompass diverse materials, including PVC, PP, PET, PS, and PE, with a collective output nearing 3 million tons annually. Vietnamese plastic products have reached over 160 countries, with a notable presence in key markets like the US, Germany, France, the UK, Italy, the Netherlands, Spain, Japan, and Australia. A significant advantage for Vietnamese plastic exports is their exemption from anti-dumping duties, setting them apart from many Asian counterparts.
- The Ministry of Industry and Trade's Vietnam Plastic Industry Development Plan, looking ahead to 2025, emphasizes a structural shift. Specifically, there is a push to boost the production of plastics used in construction and engineering, featuring specialized physical and mechanical properties tailored for industrial processes.
- According to the General Statistics Office of Vietnam, revenue from manufacturing rubber and plastic products in 2024 is expected to reach USD 21.8 billion from USD 17.97 billion in 2020. However, as the economy evolves, the industry must pioneer changes to stay relevant. By embracing these shifts, the plastic industry will not only aid in Vietnam's sustainable economic growth but also offer lasting profitability for businesses.
The Food Industry is Expected to Drive Market Growth
- Shifting food preferences in the country, such as a rising appetite for luxury foods and a trend towards dining out, are becoming pivotal demand influencers. These preferences are molded by many factors, including income upticks, urbanization, evolving population demographics, health and eco-consciousness, a rising female workforce, and the changing retail landscape.
- According to a study by the Government of Canada, many factors influenced customer preferences, including income upticks, urbanization, evolving population demographics, health and eco-consciousness, a rising female workforce, and the changing retail landscape. In 2023, Vietnam's fresh and processed meat imports amounted to USD 1.5 billion, equivalent to 783.8 thousand tonnes, solidifying its position as the 27th largest market globally. China was the leading meat supplier to Vietnam, accounting for 15.9% of the market, followed by the United States at 8.3% and Japan at 7.7%.
- In 2023, Saigon Trading Group - SATRA (Vissan) dominated Vietnam's processed meat market, commanding a 46.1% share. Following behind were Charoen Pokphand Group (CP) at 13.3% and Halong Canned Food JSC (Ha Long) at 3.4%. In 2023, Vietnam's per capita poultry consumption stood at approximately 17.58 kilograms, as reported by the OECD. Projections indicate a slight increase to 17.95 kilograms in 2024.
- The OECD reported that Vietnam's per capita poultry consumption stood at approximately 17.58 kilograms. The food processing industry presents a lucrative investment opportunity for foreign firms. This scenario sets the stage for foreign players to collaborate with local food processors or opt for outright acquisitions. European Union (EU) firms, leveraging the robust trade relations between Vietnam and the EU and the favorable perception of European goods among Vietnamese consumers, stand in a particularly advantageous position to tap into Vietnam's market.
- Additionally, EU companies hold a notable edge over many developed nations owing to the EU-Vietnam Free Trade Agreement (EVFTA). Over the next decade, this agreement is set to phase out nearly all import duties between Vietnam and the EU. With EVFTA in place, the bilateral agri-food trade is poised to witness growth. This means a surge in the availability of specialty Vietnamese products in the EU and a more significant presence of European goods in Vietnam. Such agreements would further drive the demand for flexible plastic packaging for the food industry .
Vietnam Flexible Plastic Packaging Industry Overview
The Vietnamese flexible plastic packaging market is fragmented with domestic and global players such as Huhtamaki Oyj, AN PHÁT BIOPLASTICS, Amcor PLC, SIG Group AG, SCG Packaging Public Company Limited, and Genpack Co. Ltd. Players operating in the region are focused on expanding their business through mergers, collaborations, acquisitions, and product innovations.
- October 2023: Amcor PLC, one of the global leaders in responsible packaging solutions, signed a Memorandum of Understanding (MOU) with South Korea's prominent petrochemical firm, SK Geo Centric (SK). This partnership, set to kick off in 2025, will see Amcor sourcing advanced recycled materials, primarily focusing on the Asia-Pacific region. Through this MOU, Amcor aims to offer its food and healthcare clients in pivotal Asian markets, including Vietnam, enhanced access to packaging solutions crafted from recycled materials.
Vietnam Flexible Plastic Packaging Market Leaders
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Amcor Plc
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Huhtamaki Oyj
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SIG Group AG
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SCG Packaging Pubic Company Limited
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AN PHÁT BIOPLASTICS
*Disclaimer: Major Players sorted in no particular order
Vietnam Flexible Plastic Packaging Market News
- January 2024: EuroPlas Vietnam opened its inaugural factory in Egypt. Spanning 34,000 sq. m, the EuP Egypt Factory is committed to producing filler masterbatch, a material in the plastic industry. Upon reaching full capacity, the factory aims to house 24 production lines, targeting an annual output of approximately 300,000 tons. Positioned to cater to both the local Egyptian market and exports, the EuP Egypt Factory stands as a manufacturing hub and a testament to the collaborative and developmental ties between Vietnam and Egypt.
- October 2023: AJ Plast (Vietnam) Co. Ltd, a subsidiary of AJ Plast PLC, one of Southeast Asia's largest producers of BO film, celebrated its state-of-the-art biaxially oriented plastic film production plant in Binh Duong province, Vietnam. This plant marked a significant milestone, focusing on biaxially oriented polypropylene (BOPP) film. The establishment of AJ Plast (Vietnam) underscored SCG's commitment to investing in Vietnam, specifically to cater to the growing consumer appetite for high-value products, especially in the flexible packaging market.
Vietnam Flexible Plastic Packaging Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Force Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Industry Value Chain Analysis
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Growing Plastic Industry to Push the Market Demand
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5.2 Market Restraints
- 5.2.1 Stringnet Plastic Regulations Might Limit the Market Growth
6. MARKET SEGMENTATION
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6.1 By Material Type
- 6.1.1 Polyethene (PE)
- 6.1.2 Bi-oriented Polypropylene (BOPP)
- 6.1.3 Cast Polypropylene (CPP)
- 6.1.4 Polyvinyl Chloride (PVC)
- 6.1.5 Ethylene Vinyl Alcohol (EVOH)
- 6.1.6 Other Material Types
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6.2 By Product Type
- 6.2.1 Pouches
- 6.2.2 Bags
- 6.2.3 Films and Wraps
- 6.2.4 Other Product Types
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6.3 By End-User Industry
- 6.3.1 Food
- 6.3.1.1 Baked Food
- 6.3.1.2 Snacked Food
- 6.3.1.3 Meat, Poultry, and Seafood
- 6.3.1.4 Candy/Confections
- 6.3.1.5 Pet Food
- 6.3.1.6 Other Food (Dairy Products, Frozen Food, and Fresh Produces such as Fruits and Vegetables, etc.)
- 6.3.2 Beverage
- 6.3.3 Personal Care & Cosmetics
- 6.3.4 Other End User Industry (Pharmaceutical, Medical, Construction, Industrial Application, and Consumer Electronics Packaging Industries,etc)
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles*
- 7.1.1 Amcor Plc
- 7.1.2 Huhtamaki Oyj
- 7.1.3 SIG Group AG
- 7.1.4 Genpack Co. Ltd
- 7.1.5 Ngai Mee Group
- 7.1.6 Rang Dong Long An Plastic Joint Stock Company
- 7.1.7 AN PHAT BIOPLASTICS
- 7.1.8 SCG Packaging Public Company Limited
8. INVESTMENT ANALYSIS
9. MARKET FUTURE OUTLOOK
** Subject To AvailablityVietnam Flexible Plastic Packaging Industry Segmentation
The study on the Vietnamese flexible plastic packaging market tracks the demand for flexible plastic packaging by material in terms of revenue. It tracks the market size for respective end-user types. The estimates for the Japan flexible plastic packaging market include all the costs associated with flexible plastic packaging manufacturing, from raw material procurement to end-use industries. The estimates exclude the cost of the content that is or is to be packed inside the flexible plastic packaging. The scope of the flexible plastic packaging market is limited to B2B demand. Market numbers are based on bottom-up and top-down approaches for segmentation, and volume has also been considered.
The Vietnamese flexible packaging market is segmented by material type (polyethylene (PE), bi-oriented polypropylene (BOPP), cast polypropylene (CPP), polyvinyl chloride (PVC), ethylene vinyl alcohol (EVOH), and other material types), product type (pouches, bags, films and wraps, and other product types), end-user industry (food [baked food, snacked food, meat, poultry, and seafood, candy/confections, pet food, and other food], beverage, personal care and cosmetics, and other end-user industries). The market sizes and forecasts are provided in terms of volume (tonnes) for all the above segments.
| By Material Type | Polyethene (PE) | |
| Bi-oriented Polypropylene (BOPP) | ||
| Cast Polypropylene (CPP) | ||
| Polyvinyl Chloride (PVC) | ||
| Ethylene Vinyl Alcohol (EVOH) | ||
| Other Material Types | ||
| By Product Type | Pouches | |
| Bags | ||
| Films and Wraps | ||
| Other Product Types | ||
| By End-User Industry | Food | Baked Food |
| Snacked Food | ||
| Meat, Poultry, and Seafood | ||
| Candy/Confections | ||
| Pet Food | ||
| Other Food (Dairy Products, Frozen Food, and Fresh Produces such as Fruits and Vegetables, etc.) | ||
| By End-User Industry | Beverage | |
| Personal Care & Cosmetics | ||
| Other End User Industry (Pharmaceutical, Medical, Construction, Industrial Application, and Consumer Electronics Packaging Industries,etc) |
Vietnam Flexible Plastic Packaging Market Research FAQs
How big is the Vietnam Flexible Plastic Packaging Market?
The Vietnam Flexible Plastic Packaging Market size is expected to reach 0.23 million tonnes in 2024 and grow at a CAGR of 6.83% to reach 0.32 million tonnes by 2029.
What is the current Vietnam Flexible Plastic Packaging Market size?
In 2024, the Vietnam Flexible Plastic Packaging Market size is expected to reach 0.23 million tonnes.
Who are the key players in Vietnam Flexible Plastic Packaging Market?
Amcor Plc, Huhtamaki Oyj, SIG Group AG, SCG Packaging Pubic Company Limited and AN PHÁT BIOPLASTICS are the major companies operating in the Vietnam Flexible Plastic Packaging Market.
What years does this Vietnam Flexible Plastic Packaging Market cover, and what was the market size in 2023?
In 2023, the Vietnam Flexible Plastic Packaging Market size was estimated at 0.21 million tonnes. The report covers the Vietnam Flexible Plastic Packaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Flexible Plastic Packaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Flexible Plastic Packaging Industry Report
Statistics for the 2024 Vietnam Flexible Plastic Packaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Flexible Plastic Packaging analysis includes a market forecast outlook for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
