Vietnam Plastic Caps and Closures Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.46 Billion |
| Market Size (2029) | USD 2.88 Billion |
| CAGR (2024 - 2029) | 3.20 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Plastic Caps and Closures Market Analysis
The Vietnam Plastic Caps And Closures Market size is estimated at USD 2.46 billion in 2024, and is expected to reach USD 2.88 billion by 2029, growing at a CAGR of 3.20% during the forecast period (2024-2029). In terms of shipment volume, the market is expected to grow from 12.78 billion units in 2024 to 14.88 billion units by 2029, at a CAGR of 3.09% during the forecast period (2024-2029).
- The plastic industry in Vietnam is rapidly evolving, positioning itself as a dynamic sector within the economy. Several factors contribute to its robust growth, notably the vast and promising market for plastic products. These products find extensive applications in packaging, construction, and the manufacturing of household appliances, fueling their demand across Vietnam.
- Vietnam's food manufacturing sector is pivoting from its historical reliance on exports to a more pronounced emphasis on the domestic market. In 2023, Vietnam's food service and accommodation industry surged by 14.7%, a notable uptick from the previous year, buoyed by a rebound in the tourism sector and a rise in both international and domestic travelers, which augmented the market’s growth.
- Rapid urbanization, coupled with a growing youth and middle-class demographic, is steering a trend toward health-conscious food and beverages that are sugar-free and have added health benefits like vitamins and antioxidants. This transition spurs an increased appetite for premium products, especially those with personalized caps and closures.
- The market for caps and closures in Vietnam is witnessing a surge, fueled by the rising demand for tailored solutions in various industries. Bericap Holding GmbH, a US firm with operations in Vietnam, is at the forefront, crafting unique designs and packaging, bolstering brand recognition, and driving up demand.
- Environmental concerns are driving a shift away from plastic caps, which are seen as contributors to pollution, harming wildlife and their habitats. This has led to a growing preference for metal caps, typically crafted from steel or aluminum. The adoption of plastic alternatives for caps and closures poses a potential threat to the market's growth in Vietnam.
Vietnam Plastic Caps and Closures Market Trends
Polyethylene (PE) is Estimated to Have the Largest Market Share
- Polyethylene (PE) stands out as a favored choice in Vietnam in the packaging realm owing to its chemical resistance, affordability, and resilience to environmental challenges. This versatile plastic, derived from petroleum polymers, is primarily categorized into high-density polyethylene (HDPE) and low-density polyethylene (LDPE). HDPE and LDPE, the primary variants, dominate the landscape of caps and closures.
- Growing consumer spending on personal care and cosmetic products for makeup, skincare, and haircare in Vietnam has increased the use of Polyethylene (PE) or Polypropylene (PP) caps and closures. In addition, the increasing e-commerce traction in Vietnam is bolstering the sales of products, including serums, moisturizers, creams, and sprays for both men and women, augmenting the market’s growth.
- According to data from the International Trade Administration, Vietnam's internet economy is experiencing a surge, propelled by rapid internet and smartphone adoption. In 2023, Vietnam boasted approximately 69 million smartphone users, projected to climb to 82 million by 2025. This uptrend is poised to bolster the already robust e-commerce sector.
- The market for plastic caps, closures, and lids designed to endure extreme temperatures and preserve food freshness is on the rise. Vietnam's food industry, bolstered by a robust manufacturing sector, is increasingly favoring PE caps and closures. USDA data reveals that Vietnam's food manufacturing industry surged from USD 69.6 billion in 2022 to USD 73.8 billion in 2023.
Beverage Segment Expected to Dominate the Market
- With international tourist arrivals on the rise, Vietnam's beverage market, both alcoholic and non-alcoholic, is witnessing a significant upswing. In 2023, data from the United States Department of Agriculture (USDA) revealed a remarkable surge in international visitors to Vietnam, peaking at nearly 12.6 million, a figure that more than tripled 2022's numbers.
- Vietnam boasts a robust retail landscape, with numerous outlets and supermarkets offering a diverse array of products spanning food, beverages, and personal care. Notably, beverage sales, including carbonated soft drinks and juices, are on the ascent. In 2023, the USDA reported that Vietnam's total retail sales hit USD 198 billion, a 4.76% increase from the previous year.
- Key players in Vietnam's caps and closures manufacturing, like Bericap Holding GmbH, are honing their focus on the beverage sector. Their products, designed for highly pressurized liquids and engineered to withstand temperature fluctuations during transport, are gaining traction. Bericap's tailored closure solutions, crafted from materials like PP, PE, and PET, resonate well with the market, further fueling demand.
- As the demand for non-alcoholic beverages, including soft drinks, energy drinks, and juices, surges in Vietnam, so does the country's import. Notably, the United States is a significant contributor to this trend. In 2023, Vietnam's beverage imports, as per the USDA, hit a value of USD 103.22 million, marking a substantial 55.59% increase from the preceding year.
Vietnam Plastic Caps and Closures Industry Overview
The Vietnam plastic caps and closures market is consolidated with domestic players such as Duy Tan Plastic Company and international players such as Bericap Holding GmbH, Tetra Pak, and Sonoco Products Company. To solidify their footprint in the market, the players focus on new product development, partnerships, mergers and acquisitions, and collaborations.
• July 2024: Duy Tan Plastic Company, a Vietnam-based company, produced a sustainable tethered cap made with HDPE material. Unlike traditional detachable bottle caps, this bottle cap is securely affixed to the bottle, ensuring the water bottle remains sealed. This safeguards the product inside and helps preserve the water's taste while reducing the chances of plastic waste, which helps curb environmental pollution.
Vietnam Plastic Caps and Closures Market Leaders
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Bericap Holding GmbH
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Duy Tan Plastic Company
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Tetra Pak
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Indorama Ventures Vietnam
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Inplas Vietnam JSC
*Disclaimer: Major Players sorted in no particular order
Vietnam Plastic Caps and Closures Market News
- April 2024: Bericap Holding GmbH, a German company operating in Vietnam, recently bolstered its Asian manufacturing footprint by inaugurating a new plant in Kunshan, China. This strategic location, in proximity to Shanghai, positions the company to better serve an expanded clientele with its plastic caps and closures.
- March 2024: Duy Tan Plastic Company, a Vietnam-based company, opened its flagship store in Hanoi. The store showcases plastic products, including household, rigid, and flexible packaging. The opening of a new store is the company's expansion strategy in Vietnam, which is likely to expand the company's customer base.
Vietnam Plastic Caps and Closures 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
- 4.2 Industry Value Chain Analysis
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitutes Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Growing Tourism in the Country to Boost Food Industry
- 5.1.2 Rising Popularity of Customized Caps and Closures
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5.2 Market Challenge
- 5.2.1 Growing Alternatives to Plastic Due to Environmental Concerns
6. INDUSTRY REGULATION, POLICY AND STANDARDS
7. MARKET SEGMENTATION
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7.1 By Resin
- 7.1.1 Polyethylene (PE)
- 7.1.2 Polyethylene Terephthalate (PET)
- 7.1.3 Polypropylene (PP)
- 7.1.4 Other Plastic Materials (Polystyrene, PVC, Polycarbonate, etc.)
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7.2 By Product Type
- 7.2.1 Threaded
- 7.2.2 Dispensing
- 7.2.3 Unthreaded
- 7.2.4 Child-Resistant
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7.3 By End-Use Industries
- 7.3.1 Food
- 7.3.2 Beverage
- 7.3.2.1 Bottled Water
- 7.3.2.2 Carbonated Soft Drinks
- 7.3.2.3 Alcoholic Beverages
- 7.3.2.4 Juices & Energy Drinks
- 7.3.2.5 Other Beverages
- 7.3.3 Personal Care & Cosmetics
- 7.3.4 Household Chemicals
- 7.3.5 Other End-Use Industries
8. COMPETITIVE LANDSCAPE
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8.1 Company Profiles
- 8.1.1 Duy Tan Plastic Company
- 8.1.2 Tetra Pak
- 8.1.3 Inplas Vietnam JSC
- 8.1.4 Bericap Holding HmbH
- 8.1.5 Vietnam Umano Co. Ltd.
- 8.1.6 VPP Co. Ltd.
- 8.1.7 Pavico Vietnam Joint Stock Company
- 8.1.8 Indorama Ventures Vietnam
- *List Not Exhaustive
9. RECYCLING & SUSTAINABILITY LANDSCAPE
10. FUTURE OUTLOOK
** Subject To AvailablityVietnam Plastic Caps and Closures Industry Segmentation
The scope of the study characterizes the plastic caps and closures market based on the raw material of the product, including PP, PE, PET, and other raw materials used across various end-user industries such as food, pharmaceuticals, beverages, cosmetics, toiletries, and more across the country. The research also examines underlying growth influencers and significant industry vendors, all of which help to support market estimates and growth rates throughout the anticipated period. The market estimates and projections are based on the base year factors and arrived at top-down and bottom-up approaches.
Vietnam plastic caps and closures market is segmented by resin (Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP) and Other Plastic Materials), by product type (threaded, dispensing, unthreaded, and child-resistant), by end-use industries (food, beverage (bottled water, carbonated soft drinks, alcoholic beverages, juices and energy drinks and others), personal care and cosmetics, household chemicals, and other end-use industries). The market sizing and forecasts are provided in terms of volume (units) and revenue (USD) for all the above segments.
| By Resin | Polyethylene (PE) | |
| Polyethylene Terephthalate (PET) | ||
| Polypropylene (PP) | ||
| Other Plastic Materials (Polystyrene, PVC, Polycarbonate, etc.) | ||
| By Product Type | Threaded | |
| Dispensing | ||
| Unthreaded | ||
| Child-Resistant | ||
| By End-Use Industries | Food | |
| Beverage | Bottled Water | |
| Carbonated Soft Drinks | ||
| Alcoholic Beverages | ||
| Juices & Energy Drinks | ||
| Other Beverages | ||
| Personal Care & Cosmetics | ||
| Household Chemicals | ||
| Other End-Use Industries |
Vietnam Plastic Caps and Closures Market Research FAQs
How big is the Vietnam Plastic Caps And Closures Market?
The Vietnam Plastic Caps And Closures Market size is expected to reach USD 2.46 billion in 2024 and grow at a CAGR of 3.20% to reach USD 2.88 billion by 2029.
What is the current Vietnam Plastic Caps And Closures Market size?
In 2024, the Vietnam Plastic Caps And Closures Market size is expected to reach USD 2.46 billion.
Who are the key players in Vietnam Plastic Caps And Closures Market?
Bericap Holding GmbH, Duy Tan Plastic Company, Tetra Pak, Indorama Ventures Vietnam and Inplas Vietnam JSC are the major companies operating in the Vietnam Plastic Caps And Closures Market.
What years does this Vietnam Plastic Caps And Closures Market cover, and what was the market size in 2023?
In 2023, the Vietnam Plastic Caps And Closures Market size was estimated at USD 2.38 billion. The report covers the Vietnam Plastic Caps And Closures Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Plastic Caps And Closures Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Plastic Caps and Closures Industry Report
Statistics for the 2024 Vietnam Plastic Caps And Closures market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Plastic Caps And Closures analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
