Market Size of Vietnam Rigid Plastic Packaging Industry
| Study Period | 2022 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2022 - 2022 |
| CAGR (2024 - 2029) | 3.32 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Rigid Plastic Packaging Market Analysis
The Vietnam Rigid Plastic Packaging Market size in terms of shipment volume is expected to grow from 0.78 Million metric tons in 2024 to 0.92 Million metric tons by 2029, at a CAGR of 3.32% during the forecast period (2024-2029).
- As reported by the Global Statistics Office (GSO), Vietnam, classified as a lower middle-income nation, boasted a GDP of USD 430 billion in 2023, achieving a growth rate of 5.05 percent. This positions Vietnam as the fifth largest economy within ASEAN countries.
- Data from the United States Department of Agriculture (USDA) highlights that a rising urban populace is propelling Vietnam's food processing industry, an expanding middle-income demographic, and a flourishing tourism sector. Furthermore, Vietnam is poised for continued market expansion with its vast production of agricultural staples such as pork, coffee, spices, fruits, and vegetables, coupled with a growing food processing and agro-industrial sector.
- Urbanization and increasing disposable incomes in Vietnam are fueling a rising trend in the consumption of non-alcoholic beverages, including soft drinks, juices, and bottled water. This uptick in beverage spending is bolstering market growth. The Vietnamese Alcohol-Beer-Beverage Association (VBA) reported that in 2023, the average annual consumption of bottled water reached 23 liters per person due to the availability of diverse product options for mineral water in Vietnam's retail locations.
- The rigid plastic packaging market in Vietnam is on the rise, driven by major players such as Duy Tan Plastics Corporation. They offer various products in various shapes, sizes, and colors, catering to sectors such as cosmetics, food, beverages, pharmaceuticals, and personal care, thus meeting the surging customer demand.
- Despite this growth, Vietnam faces a pressing plastic waste dilemma. Annually, the nation produces 1.8 million tonnes of plastic waste, with roughly a third finding its way to landfills or the ocean. This poses environmental challenges and complicates the country's expanding industrial plastic production, potentially stunting market growth.
