Vietnam Plastic Bottles Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 285.83 Million |
| Market Size (2029) | USD 352.41 Million |
| CAGR (2024 - 2029) | 4.28 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vietnam Plastic Bottles Market Analysis
The Vietnam Plastic Bottles Market size is estimated at USD 285.83 million in 2024, and is expected to reach USD 352.41 million by 2029, growing at a CAGR of 4.28% during the forecast period (2024-2029). In terms of production volume, the market is expected to grow from 0.31 million tonnes in 2024 to 0.38 million tonnes by 2029, at a CAGR of 4.18% during the forecast period (2024-2029).
The rising consumption of both alcoholic and non-alcoholic beverages is driving the demand for plastic bottles in the country. Plastic bottles are favored for their light weight and long shelf life, and they are commonly used to store and transport goods over long distances.
- Plastic bottles align with the mobile lifestyle of many local consumers. Their portability makes them ideal for outdoor events, festivals, and beach outings. The market's growth is also fueled by the surging popularity of energy drinks and the introduction of new products. The growing rate of urbanization across the country has resulted in demand for foods such as snacks, bakery sauces, and condiments. According to the World Bank, urbanization in 2023 reached 39.48% and increased from 37.34% in 2020. The two major growth factors behind this trend are the fast-growing middle class and the young population.
- Plastic bottles offer several advantages, like durability, lightweight nature, and cost-effectiveness. These features align well with the food industry’s demands. These containers provide barrier properties, protecting food products from moisture, light, and contamination. Moreover, plastic packaging allows for customized shapes and sizes, catering to diverse consumer preferences.
- The healthy growth of convenience stores such as coffee and snack outlets, retail establishments, hospitality, and others is expected to drive the need to produce plastic bottles. In Vietnam, the demand for plastic bottles is primarily fueled by the packaging requirements of various industries, such as food, personal care, household chemicals, and pharmaceuticals. Notably, the beverage sector has been instrumental in driving sales, especially with the increasing consumption of bottled water, carbonated drinks, and other beverages.
- According to Masan Group Corporation, in October 2023, Vietnam's retail sector is undergoing notable transformations as the economy rebounds. Domestic and international retailers seized business opportunities in Vietnam, expanding their scale and market presence. The retail industry's trajectory in 2023 and beyond will largely hinge on shifts in consumer shopping habits and the industry's embrace of digitalization. These changes redefine the retail landscape and show fresh shopping experiences and business prospects for numerous retailers in Vietnam. The rise in the retail industry is expected to drive the plastic bottles market in the country.
- The plastic bottle market in Vietnam also witnesses challenges, including environmental concerns. It becomes imperative for beverage companies to offer their products in sustainable packaging. Several brands are developing innovative solutions for their products that ensure convenience, food safety, and freshness and reduce their environmental impact.
Vietnam Plastic Bottles Market Trends
Market Growth Driven by Polyethylene Terephthalate (PET) Resin
- Polyethylene terephthalate (PET) is a robust, thermally stable, transparent plastic. As a thermoplastic polyester, PET is celebrated for its durability and chemical resistance. Its notable attributes (toughness, lightweight nature, impermeability, and resistance to acids, alkalis, water, and oils) render PET resin a prime choice for packaging.
- The booming beverage and packaging sectors drive substantial demand for PET resin in Vietnam. Vietnam imports significant volumes of PET resin to cater to its domestic manufacturing needs. Rapid economic growth and a surge in packaged goods consumption have fueled this import trend. The market sees active participation from both local enterprises and multinational corporations. PET resin's relevance spans various manufacturing sectors as a pivotal material in the plastic industry.
- DUYTAN Plastic Recycling Co. Ltd, Vietnam's pioneering recycler producing recycled PET for beverage bottles, is gearing up to install its third Starlinger PET bottle-to-bottle recycling line, which was set to begin production by the end of 2023. The company's initiative aimed to create a closed loop for plastic bottles, curb plastic waste, and minimize fossil resource consumption in Vietnam. With this addition, DUYTAN's reprocessing capacity will surge to 60,000 tons annually, translating to roughly 4 billion post-consumer plastic bottles. Such recycling solutions are expected to encourage the PET bottles market in the country.
- According to the General Statistics Office of Vietnam, the revenue from manufacturing rubber and plastic products in 2024 is expected to reach USD 21.8 billion, which was USD 17.97 billion in 2020. Vietnam's main import markets include the European Union, the United States, South Korea, Japan, and Australia. Products from these countries and regions are usually considered higher quality than domestically produced products. At the same time, the Vietnamese have an increased appetite for foreign products. The government can import PET resin, creating market opportunities for plastic bottles.
- Therefore, PET has emerged as a crucial packaging material for bottle manufacturers throughout the region. Its adaptability to various shapes and sizes offers a compelling alternative to traditional glass and metal containers, solidifying PET's prominence in the packaging sector. The trajectory of PET recycling hinges on technological innovations that enhance efficiency, cost-effectiveness, and eco-friendliness.
Plastic Bottles Set for Significant Expansion in Beverage Sector
- The beverage sector finds considerable demand for packaging non-alcoholic beverages in plastic bottles. The Vietnamese bottled water market features a range of products, including still, sparkling, and flavored waters, with a marked trend toward premium and health-centric choices. According to Phu Quang Company Limited, Vietnam’s beverage industry is rapidly strengthening, accompanied by a boost in economic growth, advantageous demographics, rising tourism, and a higher-income middle class.
- Still, bottled water leads the Vietnamese market, prized for its natural flavor and the convenience of daily, non-carbonated consumption. Consumers favor brands that offer a clean taste and convenient packaging and emphasize health benefits like minerals and electrolytes, fueling the market's expansion.
- Health awareness among Vietnamese consumers significantly propels the bottled water market's growth. As concerns about waterborne diseases and tap water safety rise, more consumers turn to bottled water. According to the Vietnam Ministry of Health, in 2024, 75% of urban households choose bottled water, valuing its perceived purity and safety.
- According to the General Statistics Office of Vietnam, the industry revenue for the manufacture of beverages in 2021 was USD 6.291 billion, and it is expected to reach USD 7.779 billion in 2024.
- In the first quarter of 2024, Vietnam recorded over 4.6 million foreign tourist arrivals, marking a 72% increase from the previous year and surpassing the pre-COVID-19 figures for 2019 by 3.2%. The rise in the tourism sector is anticipated to push the market for plastic bottles in the beverage industry.
- Vietnamese consumers are turning to RTD cocktails for their convenience and diverse flavors. These cocktails appeal to those seeking portable options, milder alcohol content, and unique taste blends. Notably, the younger generation might show a strong affinity for these products. As a result, the Vietnamese ready-to-drink (RTD) cocktails market has become a vibrant and swiftly changing sector in the beverage industry. This delves deep into the market, shedding light on pivotal insights, emerging trends, and the driving forces behind its expansion.
Vietnam Plastic Bottles Industry Overview
The Vietnamese plastic bottle market is fragmented with the presence of a few global and domestic players such as APLA Group, Tan Phu Joint Stock Company, Duy Tan Plastic Company, Nhat Tien Manufacturing & Trading Co., Taiwan Hon Chuan Co. Ltd, and others. Companies operating in the country are expanding their business through investments, product launches, mergers or acquisitions, etc.
For instance, in June 2024, Duy Tan Plastic Company introduced Summer 500 ml water bottle that comes with a smart screw cap, ensuring a secure, water-tight seal with anti-spill features, integrating both a pouring spout and a drinking mouthpiece. A convenient silicone handle makes it easy to carry during outdoor activities. The bottle boasts a dynamic, modern design with an elegant, slightly curved shape for a comfortable grip. The bottle is available in six vibrant colors, red, purple, green, black, blue, and pink, catering to diverse user preferences. They are crafted from food-grade PP plastic, ensuring safety and hygiene for users.
Vietnam Plastic Bottles Market Leaders
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Tan Phu Joint Stock Company
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Duy Tan Plastic Company
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ALPLA Group
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Nhat Tien Manufacturing & Trading Co.
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Taiwan Hon Chuan Co., Ltd
*Disclaimer: Major Players sorted in no particular order
Vietnam Plastic Bottles Market News
- February 2024: Previero N. SRL's Sorema Recycling Systems Division announced that Commercial Plastics Co. has met the quality and quantity benchmarks at its post-consumer PET bottle washing and recycling facility in Yangon, Myanmar. This achievement sets the stage for a forthcoming second plant in Vietnam with Sorema technology.
- June 2023: Coca-Cola Company unveiled its latest offering, 'Charged,' under the globally recognized Thums Up brand of caffeine supplements. Thums Up is set to roll out a series of engaging activities tailored to Vietnam's energetic and ambitious youth to celebrate this launch. Emblazoned with a logo echoing the thumbs-up gesture and embodying a 'go for it' spirit, Thums Up aims to inspire Gen Z to chase their passions and embrace life wholeheartedly.
Vietnam Plastic Bottles 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 Attractiveness - Porter's Five Forces 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
5.1 Market Drivers
5.1.1 Rise in Demand for RTD and Other Beverages
5.1.2 Plastic Recycling Trends to Push the Market
5.2 Market Challenges
5.2.1 Concerns Regarding Environment and Alternative Materials
6. MARKET SEGMENTATION
6.1 By Resin
6.1.1 Polyethylene (PE)
6.1.2 Polyethylene Terephthalate (PET)
6.1.3 Polypropylene (PP)
6.1.4 Other Resins
6.2 By End-use Industries
6.2.1 Food
6.2.2 Beverage**
6.2.2.1 Bottled Water
6.2.2.2 Carbonated Soft Drinks
6.2.2.3 Alcoholic Beverages
6.2.2.4 Juices & Energy Drinks
6.2.2.5 Other Beverages
6.2.3 Pharmaceuticals
6.2.4 Personal Care & Toiletries
6.2.5 Industrial
6.2.6 Household Chemicals
6.2.7 Paints & Coatings
6.2.8 Other End-use Industries
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Tan Phu Joint Stock Company
7.1.2 Cong Ty Tnhh Bao Bi Thnh Nghia Pet
7.1.3 Honda Plus Co Ltd
7.1.4 Duy Tan Plastic Company
7.1.5 ALPLA Group
7.1.6 Phu Tuyen Plastic Co. Ltd
7.1.7 Ngoc Nghai Group
7.1.8 Nhat Tien Manufacturing & Trading Co.
7.1.9 Taiwan Hon Chuan Co. Ltd
7.2 Competitor Analysis - Emerging vs. Established Players
8. RECYCLING & SUSTAINABILITY LANDSCAPE
9. FUTURE OF THE MARKET
Vietnam Plastic Bottles Industry Segmentation
The scope of the study characterizes the plastic bottle market based on the raw materials of the product, including PP, PE, PET, and other raw materials used across various end-user industries, such as food, pharmaceuticals, beverages, personal care, toiletries, and more across various countries. 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.
The Vietnamese plastic bottles market is segmented by resin (polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), and other resins) and by end-use industries (food, beverage (bottled water, carbonated soft drinks, alcoholic beverages, juices and energy drinks and other beverages (powdered and dairy-based beverages), pharmaceuticals, personal care and toiletries, household chemicals, paints and coatings, and other end-use industries). The market sizes and forecasts are provided in terms of value (USD) and volume (tonnes) for all the above segments.
| By Resin | |
| Polyethylene (PE) | |
| Polyethylene Terephthalate (PET) | |
| Polypropylene (PP) | |
| Other Resins |
| By End-use Industries | |||||||
| Food | |||||||
| |||||||
| Pharmaceuticals | |||||||
| Personal Care & Toiletries | |||||||
| Industrial | |||||||
| Household Chemicals | |||||||
| Paints & Coatings | |||||||
| Other End-use Industries |
Vietnam Plastic Bottles Market Research FAQs
How big is the Vietnam Plastic Bottles Market?
The Vietnam Plastic Bottles Market size is expected to reach USD 285.83 million in 2024 and grow at a CAGR of 4.28% to reach USD 352.41 million by 2029.
What is the current Vietnam Plastic Bottles Market size?
In 2024, the Vietnam Plastic Bottles Market size is expected to reach USD 285.83 million.
Who are the key players in Vietnam Plastic Bottles Market?
Tan Phu Joint Stock Company, Duy Tan Plastic Company, ALPLA Group, Nhat Tien Manufacturing & Trading Co. and Taiwan Hon Chuan Co., Ltd are the major companies operating in the Vietnam Plastic Bottles Market.
What years does this Vietnam Plastic Bottles Market cover, and what was the market size in 2023?
In 2023, the Vietnam Plastic Bottles Market size was estimated at USD 273.60 million. The report covers the Vietnam Plastic Bottles Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Plastic Bottles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Plastic Bottles Industry Report
Statistics for the 2024 Vietnam Plastic Bottles market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Plastic Bottles analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
