The global plastic packaging market is currently witnessing significant growth, reflected in the estimated global industrial packaging market size of 66.27 billion USD in 2024 and will increase to 83.45 billion USD in 2029, with a compound annual growth rate (CAGR) of 4.72% in the period 2024-2029. The packaging industry has affirmed its essential role in the global economy, not only in protecting products, conveying information but also creating added value for consumers.
With the development of e-commerce, increasing consumer demand and new trade policies, the plastic packaging industry has strong growth potential. However, pressure from environmental protection requirements and changes in consumer behavior require businesses to innovate and adapt.
1. Growth drivers and global markets
The plastic packaging industry is witnessing strong growth globally, especially in developing markets. This growth is driven by a number of factors, including the boom in e-commerce, rising consumer demand and free trade policies. The global plastic packaging market is forecast to reach tens of billions of USD in the coming years with an annual growth rate of 4-5%.
In the context of increasingly expanding global trade, the plastic packaging industry plays an important role in protecting products, extending shelf life and providing product information to consumers. In markets like Vietnam, the plastic packaging industry is on a strong growth path thanks to the economic recovery after the COVID-19 pandemic and the rise of e-commerce.
According to the Vietnam Packaging Association, there are currently about 14,000 enterprises operating in the packaging industry, of which about 9,200 enterprises focus on plastic packaging. This is an area that attracts the attention of many domestic and foreign investors due to its fastest growth rate in Vietnam.
The growth potential of the packaging industry in Vietnam in the coming time is still large, especially in the food and beverage industry. This is a result of the increasing demand for safe, durable and convenient packaging from consumers. Enterprises have also been looking for ways to increase their presence in the global market by improving product quality, reducing production costs and complying with environmental standards.
2. Sustainable production trends
In the context of climate change and increasing environmental protection requirements, the plastic packaging industry is facing great pressure to change. Increasingly stringent environmental regulations require businesses to find ways to produce packaging in a more sustainable way.
Recently, many businesses have actively implemented the use of recycled packaging. A typical example is Coca-Cola Vietnam, which pioneered the introduction of COCA-COLA™ bottles made from 100% recycled plastic in September 2022, helping to reduce more than 2,000 tons of new plastic each year in Vietnam. By collaborating with plastic recyclers, Coca-Cola Vietnam collected and recycled more than 40% of PET plastic packaging in 2023.
Similarly, Unilever Vietnam has achieved 63% of its packaging being easily recyclable or compostable, while reducing 52% of virgin plastic thanks to direct reduction and use of recycled plastic.
Nestlé Vietnam is no exception to this trend, with NAN milk cartons with spoons and lids made from 66% plant-based materials. In addition, Nestlé has also optimized the weight of the film covering the coffee capsules and is aiming to use single-layer packaging for instant coffee, making it easier to recycle after use.
The trend of using recycled and bio-based packaging is becoming more and more popular. This is not only an adaptation to customer requirements for environmentally friendly products, but also a way to help businesses comply with new legal regulations on protecting natural resources, minimizing negative impacts on the environment, and creating a competitive advantage in the market.
Packaging products made from recycled or reusable materials not only attract consumers’ attention but also help businesses save costs in the long term.
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