Market Size of Vietnam Metal Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.81 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Metal Packaging Market Analysis
The Vietnamese metal packaging market is expected to register a CAGR of 3.81% during the forecast period. The demand for convenience food has increased due to the nation's increasing pace of urbanization. In Vietnam, eating out and convenience meals are replacing food preparation, buying, and home cooking. The two main drivers of this trend's expansion are the rapidly expanding middle class and the young population.
- Packaging made primarily of metals, such as steel and aluminum, is referred to as metal packaging. A few significant benefits of adopting metal packaging are its resistance to impact, capacity to withstand severe temperatures, ease of long-distance shipping, and others. Due to the high demand for canned food, particularly in busy metropolitan areas, the usage of the product for canning food is rising in popularity, which helps in the market's growth.
- The product's durability and ability to withstand high pressure make it a popular choice in the fragrance industry too. Additionally, the growing demand for luxury goods packaged in metal, such as cookies, coffee, tea, and other goods, leads to a rise in the usage of metal-based packaging.
- The growth in demand from the food and beverages business has contributed to the overall expansion of the packaging industry. Smaller families and a lack of time contribute to the need for canned food and drinks, propelling the metal packaging industry. The introduction of metal cans with improved storage and functional properties, made possible by advancements in packaging technology, has spurred market expansion in the end-use sector for alcoholic and non-alcoholic beverages.
- However, certain factors, including environmental concerns about the mining of steel and rising material costs, are anticipated to impede the market's expansion.
- In response to the pandemic, customers opted for long-term food storage options, leading to positive metal packing outcomes. With a significant share in the metal can packaging market, the food and beverages industry witnessed huge demand amidst the COVID-19 pandemic, as the industry falls under the essential commodity. The lockdown enforced across the region due to the COVID-19 pandemic bought a significant change in consumption habits. Since then, there has been an increasing demand for packaged food products, meat, vegetables, and fruits. Further, the Russia-Ukraine war has had a significant impact on the overall packaging ecosystem.
