Paper Packaging Industry in Vietnam Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Vietnam Paper Packaging Market Report is Segmented by Types (Carton Board and Containerboard), Product Type (Folding Cartons, Corrugated Boxes, and Other Product Types), and End-User Industry (Food and Beverage, Healthcare, Personal Care and Household Care, Industrial, and Other End-User Industries). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Vietnam Paper Packaging Market Size

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Vietnam Paper Packaging Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 2.60 Billion
Market Size (2029) USD 4.14 Billion
CAGR (2024 - 2029) 9.73 %
Market Concentration Medium

Major Players

Vietnam Paper Packaging Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Vietnam Paper Packaging Market Analysis

The Vietnam Paper Packaging Market size is estimated at USD 2.60 billion in 2024, and is expected to reach USD 4.14 billion by 2029, growing at a CAGR of 9.73% during the forecast period (2024-2029).

The paper packaging market in Vietnam is expected to expand significantly during the forecast period, with several companies expecting sales growth in the coming years. The country's stable economic situation and high urbanization rate are expected to drive the use of paper packaging formats.

  • Vietnam is a country that is ready to produce for various industries worldwide and has a rapidly increasing domestic purchasing power. This reflects the growth of the packaging industry and is in line with the country's economic conditions. COVID-19 has affected the behavior of Vietnamese consumers and has changed the packaging pattern of food products. Consumer products, pharmaceuticals, cleaning products, and healthcare products, including the e-commerce platform, changed in a better direction, growing in line with consumers' needs.
  • There are manufacturers of packaging products from different nations. Many are interested in investing in Southeast Asia, with Vietnam as the destination. Thai manufacturers foresee the opportunity to invest in this industry. For instance, ProPak Vietnam 2023 attracted 400 exhibitors from more than 30 countries and territories, including the United States, United Kingdom, France, Germany, Italy, Denmark, Poland, the Netherlands, Australia, Austria, Belgium, Japan, South Korea, Singapore, mainland China, and Taiwan. It showcased advanced packaging, processing, pharmaceutical technologies, cold chain logistics, warehousing, coding, marking, labeling, and testing equipment.
  • Vietnam is a consistently growing market for packaged foods, bottled beverages, and cosmetics in Southeast Asia, so the demand for paper packaging is significant. In addition, the application of paper packaging has been increasing due to growing industries, such as personal care, healthcare, homecare, and retail.
  • Similarly, free trade agreements have also offered opportunities to export Vietnam's packaging and packaging paper to tax-incentive markets. Utilizing mini-flute corrugated boxes in some applications has allowed corrugated boxes to expand their presence in markets, like cereal boxes and carryout food packaging.
  • The organized food processing sector has also been a meaningful link between the agriculture and manufacturing businesses across the country, contributing to the GDP and significantly adding to the national economy. The food and beverage industry is anticipated to boost the demand for paper packaging in the country during the forecast period.
  • Vietnam does not have sufficient forest resources to meet the country's paper production needs. Most raw materials for paper production in Vietnam are imported, which increases costs and affects the country's competitiveness in the global market.

Vietnam Paper Packaging Market Trends

The Corrugated Boxes Segment to Witness Significant Growth

  • Vietnam is aiming for a double-digit annual growth rate in the turnover of e-commerce over the next five years. According to the Vietnamese government's data on e-commerce development strategy, over half of Vietnam's 96 million people are set to shop online by 2025. Such projections would lead to higher demand for corrugated boxes in the e-commerce sector.
  • The country's electronics industry is one of Vietnam's fastest-growing and crucial industries. Multinational organizations dominate it, have increased the country's trade volume, and contributed to its GDP in the past decade.
  • Electronic products include a wide range of fragile products and require extra shipping care. Thus, the corrugated packaging of these goods requires a protective feature. As the electronics industry expands, there is a parallel increase in the demand for packaging materials to protect electronic products during transit. Corrugated boxes are well-suited for this purpose due to their protective features and ability to cushion fragile items.
  • Trends like K-beauty and multi-step cleansing to address skincare concerns, such as acne, large pores, and dark under eyes, are increasing in the Vietnamese beauty industry. Most skincare shoppers in Vietnam still prefer a one-step skincare routine, although it recently lost its appeal while two-step and three-step routines have gained popularity.
  • Multi-step skincare routines often involve using several products, each serving a specific purpose. Corrugated boxes can be customized to accommodate these various products in an organized and visually appealing manner. Custom inserts, dividers, and compartments within corrugated boxes can help keep different skincare items separate while also enhancing the overall presentation.
Vietnam Paper Packaging Market: Year-On-Year Growth of E-commerce Revenue, in Percentage, Vietnam, 2016 - 2023

The Food and Beverages Industry to Hold Significant Market Share

  • Over the past few years, the food and beverage packaging industry witnessed gains from the development of e-commerce and the rapid spread of app-based delivery businesses. The free trade agreements that Vietnam participated in were another catalyst for growth.
  • The growth in the food packaging industry resulted in the increased demand for paper packaging in the country. It is also estimated that eco-friendly products made from paper have the potential for growth in the food packaging industry to replace disposable plastic products.
  • According to Tetra Pak, a food processing and packaging solutions company, the liquid food market in Vietnam registered a healthy 6% compound annual growth rate over the last three years. It is projected to grow similarly during the next three years, compared to the 4% yearly growth in Asia-Pacific and 3% globally.
  • With higher income and better nutrition awareness, Vietnamese people have sustainably increased their purchase of dairy products. All the dairy supply chain stakeholders have been actively changing and innovating. Distribution channels have also been improved, especially with the thriving of e-commerce.
  • Although Vietnam is a lucrative market for alcoholic beverages, especially beer, a dynamic shift occurred, showing a growing demand for healthy soft drinks. Moreover, naturally, healthy beverages, such as tea and fruit or vegetable juices, have been gaining popularity.
  • According to the General Statistics Office of Vietnam, the consumption of food and beverages in Vietnam was USD 47 billion in 2023, compared to 2018, which was USD 26 billion. The expansion of retail outlets, supermarkets, restaurants, cafes, and food delivery services often accompanies the growth in food and beverage consumption. These establishments rely heavily on paper packaging solutions to package and present their products to customers. As the food and beverage sector expands, so does the demand for paper packaging products.
Vietnam Paper Packaging Market: Consumption of Food and Beverages, In USD Billion, Vietnam, 2018 - 2024

Vietnam Paper Packaging Industry Overview

The Vietnamese paper packaging market is fragmented. Some major market players include Song Lam Trading & Packaging Production, SCG Vietnam Co. Ltd (SCG Packaging), Hanh Packaging Co. Ltd, Oji Interpack Vietnam Co. Ltd, and Khang Thanh Co. Ltd.

  • In October 2023, SCGP Packaging Speak Out 2023 - Vietnam competition reached its conclusion after a three-month-long journey. The competition received over 97 submissions from universities and colleges across the nation, and ten exceptional teams have emerged as finalists. These teams presented innovative ideas under the theme “Possibilities for the Betterment,” with a focus on “Sales Promoting Packaging.” Through this competition, SCGP aims to highlight the thriving talent within Vietnam and underscore its unwavering commitment to pushing the boundaries of packaging innovation.
  • In April 2023, Huhtamaki announced the sustainable, flexible packaging innovation. The help of technology provides a unique combination of protection, full recyclability, and affordability. Huhtamaki has redefined the possible by using science to develop mono-material technology. Its innovative and sustainable flexible packaging, in paper, PE, and PP retort, is transformational and meets the demands of its consumers.

Vietnam Paper Packaging Market Leaders

  1. Song Lam Trading & Packaging Production Co. Ltd

  2. Huhtamaki Oyj

  3. Oji Interpack Vietnam Co. Ltd

  4. Minh Viet Packaging One Member Co. Ltd (Dongwon Systems)

  5. SCG Vietnam Co. Ltd (SCG Packaging)

*Disclaimer: Major Players sorted in no particular order

Vietnam Paper Packaging Market Concentration
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Vietnam Paper Packaging Market News

  • December 2023 - SCGP acquired a 70% stake in Starprint Vietnam JSC, a leading premium offset folding carton packaging manufacturer in Vietnam with key customer bases as domestic and multinational profiles. This acquisition will enhance SCGP's packaging solutions capabilities to serve an enlarging customer base in ASEAN.
  • July 2023 - Depak Company Limited, based in the central province of Thanh Hoa, received approval to increase its investment in a packaging factory from VND 85 billion (USD 3.59 million) to VND 394.2 billion (USD 14.74 million). The Bim Son Industrial Park factory will produce wrinkled paper, corrugated board, packaging, and other products from paper, cardboard, and plastic wood.

Vietnam Paper Packaging Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Demand from the E-commerce Sector

      2. 5.1.2 Vietnam as One of the Largest Outsourcing Hubs Expected to Aid the Market Demand From Key Verticals, Such as FMCG and Electronics

      3. 5.1.3 Stringent Regulations on Plastic Packaging to Prompt Vendors to Switch to Paper-based Alternatives

    2. 5.2 Market Challenges

      1. 5.2.1 Low Paper Production Capacity and Decline in Foreign Processed Material Supply

  6. 6. CURRENT TRADE SCENARIO - EXIM ANALYSIS

    1. 6.1 Paper And Paperboard

    2. 6.2 Recovered Paper

  7. 7. VIETNAM COUNTRY ANALYSIS

    1. 7.1 Analysis of Key Macro-economic Indicators

    2. 7.2 Regulatory and Legal Landscape

    3. 7.3 Major Industries Contributing to the Economic Growth

    4. 7.4 Key Imperatives for Foreign Companies to Establish Presence in Vietnam

  8. 8. VIETNAM PACKAGING INDUSTRY OUTLOOK

  9. 9. MARKET SEGMENTATION

    1. 9.1 By Types

      1. 9.1.1 Carton Board

      2. 9.1.2 Containerboard

    2. 9.2 By Product Types

      1. 9.2.1 Folding Cartons

      2. 9.2.2 Corrugated Boxes

    3. 9.3 End-user Industry

      1. 9.3.1 Food and Beverage

      2. 9.3.2 Healthcare

      3. 9.3.3 Personal Care and Household Care

      4. 9.3.4 Industrial

  10. 10. COMPETITIVE LANDSCAPE

    1. 10.1 Company Profiles*

      1. 10.1.1 Song Lam Trading & Packaging Production Co. Ltd

      2. 10.1.2 Huhtamaki Oyj

      3. 10.1.3 Minh Viet Packaging One Member Co. Ltd (Dongwon Systems)

      4. 10.1.4 Tetra Pak International SA

      5. 10.1.5 Oji Interpack Vietnam Co. Ltd

      6. 10.1.6 Khang Thanh Co. Ltd

      7. 10.1.7 Hanh Packaging Co. Ltd

      8. 10.1.8 SCG Vietnam Co. Ltd (SCG Packaging)

      9. 10.1.9 Binh Minh Pat Co. Ltd

      10. 10.1.10 Bien Hoa Packaging Joint Stock Company (Rengo Co. Ltd)

      11. 10.1.11 HC Packaging Vn Company Limited

      12. 10.1.12 Starprint Vietnam Jsc

      13. 10.1.13 Viet Thang Package Co. Ltd

      14. 10.1.14 Doanket Commercial And Packaging Production Company Limited

  11. 11. FUTURE OF THE MARKET

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Vietnam Paper Packaging Industry Segmentation

Paper is frequently used to package products in several end-user industries. There are numerous grades of paperboard packaging. Paperboard, like folding cartons, is the most common material used in the manufacturing of containers. In the manufacturing process, the paperboard requires pulping, bleaching (optional), refining, sheet forming, drying, calendaring, and winding.​ Paper packaging materials can be efficiently reused and recycled compared to other materials, such as metals and plastics. This is why paper packaging is considered an eco-friendly and economical form of packaging.​ The Vietnamese paper packaging market tracks the revenue accrued from the various paper packaging types that are being used across end-user industries in the country. The study includes qualitative coverage of the most adopted strategies and analysis of the key base indicators in emerging markets.

The Vietnamese paper packaging market is segmented by types (carton board and containerboard), product type (folding cartons, corrugated boxes, and other product types), and end-user industry (food and beverage, healthcare, personal care and household care, industrial, and other end-user industries). The report offers market forecasts and size in value (USD) for all the above segments.

By Types
Carton Board
Containerboard
By Product Types
Folding Cartons
Corrugated Boxes
End-user Industry
Food and Beverage
Healthcare
Personal Care and Household Care
Industrial
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Vietnam Paper Packaging Market Research FAQs

The Vietnam Paper Packaging Market size is expected to reach USD 2.60 billion in 2024 and grow at a CAGR of 9.73% to reach USD 4.14 billion by 2029.

In 2024, the Vietnam Paper Packaging Market size is expected to reach USD 2.60 billion.

Song Lam Trading & Packaging Production Co. Ltd, Huhtamaki Oyj, Oji Interpack Vietnam Co. Ltd, Minh Viet Packaging One Member Co. Ltd (Dongwon Systems) and SCG Vietnam Co. Ltd (SCG Packaging) are the major companies operating in the Vietnam Paper Packaging Market.

In 2023, the Vietnam Paper Packaging Market size was estimated at USD 2.35 billion. The report covers the Vietnam Paper Packaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Paper Packaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Paper Packaging in Vietnam Industry Report

Statistics for the 2024 Paper Packaging in Vietnam market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Paper Packaging in Vietnam analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Paper Packaging Industry in Vietnam Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)