According to the most recent analysis, sales of plastic pail industry in Vietnam are projected to reach a total of US$ 70.3 million in 2023, with a further increase to US$ 97.2 million anticipated by 2033. The forecast indicates a steady growth trajectory for plastic pail demand in Vietnam, with a compound annual growth rate (CAGR) of 3.3% over the forecast period. Notably, the Vietnam plastic pail revenue concluded at USD 68.2 million by the close of 2022, and a year-on-year growth of 3.1% is anticipated in 2023.
Key industries fueling the demand for plastic pails in Vietnam include food, beverage, chemical, personal care, and healthcare. These sectors rely on plastic pails for the storage and transportation of a diverse array of products, underlining the versatile applications of plastic pails across the Vietnamese market.
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Key Factors
The surge in the adoption of eco-friendly practices is poised to be a significant catalyst for the heightened sales of plastic pails. The escalating pace of industrialization is anticipated to be a key factor propelling the demand for plastic pails across various sectors in Vietnam.
Additionally, the growing awareness of the advantages associated with plastic packaging solutions is expected to contribute to an upswing in plastic pail sales, thereby further fortifying the plastic container business in Vietnam.
As environmental consciousness continues to rise, the plastic bucket industry in Vietnam is likely to benefit from an increasing preference for sustainable materials, including bioplastics and recycled plastic.
This shift towards more environmentally responsible practices not only aligns with global sustainability goals but also positions the plastic bucket business in Vietnam for robust growth in the coming years.
Market Drivers
- Surge in Sustainable Packaging Demand: A growing emphasis on sustainable packaging solutions is a major driver for the plastic pail industry in Vietnam. As businesses and consumers prioritize environmentally friendly options, the demand for plastic pails made from recycled materials or bioplastics is on the rise.
- Industrialization and Economic Growth: The rapid penetration of industrialization and overall economic growth in Vietnam is fostering increased demand for plastic pails. These versatile containers find applications in various industries, including manufacturing, chemicals, and construction, driven by the expanding industrial landscape.
- Awareness of Plastic Packaging Benefits: Rising awareness among businesses and consumers regarding the benefits of plastic packaging solutions is contributing to increased sales of plastic pails. These containers offer durability, versatility, and cost-effectiveness, making them preferred choices for storage and transportation in various sectors.
- Diversified End-User Industries: The plastic pail industry in Vietnam is benefiting from its widespread use across diverse sectors such as food and beverage, chemicals, personal care, healthcare, and more. The versatility of plastic pails makes them indispensable for storing and transporting a broad range of products.
- Adoption of Sustainable Materials: The adoption of sustainable materials, including bioplastics and recycled plastic, for manufacturing plastic pails is a key driver. This aligns with global efforts to reduce plastic waste and promotes a circular economy, positively impacting the plastic pail industry in Vietnam.
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Key Market Players
- ALPLA Group
- Nhat Tien Manufacturing & Trading Co.
- Chan Thuan Plastic
- Vinh Thanh Plastic Company Limited
- Vietnam Button Cap Manufacturing Joint Stock Company
- Oriental Plastic Company
- Thuan Thiên Co. Ltd
Vietnam Plastic Pail Industry Segmentation
By Material:
- HDPE
- PET
- PP
- PVC
By Capacity:
- Below 18 L
- 18 L to 20 L
- Above 20 L
By End-use:
- Oleo-chemicals
- Food & Beverage
- Flavors & Fragrances
- Paints, Industrial Coatings, Chemicals
- Petroleum & Lubricants
- Pharmaceuticals
- Agrochemicals
- Others (Cosmetics, Personal care, Household)
By Sub-region:
- South Vietnam
- Central Vietnam
- North Vietnam
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