Vietnam Cartonboard Paper Market by Type (Solid Bleached Board, Solid Unbleached Board, Others), Layer (2 Layers, 3 Layers, Others), Application (Packaging, Graphic Printing), End-use Industry (Food & Beverage, Others) - Forecast to 2030

The

Vietnam Cartonboard Paper Market is projected to reach $637.5 million by 2030, at a CAGR of 10.6% during the forecast period of 2023–2030. The growth of the Vietnam cartonboard paper market is driven by the growing need for sustainable & eco-friendly packaging solutions, the increasing demand for consumer goods, and the growth in e-commerce. In addition, unstable raw material prices restrain the growth of this market. The emergence of innovative sustainable & customizable packaging solutions is expected to generate growth opportunities for the players in this market. However, the declining use of printed packaging materials is a major challenge for market growth. Additionally, the increasing demand for smart packaging is a prominent trend in this market.

The high adoption of advanced technologies, increasing internet & smartphone penetration, the emergence of multiple new payment modes, and the convenience of online shopping are boosting the demand for consumer goods and e-commerce platforms. According to Vietnam’s E-Commerce and Digital Economy Department, Ministry of Industry and Trade, in 2021, Vietnam’s e-commerce market recorded an estimated value of ~USD 13.7 billion, accounting for approximately 6.5% of the country’s total retail revenue, with a growth of ~16.0% compared to 2020.

Cartonboard paper has emerged as a game-changer in the packaging industry and is preferred due to its strength and rigidity. Also, its recyclable and biodegradable nature makes it an attractive choice for businesses seeking to meet consumer expectations for responsible and eco-friendly packaging solutions. Thus, the increasing demand for consumer goods and growth in e-commerce is boosting the growth of the Vietnam cartonboard paper market.

In 2023, the Folding Box Board Paper (FBB/GC1/GC2) Segment is Expected to Dominate the Vietnam Cartonboard Paper Market

Based on type, the Vietnam cartonboard paper market is segmented into solid bleached board paper (SBB/SBS/GZ), solid unbleached board paper (SUB/SUS/UZ), folding box board paper (FBB/GC1/GC2), and white lined chipboard paper (WLC/GD/GT). In 2023, the folding box board paper (FBB/GC1/GC2) segment is expected to account for the largest share of the Vietnam cartonboard paper market. The large market share of this segment is attributed to the increasing focus on searching for an alternative to plastic and increasing demand for FBB in the healthcare, e-commerce, food, and consumer goods sectors in Vietnam.

In 2023, the 2 Layers Segment is Expected to Dominate the

Vietnam Cartonboard Paper Market

Based on layer, the Vietnam cartonboard paper market is segmented into 2 layers, 3 layers, and more than 3 layers. In 2023, the 2 layers segment is expected to account for the largest share of the Vietnam cartonboard paper market. The 2-layer cartonboard consists of 2 layers or piles of paperboard. Such boards are also known as duplex boards or grey boards due to their double side grey color. The board's exterior is coated with bright white color to give it a glossy sheen suit for superior printability. The coated duplex board is sturdy and thin with water-resistant capabilities. Such carton boards are lightweight and easy to transport. The large market share of this segment is attributed to the increasing usage of the 2-layer cartonboard across various sectors.

The Packaging Segment is Projected to Record the Fastest Growth Rate During the Forecast Period

Based on application, the Vietnam cartonboard paper market is segmented into packaging and graphic printing. The packaging segment is projected to record the highest CAGR during the forecast period. Vietnam is a major exporter of packaging products. With the growth of industries such as food and beverage, pharmaceutical, industrial production, and export activities, the demand for packaging material is also increasing. In Vietnam, packaging producers mostly operate in the eCommerce, healthcare, food, consumer goods, and electronics industries. Also, manufacturing activities in Vietnam are preferred due to its free trade agreements, political stability, and low labor costs. The growth of this segment is driven by increasing demand for cartons for export and the growth of packaging in various industries.

The Food & Beverage Segment

is Projected to Record the Fastest Growth Rate During the Forecast Period

Based on end-use industry, the Vietnam cartonboard paper market is segmented into food & beverage, pharmaceutical, personal care and cosmetics, home care, nutrition and health supplements, consumer electronics, and other end-use industries. The food & beverage segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by developing dairy industry, growing consumption of bakery products, and demand for sustainable, durable, and consumer-friendly primary packaging in Vietnam. For instance, in August 2022, Tetra Pak Group (Switzerland) partnered with Circular Action Hub (Brazil) and PROVietnfor (Vietnam) for a pilot program in Ho Chi Minh City to collect and recycle used beverage cartons and manage carton collection and support the food & beverage sector in the country.
Key Players

Some of the key players operating in the Vietnam cartonboard paper market are Kraft of Asia Paperboard & Packaging Co., Ltd (Vietnam), Vina Kraft Paper Co., Ltd. (Vietnam), SONG LAM Trading & Packaging Production CO., Ltd (Vietnam), Vietnam Paper Corporation (Vietnam), Thuan An Paper Service Trading Joint Stock Company (Vietnam), Saigon Paper Corporation (Vietnam), Xuan Mai Paper Co., Ltd (Vietnam), Dong Tien Packaging and Paper Co., Ltd (Vietnam), MY HUONG PAPER MANUFACTURING (Vietnam), and Miza Nghi Son Co. LTD (Vietnam).

Scope of the report:

Vietnam Cartonboard Paper Market, by Type

• Folding Box Board Paper (FBB/GC1/GC2)
• Solid Bleached Board Paper (SBB/SBS/GZ)
• White Lined Chipboard Paper (WLC/GD/GT)
• Solid Unbleached Board Paper (SUB/SUS/UZ)

Vietnam Cartonboard Paper Market, by Layer

• 2 Layers
• 3 Layers
• More than 3 Layers

Vietnam Cartonboard Paper Market, by Application

• Packaging
• Graphic Printing

Vietnam Cartonboard Paper Market, by End-use Industry

• Food & Beverage
  • Dairy
  • Bakery
  • Confectionary
  • Savory & Snacks
  • Other Food & Beverages
• Consumer Electronics
• Personal Care and Cosmetics
• Pharmaceutical
• Nutrition and Supplements
• Home Care
• Other End-use Industries

Key questions answered in the report: