The carton market is expected to grow 10% per year in the coming years thanks to the boom in e-commerce, exports and domestic consumption, according to FiinGroup.

The carton market report by FiinGroup - a market research and consulting company - said that the scale of this industry decreased by 15% last year, to about 1.5 billion USD. The reason is raw material price fluctuations and weak exports, mainly in the electronics and textile industries.

However, carton box consumption is expected to grow steadily from 2024, potentially reaching approximately 2 billion USD by 2026. On average, this market growth can reach 8% per year in the period 2024-2028. This rate is expected to increase by 10% per year in the following years, thanks to booming e-commerce, positive exports and strong demand from the food service (F&B) and pharmaceutical industries.

In particular, e-commerce is increasingly growing, requiring large amounts of packaging, especially carton boxes to package and transport products. As of the end of last year, Vietnam's growth rate in this field was in the top 10 in the world, according to the data platform Statista (Germany). In the first half of this year, sales on the 5 largest multi-industry online retail platforms (including Shopee, TikTok Shop, Lazada, Tiki and Sendo) reached 143,900 billion VND, an increase of nearly 55% over the same period in 2023, according to the data company Metric e-commerce. Google and Temasek's e-Conomy SEA report also forecasts that Vietnam's e-commerce will reach 60 billion USD by 2030, an increase of 150% compared to 2025.

Carton boxes are part of the paper packaging industry, with a total market size estimated at 2.6 billion USD this year. The packaging industry is expected to reach 4.14 billion USD by 2029, a growth rate of 9.73% per year, according to market research firm Mordor Intelligence. The company believes that more than half of the population will shop online by 2025, leading to higher demand for cardboard in e-commerce. Vietnam is also a large exporter, so there is a very high demand for paper packaging.

Source: Vnexpress – 2/9/2024

Back Go top

News other