A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Vietnam biodegradable plastics market is growing at a CAGR of 21.0 % during the forecast period (2021-2027). Concerns about the hazardous effects of conventional plastics on the environment have sparked a surge in demand for biodegradable plastic in the country. Concerns about the environmental hazards of traditional plastics have generated a boom in demand for biodegradable plastic in the country. Additionally, the widespread usage of biodegradable plastics in construction, manufacturing, retail sales, and other industries is expected to increase their market worth and growth potential.
The Side Effects of using Conventional Plastics on Health is Surging the Market Growth
Plastic is made up of 99% fossil fuels. Oil and gas production, particularly natural gas hydraulic fracturing, discharges various harmful compounds into the air and water, typically in large quantities. Over 170 fracking chemicals used to make the major feedstocks for plastic have been linked to cancer, neurological, reproductive, developmental damage, immune system impairment, and other issues. These toxins affect the skin, eyes, other sensory organs, and the respiratory, neurological, and gastrointestinal systems, the liver, and the brain. Thus, the adverse effect of conventional plastics will likely drive the demand for biodegradable plastics during the forecast period.
Vietnam Biodegradable Plastics Market: By End-Use Industry
The Vietnam biodegradable plastics market is categorized as packaging, consumer goods, textile, agriculture & horticulture, and others based on end-use industry. Among these, the packaging segment has accounted for the largest market share in 2020 and is likely to dominate the segment during the forecast period. Textiles, food and beverage, consumer goods, and pharmaceuticals are just a handful of the many industries that use packaging. As consumer lifestyles are changing, and packaged food sales are increasing around the world, the demand for biodegradable polymers in the packaging industry.
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Impact of COVID-19 on the End-Use Industry
The pandemic wreaked havoc on a variety of businesses, reducing product demand, reducing manufacturing capacity, and resulting in financial losses. The lockdown impacted multiple industries, including healthcare, packaging, construction, and many more, which, unsurprisingly, hampered the biodegradable plastics industry.
Additionally, the e-commerce industry's growing popularity and the widespread use of plastics in product packaging have ensured the market's durability under the COVID-19 pandemic. Furthermore, biodegradable plastics are significantly used in the food and beverage, pharmaceutical, and healthcare industries; therefore the market is predicted to grow gradually over the forecast period.
Vietnam Biodegradable Plastics Market - Competitive Landscape
The Vietnam biodegradable plastics market is highly fragmented due to the numerous domestic players involved in the market. Companies active in new product development, expansion, and acquisition can stay competitive in the market. Moreover, some of the prominent market players are expanding their global footprint by purchasing overseas producers. Some key players in the Vietnam biodegradable plastics market are RKW Vietnam Ltd., An Phat Holdings, Biostarch, Phu My Plastic Production JSC, Minh Sang Trading Production Company Limited, and other Prominent Players.
In March 2020, Vietnam had set a goal of eliminating disposable plastic from urban businesses, markets, and supermarkets by 2021 and replacing it with biodegradable materials throughout the country by 2025.
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