Food processing, packing industry thrives by 15-20 percent per year

SGGP
According to the Association of Vietnam Retailers, in the past years, the food processing and packing industry in Vietnam has developed with a growth of 15-20 percent per year and is forecast to continue to grow in the near future.
At the present, food and beverage account for the highest proportion in the monthly consumption structure of Vietnamese consumers with 35 percent. Annual food consumption value of Vietnamese people is estimated at around 15 percent of gross domestic product and tends to increase.

In 2018 alone, food and beverage consumption posted strong growth of 18 percent with products more and more diverse and plentiful. This is one of motivations for the food processing and packing industry in Vietnam to reach a new height. Besides, Vietnam is one out of 17 countries with highest growth in the pharmaceutical industry in the world with market scale at around US$5.1 billion, according to IMS Health.

Meanwhile, according to Global Data, Vietnam will be one out of three countries which continue to have good growth in pharmaceutical industry in the near future with an average growth of 10 percent per year. Besides, functional food and cosmetic products are also growing robustly. All these factors all require a modern, convenient and environmentally friendly packing market.

However, according to experts, in order to develop sustainably, packing tendency not only requires packing to be thin, light, environmentally friendly, eye-catching and impressive but also to be smart with digital watermark and invisible code which can be scanned by consumers’ smart phones. In addition, for large brand names, packing is also an important solution to recognize authentic and fake products. For food processing industry, packing is not only to keep food fresh longer but also to protect goods during transportation and maintain the taste as well as nutritional value of ingredients.

By Van Dieu – Translated by Thuy Doan

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