Spain’s household plastics market is expected to experience strong growth, driven by increasing demand for bioplastics and smart home furnishings. The market is projected to reach $5.08 billion by 2033, presenting opportunities for Vietnamese enterprises to expand their exports. Currently, Vietnam exports 8% of its plastic products to the EU, with Spain being a key potential market. Spain’s thriving tourism industry, e-commerce, and government support for sustainable development are fueling this growth. However, Vietnamese businesses will face challenges such as navigating strict rules on single-use plastics and high recycling mandates, intense competition from low-cost products, and evolving consumer demands for sustainable products.
To succeed, Vietnamese plastic enterprises should conduct thorough market research and focus on developing eco-friendly and bioplastic products. They should also invest in green production technology and leverage free trade agreements. Despite these challenges, the Spanish market holds vast potential for Vietnamese exporters. With a recycled plastic rate of 21.7%, Spain is a leader in sustainable development, and Vietnamese businesses can capitalize on this trend by adapting to the market’s demands and regulations. By doing so, they can increase their exports of compliant household goods and expand their footprint in the Spanish market.