Vietnam Cosmetics Market Assessment, By Category [Skin Care, Hair Care, Nail Care, Makeup, Fragrances, Bath & Body, Others], By Gender [Male, Female, Unisex], By End-user [Commercial Establishments (Hotels, Spas, Beauty Salons, Colour Cosmetics and Beauty Service Provider, Others), Individual Users], By Distribution Channel [Online, Offline (Retail Stores, Wholesale Channels, Dealers/Distributors, Others], By Region, Opportunities, and Forecast, 2016-2030F

Vietnam cosmetics market is experiencing robust growth and is projected to reach USD 2.92 billion by 2030 from USD 1.8 billion in 2022. Vietnam is one of the fastest-growing economies in the world that grew from a low-income country to a middle-income country.

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Vietnam cosmetics market is experiencing robust growth and is projected to reach USD 2.92 billion by 2030 from USD 1.8 billion in 2022. Vietnam is one of the fastest-growing economies in the world that grew from a low-income country to a middle-income country. With an increasing population and urbanization and a growing workforce Vietnam is a booming market for cosmetics where consumers are willing to spend money on beauty and personal care products.

Rising disposable income and awareness among customers for self-care and beauty are the major factors driving the market. Owing to the growing population and demand for cosmetics, Vietnam has become a target market for international brands and a manufacturing hub that gives ample opportunities for domestic players to grow and establish new brands. The market is expected to register a strong CAGR of 6.23% for the forecast period between 2023 and 2030 due to such factors. Rising digitalization is making Vietnamese consumers get exposure to Western culture and make them aware of beauty trends going on in different parts of the globe which has also led to a surge in demand for beauty products in the country.

Potential of Vietnam cosmetic market is evident by the fact that market has been penetrated by South Korean food delivery service Baemin, which has launched its own beauty line, Lazy Bee.

Increasing Urbanization Resulting in Higher Cosmetics Demand

People migrating from villages to cities are opening more opportunities for brands to increase their sales and subsequent customer base. Because of the larger population density, there are more potential customers for cosmetics brands in urban regions. This demographic change has boosted the sales numbers and expanded the market. Urban environments give consumers access to a large range of cosmetic brands, both domestic and foreign, enabling them to stay current with the newest cosmetics and advances. Major cities like Hanoi and Ho Chi Minh City are more exposed to international beauty trends. They are more prone to be influenced by global standards of beauty and look for cosmetics that align with these trends. Modern retail infrastructure has emerged because of urbanization, including malls, department stores, and specialty beauty shops, that offer a large variety of cosmetics products for customers to browse and buy. Urban consumers can try out new items more easily because they have easier access to cosmetics retail establishments.

Natural and Organic Products Fueling the Demand

In Vietnam, there is a rising demand for organic and natural cosmetics. Clean and environmentally friendly brand names have become more well-known. These companies frequently place an emphasis on eco-friendly procedures, ecological packaging, and natural components. Vietnamese customers are growing increasingly concerned with their skin's health and observant of the products they use. Vietnamese customers now have more financial resources to prioritize higher-quality goods, like organic cosmetics, as income levels have improved over time.  They are aware that several chemicals frequently included in cosmetics can have negative effects. Customers are also placing a greater emphasis on sustainability and environmental responsibility. They pay closer attention to how their purchase choices affect the environment.

Government Regulations

Production of cosmetics is regulated by The Drug Administration of Vietnam (DAV), under the Ministry of Health (MoH), which has adopted the guidelines of the Association of Southeast Asian Nations (ASEAN) Cosmetic Directive (ACD). The regulation of other ASEAN countries is being followed by Vietnam as well and according to these regulatory services, cosmetic products must comply with the set guidelines before being marketed in the country. Maintaining a Product Information File, product compliance checks and cosmetic product registration are among the major mandates for any cosmetic manufacturer to enter the Vietnam market.

According to government rules, all goods, whether imported or domestically produced, must undergo testing and obtain licences for the distribution of cosmetics. As proper labelling is a crucial component in fostering customer confidence in cosmetic, it must also be assured that certain labelling rules are followed while producing these products.

Freyr is a proven regulatory partner in Vietnam that assists manufacturers in the process of Cosmetic Product Registration in the country.

Men’s Segment is on the Move

Vietnam's market for male grooming products has expanded in recent years. The majority of beauty and personal care goods were previously marketed to women, but as men's grooming practices and preferences have changed, the emphasis has shifted to men, and traditional notions of masculinity and gender are changing. More men are incorporating self-care and grooming rituals into their daily lives. Men's grooming practices have been influenced by global trends and influences, particularly those from Western nations. Male consumers are now more aware of grooming products thanks to their exposure to worldwide media, fashion, and lifestyle content. They try to imitate the grooming practices displayed by male influencers and superstars.

Customers Shifting to E-commerce

Increasing population coupled with increasing incomes, smartphone holders are increasing in Vietnam. Almost half of Vietnam’s population is using smartphones and effects of pandemic has changed consumer behavior who are opting to buy products online through company’s website or e-commerce platforms. The development of e-commerce platforms and the digitalization of society have had a significant impact on the Vietnamese cosmetics business. Online shopping has grown in popularity because of its ease, variety of products, and affordable prices. Especially in rural areas where access to physical storefronts may be restricted, e-commerce platforms give cosmetics firms, including both local and international players, a way to reach a larger customer base.

Impact of COVID-19

Vietnam cosmetics market suffered heavily due to covid-19 as Vietnam cosmetics market is dominated by foreign brands and is import-dependent for various products. Therefore, due to disruptions in the supply chain caused a shortage of raw materials and finished cosmetics in the market and an increase in the price level was also seen. Once the economy rebounded and restrictions were eased down, people moved to e-commerce and digital channels to buy products. The pandemic changed people's priorities and consumer behavior. The emphasis shifted to self-care and at-home beautification rituals as people spent more time inside. As customers sought to keep up their skincare routines, demand for skincare items such cleansers, moisturizers and masks surged. However, as social activities and public appearances decreased, so did the need for colour cosmetics like foundation and lipstick.

Vietnam Cosmetics Market: Report Scope

“Vietnam Cosmetics Market Assessment, Opportunities, and Forecast, 2016-2030F”, is a comprehensive report by Markets & Data, providing in-depth analysis and assessment of the current scenario of the cosmetics market in Vietnam, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities, and forecasts (2023-2030). Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

 

Report Attribute

Details

Base Year of the Analysis

2022

Historical Period

2016-2021

Forecast Period

2023-2030

Projected Growth Rate

CAGR of 6.23% between 2023-2030

Revenue Forecast in 2030

USD 2.92 billion

Units

Revenue in USD billion

Segments Covered

Category, Gender, End-user, Distribution Channel, Region

Regions Covered

Northern, Central and Southern

Key Companies Profiled

L'Oréal Vietnam Co., Ltd, Estée Lauder Companies Inc, Unilever Vietnam International Co., Ltd, The Procter & Gamble Company, Shiseido Company, Limited, Beiersdorf AG.

Amorepacific Corporation, Marico Limited

Lan Hao Cosmetics Production Co., Ltd., LG VINA Cosmetics Co., Ltd., Watsons (Vietnam) Limited

Customization Scope

15% free report customization with purchase

Pricing and Purchase Options

Avail the customized purchase options to fulfil your precise research needs

Delivery Format

PDF and Excel through email (subject to the license purchased)

 

In this report, Vietnam Cosmetics Market has been segmented into the following categories: 

1.    By Product Category

1.1.   Skin Care

1.2.   Hair Care

1.3.   Nail Care

1.4.   Make-up

1.5.   Fragrances

1.6.   Bath & Body

1.7.   Others

2.    By Gender

2.1.   Male

2.2.   Female

2.3.   Unisex

3.    By End-user

3.1.   Commercial Establishments

3.1.1.Hotels

3.1.2.Spas

3.1.3.Beauty Salons

3.1.4.Colour Cosmetics and Beauty Service Provider

3.1.5.Others

3.2.   Individual Users

4.    Distribution Channel

4.1.   Online

4.2.   Offline

4.2.1.Retail Stores

4.2.1.1.              Brand Stores

4.2.1.2.              Kiosks

4.2.1.3.              Multi-Brand Outlets

4.2.1.4.              Pharmacies/Drug Stores

4.2.1.5.              Speciality Salons

4.2.1.6.              Others

4.2.2.Wholesale Channels

4.2.3.Dealers/Distributors

4.2.4.Others

5.    By Region

5.1.   Northern

5.2.   Central

5.3.   Southern

Key Players Landscape and Outlook

Vietnam Cosmetics market is growing and is dominated by various foreign brands like, L'Oreal and Laneige, who competes to take advantage of rising population and disposable income. Vietnamese domestic cosmetics brands are becoming more popular and have gained a substantial share. These companies frequently comprehend local consumer preferences, cultural quirks, and affordability considerations better. Consumers in Vietnam are willing to pay prices for good quality and authentic cosmetics products. Brands are expanding their product lines and investing heavily in R&D to bring more innovation in their products and making them available in the retail market and building a strong online presence.

As part of its regional expansion strategy, New Zealand-based sustainable health and beauty firm Ecostore opened its first store in Ho Chi Minh City in November 2022. The customers can bring their own packages to the store and refill them with Ecostore goods, which also helps in lowering the environmental footprint through such packaging and in-store refilling.

Key Players Operating in Vietnam Cosmetics Market

·         L'Oréal Vietnam Co., Ltd

·         Estée Lauder Companies Inc

·         Unilever Vietnam International Co., Ltd

·         The Procter & Gamble Company

·         Shiseido Company, Limited

·         Beiersdorf AG.

·         Amorepacific Corporation

·         Marico Limited

·         Lan Hao Cosmetics Production Co., Ltd

·         LG VINA Cosmetics Co., Ltd.

·         Watsons (Vietnam) Limited

If you can't find what you're searching for or have any custom requirements for Vietnam Cosmetics Market, you may approach our team at info@marketsandata.com

Table of Contents

1.       Research Methodology

2.       Project Scope & Definitions

3.       Impact of Covid-19 on Vietnam Cosmetics Market

4.       Executive Summary

5.       Voice of Customer

5.1.    Demographics (Age/Cohort Analysis – Baby Boomers and GenX, Millenials, Gen Z; Gender; Income – Low, Mid and High; Geography; Nationality; etc.)

5.2.    Market Awareness and Product Information

5.3.    Brand Awareness and Loyalty

5.4.    Factors Considered in Purchase Decision

5.4.1.Brand Name

5.4.2.Pack Size

5.4.3.Price

5.4.4.Product Quality

5.4.5.Customisation Options

5.4.6.Packaging Type

5.4.7.Inclination Towards Organic Products

5.4.8.Promotional Offers & Discounts

5.5.    Purpose of Purchase (Personal Use, Gifting)

5.6.    Frequency of Purchase

5.7.    Medium of Purchase

5.8.    Role of Brand Ambassador or Influencer Marketing on Product/Brand Absorption

6.       Vietnam Cosmetics Market Outlook, 2016-2030F

6.1.    Market Size & Forecast

6.1.1.By Value

6.1.2.By Volume

6.2.    By Product Category

6.2.1.Skin Care

6.2.2.Hair Care

6.2.3.Nail Care

6.2.4.Makeup

6.2.5.Fragrances

6.2.6.Bath & Body

6.2.7.Others

6.3.    By Gender

6.3.1.Male

6.3.2.Female

6.3.3.Unisex

6.4.    By End-user

6.4.1.Commercial Establishments

6.4.1.1.              Hotels

6.4.1.2.              Spas

6.4.1.3.              Beauty Salons

6.4.1.4.              Colour Cosmetics and Beauty Service Provider

6.4.1.5.              Others

6.4.2.Individual Users

6.5.    By Distribution Channel

6.5.1.Online

6.5.2.Offline

6.5.2.1.              Retail Stores

6.5.2.2.              Brand Stores

6.5.2.3.              Kiosks

6.5.2.4.              Multi-Brand Outlets

6.5.2.5.              Pharmacies/Drug Stores

6.5.2.6.              Speciality Salons

6.5.2.7.              Others

6.5.3.Wholesale Channels

6.5.4.Dealers/Distributors

6.5.5.Others

6.6.    By Region

6.6.1.Northern

6.6.2.Central

6.6.3.Southern

6.7.    By Company Market Share (%), 2022

7.       Market Mapping, 2022

7.1.    By Product Category

7.2.    By Gender

7.3.    By End-user

7.4.    By Distribution Channel

7.5.    By Region

8.       Macro Environment and Industry Structure

8.1.    Supply Demand Analysis

8.2.    Import Export Analysis

8.3.    Value Chain Analysis

8.4.    PESTEL Analysis

8.4.1.Political Factors

8.4.2.Economic System

8.4.3.Social Implications

8.4.4.Technological Advancements

8.4.5.Environmental Impacts

8.4.6.Legal Compliances and Regulatory Policies (Statutory Bodies Included)

8.5.    Porter’s Five Forces Analysis

8.5.1.Supplier Power

8.5.2.Buyer Power

8.5.3.Substitution Threat

8.5.4.Threat from New Entrant

8.5.5.Competitive Rivalry

9.       Market Dynamics

9.1.    Growth Drivers

9.2.    Growth Inhibitors (Challenges and Restraints)

10.   Key Players Landscape

10.1.                     Competition Matrix of Top Five Market Leaders

10.2.                     Market Revenue Analysis of Top Five Market Leaders (in %, 2022)

10.3.                     Mergers and Acquisitions/Joint Ventures (If Applicable)

10.4.                     SWOT Analysis (For Five Market Players)

10.5.                     Patent Analysis (If Applicable)

11.   Pricing Analysis

12.   Case Studies

13.   Key Players Outlook

13.1.                     L'Oréal Vietnam Co., Ltd

13.1.1.    Company Details

13.1.2.    Key Management Personnel

13.1.3.    Products & Services

13.1.4.    Financials (As reported)

13.1.5.    Key Market Focus & Geographical Presence

13.1.6.    Recent Developments

13.2.                     Estée Lauder Companies Inc

13.3.                     Unilever Vietnam International Co., Ltd

13.4.                     The Procter & Gamble Company

13.5.                     Shiseido Company, Limited

13.6.                     Beiersdorf AG.

13.7.                     Amorepacific Corporation

13.8.                     Marico Limited

13.9.                     Lan Hao Cosmetics Production Co., Ltd

13.10.                  LG VINA Cosmetics Co., Ltd.

13.11.                  Watsons (Vietnam) Limited

*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

14.   Strategic Recommendations

15.   About Us & Disclaimer

List of Figure - Vietnam Cosmetics Market

Figure 1. Vietnam Cosmetics Market, By Value, In USD Billion, 2016-2030F

Figure 2. Vietnam Cosmetics Market, By Volume, In Units Thousands, 2016-2030F

Figure 3. Vietnam Cosmetics Market Share, By Product Category, In USD Billion, 2016-2030F

Figure 4. Vietnam Cosmetics Market Share, By Gender, In USD Billion, 2016-2030F

Figure 5. Vietnam Cosmetics Market Share, By End-user, In USD Billion, 2016-2030F

Figure 6. Vietnam Cosmetics Market Share, By Distribution Channel, In USD Billion, 2016-2030F

Figure 7. Vietnam Cosmetics Market Share, By Region, In USD Billion, 2016-2030F

Figure 8. By Product Category Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 9. By Gender Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 10. By End-user Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 11. By Distribution Channel Map-Market Size (USD Billion) & Growth Rate (%), 2022

Figure 12. By Region Map-Market Size (USD Billion) & Growth Rate (%), 2022

List of Table - Vietnam Cosmetics Market

Table 1. Pricing Analysis of Products from Key Players

Table 2. Competition Matrix of Top 5 Market Leaders

Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)

Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

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