Vietnam Personal Care Ingredients Market to Grow with a CAGR of 3.75% through 2028
Surge in research and development activities is expected to drive the Vietnam
Personal Care Ingredients Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam
Personal Care Ingredients Market– By Region, Competition, Forecast and
Opportunities, 2018-2028F”, the Vietnam Personal Care Ingredients Market
stood at USD135.26 million in 2022 and is anticipated to grow with a CAGR of 3.75%
in the forecast period, 2023-2028. The initiatives taken by government based on
personal care ingredients has led to favorable market conditions for the Vietnam
Personal Care Ingredients Market. Several factors contribute to the growth of
various personal care ingredients market products.
The Ministry of
Health (MOH) in Vietnam, in its continuous efforts to ensure the safety and
efficacy of personal care products, has established an Advisory Council
dedicated to issuing registration papers for the circulation of drugs and
medicinal ingredients. By implementing this regulatory measure, the MOH aims to
guarantee proper regulation and quality control, thereby safeguarding the
well-being of consumers and promoting trust in the market.
Keeping in line
with global trends and responding to consumer preferences, the Vietnamese
government is actively promoting the transition from fossil fuel-based
cosmetics to bio-based alternatives. This strategic move not only aligns with
the growing demand for natural and organic ingredients but also contributes to
sustainable practices and environmental conservation. By embracing bio-based
cosmetics, Vietnam is taking a significant step towards a greener and more
eco-friendly approach to personal care.
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Research and
development (R&D) initiatives play a pivotal role in driving the
development of innovative products that cater to the ever-changing needs of
consumers. As awareness about the benefits of personal care products and
ingredients continues to grow, consumers are actively seeking out novel
solutions that offer enhanced benefits and address their specific concerns. By
investing in R&D activities, companies can uncover new insights, explore
cutting-edge technologies, and develop groundbreaking formulations that push
the boundaries of what is possible in the realm of personal care. These
dedicated efforts in research and development are instrumental in not only
meeting consumer demands but also in shaping the future of the industry by
introducing innovative products that truly make a difference in people's lives.
The Vietnam Personal
Care Ingredients Market is segmented in type, application, regional
distribution, and company.
Based on its type, the emollients segment held the
largest share in the market. There is an ever-increasing trend among consumers
towards seeking out products that utilize natural and organic ingredients in
their personal care routines. This shift in preference is driven by the belief
that emollients derived from natural sources, such as nourishing plant oils,
are not only safer but also offer enhanced benefits for the skin. As a result,
there has been a noticeable surge in demand for skincare and beauty products
that harness the power of nature's goodness.
Based on region, Central segment is expected to grow
during the forecast period.
Together with the decline in birth rate, Vietnam is
experiencing a significant shift in its population demographics, with an
increasing number of elderly individuals. This demographic change is leading to
a surge in demand for healthcare services and products. Specifically, in the
central region of Vietnam, which is home to a substantial portion of the aging
population, there is a noticeable rise in the demand for personal care products
that cater to the unique needs of older consumers. Anti-aging creams and
lotions are among the sought-after products in this segment, as they provide
targeted solutions to address the specific concerns of aging individuals.
Major companies operating in Vietnam Personal Care
Ingredients Market are:
- BASF
SE
- Evonik
Industries AG
- Croda
International PLC
- The
Dow Chemical Company
- Clariant
AG
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“Growing application of personal care ingredients in
various end user industries are key drivers of the personal care ingredients market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of personal care ingredients
with every passing year are anticipated to register an impressive growth to Vietnam
Personal Care Ingredients Market in the forecast period.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Vietnam Personal Care Ingredients Market By Type (Surfactants,
Conditioning Polymers, Rheology Control Agents, Emollients, Emulsifiers), By
Application (Toiletries, Hair Care, Skin Care, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Personal Care Ingredients Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Vietnam Personal Care Ingredients Market.
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