Vietnam Cosmetic Pigments Market to Grow with a CAGR of 3.73% through 2028
Surge in research and development activities is expected to drive the Vietnam
Cosmetic Pigments Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam
Cosmetic Pigments Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Cosmetic Pigments Market is anticipated to grow
with a CAGR of 3.73% in the forecast period, 2023-2028. The initiatives taken
by government based on cosmetic pigments has led to favorable market conditions
for the Vietnam Cosmetic Pigments Market. Several factors contribute to the
growth of various cosmetic pigments market products.
The Vietnamese
authorities have been proactive in their efforts to crack down on substandard
cosmetics, taking strict actions against brands that fail to meet the required
quality standards. Through rigorous inspections and monitoring, these
authorities have successfully removed such products from store shelves,
ensuring that only safe and high-quality cosmetics are available to consumers.
In addition to
their crackdown on substandard cosmetics, the government has been actively
promoting and supporting local production of cosmetics in Vietnam. This
includes encouraging the development and manufacturing of cosmetics with
cosmetic pigments, aimed at reducing the country's reliance on imports and
boosting the growth of the domestic cosmetic industry. By fostering local
production, Vietnam aims to enhance its self-sufficiency in the cosmetics
sector and create more opportunities for local businesses and manufacturers.
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The significant
surge in research and development (R&D) efforts within the cosmetic
pigments market has led to the introduction of a plethora of innovative
products. Companies are actively launching new products that boast unique
features and characteristics, aiming to cater to the diverse and evolving needs
of consumers. These product launches not only serve to expand the existing
product portfolios of companies but also contribute to the intensification of
competition within the market. With this heightened level of competition,
companies are driven to continuously innovate and differentiate themselves,
ultimately benefiting the consumers with a wider range of choices and improved
product offerings.
The Vietnam
Cosmetic Pigments Market is segmented in elemental composition, application, regional
distribution, and company.
Based on its elemental composition, the inorganic pigments
segment held the largest share in the market. The demand for inorganic pigments
is experiencing a notable increase in the cosmetics industry, particularly in
the premium and luxury segments. These pigments are being increasingly favored
due to their ability to deliver intense color payoff and long-lasting effects,
which are highly sought after in high-end cosmetic products.
Furthermore, the growing disposable income of
consumers in Vietnam, coupled with the evolving fashion trends, has
significantly contributed to the surge in demand for these premium cosmetic
products. As a result, the market for inorganic pigments has been witnessing
substantial growth, catering to the preferences of discerning consumers who
prioritize quality and longevity in their cosmetic choices.
Based on region, Central segment is expected to grow
during the forecast period.
In recent years, the central region of Vietnam has
experienced a remarkable surge in consumer spending on cosmetics. This upward
trend can be attributed to a combination of factors, such as the steady rise in
disposable income among individuals and the evolving preferences of consumers.
As people become more conscious of beauty and
self-care, they are increasingly inclined to invest in premium cosmetic
products that boast high-quality ingredients and innovative cosmetic pigments.
This growing demand for cosmetics reflects the region's shifting beauty
landscape and presents exciting opportunities for businesses operating in the
industry.
Major companies operating in Vietnam Cosmetic Pigments
Market are:
- BASF Vietnam Co. Ltd.
- MERCK VIETNAM COMPANY LTD.
- Lanxess Pte Ltd.
- Huntsman Corporation
- Sensient Cosmetic Technologies
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“Growing application of cosmetic pigments in various
end user industries are key drivers of the cosmetic pigments market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of cosmetic pigments with every
passing year are anticipated to register an impressive growth to Vietnam
Cosmetic Pigments Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Vietnam Cosmetic Pigments Market By Elemental Composition
(Organic Pigments, Inorganic Pigments), By Application (Facial Makeup, Eye
Makeup, Lip Products, Nail Products, Special Effect & Special Purpose
Products, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Cosmetic Pigments 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 Cosmetic Pigments Market.
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