Vietnam Cosmetics Market, By Type (Skin Care, Hair Care, Bath & Shower Products, Makeup & Color Cosmetics, Fragrances & Deodorants, Others), By Demography (Men, Women, Unisex), By Distribution Channel (Supermarkets/Hypermarkets, Pharmacy, Online, Departmental Stores, Multi-Branded Retail Stores, Others) By Region, Competition, Forecast & Opportunities 2018-2028F

The Vietnam Cosmetics Market, valued at USD 1.5 billion in 2022, is forecasted to increase with a Compound Annual Growth Rate (CAGR) of 6.51% during the projected period. Vietnam Cosmetics market is expected to grow during the forecast period due to factors such as increasing demand for cosmetic products from the female population, shifting consumer preferences toward natural & organic cosmetic products, and rising number of retail channels in the country.

Vietnam Cosmetics Market Scope

Cosmetics refer to any product utilized for the purpose of cleansing, correcting, or modifying the skin, hair, fingernails, or teeth. There are various types of cosmetic products available in the market such as makeup, perfumes, skin creams, nail polishes, conditioners, soaps, shampoos, and shaving creams, as well as deodorants for enhancing the one's physical appearance. The cosmetic products are made up with either natural or synthetic chemical compounds. These cosmetic products are used for various purposes, which includes personal hygiene, hair care, men's grooming, women's grooming. The cosmetic products should be free from contamination and substances that may harm the skin of the consumers when used in accordance with the label.

Cosmetic products are increasingly popular among younger generation in Vietnam due to factors such as desire of many individuals to remain youthful and attractive. In order to meet the needs of users, cosmetic products can be manufactured in both organic and non-organic forms. Cosmetics are available in various forms which includes creams, lipsticks, as well as perfumes. Additionally, face powders are used by consumers that can add a luminous effect to the skin, after foundation application.

Vietnam Cosmetics Market Overview

Vietnam's cosmetics market has grown significantly in recent years. Factors such as rising disposable income, urbanization, changing consumer preferences, and increased awareness of beauty and personal hygiene, have all contributed to the Vietnam cosmetics’ market expansion during the forecast period.

Vietnam's cosmetic market depends on different distribution channels. Traditional retail channels such as independent beauty salons and department stores still play an important role in the Vietnam cosmetics market. However, e-commerce platforms that allow consumers to conveniently buy cosmetics online have gained popularity. Social media platforms and influencers also strongly influence purchasing decisions.

Demand for sustainable and natural cosmetics is growing in Vietnam, contributing in the industry’s growth during the forecast period. Consumers are more aware of the environmental impact of chemical-based beauty products and are looking for environmentally friendly options. Brands that emphasize sustainability and use natural ingredients are increasingly common.

The growing demand for cosmetic products from the female population will primarily drive the growth of the cosmetics market in Vietnam during the forecast period. Evolving beauty standards, social media influences, and increasing demand for better beauty products, are all linked to the projected growth of the market.

Vietnam Cosmetics Market Drivers

The cosmetics market has seen a surge in popularity among younger generations, particularly women and girls, due to a heightened awareness of beauty and the utilization of a variety of skin care, hair care, and beauty products. Through the use of cosmetic products, individuals can enhance their self-esteem and confidence. Popular cosmetic items in the Vietnam include lipsticks, fragrances, lotions, eye shadows, and more. Additionally, the increasing popularity of Korean cosmetic brands in Vietnam is likely to contribute to the growth of the Vietnamese cosmetics market over the next few years.

Furthermore, the expansion of retail channels in the country is likely to further contribute to the expansion of the cosmetics market. In the Vietnam cosmetics market, retail channels have expanded, including modern retail formats such as malls, department stores, and specialty beauty shops. This expansion made cosmetic products more accessible to consumers in different regions of Vietnam, thereby increasing sales.

Vietnam Cosmetics Market Trends

The major trend in the Vietnam cosmetics market is the rising demand for natural & organic cosmetic products in the country, driving the expansion of the market during the forecast period. Vietnamese consumers are now more conscious about the ingredients used in their beauty & cosmetic products and are choosing healthier and more ecological cosmetic products.

In addition, the rising popularity of social media platforms & digital marketing in the country drives the expansion of the Vietnam cosmetics market during the forecast period. The rise of social media platforms and digital marketing has greatly influenced the cosmetics market in Vietnam. Influencers and beauty bloggers play a vital role in marketing cosmetics, creating trends, and shaping consumer behavior. Vietnamese consumers tend to be very active on social networking platforms and look for beauty inspiration and product recommendations, increasing the demand for cosmetics.

Additionally, the growing e-commerce sector in Vietnam fuels the Vietnam cosmetics market during the forecast period. Online platforms and social media channels have become popular ways to buy cosmetics. Many brands have established their online presence to fulfill online shopping needs.

Furthermore, the increasing popularity of grooming among males also fuels the growth of the Vietnam cosmetics market during the forecast period. Men are increasingly interested in personal care and grooming products, including skin, hair, and fragrance products. Brands have started introducing special men's products to meet this growing demand.

Vietnam Cosmetics Market Challenges

A major challenge in Vietnam's cosmetics market is the availability of counterfeit cosmetic products in the country, which may impede the growth of Vietnam cosmetics market growth. The fake products present in the Vietnam cosmetics market tend to damage the reputation of genuine brands, also endangering the health of consumers. The presence of counterfeit products makes it difficult for the companies to compete, affecting consumer confidence in the market.

Sustainability and ethical concerns related to products also become a challenge that may hinder the growth of the Vietnam cosmetics market during the forecast period. Vietnamese consumers are increasingly conscious of the sustainability and ethical issues of cosmetics. Consumers are increasingly looking for products that are ecological, organic, and free of harmful ingredients. Brands that don't address these issues can face and lose market share.

Furthermore, increasing competition among companies due to the presence of domestic as well as international companies of cosmetic products in the country also impedes the expansion of Vietnam cosmetics market during the forecast period.

Recent Developments

• In April 2023, South Korean food delivery company “Baemin” entered the Vietnamese cosmetics market with the launch of its Lazy Bee beauty brand. The new collection has two main product lines: Skin Care and Makeup. Mineral sprays, face pads, and masks are part of the skin care range, while the makeup range includes cushions and lipstick.
• In 2023, the beauty brand “Lush” partnered with Maison Retail Management to open its first store in Vietnam.
• In 2023, Meiyume, a globally trusted provider of beauty solutions, announced its expansion into the dynamic market of Vietnam. This expansion enables local beauty brands to improve their products with Meiyume's science-based solutions using data and insights to develop the best products, tailored to the unique characteristics of each market.
• In 2023, Sol Corporation International Company Ltd, a Thai cosmetics company, announced that it will begin distributing its products to the Vietnamese market.

Vietnam Cosmetics Market Opportunities

The Vietnam cosmetics market has grown significantly during the forecast period and offers various opportunities for companies. The popularity of men’s grooming in Vietnam is booming during the forecast period. Men are now more aware of their appearance and prefer investing in grooming and personal hygiene. Companies that cater specifically to the male population or introduce men's products to their existing product line can take advantage of this growing market.

In addition to cosmetics, the demand for beauty and skincare services is growing in Vietnam. Beauty salons, spas, and skin clinics are increasingly popular among Vietnamese consumers. Companies that offer both products and services or work with beauty professionals, benefit from this trend and can increase their market share.

The increasing penetration & usage of smartphones in Vietnam fuels the expansion of the e-commerce sector. Online platforms and social media channels have become popular sales channels for cosmetic products in Vietnam. Businesses can cater to this trend by developing an online presence and leveraging e-commerce platforms to reach a wider customer base.

Market Segmentation

The Vietnam cosmetics market is segmented based on type, demography, distribution channel, region, and competitional landscape. Based on type, the Vietnam cosmetics market is further fragmented into skin care, hair care, bath & shower products, makeup & color cosmetics, fragrances & deodorants, and others. Based on demography, the Vietnam cosmetics market is segmented into men, women, and unisex. Based on the distribution channel, the Vietnam cosmetics market is segmented into supermarkets/hypermarkets, pharmacy, online, departmental stores, multi-branded retail stores, and others. Based on region, the Vietnam Cosmetics market is segmented into northern, southern, and central.

Company Profiles

L'Oréal Vietnam Co., Ltd., Unilever Vietnam International Company Limited, Estee Lauder (Vietnam) Limited, Beiersdorf Vietnam Co., Ltd, Procter & Gamble Vietnam Company Limited, Shiseido Cosmetics Vietnam Co., Ltd, Marico Limited, Chanel, Inc., MON Trading Co., Ltd (Vedette), YLV Company Limited (The Skinna), etc. are among the major market players in the Vietnam cosmetics market.

Report Scope:

In this report, the Vietnam cosmetics market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Vietnam Cosmetics Market, By Type:
• Skin Care
• Hair Care
• Bath & Shower Products
• Makeup & Color Cosmetics
• Fragrances & Deodorants
• Others
• Vietnam Cosmetics Market, By Demography:
• Men
• Women
• Unisex
• Vietnam Cosmetics Market, By Distribution Channel:
• Supermarkets/Hypermarkets
• Pharmacy
• Online
• Departmental Stores
• Multi-Branded Retail Stores
• Others
• Vietnam Cosmetics Market, By Region:
• Northern
• Southern
• Central

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Vietnam cosmetics market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Vietnam Cosmetic Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]