Vietnam Cosmetics Market By Size, Trends, Developments & Forecast 2028

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD1.5 Billion
CAGR (2023-2028)	6.51%
Fastest Growing Segment	Online
Largest Market	North

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.

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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.

Attribute	Details
Base Year	2022
Historical Years	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million, and CAGR for 2018-2022 and 2023E-2028F
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	Type Demography Distribution Channel Region
Regional Scope	Northern, Southern, Central
Key Companies Profiled	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.
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail of customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

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]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Voice of Customer Analysis (B2C Model Analysis)

4.1. Sample Size Determination

4.2. Respondent Demographics

4.2.1. By Gender

4.2.2. By Age

4.2.3. By Occupation

4.3. Brand Awareness

4.4. Sources of Information

4.5. Factors Influencing Purchase Decision

4.6. Preferred Mode of Buying Cosmetic Product

4.7. Average Monthly Expenditure on Cosmetic Products

4.8. Challenges Faced Post Purchase

5. Vietnam Cosmetics Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type Market Share Analysis (Skin care, Hair Care, Bath & Shower Products, Makeup & Color Cosmetics, Fragrances & Deodorants, Others)

5.2.2. By Demography Market Share Analysis (Men, Women, Unisex)

5.2.3. By Distribution Channel Market Share Analysis (Supermarkets/Hypermarkets, Pharmacy, Online, Departmental Stores, Multi Branded Retail Stores, Others)

5.2.4. By Regional Market Share Analysis

5.2.4.1. Northern Vietnam Market Share Analysis

5.2.4.2. Southern Vietnam Market Share Analysis

5.2.4.3. Central Vietnam Market Share Analysis

5.2.5. By Company Market Share Analysis

5.3. Vietnam Cosmetics Market Mapping & Opportunity Assessment

5.3.1. By Type Market Mapping & Opportunity Assessment

5.3.2. By Demography Market Mapping & Opportunity Assessment

5.3.3. By Distribution Channel Market Mapping & Opportunity Assessment

5.3.4. By Regional Market Mapping & Opportunity Assessment

6. Vietnam Skin Care Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Demography Market Share Analysis

6.2.2. By Distribution Channel Market Share Analysis

7. Vietnam Hair Care Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Demography Market Share Analysis

7.2.2. By Distribution Channel Market Share Analysis

8. Vietnam Bath & Shower Products Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Demography Market Share Analysis

8.2.2. By Distribution Channel Market Share Analysis

9. Vietnam Makeup & Color Cosmetics Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Demography Market Share Analysis

9.2.2. By Distribution Channel Market Share Analysis

10. Vietnam Fragrances & Deodorants Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Demography Market Share Analysis

10.2.2. By Distribution Channel Market Share Analysis

11. Market Dynamics

11.1. Drivers

11.1.1. Rising product innovations

11.1.2. Increasing number of retail channels

11.1.3. Rapid urbanization

11.2. Challenges

11.2.1. Availability of counterfeit products

11.2.2. Rising competition among companies

12. Impact of COVID-19 on Vietnam Cosmetics Market

12.1. Impact Assessment Model

12.1.1. Key Segments Impacted

12.1.2. Key Regions Impacted

13. Market Trends & Developments

13.1. Rising popularity of men’s grooming

13.2. Growing demand from the female population

13.3. Increasing demand for natural & organic products

13.4. Rising consumer consciousness regarding personal care

13.5. Growing popularity of social media platforms

14. Porter’s Five Forces Model

14.1. Competitive Rivalry

14.2. Bargaining Power of Buyers

14.3. Bargaining Power of Suppliers

14.4. Threat of New Entrants

14.5. Threat of Substitutes

15. SWOT Analysis

15.1. Strength

15.2. Weakness

15.3. Opportunities

15.4. Threat

16. Vietnam Economic Profile

17. Policy & Regulatory Landscape

18. Competitive Landscape

18.1. Company Profiles

18.1.1. L'Oréal Vietnam Co., Ltd.

18.1.1.1. Company Details

18.1.1.2. Products & Services

18.1.1.3. Financial (As per availability)

18.1.1.4. Key Market Focus

18.1.1.5. Recent Development

18.1.1.6. Key Management Personnel

18.1.2. Unilever Vietnam International Company Limited

18.1.2.1. Company Details

18.1.2.2. Products & Services

18.1.2.3. Financial (As per availability)

18.1.2.4. Key Market Focus

18.1.2.5. Recent Development

18.1.2.6. Key Management Personnel

18.1.3. Estee Lauder (Vietnam) Limited

18.1.3.1. Company Details

18.1.3.2. Products & Services

18.1.3.3. Financial (As per availability)

18.1.3.4. Key Market Focus

18.1.3.5. Recent Development

18.1.3.6. Key Management Personnel

18.1.4. Beiersdorf Vietnam Co., Ltd

18.1.4.1. Company Details

18.1.4.2. Products & Services

18.1.4.3. Financial (As per availability)

18.1.4.4. Key Market Focus

18.1.4.5. Recent Development

18.1.4.6. Key Management Personnel

18.1.5. Procter & Gamble Vietnam Company Limited

18.1.5.1. Company Details

18.1.5.2. Financial (As per availability)

18.1.5.3. Key Market Focus

18.1.5.4. Recent Development

18.1.5.5. Key Management Personnel

18.1.6. Shiseido Cosmetics Vietnam Co., Ltd

18.1.6.1. Company Details

18.1.6.2. Products & Services

18.1.6.3. Company Details

18.1.6.4. Products & Services

18.1.6.5. Financial (As per availability)

18.1.6.6. Key Market Focus

18.1.6.7. Recent Development

18.1.6.8. Key Management Personnel

18.1.7. Marico Limited

18.1.7.1. Company Details

18.1.7.2. Products & Services

18.1.7.3. Financial (As per availability)

18.1.7.4. Key Market Focus

18.1.7.5. Recent Development

18.1.7.6. Key Management Personnel

18.1.8. Chanel, Inc.

18.1.8.1. Company Details

18.1.8.2. Products & Services

18.1.8.3. Financial (As per availability)

18.1.8.4. Key Market Focus

18.1.8.5. Recent Development

18.1.8.6. Key Management Personnel

18.1.9. MON Trading Co., Ltd (Vedette)

18.1.9.1. Company Details

18.1.9.2. Products & Services

18.1.9.3. Financial (As per availability)

18.1.9.4. Key Market Focus

18.1.9.5. Recent Development

18.1.9.6. Key Management Personnel

18.1.10. YLV Company Limited (The Skinna)

18.1.10.1. Products & Services

18.1.10.2. Financial (As per availability)

18.1.10.3. Key Market Focus

18.1.10.4. Recent Development

18.1.10.5. Key Management Personnel

19. Strategic Recommendations/Action Plan

19.1. Key Focus Areas

19.2. Target Type

19.3. Target Distribution Channel

20. About Us & Disclaimer

Figures and Tables

Frequently asked questions

Who are the leading players in the Vietnam cosmetics market?

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 some of the major players operating in the industry.

What are the key factors that drive the growth of Vietnam cosmetics market?

Vietnam’ cosmetics market growth is expected to accelerate with rising product innovations and growing demand for beauty products.

What are the challenges in the Vietnam cosmetics market?

The increasing availability of counterfeit products and growing competition among companies are the major challenges in the Vietnam cosmetics market.

What are the emerging trends in the Vietnam cosmetics market?

The rising popularity of men’s grooming and the growing demand for cosmetic products from the female population are the major trends in the Vietnam cosmetics market.

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Press Release

Vietnam Cosmetics Market to be Fueled by Skin Care Segment During the Forecast Period

Jul, 2023

Vietnam Cosmetics market is anticipated to grow during the forecast period, owing to factors such as rising consumer awareness regarding personal hygiene, increasing popularity of men’s grooming, and

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