Vietnam Cosmetics Market

Market Overview:

Vietnam cosmetics market size reached US$ 1.61 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2.46 Billion by 2032, exhibiting a growth rate (CAGR) of 4.58% during 2024-2032. The increasing income levels of the middle-class population, rising influence of Korean beauty (K-beauty) trends, and the growing focus on obtaining a healthy and radiant skin represent some of the key factors driving the market.

Cosmetics are products used to enhance the appearance of a person. They are typically applied to the skin, hair, or nails. They include items like makeup, skincare products, fragrances, and hair care products, designed to beautify, cleanse, protect, and improve the overall grooming. They are generally formulated to be pH-balanced to suit the natural acidity levels of the skin. They contain active ingredients like retinol or hyaluronic acid for added skin benefits. Besides this, some cosmetics have ingredients that can soothe skin conditions like eczema or rosacea. They are used by makeup artists in the fashion, film, and television industries across Vietnam.

Vietnam Cosmetics Market Trends:

The inflating income levels of the middle-class population in Vietnam are allowing them to invest in quality beauty products, including skincare, makeup, and hair care. Additionally, people are increasingly preferring brands that prioritize eco-friendly practices, cruelty-free testing, and ethical sourcing of ingredients. Along with this, the escalating demand for cosmetics that offer health benefits in addition to aesthetic enhancement is strengthening the growth of the market. Furthermore, the rise of social media platforms is another major factor positively influencing the market in the country. Moreover, the rising influence of Korean beauty (K-beauty) trends, characterized by flawless skin and minimalistic makeup, is bolstering the market growth. Besides this, the growing emphasis on achieving healthy, radiant skin is catalyzing the demand for skincare products, such as serums, moisturizers, and sunscreens. This is offering lucrative growth opportunities to businesses for developing and marketing skincare lines that cater to specific skin concerns, including anti-aging, hydration, and ultraviolet (UV) protection. Furthermore, the development of innovative products and the availability of customization options are creating a positive market outlook. Cosmetic companies in the country are introducing products tailored to the specific needs and preferences of consumers. This includes formulations suitable for humid weather conditions that cater to the local skin types and tones. Moreover, the influx of international cosmetics brands and their extensive marketing efforts are augmenting the market growth. Besides this, there is a growing acceptance of male grooming and beauty products. As men increasingly embrace skincare and grooming routines, this expanding consumer base is contributing to the growth of the industry. Businesses are responding by introducing products specifically designed for men. Along with this, the easy availability of duty-free shopping at airports and tourist destinations is driving the sales of cosmetic products. Furthermore, the increasing reliance of individuals on online shopping channels for exciting deals and discounts and home delivery services is supporting the market growth in the country.

Vietnam Cosmetics Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on product type, category, gender and distribution channel.

Product Type Insights:

• Skin and Sun Care Products
• Hair Care Products
• Deodorants and Fragrances
• Makeup and Color Cosmetics
• Others
   

The report has provided a detailed breakup and analysis of the market based on the product type. This includes skin and sun care products, hair care products, deodorants and fragrances, makeup and color cosmetics, and others.

Category Insights:

• Conventional
• Organic
   

A detailed breakup and analysis of the market based on the category have also been provided in the report. This includes conventional and organic.

Gender Insights:

• Men
• Women
• Unisex
   

The report has provided a detailed breakup and analysis of the market based on the gender. This includes men, women, and unisex.

Distribution Channel Insights:

• Supermarkets and Hypermarkets
• Specialty Stores
• Pharmacies
• Online Stores
• Others
   

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes supermarkets and hypermarkets, specialty stores, pharmacies, online stores, and others.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Cosmetics Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam cosmetics market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Vietnam cosmetics market?
• What is the breakup of the Vietnam cosmetics market on the basis of product type?
• What is the breakup of the Vietnam cosmetics market on the basis of category?
• What is the breakup of the Vietnam cosmetics market on the basis of gender?
• What is the breakup of the Vietnam cosmetics market on the basis of distribution channel?
• What are the various stages in the value chain of the Vietnam cosmetics market? 
• What are the key driving factors and challenges in the Vietnam cosmetics?
• What is the structure of the Vietnam cosmetics market and who are the key players?
• What is the degree of competition in the Vietnam cosmetics market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam cosmetics market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam cosmetics market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam cosmetics industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.