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Vietnam Cosmetics Market by Product Type (Hair Care, Skin Care, Bath and Shower Products, Makeup & Color Cosmetics Products, Fragrances & Deodorants), By Distribution Channel (Beauty Parlors/Salons, Multi Branded Retail Stores, Online Channels, Supermarkets/Hypermarkets, Exclusive Retail Store, and Others), By Gender (Men and Women) and By Region (North Vietnam, Central Vietnam, South Vietnam)
Frequently Asked Questions (FAQ):
Here we talk about the estimated forecast period, and that is 2019-2027and also about the market size and growth rate. In 2019 we found the value of the Vietnam skincare market is $853.4million and projected to reach $1,922.4 in 2027 with a CAGR of 11.7% during 2019-2027.
The Vietnam consumer market is influenced by the aging population, an increase in the middle class, and rapid urbanization. It is estimated by 2030, Vietnam”s purchasing power will grow by an average of 5% per year. With the rapid increase in the middle class in Vietnam, consumption in food, housing, education, and others are very price-sensitive and willing to buy a product with a good brand image, which causes the high-income level of consumers.
Of course, the Vietnam cosmetic market distributes into beauty parlor/salons, online channels, exclusive retail stores, and others.
It is also regulated that the applicable taxes include 10% of Vietnam value-added tax {VAT] and various tariff rates depending upon other countries.VAT calculation on imported cosmetic is based on CIF value with the addition of import duty.
Companies such as O-Hui, Nivea, Shiseido, The Face Shop, Maybelline, and others.
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Description
Vietnam Cosmetics Market Overview:
Vietnam’s market was valued at USD 2.4 billion in 2022. Vietnam Cosmetics Market is expected to garner significant growth over the forecast period, 2022-2030. The aging population and growing urbanization across Vietnam will foster the Vietnam Cosmetics Market in the projected period. Additionally, with the increasing number of middle-class people in Vietnam, domestic cosmetics companies must pay attention to and open up high-end markets. Also, the increase in cosmetic spending is the resurgence of natural products, along with changing consumers’ selections towards products made with natural ingredients, which is estimated to grow the Vietnam cosmetic market. Vietnamese government plans to increase the current per capita GDP from US $ 2,500 to US $ 10,000 by 2030, and the annual growth rate will reach 12%. Over 100 makeup brands are in the Vietnamese market, and 90% of cosmetics are imported abroad. Moreover, the rising consumer awareness towards natural and organic cosmetics and the upsurge in income levels in Vietnam will boost the Vietnam cosmetic market. Growth DriverRising popularity for online shopping products
Vietnam’s Internet users were increasing remarkably, as in 2017, 53% of the Vietnamese population used the internet. As Vietnam’s economy grows, more internet users are expected to grow in the next few years. In 2023, this population is projected to reach 75%. The most popular online shopping products are clothing, shoes, and cosmetics, accounting for 62% of the goods sold online. With the continuous advancement of urbanization, more and more rural people are migrating to cities, Vietnam’s cosmetics consumer group has rapidly increased, and the entire cosmetics market has also expanded rapidly.Rapid Pace of Urbanization and surge in income level
The aging population, an increase in the middle class, the Vietnamese consumer market, and rapid urbanization affect the consumer market. It is estimated by 2030, Vietnam’s purchasing power will grow by an average of 5% per year. In 2017, 34% of US households with per capita disposable income of $ 5,000 to $ 15,000 accounted for 34% and will grow to 49% by 2030. With the increase in the middle class in Vietnam, the consumption of food, housing, education, and other fields is also increasing. They are very price-sensitive and are willing to buy products with a good brand image. By 2030, Vietnam will be the third-largest consumer market in Southeast Asia. In particular, urban consumers are expected to reach 46 million. Urban consumers have higher purchasing power and greater demand for goods and services.Presence of foreign brand cosmetics
Foreign brand cosmetics flood the Vietnamese market and can be found everywhere in high-end shopping malls, cosmetics stores, and supermarkets. Vietnam’s domestic cosmetics account for only 10% of the market share, mainly for low-income and rural consumers. A vast distribution network, huge advertising, and new product innovations are the three major reasons foreign cosmetics are gaining popularity in the Vietnamese market. Besides, the Vietnamese middle-income population is increasing. They prefer high-quality cosmetics, so foreign brands are gaining market preference.Product Type Segmental Analysis
Based on Product Type, the Vietnam Cosmetics Market is categorized into Hair Care, Skin Care, Bath and Shower Products, Makeup & Color Cosmetics Products, Fragrances & Deodorants. The Skin Care and hair care segment is expected to dominate the market owing to higher living standards, a gradual surge in the average income, and the strong development of social networks. Skin Care and hair care include skin-care creams, lipsticks, eye and facial makeup, and colored contact lenses, and hair products are hair colors, hair sprays, and gels.Distribution Channel Segmental Analysis
Based on the distribution channel, the Vietnam Cosmetics Market is classified into beauty parlors/salons, multi-branded retail stores, online channels, supermarkets/hypermarkets, exclusive retail stores, and others. The online channel segment is projected to exhibit maximum revenue due to the expansion of several e-commerce websites. Also, with the rising of Vietnam’s Internet population and the continuous advancement of urbanization, more and more rural people are migrating to cities.Gender Segmental Analysis
Based on gender, the Vietnam Cosmetics Market is bifurcated into Male and Female. The male segment will lead the market on account of Male consumers who have become more aware of their appearance and professional look. Social etiquette, aesthetic standards, and higher disposable income also favor the male segment marketCompetitor Analysis
Companies such as O-Hui, Pond’s, Nivea, Shiseido Company, Limited, The Face Shop, Maybelline, Rohto, Innisfree, 3CE, MAC Cosmetics, Chanel S.A are the key players in the Vietnam Cosmetics Market.Export-Import
There are more than 400 cosmetics companies in Vietnam, of which about 100 foreign brands account for 90% of the local market. Popular domestic brands such as Saigon Cosmetic, Thorakao, and Lan Hao are mainly engaged in low-cost cosmetics and export to neighboring Asian markets. At present, overseas brands account for 90% of the Vietnamese beauty market, and South Korea leads the way among Asian suppliers. Korean cosmetics account for the largest share of imported cosmetics sold in Vietnam, reaching 30%. The EU ranks second with a market share of 23%, followed by Japan (17%), Thailand (13%), and the United States (10%), with other countries accounting for a total of 7%.Key Stakeholders
- Market research and consulting firms
- Industry associations
- Vietnam Cosmetic Manufacturing firms & service providers
- Research organizations and consulting companies
- Vietnam Cosmetic distributors
- Organizations, associations, and alliances related to Vietnam Cosmetic.
- Regulatory bodies
The objective of the Research
- Market Modelling Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client dive deeply into the market.
- Product Analysis Product analysis involves examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis This analysis helps assess potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can majorly affect the target market.
- Market Segmental Analysis defines an in-depth scenario of the target market by grouping consumers into naturally existing segments of consumers who share similar product preferences or characteristics.
- Geographical Mapping The geographical mapping approach helps our clients understand national or international markets because different consumers in different regions have different needs, wants, and cultural characteristics that can be specifically targeted.
Recent Developments
- In 2020, due to the use of e-commerce websites, including Shopee, Lazada, and Tiki, E-commerce suits consumers who have increasingly teleworked at home and become more price-conscious. The trend is expected to continue due to the convenience of providing things. A rebound in cosmetics sales is anticipated in the latter half of 2021 and early 2022, when more people will replace in-person workplaces.
Objective of the Research
- Market Modelling Market modelling starts with identifying a target maket where historical data exists A Market can include prediction problems, economic factors, analysing of customer behaviour and identifying new patterns from past events, which helps our client to a have deep dive into the market.
- Product Analysis Product analysis involves steps such as examining product features, costs, availability, quality and other aspects Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis This analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have major effect on the target market.
- Market Segmental Analysis Segmental analysis defines in depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- Geographical Mapping Geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs, wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Product Type- Hair Care
- Skin Care
- Bath and Shower Products
- Makeup & Color Cosmetics Products
- Fragrances & Deodorants
- Beauty Parlors/Salons
- Multi Branded Retail Stores
- Online Channels
- Supermarkets/Hypermarkets
- Exclusive Retail Store
- Others
- Men
- Women
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Table Of Contents
Vietnam Cosmetics Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Supply Chain Analysis
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Policy & Regulatory Framework
- Company market share analysis, 2018
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Vietnam Cosmetics Market Overview
- Vietnam Cosmetics Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Million Units)
- Supply/Production
- By Volume (Million Units)
- Vietnam Cosmetics Market Share & Forecast,2016-2027
- By Product Types
- Hair Care
- Skin Care
- Bath and Shower Products
- Makeup & Color Cosmetics Products
- Fragrances & Deodorants
- By Distribution Channel
- Beauty Parlors/Salons
- Multi Branded Retail Stores
- Online Channels
- Supermarkets/Hypermarkets
- Exclusive Retail Store
- Others (Drug Stores, General department stores etc.)
- By Gender
- Male
- Women
- By Region
- North Vietnam
- Central Vietnam
- South Vietnam
- By Product Types
- Demand
- Vietnam Cosmetics Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profiles
- O-Hui
- Pond’s
- Nivea
- Shiseido Company, Limited
- The Face Shop
- Maybelline
- Rohto
- Innisfree
- 3CE
- MAC Cosmetics
- Chanel S.A
- Other Prominent Players
*Financial Details Not Be Captured in Case of Unlisted Companies
The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
Methodology
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