Rising disposable income is driving the growth of the Vietnam Cosmetics Market, in the forecast period, 2023-2027F.
According to TechSci report on, “Vietnam Cosmetics Market – By Region, Competition Forecast & Opportunities, 2027” Vietnam cosmetics market is anticipated to grow with an impressive CAGR in the forecast period, 2023-2027 on the account of growing cosmetic products industry in the country. Surging demands from the younger population, and their intentions to follow the latest trends of makeup and selfcare is actively driving the growth of the Vietnam cosmetics market in the upcoming five years. Increasing product innovations, rapidly increasing technological advancement in the manufacturing of the beauty products is also supporting the growth of the Vietnam cosmetic market in the next five years. Consistent research over advancing the products, increasing demand for the herbal, and organic beauty products, and nature based skincare products haircare products, are further substantiating the growth of the Vietnam cosmetics market in the future five years. Also, increasing disposable income among the working class population be it male or female is further anticipated to influence market growth. Greater financial independence for working women, and surging attention to grooming by men are also some of the major driving factors of the market growth.
Moreover, construction of new shopping malls and department stores has created opportunities for global brands to directly reach out to affluent customers. Although due to COVID-19 guidelines to halt pandemic effect, offline distribution channels were shut down for a while, e-commerce channels, online platforms, and branded websites, are generating major revenues and aiding to the market growth in the forecast years. Convenience of home delivery and added schemes through multiple channels, telemarketing, etc. are also influencing consumers choice to opt for online platforms for the sales, and thus supports Vietnam cosmetics market growth in the forecast period.
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The Vietnam cosmetics market is segmented by category, distribution channel, competitional landscape, and regional distribution. Based on category, the market is further bifurcated into body care, hair care, color cosmetics, men’s grooming, fragrances, and others like talcum powder, face powder, hair removal creams, etc. Body care category is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the account of increasing concerns among the population regarding their physical appearances and beauty standards. Moreover, the demands are also increasing due to environmental factors. Increasing pollution, dirt & dust, along with increasing percentages of toxins in the air due to increased industrializations, etc. is further anticipated to drive the growth of the Vietnam cosmetics market in the next five years. Body care segment includes products like facial products, body lotions, moisturizers, etc. Hair care segment includes products like hair oils, hair cleansers, shampoos, hair serums, hair masks, conditioners, etc. The segment is anticipated to hold significant shares in the next five years due to increasing demands for the better hair care products. Demands from the female population for longer, stronger and shinier hair along with looking at the benefits of the organic products for hair, is further aiding the growth of the Vietnam cosmetics market in the forecast years. Fragrances subsegment is anticipated to register fastest growth in the upcoming five years due to increasing demands for luxury goods. Rapidly growing numbers of market players invested in providing luxury products like fragrances and increasing penetration from the global brands in the industry is also influencing the growth of the Vietnam cosmetics market in the next five years.
Market segments on the basis of distribution channel is further fragmented into general stores, supermarket/ hypermarket, specialty stores, online sales channel, and others like convenience store, departmental store etc. General stores are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the account of convenience of the consumers and availability of the multiple brands & their products at one place for the consumers to chose from. Moreover, online sales channel is anticipated to register fastest growth in the next five years on the grounds of developing e-commerce sector in the country. The market growth is majorly influenced of evolving consumer’s shopping behavior. Advantages of home delivery, multiple schemes, and offers for the regular customers, and subscribers of the services, are some of the influential methods of the e-commerce channels that promotes the market growth.
A partial list of major market players of the Vietnam cosmetics market includes
- Beiersdorf Vietnam co., ltd.
- Unilever Vietnam
- Procter & Gamble Company
- Estee Lauder Companies Inc
- L’Oréal Group
- Shiseido Company Limited
- Marico
- Star Pacific
- Thorakao
- Vedette
- Skina
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“Cosmetic industry in the country is expanding exponentially due to rapidly increasing demands for the products from young populations of the country. Surge in the demand for organic & herbal products and thus increasing research and development to satisfy the consumer demands meanwhile following the regulations of the authorities, is driving the growth of the market. Government’s stringent regulations, and schemes related to the products, their manufacturing and testing of authenticity all provide confirmations of customer satisfaction. New market players may invest in research and innovative product development along with the innovative packaging for future brand establishments,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Cosmetics Market By Category (Body Care, Hair Care, Color Cosmetics, Men’s Grooming, Fragrances, Others (Talcum Powder, Face Powder, Hair Removal Creams, etc.)), By Distribution Channel (General Stores, Supermarket/ Hyper Market, Specialty Stores, Online Sales Channel, Others (convenience store, departmental store etc.)) By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Vietnam cosmetics 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 cosmetics market.
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