Vietnam Skin Care Products Market Outlook
According to the report by Expert Market Research (EMR), the Vietnam skin care products market size reached a value of USD 1.20 billion in 2023. Aided by an increasing awareness of skincare routines among the Vietnamese population and a growing interest in both international and local beauty brands, the market is projected to further grow at a CAGR of 9.5% between 2024 and 2032 to reach a value of USD 2.79 billion by 2032.
Skincare products are a broad range of items specifically formulated to maintain, improve, or enhance the health and appearance of the skin. These products are designed to cater to various skin types and conditions, offering solutions for hydration, cleansing, exfoliation, protection, and repair. The primary goal of skin care products is to keep the skin in a healthy condition, addressing concerns such as dryness, oiliness, acne, ageing signs, and sensitivity.
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In Vietnam, skincare is not just a regimen; it is an evolving culture that spans all age groups and demographics. The Vietnam skin care products market growth is fuelled by a robust demand for a wide range of products, from basic moisturisers and sunscreens to advanced anti-ageing and skin whitening treatments. This demand is underpinned by a deep-rooted belief in the importance of skin health as a cornerstone of overall wellness and beauty.
As the Vietnamese economy continues to grow, so does the disposable income of its population. This financial empowerment enables consumers to invest more in premium skincare products, driving Vietnam skin care products market expansion. There’s a growing awareness among Vietnamese consumers about the importance of skin health, thanks to widespread access to information via the internet and social media. This has led to a more informed consumer base that is keen on maintaining healthy skin through the use of various skincare products.
The influence of Korean and Japanese beauty standards (K-Beauty and J-Beauty) has been significant in shaping the preferences and practices of Vietnamese consumers and boosting the Vietnam skin care products market share. The popularity of these beauty regimes, known for their emphasis on skincare, has spurred the demand for related products in Vietnam.
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There is an increasing trend towards natural and organic skincare products among Vietnamese consumers. This shift is driven by a growing concern for health and the environment, leading to a higher demand for products formulated with natural ingredients. As per the Vietnam skin care products market analysis, the expansion of both online and offline distribution channels has made skincare products more accessible to consumers across Vietnam. E-commerce platforms, in particular, have seen a surge in skincare product sales, thanks to the convenience and variety they offer.
Local brands have the opportunity to leverage their understanding of Vietnamese skin types and preferences to formulate products that cater specifically to the skin care products market in Vietnam. Meanwhile, international brands can capitalise on their global reputation for quality and efficacy to capture and expand their market share in Vietnam.
Vietnam’s skincare market benefits from cutting-edge formulation technologies that enable the creation of highly effective, multifunctional products. These innovations include encapsulation technology, which ensures active ingredients are delivered more effectively to the skin, and fermentation technology, used to enhance the potency of natural ingredients. Such advancements allow for products that offer targeted solutions for specific skin concerns, such as ageing, acne, and hyperpigmentation, appealing to consumers seeking personalised skincare regimes. As per the Vietnam skin care products market outlook, technological innovations extend to personalised skin analysis tools, which are becoming increasingly popular in Vietnam. These tools, available as smartphone apps or in-store devices, use artificial intelligence (AI) and machine learning to assess skin conditions and recommend products tailored to individual needs.
Vietnam Skin Care Products Market Segmentation
The market can be divided based on type, product, ingredient, gender, price category, and distribution channel.
Market Breakup by Type
- Facial Care
- Body Care
- Others
Market Breakup by Product
- Face Creams and Moisturisers
- Cleansers and Face Wash
- Face Masks and Packs
- Sunscreen
- Body Creams and Moisturisers
- Body Wash
- Others
Market Breakup by Ingredient
- Natural
- Chemical
Market Breakup by Gender
- Men
- Women
- Unisex
Market Breakup by Price Category
- Premium
- Mass
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Speciality Stores
- Online
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Vietnam skin care products market. Some of the major players explored in the report by Expert Market Research are as follows:
- Shiseido Co Ltd.
- Unilever PLC
- L’Oreal SA
- Estee Lauder Companies Inc.
- Procter & Gamble Company
- Beiersdorf AG
- Revlon, Inc.
- Amorepacific Corporation
- DECIEM Beauty Group Inc.
- Saigon Cosmetics Corporation
- Marico Limited
- Others
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