Welcome to our blog post, where we delve into the cosmetics market in Vietnam from 2018 to 2020. Based on the report from Statista, we will provide an overview of the market, examine consumer behavior, and discuss the opportunities and challenges that lie ahead for cosmetic brands in Vietnam.
I. Market Overview:
The cosmetics market in the Asia Pacific region has experienced robust growth, with an average annual growth rate of 5.23%. In 2020, the market size reached a remarkable 126.86 billion USD, indicating significant growth compared to the figures from 2015. Vietnam’s cosmetics market has also witnessed substantial expansion, growing by 1.3 times from 1.78 billion USD in 2016 to 2.35 billion USD in 2018. Furthermore, the revenue generated in the Vietnamese cosmetics market reached an impressive 8.3 trillion VND in 2018, nearly doubling the revenue recorded in 2013, which stood at 4.2 trillion VND. Notably, the main channels for beauty product sales in Vietnam include beauty stores, online platforms, general trade, and street shops.
II. Retail and Brands:
Vietnam emerges as a key player in the cosmetics market, boasting an estimated market value of nearly 9.7 million USD in 2018. Projections indicate that this value is expected to witness a substantial increase of 74%, reaching 16.785 million USD by 2022. Among the various channels available for cosmetics shopping in Vietnam, department stores, brand stores, online websites, supermarkets, and cosmetic shops rank among the most popular choices. Additionally, when it comes to beauty brands preferred by female consumers in Vietnam, notable names include Nivea, Pond’s, The Face Shop, Innisfree, and L’Oréal Paris.
III. Leading Products:
Skincare products hold a prominent position in the cosmetic preferences of Vietnamese consumers. Facial cleansers, sunscreen, facial masks, moisturizers, and eye creams are widely used and sought after. On the makeup front, lipstick takes the lead as the most popular product, closely followed by eyebrows, mascara, foundation, blush, and other makeup essentials.
IV. Consumer Behavior:
Vietnamese women exhibit diverse skin types, with combination skin being the most common, followed by oily, normal, dry, and sensitive skin. When it comes to skincare concerns, female consumers in Vietnam prioritize addressing issues such as acne, enlarged pores, dark under-eye circles, acne scars, anti-aging, oily skin, dark spots, wrinkles, freckles, and dry skin. The factors influencing cosmetics purchases encompass several key aspects, including country of origin, ingredients, non-damaging nature to the skin, effectiveness, price, product reviews, brand reputation, scent, recommendations from friends, promotional offers, and recommendations from store staff.
V. Online Shopping:
E-commerce platforms such as Shopee, Lazada, Tiki, and Sendo have gained significant popularity as preferred channels for purchasing cosmetics in Vietnam. Social media platforms, particularly Facebook and Instagram, play a crucial role in facilitating online cosmetics shopping. Vietnamese online shoppers leverage promotional campaigns to make cost-effective purchases while enjoying the convenience and accessibility of online shopping.
In conclusion, The Vietnamese cosmetics market is projected to continue growing, fueled by digital technology and the impact of the pandemic. This presents both opportunities and challenges for domestic and international cosmetic brands.
The key points from the cosmetics market in Vietnam report for 2018 to 2020 are:
- The cosmetics market in the Asia Pacific region has shown consistent growth, with Vietnam’s market experiencing a significant increase.
- Beauty stores, online platforms, general trade, and street shops are the main channels for cosmetics sales in Vietnam.
- Nivea, Pond’s, The Face Shop, Innisfree, and L’Oréal Paris are among the most popular beauty brands among Vietnamese consumers.
- Skincare products such as facial cleansers, sunscreen, masks, moisturizers, and eye creams are widely used.
- Lipstick, eyebrows, mascara, foundation, and blush are the most popular makeup items.
- Vietnamese women have diverse skin types and various skincare concerns, with acne and enlarged pores being common.
- Factors influencing cosmetics purchases include country of origin, ingredients, effectiveness, price, and product reviews.
- Online shopping, particularly through e-commerce platforms like Shopee, Lazada, and Tiki, has gained popularity.
If you have any inquiries or would like to explore the Vietnamese cosmetics market further, we are here to support. For further insights and assistance, please don’t hesitate to contact our team.
