Vietnam Cosmetics Market Trends, Analysis, and Future Outlook

Vietnam Cosmetics Market Projected to Expand at 4.2% CAGR Through 2030

The Vietnam Cosmetics Market size was valued at around USD 2.5 billion in 2024 and is projected to reach USD 3.2 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 4.2% during the forecast period, i.e., 2025-30. This growth is attributed to various factors. There is a growing demand for cosmetics from the rising middle-class population in the region which has a considerable share of the personal care market. There are around 97 million middle-class persons in Vietnam in 2023 which stands to be 13% of the total population and is the biggest consumer segment for cosmetics and is projected to reach 26% in 2026. With a rise in disposable income, and per capita income projected to reach around USD 7,500 by 2030, consumers are giving priority to beauty and personal care. Consequently, this consideration made global brands like L'Oreal and Unilever become very aggressive investors in the market as local brands expanded their product range. This dynamic environment underscores the Vietnamese cosmetics industry's rapid evolution, driven by the growing middle class's increasing purchasing power and changing consumer habits.

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Strategic Takeaways from the Report:

Market Sizing and Forecasting
Regulatory and Policy Influence
Competitive Trends and MA Activity
Innovation Drivers and Disruptive Technologies
Investment Hotspots and Emerging Niches
Geographical Dynamics and Trade Flows

Vietnam Cosmetics Market Segment Overview Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Category

Conventional- Market Size Forecast 2020-2030, USD Million
Organic- Market Size Forecast 2020-2030, USD Million

By Product Type

Skin and Sun Care Products- Market Size Forecast 2020-2030, USD Million
Hair Care Products- Market Size Forecast 2020-2030, USD Million
Deodorants and Fragrances- Market Size Forecast 2020-2030, USD Million
Makeup and Color Cosmetics- Market Size Forecast 2020-2030, USD Million
Others

The Sun and Skin Care Products segment leads the industry with a 43% market share. Several reasons are sought for the process of domination. They range widely from awareness of protection given to skin and sun due to rising health consciousness about beauty trends, social media, and beauty influencers captivating their way into skincare rites, Vietnam's tropical climate demanding phenomenal sun care products, even middle classes choosing to pamper their prism on quality skin care, with disposable incomes comparatively greater. The preference for products imparting health promise, such as anti-aging and hydration, continues letting upward trends of skin and sun care consumables.

By Gender

Men- Market Size Forecast 2020-2030, USD Million
Women- Market Size Forecast 2020-2030, USD Million
Unisex- Market Size Forecast 2020-2030, USD Million

Based on Gender, the Women segment leads the Vietnam Cosmetics Market. It holds approx. 75% of the total market share. The reasons for total dominance are multifarious. Women are the predominant consumers of all beauty and personal-care products, followed closely by their pointed ideas about skincare, make-up, and hair care. Social media and beauty influencers creating market trends and user buying behaviors have taken leaps forward. Furthermore, growing disposable incomes and urbanization in the female demographic have empowered them to lavishly spend on beauty and self-care. The increasing interest in the Western and Korean beauty trends also feeds the growing segment.

By Distribution Channel

Supermarkets and Hypermarkets- Market Size Forecast 2020-2030, USD Million
Specialty Stores- Market Size Forecast 2020-2030, USD Million
Pharmacies- Market Size Forecast 2020-2030, USD Million
Online Stores- Market Size Forecast 2020-2030, USD Million
Others

By Region

Northern
Southern
Central.

These divisions help clarify demand patterns and expected shifts.

Market Opportunities

Increasing Demand for Men's Cosmetics – The demand for men’s cosmetics is on the rise attributed to various factors like changing cultural mindsets about male grooming, social media influence, and greater acceptance of skincare and haircare products. This is bringing several opportunities for the market players. In Vietnam, the men's cosmetics market accounted for about USD 30 million in 2022, equivalent to 1.3% of the total market. Over the forecast period, the market for men's grooming products is expected to increase by about 9.1% per year. This has served as a major driver for exploration in the segment both by domestic and international brands. More products for male grooming that include face wash, hair skincare, and others are introduced for this. Brands like Obagi Medical Group and BTL Aesthetics have started catering specifically to male consumers in Vietnam and exploring this opportunity for establishing market growth.

Vietnam Cosmetics Market Competitive Snapshot from 2025-2030

The report highlights established and emerging players in the global Vietnam Cosmetics Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

L'Oréal Vietnam Co., Ltd.
Unilever Vietnam International Company Limited
Estee Lauder (Vietnam) Limited
Beiersdorf Vietnam Co., Ltd.
Procter Gamble Vietnam Company Limited
Shiseido Cosmetics Vietnam Co., Ltd.
Marico Limited
Chanel, Inc.
MON Trading Co., Ltd. (Vedette)
YLV Company Limited (The Skinna)
Amore Pacific Vietnam
Cocoon

Their activities include partnerships, product launches, and geographic expansions.

Vietnam Cosmetics Industry Prime Challenge

High Tariff Rate on Cosmetics Impending Market Growth – High tariff rates on cosmetics pose a significant challenge to the growth of the Vietnam Cosmetics Market with charges like VAT, Preferential Import Duty, Normal Import Duty, and others. In Vietnam, imported cosmetics are subject to tariffs ranging from 10%-33% in 2024, depending upon the product category. These high duties increase the cost for the consumer and reduce the variety to choose from in the market. Whereas beauty and skincare products are subjected to tariffs from 10% to 27%, certain items, such as anti-acne preparations and face creams, are subjected to tariffs from 10% to 15% in 2024. Such tariffs prejudiced the competition of foreign brands with domestic products, thus potentially impeding innovation and limiting consumer choice. The high costs discourage foreign investments in the Vietnamese cosmetics industry, thus threatening its growth.

Frequently Asked Questions (FAQs):

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