Tổng quan thị trường mỹ phẩm tại vn

Overview of the cosmetics market in Vietnam

Vietnamese consumers are increasingly focusing on aesthetics and health, causing
increased demand for cosmetics and skin care products. This is also an area that is
not affected by the pandemic or the ups and downs of the market. The cosmetics
market in Vietnam is ranked among the most dynamic in the region. According to
information from some websites, the Vietnamese cosmetics market currently has a
revenue of about 15,000 billion VND a year, equivalent to 700 million USD. This
is a remarkable number, showing the development potential of the domestic
cosmetics industry. In the period from 2018 to 2022, the rate of using beauty
products increased from 76% to 86%, not only women but also men are
increasingly paying more attention to appearance and investment. more into beauty
products. Therefore, it is expected that the annual growth rate of this market will
remain at 15% to 20%.

1. Domestic products are asserting their position in the market:

Some of the main trends in the beauty industry in Vietnam include changes in
consumer psychology such as an increasing love for natural organic products, a
healthy lifestyle... to a preference for products. , technology from Japan, Korea and
Europe. The Vietnamese market also witnessed the strong development of
domestic cosmetic brands. Vietnamese cosmetic companies have grasped the
trends and needs of domestic consumers, and are able to compete with imported
brands.

The domestic cosmetics market in Vietnam is experiencing a period of positive
development, reflecting the growing interest in personal care and beauty
enhancement. The outstanding feature of this market is the diversity of brands,
from large enterprises with international influence to small and emerging

businesses. Domestic brands not only compete strongly with international

competitors but also demonstrate innovation and creativity in meeting diverse
customer needs.

The growing demand for skin care, makeup, and hair care products has created a
vibrant market. Domestic cosmetics businesses are actively investing in research
and development to offer high-quality products, while applying creative
advertising and marketing strategies to attract consumers' attention. use. In
addition, the growing trend of favoring natural and organic products has also
promoted the development of these product lines in the market. The emphasis on
safety and natural ingredients has become a decisive factor in consumer purchasing
decisions. Some domestic brands such as Thorakao, Saigon Cosmetic, Sao Thai
Duong, Cocoon,... are gradually starting to build a certain foothold in the scale of
the cosmetics market in Vietnam.

In total, the domestic cosmetics market in Vietnam is not only a diverse source of
personal care products but also a reflection of creativity and innovation in the
global cosmetics industry.

2. Imported products are dominating the market:

According to statistics from the US Department of Commerce, currently up to 93%
of personal care products consumed in Vietnam are of imported origin. Of which,
30% are dominated by products from Korea, followed by the European Union,
Japan, Thailand and the United States. Imported cosmetic brands such as Dior,
Chanel, Estee Lauder,... are still occupy a large market share. In addition, products
from China and Singapore are also currently occupying a certain percentage of the
Vietnamese market.

Through various media channels such as social networks, advertising campaigns,
or beauty tutorial blogs, idols and other famous faces from Korea have contributed

to creating a wave of beauty care. individuals and promote the development of the
cosmetics market in Vietnam. Cosmetics brands such as The Face Shop, Innisfree,
3CE,... all invite famous Korean singers or actors to represent the brand, including
the famous boy band BTS, SNSD,...

Thus, it can be seen that products from Korea have almost dominated the
cosmetics retail market in Vietnam. This is not surprising, because these brands
possess advantages in branding, product quality and widespread distribution
systems.

Potential market with many opportunities for cosmetic businesses, including both
domestic and foreign brands. However, businesses also need to pay attention to
some market challenges, including fierce competition, product price sensitivity and
a number of other challenges.

References

Minh. Nguyet. (2023). Thị phần mỹ phẩm Việt trị giá tỷ USD . Retrieved from
/>
My. Phuong. (2023). Thị trường làm đẹp, mỹ phẩm Việt Nam hấp dẫn thương hiệu
quốc tế. Retrieved from />hap-dan-thuong-hieu-quoc-te/301019.html

OCM. Vietnam. (2023). Thị trường mỹ phẩm Việt Nam 2023 với nhiều thay đổi
tích cực. Retrieved from />
Innovativehub. (2023). TỔNG QUAN THỊ TRƯỜNG MỸ PHẨM VIỆT NAM
2023. Retrieved from />pham-viet-nam-nam-2023/