Vietnam Cosmetics Market expected to boost by the rapid pace of urbanization and the surge in income levels in Vietnam
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The Vietnam Cosmetics market projected to grow with a notable rate during the estimated period 2019-2027, owing to the higher demand for products enriched with natural ingredients. Vietnamese consumers believe that these products are safer, better quality, environmentally friendly, and more effective. Additionally, the aging of the population, an increase in the number of the middle class, and rapid urbanization projected to propel the Vietnam Cosmetics market in the forecast period. In 2017, households with per capita disposable income US $ 5,000 to $ 15,000 accounted for 34%, which are estimated to reach 49% by 2030.
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Moreover, the growth of the Vietnamese middle-income population and their changing preference for high-quality cosmetics is a major factor anticipated to grow the Vietnam cosmetics market. Additionally, the rise in internet penetration in Vietnam, along with the growth of Vietnam's economy, more people are expected to go online in the next few years. These factors will accelerate the Vietnam cosmetics market. Furthermore, the advantage for Vietnamese cosmetics manufacturers is that they can use Vietnam's rich and diverse natural raw materials, including essential oils, mint, lemon vanilla, and anise, which exhibited to influence the Vietnam cosmetics market. Also, the rapid development of Vietnam's economy, coupled with the development of the retail industry, will foster the Vietnam cosmetics market.
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Additionally, changing Vietnam's consumer preferences for organic and natural cosmetics, increasing consumer awareness, and a rise in disposable income expected to promulgate the Vietnam cosmetics market soon.
Product Type Overview in the Vietnam Cosmetics Market
Based on Product Type, the Vietnam Cosmetics Market categorized into Hair Care, Skin Care, Bath and Shower Products, Makeup & Color Cosmetics Products, Fragrances & Deodorants. Hair Care and Skin Care expected to dominate Vietnam Cosmetics owing to the rising spending power and improved standards of living. Consumers in Vietnam have become increasingly conscious about using products deemed safer for health and public consumption.
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Distribution Channel Overview in the Vietnam Cosmetics Market
Based on the Distribution Channel, the Vietnam Cosmetics market classified into Beauty Parlors/Salons, Multi Branded Retail Stores, Online Channels, Supermarkets/Hypermarkets, Exclusive Retail Store, and Others. Online Channels projected to generate maximum revenue due to the rapid surge in internet users in Vietnam, along with an increase in the average income and the healthy development of social networks.
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Vietnam Cosmetics Market: Competitive Landscape
Companies such as O-Hui, Pond's, Nivea, Shiseido Company, Limited, The Face Shop, Maybelline, Rohto, Innisfree, 3CE, MAC Cosmetics, Chanel S.A are the key players in the Vietnam Cosmetics Market.
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