Cosmetics market in Vietnam - Statistics & Facts

In a global comparison, the Asia Pacific region accounts for the largest share of the cosmetic market. Its market size was forecasted to reach around 127 billion U.S. dollars by 2020. Within the region, Vietnam has become a promising market for cosmetics manufacturers. As the demand of consumers has been increasing, Vietnam's import of cosmetics has more than doubled from about 355 million U.S dollars in 2010 to over 790 million U.S. dollars in 2018. Notably, the import value has been considerably higher than the export value in the last years. Leading traded goods include perfumes, make-up and skin care products.

Within the ASEAN region, Vietnam's market size of health and beauty specialist retailers was highest among its neighboring countries. However, buying cosmetics online has also become more common in the past years. Across Southeast Asia, beauty items ranked third in popularity for being purchased online after fashion apparel and electronics. Among the Vietnamese, Shopee, Lazada and Tiki were not only favored for fashion but for purchasing beauty products as well. Popular beauty brands included Unilever's brand Pond's, German brand Nivea and domestic brand Acnes. Within the ranking, Acnes was the only domestic brand that made it on the list. This shows that Vietnamese brands still lack attractiveness compared to foreign major brands such as The Face Shop, L'oréal, Shiseido or Laneige.

Consumer spending among the Vietnamese looks promising with a rising middle class population and changing shopping behaviors among young shoppers. On average, female consumers spent more money on make-up than on skin care with expenses mostly ranging from 300 thousand VND to 500 thousand VND. Trends in the Vietnamese beauty industry include K-beauty and multi-step cleansing to address main skin care concerns such as acne, large pores and dark under eyes. Among skincare shoppers in Vietnam, the majority still preferred a 1-step skincare routine although it recently lost its appeal while 2-step and 3-step routines have gained popularity.

With the monopoly of foreign brands, the Vietnamese beauty industry leaves great potential for the domestic market. Nevertheless, domestic brands' largest challenge is a successful market penetration while international brands will try to keep up with the competition. In addition, changing consumer behaviors and technological innovations will require adaptability.

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Cosmetics market in Vietnam

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