🌎Vietnam Skin Care Products Market Size, Share Report, Analysis, Trends, Growth(2024

The global market for skin care products in Vietnam was estimated to be worth USD 860.4 million in 2024 and is expected to grow to USD 1,920.70 million by the end of 2032, according to a report released by Zion Market Research. Over the course of the projection period, the market is anticipated to expand at a CAGR of 10.56%. The study examines the factors that will propel growth, provide challenges, and affect demand in the global Vietnam skin care products market over the course of the projected year. Additionally, it will aid in navigating and investigating new prospects in the business of Vietnam Skin Care Products Market.

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Introduction

Vietnam’s skincare products market is experiencing significant growth, driven by rising disposable incomes, increasing awareness of personal care, and the influence of global beauty trends. As a fast-developing country with a young, urban population, Vietnam has emerged as a key market for both local and international skincare brands. This article explores the dynamics of the Vietnam skincare market, key trends, and growth drivers that are shaping the future of this industry.

Vietnam Market for Skin Care Products: An Overview

Many Japanese and South Korean companies are aiming to expand their operations in Vietnam as the moment is right to take advantage of the prospects this market offers for skin care goods. Vietnam’s youthful technophile population is eager to try out newer, more sophisticated items, which will only serve to increase demand for them.

Due to a lack of product innovation, less appealing and affordable packaging, and poorer marketing tactics, local and regional companies offering grooming products lose out to international brands like Este Lauder, Colgate-Palmolive, and LOreal in the Vietnam skin care products market.

Vietnam Skin Care Product Market: Expanding Opportunities

One of the key driving forces for the need for skin care products in both men and women is the intense desire to look young. The ageing population has led to an increase in the number of beauticians and grooming influencers who focus on keeping skin smooth and youthful-looking by avoiding wrinkles, age spots, dry skin, and uneven skin tone. This has helped the skin care products market in Vietnam grow. However, a factor impeding the growth of the skin care products market in Vietnam is growing customer worries about the various potential side effects of skin care products, not only on an individual’s health but also on the environment.

Skin care products harm the environment by increasing the amount of chemical waste produced by industries, which deteriorates the soil and water they are released into. Additionally, a number of items can irritate and trigger allergies in those with delicate skin types. As a result of the reactions to parabens, perfumes, SLS (Sodium Lauryl Sulphate), phthalates, lead, triclosan, coal tar, oxybenzone, hydroquinone, and petrolatum, an increasing number of individuals are choosing natural skin care products. If these substances are misused for an extended length of time, it could have a harmful impact on the skin.

Market Segmentation for Skin Care Products in Vietnam

The market for skin care products in Vietnam can be divided based on age group, product type, distribution channel, and demography. The market is divided into male and female segments based on demographics. The skin care products sector in Vietnam is divided into two segments based on the kind of product: lotion and cream. The market can be divided into several categories based on the distribution channel, including beauty parlours, online shopping portals, speciality shops, supermarkets and hypermarkets, and pharmacies. The market is divided into three age groups: generation Z, generation X, and generation Y (millennials).

In terms of market share, the female subsegment leads the market based on demographics.

Due to men’s growing understanding of grooming and skin care, the male sub-category is expected to grow at a faster rate.

In terms of product type, the cream category is anticipated to hold a sizable portion of the Vietnamese market for skin care products, and this trend is most likely to continue in the near future.

Because more people are visiting supermarkets and hypermarkets, the distribution channel for these stores is expected to develop at the quickest rate during the projection period.

Millennials, often known as generation Y, may make up a sizable portion of the market based on age.

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Market Scope for Skin Care Products in Vietnam

Vietnam Market for Skin Care Products: Regional Overview

Vietnam’s retail industry has been growing at an impressive rate, thanks to Southeast Asia’s urban middle class population’s rapid expansion. Given that the population of Vietnam is comparatively younger, it is anticipated that the retail sector would continue to expand. Furthermore, the disposable earnings of the lower income groups are rising at an increasing rate, which will favourably influence their fashion sense and grooming preferences when it comes to cosmetics. These clients are more drawn to cutting-edge goods that deliver superior outcomes.Furthermore, one of the reasons driving the expansion of the skin care products market in Vietnam is expected to be the development of the country’s online retail platforms. Even if the use of internet retail platforms has increased, physical or offline platforms continue to control a sizable share of the retail market. According to the forecast, this tendency is here to stay.

Key Segments

The skincare market in Vietnam can be segmented into various categories:

Key Market Trends

Influence of Korean Beauty (K-Beauty) South Korea’s beauty and skincare products have had a profound impact on the Vietnamese market. K-Beauty, known for its innovative products like sheet masks, BB creams, and serums, has resonated well with Vietnamese consumers, particularly younger generations. Local retailers and e-commerce platforms are increasingly offering Korean skincare brands, contributing to the rise in demand.
Shift Towards Natural and Organic Skincare Vietnamese consumers are becoming more aware of the ingredients in their skincare products. As a result, there is a noticeable shift towards natural and organic products. Brands that emphasize clean, plant-based ingredients, free from harsh chemicals, are gaining popularity, as consumers seek healthier and safer options for their skin.
Rising Demand for Anti-Aging Products With an aging population and increasing exposure to global skincare trends, the demand for anti-aging products has surged in Vietnam. Serums, creams, and lotions that promise to reduce wrinkles, fine lines, and promote youthful skin are highly sought after, especially by the growing middle-aged population.
E-Commerce Boom The rise of e-commerce has been instrumental in boosting the skincare market. Online platforms like Lazada, Shopee, and Tiki have made it easier for consumers to access a wide variety of skincare products. This digital shift allows both local and international brands to reach a broader audience and cater to the evolving needs of tech-savvy consumers.

Competitive Landscape

Local Brands vs. International Players The Vietnamese skincare market is characterized by a mix of local and international brands. Local brands such as Thorakao and Saigon Cosmetics are gaining recognition for offering affordable, effective skincare products tailored to Vietnamese skin types and conditions. However, global giants like L’Oréal, Shiseido, and Estée Lauder continue to dominate the premium segment, thanks to their strong brand reputation and innovative offerings.
Collaborations and Influencer Marketing Brands are increasingly collaborating with beauty influencers and celebrities to promote their products on social media. Influencer marketing has proven to be an effective strategy in Vietnam, where beauty tutorials, product reviews, and recommendations have a significant impact on purchasing decisions.

Consumer Behavior

Youth-Driven Market Vietnam’s young, tech-savvy population is a major driver of the skincare market. Consumers in their 20s and 30s are highly engaged in skincare routines, often influenced by beauty trends from countries like Korea and Japan. This demographic is more willing to experiment with new products and is highly active on social media platforms, where they seek product recommendations and reviews.
Rising Awareness of Sun Protection With increasing concerns about sun damage and skin health, Vietnamese consumers are showing greater awareness of the importance of sun protection. Sunscreens and products with SPF have become essential components of daily skincare routines, especially in urban areas where pollution and sun exposure are prevalent.

Challenges and Opportunities

Price Sensitivity While premium skincare products are in demand, price sensitivity remains a challenge for brands looking to penetrate the mass market. Many consumers are still highly price-conscious, opting for affordable alternatives without compromising on quality.
Regulatory Hurdles Vietnam has strict regulations regarding the import and sale of cosmetics, which can pose challenges for international brands entering the market. Navigating these regulatory requirements, including product registration and labeling, is crucial for successful market entry.

Future Outlook

The future of the skincare market in Vietnam looks promising, with expected growth driven by evolving consumer preferences and increased product availability through e-commerce channels. The demand for natural and organic products, along with innovations in anti-aging and sun protection, will shape the market’s trajectory. International brands will need to adapt to local tastes and preferences while offering high-quality, affordable solutions to compete with domestic brands.

Conclusion

Vietnam’s skincare market is rapidly evolving, with local and international brands competing for a share of the growing consumer base. Key trends such as the popularity of K-beauty, the shift towards natural products, and the rise of e-commerce are redefining the beauty landscape. With consumers becoming more aware of skincare routines and the importance of skin health, brands that can meet the demand for innovation, quality, and affordability will thrive in this dynamic market.

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