The modern-day document posted via Report Ocean, titled “Vietnam Skin Care Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023 to 2031,” affords a complete evaluation of the industry, which includes insights on the market trends. The file additionally consists of competitor and regional analysis, and present-day developments in the market. This document can serve as a fantastic information for investors, researchers, consultants, advertising strategists and all these who are planning to foray into the market in any form.
According to Report Ocean, the Vietnam skin care products market was valued at $768.1 million in 2020, and is expected to garner $1,922.4 million by 2027, registering a CAGR of 11.7% from 2021 to 2027. The skin care products market exhibits an incremental revenue opportunity of $1,154.25 million from 2020 to 2027. Skin care involves the practice of improving skin integrity, enhancing appearance, and relieving skin conditions by using skin care products. Skin care products are manufactured using chemical compounds, medicinal herbs, or natural ingredients. They are sold in various forms, which include creams, lotions, serum, and face mask, among others.
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Although overall sales are affected due to economic downturn, the cosmetics or beauty products industry is a sector that remains impervious to the ups and downs in Vietnam. This is attributed to increasing usage of skin care products by women across the country. South Korea holds the highest share in terms of export of cosmetics to Vietnam, with 30% of market share in the cosmetics market
Korean brands are consistently expanding in terms of shopper base, predominantly in the skin care products segments. Around 90% of the cosmetics products are imported from foreign brands such as Estee Lauder, Lancome, Shiseido, Fendi, Clairins, and L’Oreal.
Moreover, some local cosmetics brands such as Thorakao, Saigon Cosmetic, Lana, Biona, and Sao Thi D??ng are focusing on strengthening their position in the market, though they garner a small share.
The growth of the Vietnam’s retail sector is driven by increase in middle-class population in Southeast Asia. Its middle-class population is expected to reach 33 million by the end of 2020 from 12 million in 2012, rising affluence of which is driving the market growth. In addition, presence of millennial in Vietnam, with 40% of its population below the age of 24. With higher inclination toward digital technology, millennial are driving the expansion of Vietnam’s e-commerce market, as they spend more time shopping on their digital devices than in physical stores.
With growing urbanization and an increasing number of consumers, particularly women, employed in large cities, modern and more regulated sales channels are becoming increasingly important in sale of cosmetics products. Supermarkets and department stores, for example, are gaining share from less formal channels such as outdoor markets. Consumers are attracted to the modern channels by the wide range of products they offer, their high quality, and the fact that the products sold are guaranteed to be genuine.
The Vietnam skin care products market is segmented into product type, demographics, age group, and sales channel. Depending on product type, the market is categorized into cream, lotion, and others.
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By demographic, it is bifurcated into male and female. On the basis of age group, it is segregated into generation X, millennial, and generation Z. As per sales channel, it is fragmented into supermarket/hypermarket, specialty stores, department stores, beauty salons, pharma & drug stores, and online sales channel.
Key market benefits for stakeholders
– The report provides extensive analysis of the current & emerging trends and opportunities in the Vietnam skin care products market.
– The report provides detailed qualitative and quantitative analyses of current trends and future estimations, which help understand the prevailing Vietnam skin care products market opportunities.
– A comprehensive analysis of factors that drive and restrict the growth of the Vietnam skin care products market is provided in the study.
– An extensive analysis of the market is conducted by following key product positioning and monitoring top competitors within the market framework.
– The report provides extensive qualitative insights on the potential & niche segments
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
In this report, the key questions answered:
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- What is the present day income contribution of distinct product kinds in the market and what are the predicted changes?
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