Tiếng Việt
한국어In Vietnam, cosmetic processing companies in the form of ODM and OEM are increasingly developing. Cosmetic processing has become a popular tendency in the world today with sales reaching nearly 50 billion USD in 2018 and is expected to reach more than 70 billion by 2026. Vietnam has over 96 million people and according to statistics of Q&M, the demand for cosmetics in Vietnam tends to increase sharply.
According to a recent report, 73% of survey subjects used skin care products at least once a week or more often. The number of people who makeup every day increased to 30% and the number of people who did not makeup at all decreased from 24% (2016) to 14% (2019).
However, the current Vietnamese cosmetic market is still largely a game of multinational corporations from abroad. According to data provided by the Ho Chi Minh City Cosmetics Chemical Association, Korea accounts for the largest proportion of foreign cosmetics sales in Vietnam with 30% market share. The EU comes in second with 23%, followed by Japan (17%), Thailand (13%) and the US (10%), the rest of the countries contributing 7%. According to Nielsen research, the market share of domestic cosmetics enterprises is only about 10%.
Currently, in Vietnam, cosmetic processing companies in the form of ODM and OEM have been gradually formed and developed, in Hanoi alone, there are currently 70 comapanies granted the Certificate of Eligibility to product cosmetic.
With the advantage in price as well as the understanding of the domestic market and the habits of Vietnamese consumers, domestic cosmetic processing companies have created quality products at affordable prices. and especially suitable for Vietnamese skin, step by step affirming the position of the US and Vietnamese parts in the market.
Source: GMPC Viet Nam