Tiếng Việt
한국어- Overview of Vietnam cosmetic market
In 2022, the Vietnamese cosmetic market is about 2.3 billion USD (According to Mintel). According to research by Statista, the growth rate of the number of cosmetic stores nationwide increased by 40%, from 87 in 2021 to 124 in 2022. Most of the stores are concentrated in two major economic centers Hanoi and Ho Chi Minh City. This is a market that experts believe has a lot of potential and good growth.
According to VIRAC, Vietnam’s cosmetics & personal care market is forecast to continue its growth momentum in 2023 with the following factors:
Vietnamese consumer income in 2023 tends to return to normal level. Spending on cosmetics is forecast to increase in the near future. This will be a positive sign for the cosmetics industry in Vietnam.
The strong development of social media platforms has created a new trend of cosmetics consumption in Vietnam.
According to another survey:
93% of women aged 25-32 use skin care products regularly.
They buy cosmetics in mainly three channels: brand stores, health & beauty chains, and e-commerce sites.
The Vietnamese cosmetic market is growing at a rapid rate. Consumption for beauty products and services is now a fixed expense. And there is an increasing trend, becoming an essential need of families.
2. Cosmetic market report on product demand
Cosmetic market report on demand by age
According to the report, the average monthly cost of beauty products by age groups:
25 – 32 years old: 700,000 VND
33-39 years old: 610,000VND
40 years old and above: 590,000 VND
Thus, the age group from 25-32 is the most potential customer group because the frequency of product use and the cost of beauty care are on the top.
Cosmetics market report on demand by income
Through the research report on the Vietnamese cosmetics market, we can see that the higher the consumer’s income, the more he spends on cosmetics. This is a good signal for the market.
Source: cleverads.vn