the male segment is likely to maintain the key annual growth rate of 12.4%
PORTLAND, OREGON, UNITED STATES, May 25, 2023 /einpresswire.com/ — According to a new report published by Allied Market Research, titled “Vietnam skin care products market by Product Type, Demographics, Age Group and Sales Channel: Opportunity Analysis and Industry Forecast , 2021 –2027, the skincare market size in Vietnam was estimated at $854.3 million in 2019 and is expected to reach $1,922.4 million in 2027, growing at a CAGR of 11.7% from 2021 to 2027.
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Foreign brands such as L’Oreal, Estée Lauder, Unilever and Colgate-Palmolive hold a significant share of the skincare market as domestic companies remain weak in innovation, packaging, marketing and promotion. For example, many cosmetic brands from South Korea and Japan are focusing on strengthening their foothold in Vietnam. Vietnam’s young, tech-savvy population is eager to try new products, further contributing to the expansion of concept stores.
To optimize conversion rates, fashion retailers are considering the omnichannel model – an approach that offers customers an integrated shopping experience – to expand their online and offline transactions.
With a rapid rise in the middle class in Southeast Asia, Vietnam has experienced remarkable growth in its retail trade. This market trend for skin care products in Vietnam is expected to continue in the near future due to the presence of relatively young populations. Low-income consumers are witnessing an increase in their purchasing power, which is expected to affect their purchasing preferences regarding cosmetics products. Such consumers were increasingly attracted to more modern products, which often offer added value.
Moreover, the expansion of digital retail channels in Vietnam is one of the key trends expected to contribute to the growth of the market. Despite the increasing penetration of digital channels, physical channels continue to dominate the retail sector and this trend is expected to continue during the forecast period of the Vietnamese skincare market.
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A strong desire among men and women to maintain their youthful appearance has fueled the growth of the skin care products industry. In addition, the rapidly aging demographic has led to a surge in the demand for anti-aging products to prevent wrinkles, age spots, dry skin and uneven skin tone, thus boosting the growth of skin care products market in Vietnam.
According to a report by the Society of Cosmetics of Ho Chi Minh City Foreign, cosmetic brands dominate the market in Vietnam with currently more than 400 foreign cosmetic companies representing 90% of the Vietnamese market share. Out of 400 foreign cosmetics companies, Korean brands have the highest share of 30%, followed by brands from European countries (23%), Japan (17%), Thailand (13%), USA (10%) and other countries (7% ).
The major players operating in skin care products in Vietnam are the L’Oréal Group, the Procter & Gamble Company, Unilever Vietnam, Estee Lauder Companies Inc., Shiseido Company Limited, and Avon Products Inc. The local companies include Dai Viet Huong Company Limited and Saigon Cosmetics Corporation.
According to Vietnam skin care products market analysis, the market has been segmented into product type, demographic, age group and sales channel. Depending on the product type, the market is divided into cream, lotion and others. By demographics, it is split into male and female. Based on age group, it is divided into generation X, millennial and generation Z. By sales channel, it is divided into supermarket / hypermarket, specialty stores, department stores, beauty salons, pharma and drug stores and online sales channel.
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Key findings of the study
Based on product type, the cream segment held the largest skincare market share in Vietnam in 2019 and is likely to remain dominant over the forecast period.
Based on demographics, the male segment is likely to maintain the key annual growth rate of 12.4%.
Based on age group, millennials held the largest share of the Vietnamese skincare market.
The supermarket/hypermarket sales channel is likely to reach $493.5 million in the Vietnamese skincare market by 2027.
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