COSMETICS
INDUSTRY
IN VIETNAM
THE VIETNAMESE COSMETICS MARKET IS EXPANDING AT AN ANNUAL GROWTH
RATE OF APPROXIMATELY 6%
COSMETICS MARKET REVENUE COSMETICS MARKET VALUE
Skin care
(Source: Statista Market Insights, 2023) (Source: Statista Market Insights, 2023)
products reign
US$ 528.9M US$ 619.5M US$ 2.63M
In 2023 In 2028 In 2022 supreme in
terms of
Expected to growth annually (CAGR Cosmetics market US$ 770M US$ 1.92B consumption.
2023 - 2028) by 3.21% size was worth In 2020 In 2027
COSMETICS MARKET'S REVENUE COSMETICS MARKET'S CATEGORIES
(Source: Statista Market Insights, 2023) (Source: Nielsen, 2022)
546.27 563.3
600
528.91
473.05
399.3 Haircare Skincare Bath & shower Make up Fragrances &
375.91 products products Deodorants
400
in million USD (US$)
Skin care products are the most popular with more than 60%
200 of consumers using them on daily basic. Vietnamese women
spend money on makeup with the cost range from US$ 13-20.
0
2020 2021 2022 2023 2024 2025 125
SALES CHANNELS (%)
(Source: Statista Market Insights, 2023)
Vietnam’s cosmetics stores has increased by 40%. 100
87% 128%
In 2021 In 2022
75
Offline
79.5 75.7 78.7 80.1 78.1 75.7
VIETNAMESE COSMETIC RETAIL CHAINS IN 2023
REACHED A SCALE OF USD BILLIONS 50 Online
(Source: Vietdata's 2022 Vietnam Retail Comestic Chain Market Report)
25
20.5 24.3 21.3 20.0 21.9 24.3
0
2020 2021 2022 2023 2024 2025
MAJOR AND HIGH-END FOREIGN COSMETICS COMPANIES HAVE OPENED REPRESENTATIVE OFFICES OR
SOLD THROUGH DISTRIBUTORS
(Source: Vietnam Briefing, 2022)
EXPECTED REVENUE OF VIETNAM COSMETICS RETAIL MARKET REVENUE OVER THE YEAR IN EACH CATEGORIES
(Source: Vietdata's 2022 Vietnam Retail Comestic Chain Market Report. Statista) (Source: Statista, 2022)
3
2.69
2.52 2.6
2.44 Eyes Face Lips Natural Cosmetics
2.36
2.2
2019 141.7 103.7 112.9 49.5
1.96 2.01
in billion USD (US$)
2
2020 142 103.1 112.9 49.3
in US$ (millions)
2021 153.5 110.9 122 53.2
1
2022f 165.4 119.3 131.5 57.4
2023f 177.6 128.3 141.4 61.9
0
2020 2021 2022 2023 2024 2025 2026 2027 0 200 400 600
TOP COSMETICS BRANDS ARE DOMINATING VIETNAM’S LOCAL COSMETICS MARKET
(Source: Enterprise Asia)
UP TO 93% OF PERSONAL CARE PRODUCTS IN VIETNAM ARE IMPORTED
VIETNAM'S COSMETICS EXPORT AND IMPORT VALUE Up to 93% of personal care products in Vietnam are imported, with
AMONG ASEAN COUNTRIES South Korea being the leading exporter, followed by Europe, Japan,
(Source: Euromonitor International, 2023) Thailand, and the US. Domestic brands represent less than 10% of total
consumption and primarily focus on affordable, lower-end products.
Import value Export value
Vietnam 77% 23%
Korea is the dominant cosmetics exporter to Vietnam, with the
Thailand 42% 58% market share of US$ 187.59M
Singapore 31% 69%
Philippines 92% 8% Europe countries, have a 23% market share in Vietnam.
Myanmar 99% 1%
Malaysia 71% 29% Japan is the third importer of cosmetics with a 17% market share.
Laos 79% 21%
Indonesia 59% 41%
Cambodia 98% 2%
Thailand accounts for 13% market share.
Brunei 98% 2%
0 25 50 75 100
The United States has a 10% in Vietnam’s cosmetics imports.
(Source: US Department of Commerce)
The cosmetics trade deficit accounts for the majority in ASEAN
countries (except Singapore and Thailand).
IMPORT VALUE OF COSMETIC PRODUCTS TO VIETNAM IN 2022,
COSMETICS PRODUCTS IMPORTS BY TRADE PARTNER
(Source: International Trade Administration, 2021, Vietnam Briefing) (Source: Statista, 2023)
Beauty and personal care Import value
imports accounted for US$ 954M In 2019 South Korea 327.02
France 90.22
Vietnam’s most prominent imports of beauty
Singapore 87.73
products include:
in US$ (millions)
Japan 66.7
The US 21.3
Thailand 15.18
Germany 14.7
facial cleansers and lipsticks for grooming/shaving
Spain 11.9
moisturizers women products for men
Hong Kong 7.28
Australia 6.66
0 100 200 300 400
Foreign players’ dominance in the market is
mainly due to the Vietnamese’s preference for
In 2022, Vietnam imported around 327 million U.S. dollars worth of cosmetics from South
imported products. Vietnamese consumers Korea, followed by France, Singapore, and Japan. South Korean beauty products, also
perceive foreign brands as having higher known as K-beauty, are particularly popular among Vietnamese consumers, thanks to
quality and a wider variety of products that the influence of Korean pop culture.
can cater to individual needs.
VIETNAM RANKS 5TH AMONG ASEAN COUNTRIES IN TERMS OF
COSMETIC EXPORT VALUE
In 2022, Japan was the leading import market for cosmetics from EXPORT VALUE OF COSMETIC AND SKINCARE PRODUCTS FROM
Vietnam, amounting to nearly 25.3 million U.S. dollars. VIETNAM FROM 2016 TO 2022
(Source: Statista, 2023)
EXPORT VALUE OF COSMETIC PRODUCTS FROM VIETNAM IN
2022, BY TRADE PARTNER 125
(Source: Statista, 2022)
100.57
Japan 25.3 100 92.77
in US$ (millions)
Mainland China 11.25 82.46
Thailand 10.7 71.83 72.75
in US$ (millions)
75 67.41
63.51
The US 8.73
Hong Kong 7.3 50
South Korea 2.92
Malaysia 14.7
25
Singapore 1.1
Canada 1.05
0
0 10 20 30 2016 2017 2018 2019 2020 2021 2022
OPPORTUNITIES AND CHALLENGES FOR NEW AND CURRENT PLAYERS
More and more Vietnamese people are caring about their health and checking what's in the beauty products they
buy. This gives a chance for cosmetics companies to grow in Vietnam and start selling beauty products there.
OPPORTUNITIES
Rising demand for Abundant supplies of Increasing health
Growing market
organic products organic ingredients consciousness
CHALLENGES
Market Instability due to Depend on Price Sensitivity of Preference for Asian-
K-Beauty trends, which Celebrity Young Vietnamese made Products
change rapidly Endorsements
EMERGING TRENDS IN VIETNAM COSMETICS INDUSTRY
The increase of online Green brand Skincare for Microneedling has AI technology and
consumption trends all gender developed into a machine learning
beauty treatment
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Market Expansion
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