Welcome to our Blog Market Study in China and today we are going to talk about Vietnam
Vietnam's burgeoning cosmetics industry is more than just about beauty; it's about economic growth, evolving lifestyles, and the influence of foreign trends. Here's a closer look:
📈 With rising living standards, Vietnam's appetite for beauty and personal care products is insatiable, making it a magnet for international brands. Especially from places like Korea, Europe, and Japan.
📊 Market Highlights:
Steady growth in revenue across all cosmetic categories since 2019.
A notable increase in the middle-class sector, with an average spend of VND 450,000 to VND 500,000 (US$19 to US$21) on beauty products monthly.
Social media's role in propelling this growth can't be overlooked, with the "Korean wave" playing a pivotal role.
🌐 Global Connections:
Around 93% of personal care products are imported, with Korea leading the pack at 30%.
Despite the dominance of international brands, domestic brands are carving their niche by emphasizing affordability.
🛍 Distribution Channels:
Retail chains such as Watsons, Guardian, and Pharmacity have made beauty products even more accessible.
Global brands like Pond’s, Nivea, and L’Oreal see the immense potential in Vietnam's market and have established a solid presence.
💡 Opportunities and Challenges:
As consumers become more health-conscious, there’s a massive opportunity for organic and herbal products. Brands using native ingredients like coconut, turmeric, and aloe vera have a unique selling proposition.
However, the young market is sensitive to trends and prices, with Korean celebrity endorsements influencing purchase decisions.
🌐 Digital Shift:
Read more https://gma-asia.com/an-overview-of-the-vietnam-beauty-market/
The digital age has transformed customer behaviors and expectations. Successful beauty businesses are those that embrace technology, understand their digital clientele, and offer seamless online experiences.
