Vietnam Beauty Industry Market Trends 2024

The beauty industry in Vietnam is experiencing robust growth, reflecting changes in consumer habits and increasing awareness of personal health and beauty care.

According to the General Statistics Office of Vietnam, the country is currently in a golden demographic structure, with women accounting for 50.1% of the total population of 100.3 million people. Notably, the age group from 15 to 59 made up 62.2% of the population in 2023, driving the increasing demand for beauty products.

The rising demand for organic and natural products, the increase in local brands, the influence of KOLs and social media, and the trend towards personalization are propelling the development of the Vietnamese cosmetics market. The industry is projected to reach a revenue of USD 2.66 billion by 2024, with e-commerce channels accounting for 20.2% and expected to rise to 24% by 2027. The percentage of women using beauty products increased from 76% to 86% between 2018 and 2022 and is expected to continue growing in the coming years.

In product segments, skincare and makeup account for nearly 50% of the market share, followed by perfumes and hair and body care products. Products priced between VND 100,000 – 150,000 and VND 200,000 – 350,000 are the most successful segments in terms of revenue and sales volume. Vietnam is one of the fastest-growing middle-class populations in Southeast Asia, with the middle class currently comprising 13% of the population and expected to increase to 26% by 2026. As incomes rise, so does the demand for personal health and beauty care, contributing to the growth of the beauty market.

2. Diverse Cosmetics Market and Positive Industry Outlook

Korean products dominate the market with a 30% share, while products from the European Union, Japan, Thailand, and the United States also have a strong presence. Products from China and Singapore occupy a certain share of the market.

Vietnamese consumers prefer natural and safe products, driving demand for high-end brands despite higher prices. Awareness of chemical toxicity and rising incomes have fueled the growth of premium global brands, meeting the high demand of consumers. Given these trends, the outlook for beauty and personal care is positive, with sales expected to continue increasing at a healthy rate in the coming years.

3. Beautycare Expo 2024

Beautycare Expo is Vietnam’s leading international exhibition for beauty products, technology, and services, held in both Hanoi and Ho Chi Minh City. The expo attracts over 15,000 visitors, more than 500 reputable exhibitors in the beauty industry, and over 1,000 major brands, spanning an exhibition area of up to 12,000m². Beautycare Expo 2024 at SECC, Ho Chi Minh City, is a golden opportunity to expand the market, increase sales, and establish brand presence in the beauty industry.

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