(MENAFN- EIN Presswire) Vietnam Skin Care Products Market
Supermarket/hypermarket sales channel is likely to reach $493.5 million by 2027 in the Vietnam skin care products market
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, October 26, 2022 / / -- According to a new report published by Allied market Research, titled,“ by Product Type, Demographics, Age Group and Sales Channel: Opportunity Analysis and industry Forecast, 2021 –2027,” The Vietnam skin care products market size was valued at $854.3 million in 2019, and is projected to reach $1,922.4 million by 2027, registering a CAGR of 11.7% from 2021 to 2027.
The Vietnam skin care products market is expected to witness significant growth due to rise in disposal income and rise in young generation population in the country. Moreover, increase in trend of moderate trade and rise in demand for premium products & brands are expected to offer remunerative opportunities for expansion of Vietnam skin care products market.
Foreign brands such as L'Oreal, Estée Lauder, Unilever, and Colgate-Palmolive garner a significant share of the skin care products market, as domestic firms remain weak in terms of innovation, packaging, marketing, and promotion. Thus, many cosmetics brands from South Korea and Japan are focusing on strengthening their foothold in Vietnam. Vietnam's young, tech-savvy population is keen to try new products, which further contributes toward the expansion of concept stores.
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The major players operating in the Vietnam skin care products 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.
Thus, to optimize conversion rates, fashion retailers consider the omnichannel model—an approach that provides an integrated shopping experience to customers—to extend their online and offline transactions.
Moreover, the expansion of digital retail channels in Vietnam is one of the key trends expected to contribute toward the growth of the market. Despite rise in penetration of digital channels, physical channels continue to dominate the retail sector and is expected to continue this trend during the Vietnam skin care products market forecast period.
With rapid increase in the middle-class population in Southeast Asia, Vietnam has been experiencing notable growth in its retail sector. This Vietnam skin care products market trend is anticipated to continue in near the future, owing to presence of relatively young population demographics. Low income consumers are witnessing increase in their spending power, which is anticipated to impact their purchasing preferences with regard to cosmetics products. Such consumers were increasingly drawn to more modern products, often offering added value features.
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Strong desire among men and women to retain youthful appearance has boosted growth of the skin care products industry. In addition, rapidly aging demographics has led to a surge in demand for anti-aging products to prevent wrinkles, age spots, dry skin, and uneven skin tone, thereby augmenting the Vietnam skin care products market growth.
According to a report from the Society of Cosmetics of Ho Chi Minh City Foreign, cosmetic brands have been dominating the market in Vietnam with over 400 foreign cosmetic businesses running currently, accounting for 90% of the Vietnamese market share. Among the 400 foreign cosmetic businesses, Korean brands garner the highest share of 30%, followed by brands from European countries (23%), Japan (17%), Thailand (13%), the U.S. (10%), and other countries (7%).
According to Vietnam skin care products market analysis, the market is segmented into product type, demographics, age group, and sales channel. Depending on product type, the market is categorized into cream, lotion, and others. By demographic, it is bifurcated into male and female. On the basis of age group, it is divided into generation X, millennial, and generation Z. As per sales channel, it is classified into supermarket/hypermarket, specialty stores, department stores, beauty salons, pharma & drug stores, and online sales channel.
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Key findings of the study
Based on product type, the cream segment held the major Vietnam skin care products market share in 2019, and is likely to remain dominant throughout the forecast period.
Based on demographics, the male segment is likely to hold the major annual growth rate of 12.4%.
Based on age group, the Millennials held the highest share in the Vietnam skin care products market.
Supermarket/hypermarket sales channel is likely to reach $493.5 million by 2027 in the Vietnam skin care products market
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David Correa
Allied Analytics LLP
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