Overview of the development of the Vietnamese cosmetic market 2020 - 2021

According to statistics of the Statista Research Department , the Asia-Pacific region accounts for the largest share of the global cosmetics market. The market size is forecasted to reach about 127 billion USD by 2020. 

In the region, Vietnam has gradually become a promising cosmetic market for cosmetic manufacturers. Consumers' demand is increasingly high, so Vietnam's cosmetic import turnover has more than doubled, from ~ 355 million USD in 2010 to more than 790 million USD in 2018. 

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The best-selling items include: perfumes, makeup and skin care. The market size of Vietnamese health and beauty retailers is the highest compared to other ASEAN countries. Along with that, buying cosmetics online has also become more popular over the years. Beauty products ranked third in popularity on E-commerce floors after fashion and electronics. Therefore, it is not wrong to say that the cosmetics market is on the rise and promises to be even more explosive in the near future. 

In Vietnam, Shopee, Lazada and Tiki are not only popular for fashion, but also for shopping for beauty products. Top 10 popular beauty brands include Pond's from Unilever, Nivea of Germany and domestic brand Acnes . In the ranking, Acnes is the only domestic brand on the list. This shows that Vietnamese brands still lack attraction compared to big brands from abroad such as The Face Shop, L'oréal, Shiseido or Laneige. 

Vietnamese spending seems to be promising with increasing income and changing shopping behavior. In fact, Vietnamese women spend more money on makeup than on skin care, with the main costs ranging from 300,000 VND to 500,000 VND. The future trend is multi-step cleansing aimed at solving skin care problems such as acne, large pores and dark circles under the eyes. 

Vietnamese cosmetic products are still struggling to find a foothold in a competitive market. Changing consumer behavior and innovating technology will require adaptability and sound development strategies. Therefore, Vietnamese cosmetic brands need to improve product quality and find appropriate communication solutions to increase their competitive advantage right at home. 

Currently, the processing and manufacturing industry of Vietnam's cosmetics still has many difficulties in the stage of setting up, operating and controlling the output of products. Many newly created brands lose credibility with users in just a short time. Many businesses are still searching for a professional full-package cosmetic processing solution to bring products with high applicability and safety to the market, ensuring a long-term and sustainable direction. 

Vimac is a package cosmetic manufacturer and processor , pioneering in bringing OBM service (original brand production) to Vietnam. With a modern invested factory, a team of highly qualified and professional specialists, we aim to develop the domestic market and bring Vietnamese products to the global cosmetic market. Vimac is committed to creating exclusive product lines, with the right uses and safety for users.

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Contact us to start developing cosmetics business:

Vimac Cosmetics Joint Stock Company 

"Open the source of ideas - Open the way to success" 

☎️ Hotline: 024 9998 8898 

???? Address: Lot B1-11 Shophouse Vinhome Gardenia, Ham Nghi Street, Nam Tu Liem District, Hanoi 

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