Market Research Report

Vietnam Cosmetics Market Research Report: Forecast (2025-2030)

Vietnam Cosmetics Market - By Category (Conventional, Organic), By Product Type (Skin and Sun Care Products, Hair Care Products, Deodorants and Fragrances, Makeup and Color Cosmeti...cs, Others), By Gender (Men, Women, Unisex), By Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Pharmacies, Online Stores) and Others Read more

  • FMCG
  • Jan 2025
  • 127
  • PDF, Excel, PPT

Market Insights & Analysis: Vietnam Cosmetics Market (2025-2030):

The Vietnam Cosmetics Market size was valued at around USD 2.5 billion in 2024 and is projected to reach USD 3.2 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 4.2% during the forecast period, i.e., 2025-30. This growth is attributed to various factors. There is a growing demand for cosmetics from the rising middle-class population in the region which has a considerable share of the personal care market. There are around 97 million middle-class persons in Vietnam in 2023 which stands to be 13% of the total population and is the biggest consumer segment for cosmetics and is projected to reach 26% in 2026. With a rise in disposable income, and per capita income projected to reach around USD 7,500 by 2030, consumers are giving priority to beauty and personal care. Consequently, this consideration made global brands like L'Oreal and Unilever become very aggressive investors in the market as local brands expanded their product range. This dynamic environment underscores the Vietnamese cosmetics industry's rapid evolution, driven by the growing middle class's increasing purchasing power and changing consumer habits.

Report Coverage Details
  Historical Years   2020-23
  Base Years
  2024
  Forecast Years
  2025-30
  Market Value in 2024   USD 2.5 Billion
  Market Value in 2030   USD 3.2 Billion
  CAGR (2025-30)   4.2%
  Top Key Players L'Oréal Vietnam Co., Ltd., Unilever Vietnam International Company Limited, Estee Lauder (Vietnam) Limited, Beiersdorf Vietnam Co., Ltd., Procter & Gamble Vietnam Company Limited, Shiseido Cosmetics Vietnam Co., Ltd., Marico Limited, Chanel, Inc., MON Trading Co., Ltd. (Vedette), YLV Company Limited (The Skinna), Amore Pacific Vietnam, Cocoon, and others
  Key Report Highlights
  • Market Dimensions & Projections
  • Pricing Evaluation,
  • Recent Strategic Moves by Companies,
  • Primary Stakeholders,
  • Analysis of Import and Export Trends,
  • Competitive Landscape Assessment,
  • Emerging Opportunities,
  • Market Trends and Indicators

 

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Also, large cosmetic product imports will further fulfill the growing needs in the country, driving market growth. Cosmetic imports in Vietnam are expected to reach almost USD 934 million by 2026, rising strongly from around USD 789 million in 2021. The major beauty & personal care import sources are Singapore (USD 311 million), Thailand (USD 137 million), the European Union (USD 108 million), and China (USD 82 million). These figures illustrate the diverse range of international products entering the Vietnamese market. 90% of the Vietnamese cosmetics Industry is foreign brands leaving the remaining 10% of demand to be covered by the local players. The higher demand for cosmetics further ensures continuous supply from imports during the forecast period with more choices for the consumers.

Moreover, specific policies and initiatives are employed by the government to promote industrial growth. For example; the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement. This has opened up access to international markets for Vietnamese cosmetic products. The agreements reduce tariffs and remove trade barriers that otherwise impede or complicate local companies in exporting products.


Vietnam Cosmetics Market Research Report: Forecast (2025-2030)

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which includes countries like Japan, Australia, Canada, and Vietnam, eliminates tariffs on over 90% of goods traded between member states and significantly reduces non-tariff barriers. Similarly, the EU-Vietnam FTA, which came into effect in August 2020, eliminates 99% of all tariffs and reduces regulatory barriers, making it easier for Vietnamese products to enter the European market. This will create high opportunities for imports from European Nations to Vietnam and help in the reduction of price barriers, further propelling the market growth. Also, the remaining 1% was phased out through limited zero-duty quotas. Vietnam has removed 65% of duties on EU goods, and the rest will be eliminated by 2030. The EU will phase out its duties by 2027. This agreement also ensures the protection of geographical indications and opens up services and public procurement markets. The government implemented guidelines on Cosmetic Good Manufacturing Practices to further help with quality improvements in domestically produced cosmetics, setting a standard comparable with international production.

Furthermore, the Korean Beauty concept drives significant market demand and growth in Vietnam. The influence of K-pop idols and Korean TV series has popularized the beauty standard, characterized by opaque, luminous skin. This trend has caused imports from Korea to grow by 43.4% to USD 187.5 million in the first five months of 2023. The ingredient-based philosophy supported by K-Beauty appeals to Vietnamese customers due to its natural ingredients, advanced technology, and clever designs. South Korea holds the largest market share of around 30% in Vietnam's imported cosmetics market. This trend is causing not just increases in sales, but pushing local brands to innovate and aspire in the market.

Vietnam Cosmetics Market Driver:

Rising E-Commerce Driving Market Growth – The Vietnamese cosmetics sector is booming due to various e-commerce platforms like Lazada, Shopee, and Tiki. The beauty market among the five major platforms reached a total revenue of USD 1.49 billion in 2023, with approximately 341 million products sold online, representing a growth of more than 50% as compared to 2022. The convenience, variety, and competitive prices of e-commerce platforms attract Vietnamese consumers toward purchasing cosmetics online, creating ample chances for companies which drive their demand exponentially. Also, e-commerce sales contributed to the overall market by 20.2% in 2024 and could reach 24% by 2027. This brings in various opportunities for the companies to expand their product and customer base. Global beauty trends exposure from digital platforms makes customers a little more willing to try new things, which benefits both international and local brands in terms of increased audience and market growth.

Vietnam Cosmetics Market Opportunity:

Increasing Demand for Men's Cosmetics – The demand for men’s cosmetics is on the rise attributed to various factors like changing cultural mindsets about male grooming, social media influence, and greater acceptance of skincare and haircare products. This is bringing several opportunities for the market players. In Vietnam, the men's cosmetics market accounted for about USD 30 million in 2022, equivalent to 1.3% of the total market. Over the forecast period, the market for men's grooming products is expected to increase by about 9.1% per year. This has served as a major driver for exploration in the segment both by domestic and international brands. More products for male grooming that include face wash, hair & skincare, and others are introduced for this. Brands like Obagi Medical Group and BTL Aesthetics have started catering specifically to male consumers in Vietnam and exploring this opportunity for establishing market growth.

Vietnam Cosmetics Market Challenge:

High Tariff Rate on Cosmetics Impending Market Growth High tariff rates on cosmetics pose a significant challenge to the growth of the Vietnam Cosmetics Market with charges like VAT, Preferential Import Duty, Normal Import Duty, and others. In Vietnam, imported cosmetics are subject to tariffs ranging from 10%-33% in 2024, depending upon the product category. These high duties increase the cost for the consumer and reduce the variety to choose from in the market. Whereas beauty and skincare products are subjected to tariffs from 10% to 27%, certain items, such as anti-acne preparations and face creams, are subjected to tariffs from 10% to 15% in 2024. Such tariffs prejudiced the competition of foreign brands with domestic products, thus potentially impeding innovation and limiting consumer choice. The high costs discourage foreign investments in the Vietnamese cosmetics industry, thus threatening its growth.

Vietnam Cosmetics Market Trend:

Growing Demand for Natural & Organic Products – The rising natural and organic cosmetics inclination of consumers is one of the most important trends in the Vietnam Cosmetics Industry. In the light of increasing awareness of the negative effects of synthetic chemicals, usage among consumers has inclined toward natural ingredient-based beauty products. In this regard, it is estimated that the natural cosmetics market will reach beyond USD 62 million by the year 2025 and quite probably will cause a fast-growing pace for the market. The Body Shop and Kiehl's are already growing because of their natural formulation. The completely vegan local brands like Cocoon are also leveraging this trend, by using indigenous ingredients such as; green tea, aloe vera, and rice bran. This completely raised their revenue from USD 554,000 (2020) to USD 7.84 million (2022) and made it apparent that there is great potential for a growing market.

Vietnam Cosmetics Market (2025-2030): Segmentation Analysis

The Vietnam Cosmetics Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2025–2030 at the national level. Based on the analysis, the market has been further classified as:

Based on Product Type:

  • Skin and Sun Care Products
  • Hair Care Products
  • Deodorants and Fragrances
  • Makeup and Color Cosmetics
  • Others

The Sun and Skin Care Products segment leads the industry with a 43% market share. Several reasons are sought for the process of domination. They range widely from awareness of protection given to skin and sun due to rising health consciousness about beauty trends, social media, and beauty influencers captivating their way into skincare rites, Vietnam's tropical climate demanding phenomenal sun care products, even middle classes choosing to pamper their prism on quality skin care, with disposable incomes comparatively greater. The preference for products imparting health promise, such as anti-aging and hydration, continues letting upward trends of skin and sun care consumables.

 Based on Gender:

  • Men
  • Women
  • Unisex

Based on Gender, the Women segment leads the Vietnam Cosmetics Market. It holds approx. 75% of the total market share. The reasons for total dominance are multifarious. Women are the predominant consumers of all beauty and personal-care products, followed closely by their pointed ideas about skincare, make-up, and hair care. Social media and beauty influencers creating market trends and user buying behaviors have taken leaps forward. Furthermore, growing disposable incomes and urbanization in the female demographic have empowered them to lavishly spend on beauty and self-care. The increasing interest in the Western and Korean beauty trends also feeds the growing segment.

Vietnam Cosmetics Industry Recent Development:

  • August 2024: Estée Lauder (Vietnam) Limited Cosmetics joined forces with IPP Travel Retail to open the first duty-paid boutique at Noi Bai International Airport, which will showcase the beauty house’s key brands.
  • April 2024: Shiseido Cosmetics Vietnam Co,’s parent company Shiseido found various opportunities for growth in Vietnam, India & Thailand and has set its sights on expansion in these markets.

Gain a Competitive Edge with Our Vietnam Cosmetics Market Report

  1. Vietnam Cosmetics Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. Vietnam Cosmetics Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.

*Reports Delivery Format - Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address.

Frequently Asked Questions

   A. What would be the growth rate of the Vietnam Cosmetics Market over the forecast period?

   A. The Vietnam Cosmetics Market size was valued at around USD 2.5 billion in 2024 and is projected to reach USD 3.2 billion by 2030.

   A. Rising E-Commerce is expected to drive the Vietnam Cosmetics Market during 2025-30.

   A. L'Oréal Vietnam Co., Ltd., Unilever Vietnam International Company Limited, Estee Lauder (Vietnam) Limited, Beiersdorf Vietnam Co., Ltd., Procter & Gamble Vietnam Company Limited, Shiseido Cosmetics Vietnam Co., Ltd., Marico Limited, Chanel, Inc., MON Trading Co., Ltd. (Vedette), YLV Company Limited (The Skinna), Amore Pacific Vietnam, Cocoon, and others are the top companies in the Vietnam Cosmetics Market.

   A. The sun & skin care products held the largest share of the Vietnam Cosmetics Market.

   A. The growing demand for natural & organic products is one of the key trends shaping the growth of the Vietnam Cosmetics Market.

   A. The increasing demand for Men's cosmetics is one of the growth opportunities driving the Vietnam Cosmetics Market.

   A. The high tariff rate on cosmetics is one of the possible restraints affecting the growth of the Vietnam Cosmetics Market.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Vietnam Cosmetics Market Trends & Deployments
  5. Vietnam Cosmetics Market Dynamics
    1. Growth Drivers
    2. Challenges
  6. Vietnam Cosmetics Market Opportunities & Hotspots
  7. Vietnam Cosmetics Market Value Chain Analysis
  8. Vietnam Cosmetics Market Regulations and Policy
  9. Vietnam Cosmetics Market Outlook, 2020-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Category
        1. Conventional- Market Size & Forecast 2020-2030, USD Million
        2. Organic- Market Size & Forecast 2020-2030, USD Million
      2. By Product Type
        1. Skin and Sun Care Products- Market Size & Forecast 2020-2030, USD Million
        2. Hair Care Products- Market Size & Forecast 2020-2030, USD Million
        3. Deodorants and Fragrances- Market Size & Forecast 2020-2030, USD Million
        4. Makeup and Color Cosmetics- Market Size & Forecast 2020-2030, USD Million
        5. Others
      3. By Gender
        1. Men- Market Size & Forecast 2020-2030, USD Million
        2. Women- Market Size & Forecast 2020-2030, USD Million
        3. Unisex- Market Size & Forecast 2020-2030, USD Million
      4. By Distribution Channel
        1. Supermarkets and Hypermarkets- Market Size & Forecast 2020-2030, USD Million
        2. Specialty Stores- Market Size & Forecast 2020-2030, USD Million
        3. Pharmacies- Market Size & Forecast 2020-2030, USD Million
        4. Online Stores- Market Size & Forecast 2020-2030, USD Million
        5. Others
      5. By Region
        1. Northern
        2. Southern
        3. Central
      6. By Company
        1. Competition Characteristics
        2. Market Share and Analysis
  10. Vietnam Conventional Cosmetics Market Outlook, 2020-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type-Market Size & Forecast 2020-2030, USD Million
      2. By Gender- Market Size & Forecast 2020-2030, USD Million
      3. By Distribution Channel-Market Size & Forecast 2020-2030, USD Million
      4. By Region- Market Size & Forecast 2020-2030, USD Million
  11. Vietnam Organic Cosmetics Market Outlook, 2020-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type-Market Size & Forecast 2020-2030, USD Million
      2. By Gender- Market Size & Forecast 2020-2030, USD Million
      3. By Distribution Channel-Market Size & Forecast 2020-2030, USD Million
      4. By Region- Market Size & Forecast 2020-2030, USD Million
  12. Vietnam Cosmetics Market Strategic Imperatives for Growth & Success
  13. Competition Outlook
    1. Company Profiles
      1. L'Oréal Vietnam Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      2. Unilever Vietnam International Company Limited
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      3. Estee Lauder (Vietnam) Limited
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      4. Beiersdorf Vietnam Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      5. Procter & Gamble Vietnam Company Limited
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      6. Shiseido Cosmetics Vietnam Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      7. Marico Limited
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      8. Chanel, Inc.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      9.  MON Trading Co., Ltd. (Vedette)
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      10. YLV Company Limited (The Skinna)
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      11. Amore Pacific Vietnam
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      12. Cocoon
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Deployments
        5. Financial Details
        6. Others
      13. Others
  14. Disclaimer


Vietnam Cosmetics Market Segmentation