Vietnam Beauty Industry: Opportunities and Growth

How big is the Vietnam Beauty Industry?

Vietnam’s beauty industry is experiencing rapid growth, driven by rising disposable incomes, increasing urbanisation, and growing awareness of beauty and wellness among consumers. As of 2023, Vietnam’s cosmetics market is valued at approximately $2.3 billion USD, with an annual growth rate of 2.97% in 2024-2028. Local demand is fuelled by a young population, particularly millennials and Generation Z, who are highly influenced by global trends and social media.

Skincare: The Largest Sub-Sector

Skincare accounts for the largest share of Vietnam’s beauty market, representing over 50% of total cosmetics sales. Popular product categories include facial cleansers, moisturisers, serums, and sun protection. Vietnamese consumers are increasingly interested in natural and organic skincare products, with trends driven by concerns about pollution and a desire for radiant, youthful skin. Imported skincare brands from South Korea and Japan dominate this sector, but there is also a rising interest in local organic brands.

Key Growth Factors of Vietnam’s Skincare Market:

Rising awareness of sun damage and skin health.
Social media influencers promoting skincare routines.
Growth of e-commerce platforms offering international brands.

Makeup: Growing Demand in Urban Areas

Makeup is another fast-growing sub-industry, accounting for approximately 25% of Vietnam’s beauty market. The demand for makeup is concentrated in urban areas such as Hanoi and Ho Chi Minh City, where younger consumers experiment with global beauty trends. Eyeshadows, lipsticks, foundations, and eyebrow products are the top-selling items. Vietnamese women aged 20–35 are the most frequent users of makeup products, often inspired by K-beauty and Western trends.

Key Trends in Vietnam’s Makeup Market:

Eyes make up and lipsticks remain the most popular product category.
Growth of cruelty-free and vegan cosmetics.
Makeup tutorials on platforms like TikTok and Instagram driving consumer interest.

Haircare and Other Sub-Sectors

Haircare products, including shampoos, conditioners, and hair treatments, account for about 15% of the market. Products targeting hair health, such as anti-dandruff and anti-hair-fall treatments, are particularly popular. Additionally, the rising trend of professional salon services is boosting demand for premium haircare products. Other niche sectors, like fragrances and nail care, are growing, albeit at a slower rate.

Key Drivers in Vietnam’s Haircare and Other Sub-Sectors:

Increased interest in salon-grade haircare at home.
Rising awareness of scalp care and anti-hair loss solutions.
Emerging demand for niche beauty products, such as aromatherapy-based fragrances.

Interested in doing research on Vietnam’s beauty industry?

Here at GLOBAL ANGLE, we conduct market research in Vietnam. Our local Vietnamese partner, team members, and local researchers are based in the country for on-the ground and comprehensive market research and business consulting services. We can conduct detailed research on Vietnam’s beauty industry according to your business needs.