Meiyume Opens Doors for Beauty Brands in Vietnam – Fusing Traditional Beauty Secrets with Innovative Solutions
Customized Manufacturing Solutions and Unbeatable Quality for Your Beauty Brand
Insights for Brand Owners on Vietnam’s Beauty Market
March 2023 –
With an existing global reach as a beauty solutions provider and manufacturer in the beauty market, Meiyume is thrilled to announce our expansion into the dynamic Vietnamese market, where the beauty sector is experiencing unprecedented growth.
Vietnam’s beauty and personal care sales revenue is on the rise, with an impressive USD$2.63 billion generated in 2022 alone. This market is expected to reach a staggering USD$3.86 billion by 2026, with a forecasted CAGR of 10.07%. As one of the world’s top emerging economies, Vietnam is quickly gaining attention for its significant potential in consumption growth, development, and business investment within the beauty industry.
A powerhouse within ASEAN, Vietnam is experiencing rapid demographic and technological changes, resulting in new sources of growth for beauty brands looking to enter the market. This presents a unique opportunity for beauty brands looking to expand their reach, especially since Vietnam has been identified as the fastest-growing middle-class consumer in ASEAN, accounting for 55% of their population. The growing middle-class population ensues a higher disposable income, leading to an increasing purchasing power, especially for beauty products – spending an approximate of USD$19 – $21 monthly on beauty products.
As a leading provider of customized manufacturing solutions, Meiyume brings unmatchable quality and innovative products to the Vietnamese market that is backed by data insights – delivering targeted products for beauty brands that cater to the interests of the Vietnam market. Our capabilities span various categories – personal care, colour cosmetics, skin care, hair care, mum and baby, oral care, feminine care, and fragrances. Furthermore, with manufacturing facilities in Thailand and Indonesia, Meiyume is strategically located to support the beauty demands in Vietnam with fast and secure solutions.
Understanding that Vietnam is positioned as a vital player in ASEAN’s next chapter of consumption growth, Meiyume aims to opportunize this by creating winning products for beauty businesses, both big and small.
Emerging Beauty Trends in Vietnam (2023)
In Vietnam, there has been a notable shift towards premiumization, with 43% of consumers willing to spend more on cosmetics, followed by 37% for oral care, 36% for body care, and 32% for hair care. Interestingly, only a quarter of consumers consider the term ‘luxury’ to be purely expensive. Rather, they have a nuanced understanding of premium quality, expecting products to be made with the best materials and ingredients, have superior functionality, and stand out from the crowd. Vietnamese consumers also place significant importance on emotional drivers when making purchasing decisions. In fact, a significant proportion of consumers (72%) are drawn to luxury products for the confidence boost it give them, while 63% buy such products for emotional benefits, and 62% for the sense of achievement.
According to the National Economics University of Vietnam, status-based consumption is prevalent among Vietnamese consumers. Moreover, Euromonitor reports that premiumization is poised to make a comeback over the next few years. These findings suggest that there is a significant market opportunity for beauty brands to develop visually striking packaging, particularly for indie brands that are looking to make a name for themselves in Vietnam.
Although the Vietnamese sentiment remains strong in premiumization and with research indicating that intend to splurge remains high at 72%, recent economic conditions have led consumers to be value-conscious. This creates a paradox where optimism in value meets loyalty in the purchase. As a result, they are more likely to switch brands to find more affordable alternatives. Brands can take advantage of this trend by focusing on their packaging design and partnering with a trusted beauty supplier with deep expertise in the field.
In Vietnam, sustainability is a critical trend in the beauty industry, with consumers increasingly prioritizing eco-friendly and natural ingredients, refillable packaging, and environmentally conscious operations. Vietnam’s commitment to sustainability is reflected in its ambitious goal of achieving net zero by 2050. The country has made significant strides in clean energy production, with its share of solar power increasing from virtually zero to 11 percent in just four years.
Meiyume’s Insights-Based Solutions
Meiyume establishes itself as a trusted player within the beauty industry through insights and science-based data to develop our solutions for beauty brands. Our company offers a wide range of beauty solutions, including packaging design, complex formulations, and turnkey manufacturing, across several product categories.
Based on the top 3 emerging beauty trends in Vietnam, we understand the importance of providing affordable yet luxurious beauty products in this competitive market and strive to fuse essential beauty requirements with innovative solutions to meet the ever-changing needs of consumers.
At Meiyume, we recognize the growing importance of sustainability and the impact it has on consumer behavior. Hence, our team of experts creates sustainable formulations with superior performance, as well as exploring innovative packaging solutions that reduce waste and carbon footprint. As the trend toward sustainability continues to gain momentum in the Vietnamese beauty industry, we remain committed to delivering high-quality products that meet the evolving needs of today’s conscious consumers.
Meiyume’s Case Studies – Tailored Expertise for any Beauty Brand in Personal Care and Colour Cosmetics
Sun Care – Carasun
Meiyume collaborated with Carasun on a turnkey project to innovate and test a halal-certified sunscreen, Solar Smart UV Protector. Our global I&D network and manufacturing capabilities in Indonesia allowed us to work closely with Carasun to develop a lightweight, non-sticky, and non-greasy formula enriched with Rice Extract and CityStem to protect and nourish the skin. The formula is also water-resistant and sweat-proof for up to 8 hours, easily absorbed, and non-comedogenic. Encased in a vibrant, pocket-sized package, the Solar Smart UV Protector sunscreen is the optimal sun care product for consumers looking for hassle-free sun protection.
Skin Care – Avoskin
Meiyume partnered with Avoskin to create a range of award-winning skincare products tailored to the Indonesian market. One of the products that we collaborated on with Avoskin was the Miraculous Refining Toner, which not only moisturizes the skin but also removes dead skin cells and overcomes acne. Additionally, we developed the Advanced Action Eye Ampoule, which contains natural extracts and 7.5% peptide content, reducing wrinkles, puffiness, and brightening the skin around the eyes. Meiyume prioritized sustainable and cruelty-free packaging and ingredients for these products.
Mum and Baby – Mama’s Choice
Meiyume has provided comprehensive on-the-ground turnkey support for Mama’s Choice, a leading brand in the Mum & Baby Market. Their best-selling Stretch Mark Serum and Cream, enriched with Lipobelle Soyaglycone derived from soybean, effectively enhance collagen production, improve skin elasticity, and reduce stretch marks.
Meiyume has also developed other essential products for Mama’s Choice, including the Intensive Nipple Cream and Relaxing Massage Oil, which relieve dry, cracked nipples and stressed parts of the body. Their Haircare line, consisting of the Treatment Shampoo, Conditioner, and Strengthening Hair Serum, is specifically tailored for pregnant and breastfeeding mothers, promoting healthy hair growth while keeping hair soft and smooth. Our involvement extends to other body and skincare products, such as the Calming Tummy Oil, Hair, and Body Wash, Mozzbye Skin Protection Lotion, and Baby Skin Vitamin Lotion.
Colour Cosmetics – Looke
Together with Looke, Meiyume manufactured their award-winning Holy Flawless BB Cushion in Indonesia. This weightless foundation offers medium to full coverage and gives the skin a satin finish while concealing imperfections. It is enriched with Green Tea Extract and Hyaluronic Acid (HA) to moisturize the skin, reduce excess sebum, and protect against UV light. The product is available in six shades ranging from light beige to honey bronze, catering to a wide range of skin tones.
Oral Care – CU Dent
Meiyume innovated a Cooling Peppermint Toothpaste with CU Dent that provides high-quality dental care. The toothpaste formulation contains Hydroxyapatite, 1500ppm of fluoride, and other active ingredients that promote caries prevention and remineralization. The toothpaste comes in a convenient tube with a flip-top cap and paper unit carton packaging. Customer testing found that the toothpaste was 2.5 times better in remineralization than other fluoride toothpaste products in the market and 10 times better than other non-fluoride toothpaste products on the market. Meiyume is committed to providing high-quality dental care products and is already working on a new toothpaste variant with CU Dent.
Meiyume – Global Beauty Supplier
We are committed to providing tailored solutions that cater to individual brands’ requirements and certifications while ensuring compliance with local regulations. Meiyume offers innovative and high-quality products to meet the consumer needs of beauty brands:
- Rapid prototyping that ensures first-mover advantage
- Competitive pricing to accommodate local spending power
- Flexible Minimum Order Quantity (MOQ) for the dynamic market environment.
With the growing beauty sector in Vietnam, Meiyume is well-positioned to help brands make their mark in this vibrant market.
Collaborate with us on this journey as we provide the cornerstone to your beauty products, and successfully commercialize in the beauty landscape of Vietnam.