Vietnam Market Trends (2023-2024)
Meiyume’s Spotlight Trend Report
Meiyume’s Vietnam Market Expert Comments
October 2023 –
“ In the dynamic Vietnamese market, consumers are a fast adopter of global trends. This is contributed due to the pandemic, which accelerated e-commerce in Vietnam’s Beauty and Personal Care industry, giving both global and local players easier access to the market.
Being the value driver, one key trend in the facial care category is dermo skincare, where formulations are packed with higher percentage of active ingredients, resonating with Gen Z and Alpha who perceive it to be more cost-effective.“
The Vietnam Market, at a Glance
- Vietnam’s Beauty and Personal Care Market (BPC) is expected to resume fast growth after the pandemic, with an accelerated growth rate of 8.8% CAGR, between 2022 and 2027.
- Although Vietnam’s Personal Care category accounts for 60% of Vietnam’s BPC Market, the Beauty category is the main growth driver, with a forecasted 10% CAGR.
- Looking at the consumer’s behaviour, Vietnamese consumers are fast adopters of global trends, especially trends from US, Japan and South Korea.
3 Key Micro Trends to Watch
- Dermo Skincare – Packed with a high percentage of active ingredients, this trend is increasingly popular amongst GenZ and Alpha as they believe it will provide better performance and higher value for money.
- Skin Minimalism – Vietnamese consumers are shifting towards simplifying skin care routine, building a regimen that achieves healthy, glowing skin with only the necessary number of products. This also influenced colour cosmetics to incorporate skincare actives into make-up.
- Premium Experience – Post pandemic, the at-home spa experience remained popular, where brands use different ways to enrich this experience, such as infusing fine-fragrance into formulations, or innovating beauty tools.
Source: Euromonitor, Mintel, WGSN