Vietnam K-beauty Products Market Forecast 2023-2030

Vietnam K-beauty Products Market Forecast 2023-2030

KEY FINDINGS
The Vietnam K-beauty products market is predicted to develop with a CAGR of 9.41% during the forecast years 2023 to 2030. The country’s beauty business leaves a lot of potential for its domestic market due to the exclusivity of international brands. Although successful market penetration is the biggest difficulty for domestic businesses, multinational brands are expected to keep up with the competition.

MARKET INSIGHTS
Vietnam has become a prospective market for cosmetics manufacturers. The country’s imports of cosmetics more than doubled from around $355 million in 2010 to over $790 million in 2018, indicating rising consumer demand. Notably, in recent years, the import value has been substantially higher than the export value in Vietnam. Perfumes, cosmetics, and skincare products are among the most popular products traded. Among its surrounding countries, Vietnam had one of the largest markets for specialty shops in the health and beauty sectors. However, in recent years, purchasing cosmetics online has grown in popularity, as well. After trendy products and electronics, beauty products were the third-most popular online purchases in Southeast Asia.

An expanding middle class and shifting buying habits among young consumers bode well for Vietnamese consumer expenditure. In general, female consumers expended substantially more on cosmetics than skincare, with most costs falling between 300,000 and 500,000 VND. K-beauty and multi-step washing are popular trends in the Vietnamese beauty market because they target common skin problems like acne, enlarged pores, and dark circles under the eyes. Hence, these factors are anticipated to influence Vietnam’s demand for K-beauty products over the projection period.

COMPETITIVE INSIGHTS
Major companies operating in the market are Able C&C Co Ltd, AmorePacific Corporation, etc

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments

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