As of now, cosmetics have become an indispensable feature of the modern lifestyle of individuals. Moreover, growth in consciousness about external attractiveness and an individual’s internal intellect has become one of the foremost propelling aspects for cosmetics in the Vietnam market. As of now, along with women, there is an increment in the usage of cosmetics among men in their daily routine, which complements the growth of the global cosmetics market requirement. Therefore, changing lifestyles have led to the growth of the Vietnam cosmetics market.
The extensive growth in the acceptance of skincare and personal care products coupled with the increment in the aging population around the world is one of the foremost aspects that foster market growth throughout the review period. According to the SPER market research, ‘Vietnam Cosmetics Market by Product Type (Hair Care, Skin Care, Bath and Shower Products, Makeup & Color Cosmetics Products, Fragrances & Deodorants), By Distribution Channel (Beauty Parlors/Salons, Multi Branded Retail Stores, Online Channels, Supermarkets/Hypermarkets, Exclusive Retail Store, and Others), By Gender (Men and Women) and By Region (North Vietnam, Central Vietnam, South Vietnam)’ state that the Vietnam cosmetics market is projected to rise with a notable rate throughout the review period 2022-2027, due to the greater requirement for products enriched with natural ingredients. In addition, the population’s aging, an increase in the middle class, and speedy urbanization are predicted to foster the Vietnam Cosmetics market in the review duration.
In addition, the increasing trend towards organic cosmetics products around the region is further predicted to deliver a substantial opportunity to the market during the near future. The growing awareness concerning organic cosmetics and their position and effect on skin assistance the inclination of customers toward organic cosmetics products from chemical-based cosmetic products that further fostering the market growth. Moreover, the proficient requirement for fragrance products among celebrities and millennials further assisted the market growth during the review period. Nonetheless, increasing product advancement and innovation by cosmetic producers further generate progressive opportunities for the market during the future.
The increasing awareness concerning skincare cosmetics products and their positive effect on the skin is further functioning as an encouraging factor throughout the review period. Moreover, growing beauty awareness among men and monetary autonomy among females are other substantial aspects underwriting the cosmetics products requirement throughout the review duration.
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The cosmetic industry is being propelled by the growing customer aim towards grooming and personal appearance. The new product launches, speedy urbanization, and growing per capita incomes are also underwritten to the growth of the industry.
The market in Vietnam has observed positive growth due to the greater spending power of the populace, coupled with the augmented requirement for luxury and premium products. In addition, an augmenting number of beauty product stores around the region is also one of the foremost flourishing aspects of the market’s growth throughout the review period.
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