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Men's growing interest in cosmetics, Vietnam's cosmetics market 'blooms' to a size of 2.36 USD

Men are increasingly focusing on beauty, while the proportion of women regularly using cosmetics has increased to 86% by 2022, helping the Vietnamese beauty industry grow significantly.

Thị trường ngành mỹ phẩm Việt Nam

Photo: Freepik

The young population structure, the growing middle class, improved living standards, and especially men's increasing focus on appearance have been driving the fastest-growing Vietnamese beauty market in the region, despite COVID-19. like the economic recession.

Vietnam is the region's most dynamic beauty market.

According to a report by Market Research Company Statista (Germany), the revenue of the Vietnamese beauty and personal care industry is expected to reach 2.36 billion USD by 2023, with a compound annual growth rate (CAGR). ) is estimated to be 3.32% in the period 2023 - 2027.

Vietdata's latest report also shows that the proportion of women regularly using beauty cosmetics has increased to 86% by 2022. Thanks to that, beauty is considered one of the industries least affected by the epidemic. sickest. Up to now, although other industries are struggling to recover after the pandemic, the cosmetics industry is still growing extremely strongly.

Some of the main trends in the beauty industry in Vietnam include changes in consumer psychology such as an increasing love for natural organic products, a healthy lifestyle... and a preference for products. , a technology from Japan, Korea, and Europe.

The entry and expansion of a series of domestic and foreign brands is evidence of the market's attractiveness. Last November, Obagi Medical Group (Obagi) - an American cosmetic brand officially appeared in the Vietnamese market (Obagi is a popular brand in Vietnam but previously only sold through third parties).

1 month earlier, BTL Aesthetics, a leading provider of innovative cosmetic solutions from Europe, also debuted in the Vietnamese market with the forecast "The global non-invasive cosmetic treatment market is estimated to reach 61.2 billion USD in 2022 and is predicted to reach 69.9 billion USD in 2023. In Vietnam, non-invasive cosmetic treatments are becoming a lifestyle choice.

So fertile, but up to 90% of this market share belongs to foreign brands. According to a report by Euromonitor International, French brand L'Oréal has led the market share for many years, accounting for about 18% by 2022. Next is LG Vina Cosmetics with nearly 15%, followed by Estée Lauder, Shiseido, and AmorePacific (owner of a series of popular brands from Korea such as Innisfree, Laneige, Sulwhasoo...).

Domestic brands M.O.I, Cocoon... have risen strongly

There is a notable signal, in recent years the number of Vietnamese cosmetic brands has increased significantly. The most outstanding is M.O.I Cosmetics - a Vietnamese cosmetics brand founded by celebrities Ho Ngoc Ha and Lam Thanh Kim - in 2022, the only Vietnamese enterprise to reach the Top 10 makeup cosmetics market share. Notably, M.O.I's market share increased rapidly from 0.9% (2018) to 3.2% (2022), closely following the previous name, Revlon.

Starting from 30,000 lipsticks, M.O.I has now developed a variety of 20 skincare and makeup product lines, with more than 4 million products sold. The company has also developed a distribution chain of 90 stores nationwide with thousands of distributor partners. Currently, the main product and the line that defines the M.O.I brand is still lipstick, because lipstick still has the largest market share in beauty needs. However, the product that greatly changes M.O.I's business metrics is the Baby Skin Cushion line.

With galloping growth, M.O.I Cosmetics is known to have officially made a profit since 2019. This is also the year M.O.I successfully launched the Series A capital call, and shook hands with strategic investor CMG.Asia.

In addition, Vietnamese brands' pharmaceutical and cosmetic lines with natural extracts are also increasingly gaining the trust of customers. To name a few, there are Cocoon, Laco, Thai Duong... The evidence is that the profits of domestic brands have increased sharply in recent years.

For example, Cocoon is a cosmetic brand belonging to Nature Story Cosmetics Co., Ltd. founded in 2013. Cocoon is known to many people as a vegan brand, extracted 100% from nature and completely produced in Vietnam. Male. According to Vietdata data, within 2 years, from a revenue of only nearly 13 billion VND (2020), Cocoon has increased this number to 184 billion VND by 2022. Cocoon's after-tax profit has also increased many times accordingly. times compared to previous years and reaching 46.6 billion VND in 2022.

CVI Pharma is known as the pioneering pharmaceutical company that successfully produces nano Curcumin, an active ingredient with high biological value extracted from turmeric. In January 2020, CVI officially put the high-tech factory into operation. After this point, CVI's revenue will improve significantly, reaching VND 304 billion in 2022, an increase of 14.4% compared to the previous year. CVI's profit peaked at more than 18 billion VND in 2022, while this figure in 2020 was only 12 million VND.

(Nhip song thi truong)


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