The development of commercial, residential, and infrastructure construction projects has led to the development of the sanitary equipment market with many diverse products in design, size, colors, etc. The estimated size of the sanitary ware market is expected to grow from USD 50 billion in 2023 to USD 69.98 billion in 2028, at a CAGR of 6.89% during the forecast period (2023-2028).
According to recent information from the Ministry of Construction, in the third quarter of 2023, real estate supply will have a clear growth. The number of commercial housing projects completed in the quarter grew by 300% compared to the second quarter of 2023. The more housing development projects, the more vibrant the sanitation market in Vietnam is, especially with the "smart lifestyle" trend.
Currently, consumers prefer smart sanitary products, full of features and technology to meet high demand. This can be explained by the improvement in their lifestyle and income. Consumers place great emphasis on convenience, resource savings, and a better bathroom experience.
Leading brands, especially famous brands such as TOTO, INAX, CAESAR, and VIGLACERS have been playing an indispensable role in shaping the outstanding development of the smart sanitary equipment market. They not only provide smart products with advanced features but also drive innovation and competition in this industry. Providing quality and modern products has contributed to market development and consumer satisfaction.
Viglacera is a leading corporation in Vietnam, not only producing sanitary equipment, but the brand also has many other categories such as construction materials, tiles, and energy-saving equipment. real estate,... The brand's products are present in many countries and are very popular in Vietnam.
With more than 40 years of establishment and development history, Viglacera has built a reputation with quality products and superior features. High-end sanitary products such as their electronic toilets integrate modern technology, applying Nano-fired enamel technology to prevent stains and automatic, water-saving features to bring convenience and comfort to customers.
Viglacera's revenue achieved nearly VND 14.6 trillion in 2022. This number was up 30.3% compared to 2021 and up 54.5% compared to 2020. The brand's profits recorded a sharp increase. Specifically, the total profit reached nearly VND 700 billion in 2020. In the following year, profits doubled in 2021 and then continued to go up to nearly VND 2000 billion in 2022.
In 1917, TOTO was founded with the first name Toyo Toki in the land of cherry blossoms "Japan". In 2002, TOTO officially entered the Vietnamese market and established the TOTO Vietnam company. This is a 100% foreign-invested company and is one of the leading companies in the production of ceramics and high-end sanitary equipment.
The TOTO brand's product lines are always rated as high quality and fully meet consumer requirements such as Neorest smart toilets, Washlet electronic washbasins, sinks, toilets, showers, bathtubs, and other smart sanitary equipment.
In the first two years, TOTO revenue reached VND 4250 billion approximately. This number increased slightly by 14.6%, to nearly VND 4900 billion in 2022. However, the brand's after-tax profit tends to decrease slightly, from nearly VND 400 billion in 2020 to more than VND 270 billion in 2021, then continue to decline by more than VND 40 billion in 2022, standing at more than VND 230 billion.
Net revenue of some sanitary equipment brands in Vietnam
LIXIL Group has a history of nearly 90 years of development and success in becoming the leading sanitary ware supplier in the Japanese market. In January 1998, the first factory in Vietnam (VINAX) began operating, providing high-quality sanitary wares and accessories under the INAX brand.
After many years of operation, up to now LIXIL Vietnam has become a strong and rapidly growing brand. In Vietnam, LIXIL is trading 4 brands: Inax bathroom equipment and architectural tiles, Grohe bathroom equipment, American Standard bathroom equipment, and Tostem aluminum doors.
In 2020, LIXIL's revenue was more than VND 4100 billion. Its revenue increased by nearly VND 100 billion in 2021 and then continued to rise to nearly VND 4800 billion in 2022. The brand's profit after tax tends to change continuously, from reaching more than VND 580 billion in 2020 to a fall of more than VND 530 billion in 2021. After that, profit after tax climbed sharply by 50% in 2022, achieving nearly VND 830 billion.
Caesar brand is a sanitary equipment brand from Taiwan. In 1985, Caesar's company was officially established. With more than 35 years of establishment and development, the company has created a solid brand in the field of manufacturing and distributing sanitary equipment.
In Vietnam, Caesar Vietnam Sanitary Equipment Joint Stock Company was officially invested and built in 1996 with 100% Taiwanese capital. Since 2002, Caesar has continuously opened more high-tech factories and expanded its branch and showroom system in Vietnam.
In the first year of 2020, Caesar's revenue peaked at about VND 1000 billion. Its revenue dropped slightly to about VND 985 billion in the next two years. The brand's profit after tax tends to change continuously, from more than VND 50 billion in 2020 to more than VND 20 billion in 2021. In 2022, the company’s profit went up slightly by VND 7 billion, reaching a profit of nearly VND 30 billion.
Hao Canh Porcelain Production and Trading Company Limited was established in 2001 in Tien Hai Industrial Park, Thai Binh province. It is a company with nearly 20 years of experience operating in the field of manufacturing, trading, and selling porcelain products.
In addition to producing household ceramic items and gifts, Hao Canh also produces many high-end sanitary ceramic products such as smart toilets, and touch sanitary equipment,... After many years of production, the company's products are constantly being improved in design and quality, to satisfy all customer requirements.
Hao Canh's net revenue tends to decrease over the years. Specifically, in 2021 it went down by 3.4%, in 2022 it dropped by 0.4% and reached more than VND 610 billion. In contrast to net revenue, profit after tax grew slightly each year. In 2020, profit after tax was recorded at VND 1.8 billion, then increased by 47%, maintaining about VND 2.6 billion and recording nearly VND 4 billion in 2022.
Profit after tax of some sanitary equipment brands in Vietnam
Thien Thanh Porcelain Company was established in 1950 in Saigon. It is the oldest porcelain company in Vietnam. Through many ups and downs, Thien Thanh porcelain has affirmed the quality and trust of customers in all parts of the country.
Thien Thanh porcelain's sanitary equipment products are always designed to ensure functionality and safety for users, manufactured using European technology, the enamel surface is covered with antibacterial nano enamel, with a layer of enamel on the surface, super flat surface "anti-fouling, highly antibacterial, and does not pollute the environment.
Thien Thanh's revenue decreased slightly in 2021, then grew nearly 11% and reached more than VND 120 billion. Regarding profit after tax, profits tend to gradually decline from VND 300 million in 2020 to negative nearly VND 23 billion in 2021. Then, in 2022, despite strong revenue growth, profits still had negative VND 9 billion.
Founded in 1873, and headquartered in Kohler - Wisconsin, Kohler Company is one of the largest and oldest privately owned companies in America. Kohler products are designed with many designs, water-saving technology, and modern Katalyst Air water mixing mode. Currently, Vietnam has very few distributors of the Kohler sanitary equipment brand because the price is quite high, and is picky about users.
Kohler's revenue and profit after tax have the same growth trend. In 2020, revenue was nearly VND 30 billion. This figure climbed by about 31.3% in the next year, then continued to increase to a revenue of nearly VND 50 billion in 2022. Regarding profit after tax, Kohler reached VND 1.2 billion in 2020. After that, profits grew year by year and peaked at nearly VND 2 billion in 2022.
As a purely Vietnamese equipment company with more than 10 years of experience in the market, KITTO is constantly innovating and creating an ecosystem of the best products.
Kitto's products are diverse with hundreds of different sanitary equipment models from sinks, bathtubs, showers, and lavatory cabinets,... with modern designs suitable for all customers.
Business activities of the KITTO brick brand show signs of increasing in 2022 but profits have yet to reach a positive level. Specifically, the brand's revenue tends to gradually drop from more than VND 40 billion in 2020 to 2021, the brand's revenue is only more than VND 30 billion. After that, revenue increased sharply again by 121%, standing at more than VND 70 billion. With that trend, the brand's after-tax profit is also not positive, recording a negative level in three years from negative more than VND 2 billion in 2020 to negative VND 600 million in 2022.
The Vietnamese sanitary equipment market is a market with great development potential, so businesses can take advantage of this opportunity to grow their business and continue to attract interest and investment in the future.
In addition, the recent notable trends are smart devices, IoT integration, green products, cheap but good quality products, and ceramic sanitary products. Therefore, to enhance competitiveness and gain market share, businesses need to focus on products, quality, competitive prices, and effective promotion strategies.
Source: Vietdata's 2022 Vietnamese Sanitary Equipment Market Report