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Vietnam Skin Care Products Market May Surpass US$ 1,922.4 million by 2027 with Growing CAGR of 11.7%

With rapid increase in the middle-class population in Southeast Asia, Vietnam has been experiencing notable growth in its retail sector. This Vietnam skin care products market trend is anticipated to continue in near the future, owing to presence of relatively young population demographics. Low income consumers are witnessing increase in their spending power, which is anticipated to impact their purchasing preferences with regard to cosmetics products. Such consumers were increasingly drawn to more modern products, often offering added value features.

Vietnam’s skin care products market is expected to reach $1.9 billion by 2027, growing at a CAGR of 11.7% from 2021 to 2027, according to a report by Allied Market Research. The report revealed that foreign brands such as L’Oreal, Estée Lauder, Unilever, and Colgate-Palmolive hold a significant share of the market, while domestic firms struggle in areas such as innovation, packaging, marketing, and promotion. To tap into Vietnam’s young, tech-savvy population, cosmetics brands from South Korea and Japan are focusing on strengthening their foothold in the country, while fashion retailers consider the omnichannel model to optimize conversion rates. The report also suggests that the supermarket/hypermarket sales channel is likely to reach $493.5 million by 2027 in the Vietnam skin care products market.

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