The Vietnam Hair Care Market is rapidly growing and is projected to witness a CAGR of 5.38% during the forecast period 2023–2030 to reach USD 1067.17 million by 2030 from an estimated USD 701.73 million in 2022. The market is dominated by shampoo products, which account for most of the market share. The market has been expanding steadily in recent years, driven by poor water quality, increasing stress levels, and rising awareness of personal grooming. The growing demand for natural and organic products and personalized hair care solutions is also expected to drive market growth. The shift towards e-commerce also presents opportunities for hair care companies in Vietnam.
The grooming industry, including hair care, thrives in Vietnam as many consumers now prioritize personal care and beauty products due to improved living standards. The country’s shift from a low-income to a middle-income nation has led to a growing middle-class population. This middle-income class increasingly dedicates a substantial portion of their earnings to purchasing grooming products.
A middle-class woman in Vietnam spends around USD 9 to USD 21 per month on makeup and hair care products. This trend reflects the increasing focus on self-care and beauty among Vietnamese consumers, contributing to the thriving grooming business in the country.
Poor Water Quality Leading to Multiple Hair Problems
The water quality in Vietnam is a major source of health worries, including hair. Rapid urbanization without adequate environmental considerations has resulted in serious water pollution in the country. Millions of residents of Ho Chi Minh City depend heavily on this 2,000 km stretch of the Saigon-Dong Nai river system for their water supply, which is concerning given the volume of waste that is dumped there, as well as other pollutants. In a study, the Institute for Environment and Resources found that Dong Nai is severely polluted by discharge from farms, hospitals, mining operations, factories, waterway transport vessels, residential areas, and even garbage dumps. This has increased reliance on premium hair care products to maintain healthy hair and prevent hair loss.
Overall, the trend towards increasing urbanization leading to poor water quality in Vietnam is expected to continue drive demand for hair care products, as consumers in urban areas are more likely to have access to a wider range of products and have a greater need for products that help them maintain healthy and stylish hair.
Increasing Stress Levels Affecting Hair Growth
Anphabe, a major human resources consultancy in the nation, conducted a survey and discovered that 42% of Vietnamese employees experience stress frequently or very frequently. Between April and September 2022, nearly 58,000 employees from 515 companies responded to the survey. Large numbers of hair follicles are forced into a resting phase by intense stress. Affected hair start to fall out abruptly after a few months of simple combing or washing. The hair care market in Vietnam is being driven by high-stress levels, resulting in hair loss by interfering with the cycle of natural hair growth. People are continuously on a lookout for products with ingredients such as minoxidil that helps stimulate hair growth. Consumers are also seeking natural and organic hair care products that are free from harmful chemicals, and this trend has created a significant market opportunity for companies that specialize in these products.
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Preference for Imported Products
Imported products are often perceived as premium and of superior quality, attracting consumers who are willing to pay a premium for better results. Consumers are also attracted to the diverse range of options and unique formulations that international brands offer. In June 2023, L’Oréal Professionnel, the hair tech brand, with its presence in Vietnam, revealed the release of its updated version of iNOA hair color, which was initially introduced in 2009 and now has undergone reformulation, utilizing an oil delivery system, resulting in a product that is 60% oil-based.
International hair care brands’ marketing strategies, including celebrity and influencer endorsements, also contribute to the appeal of imported products. The cosmetics market in Vietnam is dominated by foreign brands, accounting for 90% of the market share. Among them, Korean brands hold the largest share at 30%, followed by European brands at 23%, Japanese brands at 17%, Thai brands at 13%, and American brands at 10%.
Impact of COVID-19
The COVID-19 pandemic has significantly impacted the Vietnam hair care market, positively and negatively. During the pandemic, there was a shift in consumer behaviour as people were forced to stay at home, increasing in demand for home-use hair care products. This led to a rise in shampoos, conditioners, and hair mask sales, as people spent more time caring for their hair at home. The pandemic also led to supply chain disruptions, leading to shortages of certain hair care products. Also, the economic slowdown caused by the pandemic, with many people losing their jobs or experiencing reduced income, led to declining sales of premium hair care products as consumers became more price-conscious.
Vietnam Hair Care Market: Report Scope
“Vietnam Hair Care Market Assessment, Opportunities, and Forecast, 2016–2030F” is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of the current scenario of the hair care market in Vietnam, industry dynamics and opportunities, and forecasts (2023–2030). Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.
Report Attribute
Details
Base Year of the Analysis
2022
Historical Period
2016–2021
Forecast Period
2023–2030
Projected Growth Rate
CAGR of 5.38% from 2023–2030
Revenue Forecast in 2030
USD 1067.17 million
Units
Revenue in USD million
Segments Covered
Treatment, Type, Gender, End-user, Distribution Channel
Regions Covered
Northern, Central and Southern
Key Companies Profiled
Unilever Vietnam International Co., Ltd., Procter & Gamble Vietnam Co., Ltd., L’Oreal Vietnam Co., Ltd., Kao Vietnam Co., Ltd., Amway Vietnam Co., Ltd., Estee Lauder (Vietnam) Co., Ltd., Avon Cosmetics (Vietnam) Co., Ltd., Watsons (Vietnam) Limited, Oriflame Vietnam Co., Ltd, Johnson & Johnson (Vietnam) Co., Ltd.
Customization Scope
15% free report customization with purchase
Pricing and Purchase Options
Avail the customized purchase options to fulfil your precise research needs
Delivery Format
PDF and Excel through email (subject to the license purchased). We can also provide the editable version of the report in PPT/PDF format on special request
In this report, Vietnam Hair Care Market has been segmented into the following categories:
1. By Treatment
1.1. Anti-Dandruff
1.2. Hair Loss
1.3. Dry & Itchy Scalp
1.4. Dull & Frizzy Hair
1.5. White-Grey Hair
1.6. Others
2. By Type
2.1. Shampoo & Conditioning
2.2. Perming & Straightening
2.3. Styling Products
2.3.1.Gels/Wax
2.3.2.Mousse
2.3.3.Hair Spray
2.3.4.Others
2.4. Hair Colouring
2.4.1.Permanent
2.4.2.Semi-permanent
2.4.3.Demi-permanent
2.4.4.Temporary
2.4.5.Others
2.5. Others
3. By Gender
3.1. Male
3.2. Female
3.3. Unisex
4. By End-user
4.1. Personal
4.2. Professional
5. By Distribution Channel
5.1. Online
5.2. Supermarkets & Hypermarkets
5.3. Retail Outlets
5.4. Specialty Stores
5.5. Departmental Stores
5.6. Dealers & Distributors
5.7. Pharmacy & Drug Stores
5.8. Others
6. By Region
6.1. Northern
6.2. Central
6.3. Southern
Key Players Landscape and Outlook
The Vietnam hair care market is highly competitive, with a range of domestic and international players competing for market share. Some major players in the market include Kao Vietnam Co., Ltd., Estee Lauder (Vietnam) Co., Ltd., Unilever Vietnam International Co., Ltd., and Procter & Gamble Vietnam Co., Ltd. The market is experiencing several key trends, including the budding popularity of natural and organic hair care products, the increasing importance of product packaging and design, and the rising demand for hair care products tailored to specific hair types and concerns.
Companies strongly invest in research and development to create innovative products catering to Vietnamese consumers’ specific needs and preferences. Mergers and acquisitions are a common strategy for big giants to expand in the market. In March 2023, Marico Ltd., an India-based company known for owning brands like Beardo and Just Herbs, disclosed its acquisition of the Vietnamese firm Beauty X Corporation. The two companies agreed, with Marico purchasing Beauty X Corporation for USD 20.8 million.
Key Players Operating in the Vietnam Hair Care Market
· Unilever Vietnam International Co., Ltd.
· Procter & Gamble Vietnam Co., Ltd.
· L’Oreal Vietnam Co., Ltd.
· Kao Vietnam Co., Ltd.
· Amway Vietnam Co., Ltd.
· Estee Lauder (Vietnam) Co., Ltd.
· Avon Cosmetics (Vietnam) Co., Ltd.
· Watsons (Vietnam) Limited
· Oriflame Vietnam Co., Ltd
· Johnson & Johnson (Vietnam) Co., Ltd.
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