Colour Cosmetics in Vietnam

Colour Cosmetics in Vietnam
Euromonitor International
May 2022
COLOUR COSMETICS IN VIETNAM Passport i
LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS.................................................................................................................. 1
2021 DEVELOPMENTS ............................................................................................................... 1
Pandemic measures reduce consumption occasions for colour cosmetics .............................. 1
Mass brands absorb some of the effects of COVID-19 to lead the field ................................... 1
Players embrace digital tools to increase engagement with consumers ................................... 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
High vaccination rate, economic recovery and return to work and social norms to underpin
rebound in colour cosmetics ..................................................................................................... 2
Stronger consumption occasions set to boost the use of facial make-up ................................. 3
Local brands look to celebrity endorsements and natural positioning to gain A competitive
edge .......................................................................................................................................... 3
CATEGORY DATA ....................................................................................................................... 3
Table 1 Sales of Colour Cosmetics by Category: Value 2016-2021.......................... 3
Table 2 Sales of Colour Cosmetics by Category: % Value Growth 2016-2021 ......... 5
Table 3 NBO Company Shares of Colour Cosmetics: % Value 2017-2021 .............. 6
Table 4 LBN Brand Shares of Colour Cosmetics: % Value 2018-2021 ..................... 7
Table 5 LBN Brand Shares of Eye Make-up: % Value 2018-2021 ............................ 8
Table 6 LBN Brand Shares of Facial Make-up: % Value 2018-2021......................... 9
Table 7 LBN Brand Shares of Lip Products: % Value 2018-2021 ........................... 10
Table 8 LBN Brand Shares of Nail Products: % Value 2018-2021 .......................... 11
Table 9 LBN Brand Shares of Premium Colour Cosmetics: % Value 2018-
2021 ........................................................................................................... 12
Table 10 Forecast Sales of Colour Cosmetics by Category: Value 2021-2026 ......... 13
Table 11 Forecast Sales of Colour Cosmetics by Category: % Value Growth
2021-2026 .................................................................................................. 14
© Euromonitor International
COLOUR COSMETICS IN VIETNAM Passport 1
COLOUR COSMETICS IN VIETNAM

KEY DATA FINDINGS
▪ Retail value sales decrease by 11% in current terms in 2021 to VND2.9 trillion
▪ Facial make-up is the best performing category in 2021, with retail value sales still decreasing
by 11% in current terms to VND1.3 trillion
▪ L’Oréal Vietnam Co Ltd is the leading player in 2021, with a retail value share of 16%
▪ Retail sales are set to increase at a current value CAGR of 16% (2021 constant value CAGR
of 12%) over the forecast period to VND6.0 trillion
2021 DEVELOPMENTS
Pandemic measures reduce consumption occasions for colour

cosmetics
Colour cosmetics was heavily impacted by the Coronavirus (COVID-19) pandemic.
Lockdowns, work-from-home policies, few opportunities for socialising and social distancing
rules strongly reduced potential consumption occasions. As a result, colour cosmetics registered
steep declines in both retail volume and current value terms in 2020 and 2021. With the
Vietnamese government requesting that people wear face masks in public areas from mid-
March 2020, this made certain colour cosmetics even more redundant. Thus, “other” lip
products, especially premium ones, saw steep declines, due to the use of face masks in public,
thereby removing reasons to apply lipstick, and higher prices. On the other hand, a demand for
options like mass powder and mass eye liner/pencil was sustained due to the ubiquity of product
use and a stronger focus on eyes, as much of the rest of the face had to be covered with a
mask.
In 2021, many cities in Vietnam executed prolonged lockdowns to deal with increasing
numbers of COVID-19 cases in the country. In particular, Ho Chi Minh City implemented
lockdowns of various degrees, from partial to full. Social distancing remained in place and
lockdowns in 2021 in Ho Chi Minh City commenced in April/May and ended on 1 October. Thus,
stay-at-home policies continued to hit the demand for colour cosmetics in 2021, as consumers
tend not to apply make-up while in the home. Moreover, the wearing of a face mask while
outside the home remained another key factor limiting the use of colour cosmetics in the city.
Mass brands absorb some of the effects of COVID-19 to lead the field
At the end of September 2021 (Q3), Vietnam’s working age unemployment rate was slightly
higher compared to September 2020, while the average consumer income fell over the same
period. According to the General Statistics Office of Vietnam, the September 2021 figures for
unemployment and average consumer income represented the lowest points recorded in
Vietnam over the last 10 years. In response to tougher economic conditions, consumers looked
to save money, which favoured the purchase of mass over premium colour cosmetic brands.
The shift to mass brands helped the top two players in colour cosmetics, L'Oréal Vietnam Co
Ltd and LG Vina Cosmetics Co Ltd, increase their retail value shares in 2021. L'Oréal Vietnam
leverages the strength of its global brands like Maybelline New York, Shu Uemura, Lancôme
and L'Oréal Paris. In brand terms, the competition is fierce and the landscape is highly
fragmented. The Face Shop (LG Vina Cosmetics) and Maybelline New York benefited from their
mass appeal to hold off the leading premium brand Shiseido (Shiseido Cosmetics Vietnam) at
the top of the rankings in 2021. Meanwhile, South Korean companies continued to expand in
Vietnam. The demand for South Korean cosmetics brands, such as Innisfree by AmorePacific
Vietnam, has grown rapidly among younger people, as K-pop has become a beauty standard.
This trend is expected to continue in the short to medium term, at least, as K-pop culture attracts
younger consumers and South Korean brands typically carry affordable price tags.
Players embrace digital tools to increase engagement with consumers

Digital marketing, livestreaming and e-commerce are major developments in colour cosmetics
in Vietnam. In 2021, e-commerce witnessed the fastest value sales and share growth in terms of
distribution. Supported by disruption to retailing and normal shopping behaviours in light of the
pandemic, more and more consumers turned to e-commerce. E-commerce has become an
effective channel for companies looking to reach more consumers due to its perceived
convenience and safety and regular price promotions, including the offer of discounts of 20-
50%. Thus, e-commerce appealed strongly to price-sensitive consumers who still wish to treat
themselves to beauty products.
Colour cosmetics is cited as one of the top five products sold via e-commerce platforms, with
Shopee and Lazada cited as the two most popular e-commerce marketplaces for these
products. However, a negative side of this trend is the stronger presence of unauthorised and
counterfeit/fake products, which are mainly sold at lower prices on e-commerce platforms. There
remains no sustainable government regulation to control online distribution, which limits
consumer trust and usage. In addition to the rapid and robust development of e-commerce,
beauty specialists also enjoyed a rise in popularity, with more new players, such as Beauty Box,
Beauty Garden, and Nuty, appearing in the channel. The growth of this channel should help the
recovery of colour cosmetics in the short to medium term.
In the review period, digital marketing became a significant tool for leading companies to
advertise their products and build brand reputation, alongside generating stronger levels of
interaction with customers. The companies embracing this method include major players like
Shiseido Cosmetics Vietnam, Estée Lauder Vietnam, L'Oréal Vietnam and AmorePacific
Vietnam. In this vein, Facebook and TikTok have become popular social media channels, with
players using livestreams to attract attention and inform and engage consumers. For example,
Shiseido runs livestreams with make-up artists and skin care experts to offer beauty and skin
care advice and introduce its products to consumers.
PROSPECTS AND OPPORTUNITIES
High vaccination rate, economic recovery and return to work and social
norms to underpin rebound in colour cosmetics
Colour cosmetics is expected to see a strong rebound in the forecast period, in both the
premium and mass segments. However, the extent of the slump at the end of the review period
is reflected in the projection that retail volume and value (constant 2021 prices) sales will not
exceed 2019 levels until 2024. Nonetheless, the anticipated economic recovery and growing
awareness of colour cosmetics brands and trends in Vietnam should underpin a rebound in the
category. Importantly, as the economic and social situations improve, an increasing number of
consumers are likely to be willing to spend more on premium options, in order to access higher
quality and “must-have” products. Furthermore, the rapid development of e-commerce and
beauty specialists is set to boost the presence, choice and take-up of colour cosmetics in the
forecast period.
The recovery of colour cosmetics is predicted to be supported by the vaccination programme,

enabling more consumers to return to the workplace and social events. The government aims to
reach a 100% vaccinated adult population by the end of Q1 or Q2 2022. This would make
people feel safer to venture outside, return to the office and join social activities, thereby
supporting consumption occasions for the application of make-up. Moreover, the recovery of
tourism is likely to spur sales of colour cosmetics. Many consumers wear more colour cosmetics
when travelling or on holiday and when posing for photos.
Stronger consumption occasions set to boost the use of facial make-up

Over the forecast period, facial make-up is expected to rebound fast as consumers enjoy
wearing such products after the hiatus due to the pandemic. Moreover, they are likely to be
attracted by increasingly sophisticated ranges. For example, consumers can use facial make-up
with added SPF50+. Moreover, the growing range of all-day-long-wear products is likely to pique
the interest of consumers looking for convenience. Lip products is also set to bounce back
strongly. In the pre-pandemic period, lipstick was a popular choice for most female consumers
in Vietnam, as it is a quick-and-easy-to-use make-up option. Therefore, leading companies like
Shiseido and L'Oréal launched various new lipsticks with new colours to attract customers.
Moreover, players typically launched promotional events with strong discounts via e-commerce,
in order to help stimulate new product awareness. This practice is expected to continue in the
short term, at least. In the short term, lip products may continue to be less essential than facial
or eye make-up as the obligation to wear face mask outside the home remains in place.
However, as the threat of COVID-19 fades and consumers resume pre-pandemic lifestyles and
behaviours, the fashion for wearing lip products is expected to return strongly.
Local brands look to celebrity endorsements and natural positioning to

gain A competitive edge
Despite the strong leadership of international brands, local brands are expected to gain a
stronger foothold due to reasonable prices in a tough economic climate and the appeal of
celebrities. In Vietnam, local brands, such as Ofélia, M.O.I, and Lemonade, are often
endorsed/owned or marketed by celebrities or make-up artists/YouTubers and singers, who
enjoy a reputation for fashion and style and bring large numbers of followers. Consumers often
follow the make-up styles of their favourite celebrities and support them by purchasing their
products. Besides, a number of small local players are expected to focus on small natural and
organic segments to serve the rising demand for natural and safe products among consumers in
Vietnam. For instance, Co Mem Natural Cosmetics JSC has launched new facial make-up and
lip products, which are promoted as being made from natural ingredients and safe for people
allergic to chemicals.
CATEGORY DATA
Table 1 Sales of Colour Cosmetics by Category: Value 2016-2021
VND billion
2016 2017 2018 2019 2020 2021
Eye Make-Up 455.7 507.6 562.1 627.0 517.1 460.4

- Eye Liner/Pencil 268.7 301.2 335.7 376.8 311.6 278.2
-- Premium Eye Liner/ 109.1 121.2 127.1 134.4 104.9 91.3
Pencil
-- Mass Eye Liner/Pencil 159.6 180.0 208.6 242.4 206.7 186.8
- Eye Shadow 95.5 105.2 115.2 127.4 104.3 91.9

-- Premium Eye Shadow 38.7 42.3 43.8 46.2 35.4 30.6
-- Mass Eye Shadow 56.8 62.9 71.4 81.3 68.9 61.4
- Mascara 91.5 101.2 111.2 122.8 101.3 90.3
-- Premium Mascara 37.5 41.4 43.2 45.3 35.1 30.7
-- Mass Mascara 54.0 59.8 68.0 77.6 66.2 59.6
- Other Lash and Brow - - - - - -
Make-Up
-- Premium Other Lash - - - - - -
and Brow Make-Up
-- Mass Other Lash and - - - - - -
Brow Make-Up
Facial Make-Up 1,095.5 1,280.8 1,469.2 1,694.4 1,447.9 1,292.2
- BB/CC Creams 283.7 355.1 413.7 500.2 427.7 391.1
-- Premium BB/CC Creams 138.9 174.0 186.3 216.0 177.5 164.3
-- Mass BB/CC Creams 144.8 181.2 227.4 284.2 250.2 226.8
- Blusher/Bronzer/ 105.8 119.5 135.3 151.8 125.7 110.4
Highlighter
-- Premium Blusher/ 49.4 54.9 60.9 66.1 53.1 45.9
Bronzer/Highlighter
-- Mass Blusher/Bronzer/ 56.4 64.6 74.3 85.7 72.5 64.5
Highlighter
- Foundation/Concealer 395.4 443.1 498.4 557.4 471.1 412.1
-- Premium Foundation/ 184.5 203.6 224.0 240.7 197.8 169.0
Concealer
-- Mass Foundation/ 210.9 239.5 274.4 316.7 273.3 243.1
Concealer
- Powder 310.6 363.1 421.9 485.0 423.5 378.5
-- Premium Powder 144.9 166.8 190.9 213.6 179.3 161.2
-- Mass Powder 165.6 196.3 231.0 271.5 244.3 217.4
- Other Facial Make-Up - - - - - -
-- Premium Other Facial - - - - - -
Make-Up
-- Mass Other Facial - - - - - -
Make-Up
Lip Products 894.3 1,021.2 1,164.0 1,335.2 1,085.0 966.1
- Lip Gloss 62.3 67.5 70.9 76.7 62.0 54.2
-- Premium Lip Gloss 35.8 39.3 40.1 41.5 32.8 28.8
-- Mass Lip Gloss 26.5 28.2 30.9 35.2 29.2 25.5
- Lip Liner/Pencil 82.6 90.1 97.5 110.1 88.6 78.0
-- Premium Lip Liner/ 35.9 39.4 40.9 43.0 34.0 29.3
Pencil
-- Mass Lip Liner/Pencil 46.7 50.8 56.6 67.1 54.5 48.6
- Lipstick 740.3 853.3 984.4 1,133.5 922.7 824.2
-- Premium Lipstick 451.0 526.4 604.7 668.6 547.4 481.3
-- Mass Lipstick 289.3 326.9 379.6 464.9 375.3 342.9
- Other Lip Products 9.1 10.2 11.2 14.9 11.8 9.7
-- Premium Other Lip 4.2 4.6 4.8 5.9 4.6 3.5
Products
-- Mass Other Lip 4.9 5.6 6.5 9.1 7.3 6.2
Products
Nail Products 93.2 105.9 124.0 147.3 133.2 103.1
- Nail Polish 83.1 94.4 110.6 131.8 119.4 92.5
-- Premium Nail Polish - - - - - -
-- Mass Nail Polish 83.1 94.4 110.6 131.8 119.4 92.5
- Nail Treatments/ - - - - - -
Strengthener
-- Premium Nail - - - - - -
Treatments/Strengthener
-- Mass Nail Treatments/ - - - - - -
Strengthener
- Polish Remover 10.2 11.5 13.4 15.6 13.8 10.6

-- Premium Polish Remover - - - - - -
-- Mass Polish Remover 10.2 11.5 13.4 15.6 13.8 10.6
- Other Nail Products - - - - - -
-- Premium Other Nail - - - - - -
Products
-- Mass Other Nail - - - - - -
Products
Colour Cosmetics Sets/ 25.8 35.7 45.5 55.3 47.2 40.5
Kits
- Premium Colour 3.0 3.9 4.6 5.1 3.9 2.8
Cosmetics Sets/Kits
- Mass Colour Cosmetics 22.8 31.8 40.8 50.2 43.3 37.8
Sets/Kits
Colour Cosmetics 2,564.5 2,951.1 3,364.7 3,859.3 3,230.4 2,862.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Sales of Colour Cosmetics by Category: % Value Growth 2016-2021
% current value growth

2020/21 2016-21 CAGR 2016/21 Total
Eye Make-Up -11.0 0.2 1.0

- Eye Liner/Pencil -10.7 0.7 3.5
-- Premium Eye Liner/Pencil -12.9 -3.5 -16.3
-- Mass Eye Liner/Pencil -9.6 3.2 17.1
- Eye Shadow -11.9 -0.8 -3.8
-- Premium Eye Shadow -13.6 -4.6 -21.0
-- Mass Eye Shadow -11.0 1.6 8.0
- Mascara -10.9 -0.3 -1.4
-- Premium Mascara -12.5 -4.0 -18.3
-- Mass Mascara -10.0 2.0 10.4
- Other Lash and Brow Make-Up - - -
-- Premium Other Lash and Brow Make-Up - - -
-- Mass Other Lash and Brow Make-Up - - -
Facial Make-Up -10.8 3.4 17.9
- BB/CC Creams -8.6 6.6 37.8
-- Premium BB/CC Creams -7.4 3.4 18.3
-- Mass BB/CC Creams -9.3 9.4 56.6
- Blusher/Bronzer/Highlighter -12.2 0.9 4.3
-- Premium Blusher/Bronzer/Highlighter -13.6 -1.4 -7.0
-- Mass Blusher/Bronzer/Highlighter -11.1 2.7 14.3
- Foundation/Concealer -12.5 0.8 4.2
-- Premium Foundation/Concealer -14.5 -1.7 -8.4
-- Mass Foundation/Concealer -11.0 2.9 15.3
- Powder -10.6 4.0 21.9
-- Premium Powder -10.1 2.1 11.2
-- Mass Powder -11.0 5.6 31.2
- Other Facial Make-Up - - -
-- Premium Other Facial Make-Up - - -
-- Mass Other Facial Make-Up - - -
Lip Products -11.0 1.6 8.0
- Lip Gloss -12.5 -2.7 -13.0
-- Premium Lip Gloss -12.3 -4.3 -19.7
-- Mass Lip Gloss -12.8 -0.8 -3.8
- Lip Liner/Pencil -12.0 -1.2 -5.7
-- Premium Lip Liner/Pencil -13.8 -4.0 -18.4
-- Mass Lip Liner/Pencil -10.8 0.8 4.2
- Lipstick -10.7 2.2 11.3

-- Premium Lipstick -12.1 1.3 6.7
-- Mass Lipstick -8.6 3.5 18.5
- Other Lip Products -17.8 1.4 7.0
-- Premium Other Lip Products -22.9 -3.4 -16.0
-- Mass Other Lip Products -14.5 4.9 26.8
Nail Products -22.6 2.0 10.6
- Nail Polish -22.5 2.2 11.3
-- Premium Nail Polish - - -
-- Mass Nail Polish -22.5 2.2 11.3
- Nail Treatments/Strengthener - - -
-- Premium Nail Treatments/Strengthener - - -
-- Mass Nail Treatments/Strengthener - - -
- Polish Remover -23.0 0.9 4.7
-- Premium Polish Remover - - -
-- Mass Polish Remover -23.0 0.9 4.7
- Other Nail Products - - -
-- Premium Other Nail Products - - -
-- Mass Other Nail Products - - -
Colour Cosmetics Sets/Kits -14.2 9.4 57.0
- Premium Colour Cosmetics Sets/Kits -29.3 -1.9 -8.9
- Mass Colour Cosmetics Sets/Kits -12.8 10.6 65.8
Colour Cosmetics -11.4 2.2 11.6
Table 3 NBO Company Shares of Colour Cosmetics: % Value 2017-2021
% retail value rsp

Company 2017 2018 2019 2020 2021
L'Oréal Vietnam Co Ltd 14.7 15.0 15.0 15.3 15.6

LG Vina Cosmetics Co Ltd 13.3 13.1 12.4 13.7 14.2
Estée Lauder Vietnam Co 14.2 14.3 13.9 13.6 13.6
Ltd
Shiseido Cosmetics 14.6 13.1 11.8 11.3 11.1
Vietnam Co Ltd
AmorePacific Vietnam JSC 2.3 5.0 5.5 6.8 6.7
Chanel SA 5.0 5.1 5.2 5.1 5.2
Revlon Inc 4.8 4.6 4.3 4.4 4.3
MOI Cosmetics Co Ltd - 0.9 1.9 2.8 2.6
Christian Dior SA, 1.7 1.7 1.7 1.6 1.7
Parfums
Oriflame Vietnam Ltd - - - 2.4 1.5
Nippon Menard Cosmetic 1.5 1.4 1.3 1.3 1.2
Co Ltd
Make Up For Ever Co Ltd 1.7 1.3 1.1 1.0 1.0
Bourjois SA 1.0 0.9 0.8 0.9 0.9
Unilever Vietnam 0.7 0.7 0.6 0.6 0.6
International Co Ltd
Clarins SA 0.7 0.7 0.6 0.6 0.6
Kanebo Cosmetics Inc 0.6 0.5 0.5 0.5 0.5
Yves Rocher SA 0.4 0.4 0.4 0.4 0.4
Body Shop (Vietnam) Co 0.4 0.3 0.3 0.4 0.4
Ltd, The
International Minh Viet 0.4 0.3 0.3 0.3 0.2
Co Ltd
Saigon Cosmetics Corp 0.3 0.3 0.2 0.2 0.2
Etude Corp 0.3 0.2 0.2 0.2 0.2
Naris Cosmetics Co Ltd 0.2 0.2 0.2 0.2 0.2

Missha Vietnam Co Ltd 0.1 0.1 0.1 0.1 0.1
Thuong Xuan Cosmetic Co 3.7 3.8 3.8 - -
Ltd
Avon Cosmetics Vietnam - - - - -
Ltd
Others 17.6 16.1 17.8 16.3 17.0
Total 100.0 100.0 100.0 100.0 100.0
Table 4 LBN Brand Shares of Colour Cosmetics: % Value 2018-2021
% retail value rsp

Brand (GBO) Company (NBO) 2018 2019 2020 2021
The Face Shop (LG LG Vina Cosmetics Co Ltd 9.5 9.0 10.4 10.8
Household & Health
Care Ltd)
Maybelline New York L'Oréal Vietnam Co Ltd 9.3 9.3 9.6 9.8
(L'Oréal Groupe)
Shiseido (Shiseido Shiseido Cosmetics 10.3 9.2 8.6 8.4
Co Ltd) Vietnam Co Ltd
Mac (Estée Lauder Estée Lauder Vietnam Co 8.5 8.5 8.4 8.3
Cos Inc) Ltd
Chanel Chanel SA 5.1 5.2 5.1 5.2
Innisfree AmorePacific Vietnam JSC 3.0 3.5 4.4 4.4
(AmorePacific Corp)
Revlon Revlon Inc 4.6 4.3 4.4 4.3
M.O.I MOI Cosmetics Co Ltd 0.9 1.9 2.8 2.6
Shu Uemura (L'Oréal L'Oréal Vietnam Co Ltd 2.2 2.3 2.3 2.4
Groupe)
Clinique (Estée Estée Lauder Vietnam Co 2.2 2.1 2.0 2.0
Lauder Cos Inc) Ltd
Za (Shiseido Co Ltd) Shiseido Cosmetics 2.1 2.0 2.0 2.0
Vietnam Co Ltd
Bobbi Brown (Estée Estée Lauder Vietnam Co 2.1 2.0 1.9 1.9
Lauder Cos Inc) Ltd
Lacvert Essance (LG LG Vina Cosmetics Co Ltd 1.9 1.8 1.8 1.8
Household & Health
Care Ltd)
L'Oréal Paris L'Oréal Vietnam Co Ltd 1.7 1.7 1.7 1.8
(L'Oréal Groupe)
Lancôme (L'Oréal L'Oréal Vietnam Co Ltd 1.7 1.7 1.7 1.7
Groupe)
Dior (LVMH Moët Christian Dior SA, 1.7 1.7 1.6 1.7
Hennessy Louis Parfums
Vuitton SA)
Laneíge AmorePacific Vietnam JSC 1.4 1.4 1.6 1.6
(AmorePacific Corp)
Oriflame (Oriflame Oriflame Vietnam Ltd - - 2.4 1.5
Cosmetics SA)
O HUI (LG Household LG Vina Cosmetics Co Ltd 1.4 1.4 1.3 1.3
& Health Care Ltd)
Estée Lauder (Estée Estée Lauder Vietnam Co 1.5 1.4 1.3 1.3
Lauder Cos Inc) Ltd
Menard Nippon Menard Cosmetic 1.4 1.3 1.3 1.2
Co Ltd
Make Up For Ever Make Up For Ever Co Ltd 1.3 1.1 1.0 1.0
(LVMH Moët Hennessy

Louis Vuitton SA)
Bourjois (Coty Inc) Bourjois SA 0.9 0.8 0.9 0.9
Nars (Shiseido Co Shiseido Cosmetics 0.7 0.7 0.8 0.8
Ltd) Vietnam Co Ltd
Pond's (Unilever Unilever Vietnam 0.7 0.6 0.6 0.6
Group) International Co Ltd
Clarins Clarins SA 0.7 0.6 0.6 0.6
Sulwhasoo AmorePacific Vietnam JSC 0.6 0.6 0.6 0.5
(AmorePacific Corp)
Kanebo (Kao Corp) Kanebo Cosmetics Inc 0.5 0.5 0.5 0.5
Yves Rocher Yves Rocher SA 0.4 0.4 0.4 0.4
The Body Shop Body Shop (Vietnam) Co 0.3 0.3 0.4 0.4
(Natura&Co) Ltd, The
Oriflame (Oriflame Thuong Xuan Cosmetic Co 3.8 3.8 - -
Cosmetics SA) Ltd
Others Others 17.4 19.0 17.7 18.3
Total Total 100.0 100.0 100.0 100.0
Table 5 LBN Brand Shares of Eye Make-up: % Value 2018-2021
% retail value rsp

(L'Oréal Groupe)
Household & Health
Care Ltd)
Vuitton SA)
Cos Inc) Ltd
Vietnam Co Ltd
(AmorePacific Corp)
Cosmetics SA)
Co Ltd
Louis Vuitton SA)
VOV Eye (LG LG Vina Cosmetics Co Ltd 1.3 1.2 1.2 1.2
Household & Health
Care Ltd)
Lauder Cos Inc) Ltd
Naris Naris Cosmetics Co Ltd 1.1 1.1 1.0 1.0
Ltd) Vietnam Co Ltd

(L'Oréal Groupe)
Lauder Cos Inc) Ltd
Groupe)
Lauder Cos Inc) Ltd
Household & Health
Care Ltd)
Groupe)
Etude (AmorePacific Etude Corp 0.5 0.4 0.5 0.5
Corp)
Cosmetics SA) Ltd
Avon Colour (Avon Avon Cosmetics Vietnam - - - -
Products Inc) Ltd
The Body Shop Body Shop (Vietnam) Co - - - -
(L'Oréal Groupe) Ltd, The
Others Others 32.6 34.4 35.3 37.3
Total Total 100.0 100.0 100.0 100.0
Table 6 LBN Brand Shares of Facial Make-up: % Value 2018-2021
% retail value rsp

Household & Health
Care Ltd)
(AmorePacific Corp)
(L'Oréal Groupe)
Cos Inc) Ltd
Lauder Cos Inc) Ltd
Household & Health
Care Ltd)
& Health Care Ltd)
Cosmetics SA)
Vietnam Co Ltd

(AmorePacific Corp)
Groupe)
(L'Oréal Groupe)
Lauder Cos Inc) Ltd
Pond's BB+Cream Unilever Vietnam 1.5 1.4 1.4 1.4
(Unilever Group) International Co Ltd
Groupe)
Co Ltd
Louis Vuitton SA)
Lauder Cos Inc) Ltd
Vuitton SA)
Ltd) Vietnam Co Ltd
Sulwhasoo BB/CC AmorePacific Vietnam JSC 0.7 0.7 0.8 0.7
cream (AmorePacific
Corp)
Kaila International Minh Viet 0.7 0.7 0.7 0.5
Co Ltd
Foundation
(AmorePacific Corp)
Mamonde AmorePacific Vietnam JSC - - 0.2 0.2
(AmorePacific Corp)
Cosmetics SA) Ltd
Others Others 14.2 16.2 15.3 15.4
Total Total 100.0 100.0 100.0 100.0
Table 7 LBN Brand Shares of Lip Products: % Value 2018-2021
% retail value rsp

Cos Inc) Ltd
(L'Oréal Groupe)
Groupe)
Household & Health
Care Ltd)
Lauder Cos Inc) Ltd
(L'Oréal Groupe)
Groupe)
Vietnam Co Ltd
(AmorePacific Corp)
Lauder Cos Inc) Ltd
Vuitton SA)
Lauder Cos Inc) Ltd
(AmorePacific Corp)
Household & Health
Care Ltd)
Couleurs Nature Yves Rocher SA 1.2 1.2 1.3 1.3
Co Ltd
Louis Vuitton SA)
Ltd) Vietnam Co Ltd
& Health Care Ltd)
Cosmetics SA)
Mamonde AmorePacific Vietnam JSC - - 0.3 0.2
(AmorePacific Corp)
Etude (AmorePacific Etude Corp 0.2 0.2 0.2 0.2
Corp)
Cosmetics SA) Ltd
Others Others 7.7 8.9 5.0 6.1
Total Total 100.0 100.0 100.0 100.0
Table 8 LBN Brand Shares of Nail Products: % Value 2018-2021
% retail value rsp

Household & Health
Care Ltd)
(AmorePacific Corp)
(L'Oréal Groupe)
Saigon Saigon Cosmetics Corp 5.5 4.8 4.9 4.5
Cosmetics SA)
Cosmetics SA) Ltd
Bourjois (Chanel SA) Bourjois SA - - - -
L'Oréal Paris L'Oréal Vietnam Co Ltd - - - -
(L'Oréal Groupe)
Others Others 16.7 22.1 22.3 22.5
Total Total 100.0 100.0 100.0 100.0
Table 9 LBN Brand Shares of Premium Colour Cosmetics: % Value 2018-2021
% retail value rsp


Cos Inc) Ltd
Chanel Chanel SA 10.9 11.7 11.7 12.0
Groupe)
Lauder Cos Inc) Ltd
Lauder Cos Inc) Ltd
Groupe)
Vuitton SA)
(AmorePacific Corp)
& Health Care Ltd)
Lauder Cos Inc) Ltd
Louis Vuitton SA)
Co Ltd
Ltd) Vietnam Co Ltd
Sulwhasoo BB/CC AmorePacific Vietnam JSC 0.6 0.7 0.8 0.7

cream (AmorePacific
Corp)
Foundation
(AmorePacific Corp)
Naris Naris Cosmetics Co Ltd 0.4 0.4 0.4 0.4
Others Others 7.5 7.4 7.3 7.2
Total Total 100.0 100.0 100.0 100.0
Table 10 Forecast Sales of Colour Cosmetics by Category: Value 2021-2026
VND billion
2021 2022 2023 2024 2025 2026
Eye Make-Up 460.4 503.8 577.7 655.0 724.9 798.5

- Eye Liner/Pencil 278.2 304.3 349.3 396.1 438.6 483.4
-- Premium Eye Liner/ 91.3 98.6 112.5 130.7 144.0 157.8
Pencil
-- Mass Eye Liner/Pencil 186.8 205.7 236.8 265.4 294.6 325.5
- Eye Shadow 91.9 100.7 115.6 131.4 145.9 161.0
-- Premium Eye Shadow 30.6 33.6 38.2 44.5 49.1 53.8
-- Mass Eye Shadow 61.4 67.1 77.4 86.9 96.8 107.2
- Mascara 90.3 98.8 112.8 127.5 140.5 154.2
-- Premium Mascara 30.7 33.6 38.5 44.8 49.3 54.2
-- Mass Mascara 59.6 65.2 74.4 82.7 91.2 100.0
- Other Lash and Brow - - - - - -
Make-Up
-- Premium Other Lash - - - - - -
and Brow Make-Up
-- Mass Other Lash and - - - - - -
Brow Make-Up
Facial Make-Up 1,292.2 1,411.0 1,619.6 1,834.2 2,022.6 2,222.0
- BB/CC Creams 391.1 429.4 493.4 562.4 622.8 686.9
-- Premium BB/CC Creams 164.3 179.6 205.5 239.2 263.5 289.2
-- Mass BB/CC Creams 226.8 249.9 287.9 323.2 359.3 397.6
- Blusher/Bronzer/ 110.4 120.5 137.9 156.3 172.4 189.5
Highlighter
-- Premium Blusher/ 45.9 50.0 56.8 65.7 72.1 78.9
Bronzer/Highlighter
-- Mass Blusher/Bronzer/ 64.5 70.5 81.1 90.6 100.3 110.6
Highlighter
- Foundation/Concealer 412.1 443.9 507.6 570.9 626.0 684.8
-- Premium Foundation/ 169.0 183.6 209.3 242.6 266.7 292.0
Concealer
-- Mass Foundation/ 243.1 260.3 298.3 328.3 359.3 392.8
Concealer
- Powder 378.5 417.3 480.7 544.5 601.4 660.8
-- Premium Powder 161.2 175.5 198.5 228.5 249.4 270.9
-- Mass Powder 217.4 241.8 282.1 316.0 352.0 389.8
- Other Facial Make-Up - - - - - -
-- Premium Other Facial - - - - - -
Make-Up
-- Mass Other Facial - - - - - -
Make-Up
Lip Products 966.1 1,059.1 1,208.2 1,385.4 1,534.8 1,689.9
- Lip Gloss 54.2 59.2 67.6 76.7 84.3 92.2
-- Premium Lip Gloss 28.8 31.2 35.4 40.9 44.8 48.8

-- Mass Lip Gloss 25.5 28.0 32.2 35.8 39.5 43.4
- Lip Liner/Pencil 78.0 85.1 97.6 110.8 122.4 134.5
-- Premium Lip Liner/ 29.3 32.1 36.9 43.0 47.5 52.2
Pencil
-- Mass Lip Liner/Pencil 48.6 52.9 60.7 67.7 74.9 82.2
- Lipstick 824.2 904.2 1,031.2 1,184.0 1,312.7 1,446.3
-- Premium Lipstick 481.3 524.9 599.2 695.0 765.9 839.7
-- Mass Lipstick 342.9 379.3 432.0 489.0 546.8 606.6
- Other Lip Products 9.7 10.6 11.8 13.9 15.4 16.9
-- Premium Other Lip 3.5 3.8 4.2 5.4 5.9 6.4
Products
-- Mass Other Lip 6.2 6.8 7.6 8.6 9.5 10.5
Products
Nail Products 103.1 123.5 142.8 160.4 178.4 197.4
- Nail Polish 92.5 111.3 129.0 144.7 160.9 178.1
-- Premium Nail Polish - - - - - -
-- Mass Nail Polish 92.5 111.3 129.0 144.7 160.9 178.1
- Nail Treatments/ - - - - - -
Strengthener
-- Premium Nail - - - - - -
Treatments/Strengthener
-- Mass Nail Treatments/ - - - - - -
Strengthener
- Polish Remover 10.6 12.2 13.8 15.7 17.5 19.3
-- Premium Polish Remover - - - - - -
-- Mass Polish Remover 10.6 12.2 13.8 15.7 17.5 19.3
- Other Nail Products - - - - - -
-- Premium Other Nail - - - - - -
Products
-- Mass Other Nail - - - - - -
Products
Colour Cosmetics Sets/ 40.5 45.3 52.3 59.1 66.0 73.2
Kits
- Premium Colour 2.8 3.6 4.2 5.0 5.7 6.2
Cosmetics Sets/Kits
- Mass Colour Cosmetics 37.8 41.6 48.1 54.1 60.3 66.9
Sets/Kits
Colour Cosmetics 2,862.2 3,142.7 3,600.5 4,094.1 4,526.6 4,980.9
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 11 Forecast Sales of Colour Cosmetics by Category: % Value Growth 2021-2026
% constant value growth

2021/2022 2021-26 CAGR 2021/26 Total
Eye Make-Up 9.4 11.6 73.4

- Eye Liner/Pencil 9.4 11.7 73.8
-- Premium Eye Liner/Pencil 7.9 11.6 72.8
-- Mass Eye Liner/Pencil 10.1 11.7 74.2
- Eye Shadow 9.5 11.9 75.1
-- Premium Eye Shadow 9.8 11.9 75.7
-- Mass Eye Shadow 9.4 11.8 74.7
- Mascara 9.5 11.3 70.8
-- Premium Mascara 9.6 12.1 76.7
-- Mass Mascara 9.4 10.9 67.8
- Other Lash and Brow Make-Up - - -
-- Premium Other Lash and Brow Make-Up - - -
-- Mass Other Lash and Brow Make-Up - - -

Facial Make-Up 9.2 11.5 72.0
- BB/CC Creams 9.8 11.9 75.6
-- Premium BB/CC Creams 9.3 12.0 76.1
-- Mass BB/CC Creams 10.2 11.9 75.3
- Blusher/Bronzer/Highlighter 9.1 11.4 71.7
-- Premium Blusher/Bronzer/Highlighter 8.8 11.4 71.8
-- Mass Blusher/Bronzer/Highlighter 9.4 11.4 71.6
- Foundation/Concealer 7.7 10.7 66.2
-- Premium Foundation/Concealer 8.6 11.6 72.8
-- Mass Foundation/Concealer 7.0 10.1 61.6
- Powder 10.2 11.8 74.6
-- Premium Powder 8.9 11.0 68.1
-- Mass Powder 11.2 12.4 79.3
- Other Facial Make-Up - - -
-- Premium Other Facial Make-Up - - -
-- Mass Other Facial Make-Up - - -
Lip Products 9.6 11.8 74.9
- Lip Gloss 9.2 11.2 70.0
-- Premium Lip Gloss 8.4 11.2 69.7
-- Mass Lip Gloss 10.0 11.3 70.5
- Lip Liner/Pencil 9.1 11.5 72.5
-- Premium Lip Liner/Pencil 9.6 12.2 78.2
-- Mass Lip Liner/Pencil 8.9 11.1 69.1
- Lipstick 9.7 11.9 75.5
-- Premium Lipstick 9.1 11.8 74.5
-- Mass Lipstick 10.6 12.1 76.9
- Other Lip Products 8.9 11.7 74.1
-- Premium Other Lip Products 7.1 12.8 82.7
-- Mass Other Lip Products 10.0 11.1 69.2
Nail Products 19.8 13.9 91.4
- Nail Polish 20.4 14.0 92.6
-- Premium Nail Polish - - -
-- Mass Nail Polish 20.4 14.0 92.6
- Nail Treatments/Strengthener - - -
-- Premium Nail Treatments/Strengthener - - -
-- Mass Nail Treatments/Strengthener - - -
- Polish Remover 14.9 12.6 81.4
-- Premium Polish Remover - - -
-- Mass Polish Remover 14.9 12.6 81.4
- Other Nail Products - - -
-- Premium Other Nail Products - - -
-- Mass Other Nail Products - - -
Colour Cosmetics Sets/Kits 11.8 12.5 80.6
- Premium Colour Cosmetics Sets/Kits 32.7 17.8 126.9
- Mass Colour Cosmetics Sets/Kits 10.3 12.1 77.2
Colour Cosmetics 9.8 11.7 74.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources

Colour Cosmetics in Vietnam

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Colour Cosmetics in Vietnam

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Colour Cosmetics in Vietnam

LIST OF CONTENTS AND TABLES

COLOUR COSMETICS IN VIETNAM

Pandemic measures reduce consumption occasions for colour

Players embrace digital tools to increase engagement with consumers

PROSPECTS AND OPPORTUNITIES

The recovery of colour cosmetics is predicted to be supported by the vaccination programme,

Stronger consumption occasions set to boost the use of facial make-up

Local brands look to celebrity endorsements and natural positioning to

Eye Make-Up 455.7 507.6 562.1 627.0 517.1 460.4

- Eye Shadow 95.5 105.2 115.2 127.4 104.3 91.9

- Polish Remover 10.2 11.5 13.4 15.6 13.8 10.6

Table 2 Sales of Colour Cosmetics by Category: % Value Growth 2016-2021

% current value growth

Eye Make-Up -11.0 0.2 1.0

- Lipstick -10.7 2.2 11.3

Table 3 NBO Company Shares of Colour Cosmetics: % Value 2017-2021

% retail value rsp

L'Oréal Vietnam Co Ltd 14.7 15.0 15.0 15.3 15.6

Naris Cosmetics Co Ltd 0.2 0.2 0.2 0.2 0.2

Table 4 LBN Brand Shares of Colour Cosmetics: % Value 2018-2021

% retail value rsp

(LVMH Moët Hennessy

Table 5 LBN Brand Shares of Eye Make-up: % Value 2018-2021

% retail value rsp

M.O.I MOI Cosmetics Co Ltd 0.3 0.7 1.0 0.9

Table 6 LBN Brand Shares of Facial Make-up: % Value 2018-2021

% retail value rsp

Laneíge AmorePacific Vietnam JSC 1.7 1.8 1.9 1.9

Table 7 LBN Brand Shares of Lip Products: % Value 2018-2021

% retail value rsp

Table 8 LBN Brand Shares of Nail Products: % Value 2018-2021

% retail value rsp

Table 9 LBN Brand Shares of Premium Colour Cosmetics: % Value 2018-2021

% retail value rsp

Shiseido (Shiseido Shiseido Cosmetics 22.1 20.5 19.7 19.3

Sulwhasoo BB/CC AmorePacific Vietnam JSC 0.6 0.7 0.8 0.7

Table 10 Forecast Sales of Colour Cosmetics by Category: Value 2021-2026

Eye Make-Up 460.4 503.8 577.7 655.0 724.9 798.5

-- Premium Lip Gloss 28.8 31.2 35.4 40.9 44.8 48.8

Table 11 Forecast Sales of Colour Cosmetics by Category: % Value Growth 2021-2026

% constant value growth

Eye Make-Up 9.4 11.6 73.4

-- Mass Other Lash and Brow Make-Up - - -

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