Vietnam Skincare Products Market

Report
VIETNAM SKINCARE PRODUCTS MARKET

(2023–2028)
Domain: Consumer Goods
Base Year: 2022
Forecast Period: 2023-2028
Market Intelligence/Advisory
+1 617 765 2493
info@mordorintelligence.com
www.mordorintelligence.com
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TABLE OF CONTENTS
1 INTRODUCTION 4.3 Industry Attractiveness - Porter’s Five Forces Analysis
1.1 Study Assumption and Market Definition 4.3.1 Bargaining Power of Suppliers
1.2 Scope of The Study 4.3.2 Bargaining Power of Buyers
4.3.3 Threat of New Entrants
2 RESEARCH METHODOLOGY 4.3.4 Threat of Substitute Products
2.1 Research Framework 4.3.5 Intensity of Competitive Rivalry
2.2 Secondary Research 4.4 Consumer Behavior Analysis (1/2)
2.3 Primary Research
2.4 Data Triangulation And Insight Generation 5 MARKET SEGMENTATION
5.1 Product Type
3 EXECUTIVE SUMMARY 5.1.1 Face Care
5.1.1.1 Cleansers and Exfoliators
4 MARKET DYNAMICS 5.1.1.2 Creams and Moisturizers
4.1 Drivers 5.1.1.3 Serums and Oils
4.1.1 Increased Exposure to Social Media And Influencers 5.1.1.4 Sun Protection
4.1.2 Growing Inclination Toward Natural/organic Products 5.1.1.5 Face Masks
4.2 Restraints 5.1.1.6 Other Face Cream Products
4.2.1 Availability of Counterfeit Products 5.1.2 Body Care
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TABLE OF CONTENTS
5.1.2.1 Bar Soap 6.3.1 Shiseido Company Limited
5.1.2.2 Shower Gel and Body Wash 6.3.2 Unilever PLC
5.1.2.3 Body Lotion 6.3.3 L'oréal SA
5.1.2.4 Body SPF 6.3.4 The Estée Lauder Companies Inc.
5.1.2.5 Other Body Care Products 6.3.5 Beiersdorf AG
5.1.3 Hand And Foot Care 6.3.6 Amorepacific Group Inc.
5.1.4 Lip Care 6.3.7 Proctor & Gamble Company
5.2 Distribution Channel 6.3.8 Nu Skin Enterprises Inc
5.2.1 Supermarkets/hypermarkets 6.3.9 Rohto Pharmaceutical Co. Ltd
5.2.2 Pharmacies and Drug Stores 6.3.10 Amway Corporation
5.2.3 Specialty Stores
5.2.4 Online Stores 7 MARKET OPPORTUNITIES AND FUTURE TRENDS
5.2.5 Other Distribution Channel
8 REGULATORY FRAMEWORK ANALYSIS
6 COMPETITIVE LANDSCAPE
6.1 Strategies Adopted By Leading Players 9 IMPACT OF COVID-19 ON THE MARKET
6.2 Market Positioning Analysis
6.3 Company Profiles
TABLE OF CONTENTS
10 ABOUT US
10.1 Industries Covered
10.2 Illustrative List Of Clients
10.3 Our Customized Research Capabilities
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
#TOC_DIVIDER#
H INTRODUCTION | RM | SUMMARY MARKET DYNAMICS MARKET SEGMENTATION COMPETITIVE LANDSCAPE ABOUT US
1.1 STUDY ASSUMPTION AND MARKET DEFINITION
BASE YEAR, REVIEW,

BASE CURRENCY FORECAST TERMS PRIMARY RESEARCH
AND FORECAST PERIOD
The base currency is considered the US The base year is identified based on the Market-size estimations for the forecast The distribution of the primary
Dollar (USD). Conversion of other availability of annual reports and years are in real terms. Nominal values interviews conducted is based on the
currencies is based on the average secondary research information. The are only considered. Inflation is not to regional share of the market and the
exchange rates of the respective review base year considered for this study is be considered. presence of key players in each of the
period years. The exchange rate 2022. The review period considered for demographics pertaining to the market
conversion for the forecast period is this study is from 2018 to 2022. The studied.
determined according to the base year’s CAGR considered is for the forecast
conversion rates. period of 2023-2028.
Note: Company revenues are mentioned as per the fiscal year in the HQ of the company and currency conversion is as per the account closure date of the company.
MARKET DEFINITION
SKINCARE Skincare products are a range of products that supports skin integrity, enhance its appearance, and relieve skin conditions. They can include nutrition,
avoidance of excessive sun exposure, and appropriate use of emollients. The scope of the market studied includes face care, body care, hand and foot care,
PRODUCTS
and lip care.
1.2 SCOPE OF THE STUDY
BY PRODUCT TYPE BY DISTRIBUTION CHANNEL
• Face Care • Supermarkets/Hypermarkets

• Body Care • Pharmacies and Drug Stores
• Hand and Foot Care • Specialty Stores
• Lip Care • Online Stores
• Other Distribution Channels
2 RESEARCH METHODOLOGY
2.1 Research Framework
2.2 Secondary Research
2.3 Primary Research
2.4 Data Triangulation and Insight Generation
#TOC_DIVIDER#
2.1 RESEARCH FRAMEWORK

• Mordor Intelligence (MI) advocates an appropriate mix of secondary and primary research to meet Client objectives.
• MI translates market insights (market dynamics, competition, varying consumer demands, and regulations) into actionable business insights.
• Following phases are practiced at Mordor for efficient delivery of various syndicated and consulting assignments.
STEP 1 STEP 2 STEP 3

SCOPING/ PROJECT INITIATION MARKET ANALYSIS PROJECT DELIVERY
Extensive desk research to identify most relevant Triangulate and analyze data to finalize on actionable
Decipher Client Requirements/ Market to be studied
secondary information available business insights
Tailor made research approach for Contact Mordor’s empaneled experts and identify Finalize report contents and establish a deliverable
customized reports industry experts across the market format
Report delivery with high quality market insights,

Effective use of Mordor’s knowledge repository to Conduct primaries & surveys to gather qualitative
competitive landscape etc.,
gather relevant insights and quantitative insights
as per the proposed contents
Confirm the objectives of the assignment with Client
2.2 SECONDARY RESEARCH
OBJECTIVE Hypothesis and insights building; get factual data
A thorough synthesis of existing publications across the web to gather meaningful insights on the
Shortlisting market intelligence sources current situation of the market, technology developments, and any other market related
information. The sources include, but are not limited to:
Synthesis of published information • Scientific Papers, Journals and Publications
• Trade information to understand imports, exports, and average traded price of the
commodity, if available.
Data collection and aggregation • Industry and Government Websites for blogs, magazines, and
other publications
Further validated from expert interviews • Conference proceedings and association publications
• Investor presentations, technical brochures, annual reports, press releases, transcripts of key
personnel interviews, and other strategic publications by several competitors in the market.
Insight and hypothesis development • Product information including technical specifications, approvals, patents etc.
• Public Sources Reports (OECD, CDC, etc.)
To reach out industry experts for interviews • Paid sources (Questel Orbit, Dow Jones, Hoovers, Industry Specific Subscriptions)
Key contact list
Relevance and credibility of sources
Source: Mordor Intelligence
2.2 KEY SOURCES USED IN THIS REPORT

• World Bank • General Statistics Office of Vietnam
• UNSTATS
• Global Economic Monitor
• COMTRADE
• TRADEMAP
• WTO
• OECD
• Eurostat
• D&B Hoovers
• Factiva
• Statista
• LinkedIn Premium
• Centers for Disease Control and Prevention (CDC)
• International Food Information Council (IFIC)
• Trust for America’s Health
• United States Food and Drug Administration (FDA)
2.3 PRIMARY RESEARCH
OBJECTIVE Gather first-hand insights on the market studied
• At Mordor, we continuously strive to pool in industry experts across the value chain, to gather
Expert profile determination first-hand insights on the market studied. In addition to this knowledgeable industry veterans
or retired experts, consultants and freelancers are a call away to collaborate with Mordor on
Based on industry, role, experience, and any assignment which requires real-time industry insights.
location • Also, we conduct market surveys to gather qualitative insights and opinion of a group of
individuals related to the industry.
• Primary research is used both to validate the data points obtained from secondary research
Expert identification and to fill the data gaps after secondary research.
Using Mordor’s empaneled industry experts
as well as new experts
Discussion guide MODES OF PRIMARY RESEARCH
Semi-structured approach to probe and

prioritize insights
& Others
Telephonic Email Chat Interviews Virtual Council Surveys
Interviews Interviews
Reach out and interviews
Targeted industry interviews to fill data gaps

and validate insights
2.3 PRIMARY RESEARCH APPROACH AND KEY RESPONDENTS
EXECUTIVE LEVEL OPERATIONAL LEVEL INDUSTRY/ NEED SPECIFIC MARKET ECOSYSTEM

INTERVIEWS INTERVIEWS INTERVIEWS INTERVIEWS
• CxOs, Owners, Founders • Brand Manager • Senior Manager • Competitors
• Business Unit or Country Heads • Marketing Manager • Chief Commercial Officer • Customers
• Directors/VPs of sales and marketing, • Product Manager • Senior Operations Manager • End-users
procurement, strategy, R&D, Product
• Sales Manager • Senior Technical Leader • Agencies/Distributors/Resellers
management and other corporate
functions as required • Corporate Partnership Manager • Retailers
• Suppliers
• Existing or Potential Partners
• Employees
• Regulatory Agencies
• Industry Associations
• Consultants
SPREAD OF Interviews spread across Vietnam based on regional BLIND/OPEN Blind interviews without revealing the sponsor of this
INTERVIEWS share in the overall market INTERVIEWS study
Raw data and intelligence, Insights into market dynamics,

40-50 interviews covering varying profiles of experts INPUTS
RESPONDENTS Market model and other data validations, Strategy
across the entire market value chain COLLECTED related inputs
2.4 DATA TRIANGULATION AND INSIGHT GENERATION
VALIDATION FOR MARKET ASSESSMENT ESTIMATES

OBJECTIVE Logical checks and sanity of information
• The market size estimations are carried out through ‘Bottom-up’ & ‘Top-down’ approaches.
• Our top-down and bottom-up approaches are integrated into our ‘In-house Model sheets’ which
TRIANGULATION AND TRANSFORMATION OF INFORMATION EXTRACTED are used to generate the market estimates and growth rates (depending upon the historical trends
of the respective markets along with the various factors like drivers, restraints and recent
Based on the factors identified which are endogenous and exogenous in nature collected during
developments in the market) of the product segment in the respective country.
the secondary and primary phases, our in-house subject matter experts transform quantitative
data extraction and use them for the inferential purpose.
TOP-DOWN BOTTOM-UP
APPROACH APPROACH
SECONDARY RESEARCH EXPERT INTERVIEWS
Macro view of a larger market Revenue analysis of leading
filtered down to the target Expert interviews players or consumption
market centers
DATA
TRIANGULATION VALIDATION POINT
ECONOMETRIC MODELS ANALYST ESTIMATES Expert interviews
3 EXECUTIVE SUMMARY
#TOC_DIVIDER#
EXECUTIVE SUMMARY AND KEY FINDINGS
LARGEST TYPE LARGEST DISTRIBUTION CHANNEL

USD 710.6 million USD 1,235.1 million
Market Size in Market Size in 66.09% 36.96%
2022 2028
Value Share, Face Care, 2022 Value Share, Specialty Stores, 2022
Face care products such as cleansers and exfoliators, Specialty stores across Vietnam that offer skincare
creams and moisturizers, and serums and oils, among products have been focusing on enhancing personalized
4.86% 9.80% others, are growing in demand among consumers in shopping experiences for consumers. Most specialty
CAGR CAGR Vietnam, owing to the growing emphasis on personal retailers ensure that consumers are helped with their
(2018-2022) (2023-2028) maintenance and upkeep. needs and may even provide helpful suggestions based on
past purchases.
FASTEST GROWING TYPE SECOND FASTEST GROWING TYPE FASTEST GROWING DISTRIBUTION CHANNEL
10.64% 10.38% 13.00%

CAGR, Lip Care, 2023-2028 CAGR, Face Care, 2023-2028 CAGR, Online Stores, 2023-2028
Rising lip care problems, such as darkening, chapping, The growth of the face care segment of the market One of the primary reasons for the rise in sales of skincare
splitting, and wrinkles caused by sun damage, allergies, studied is propelled by growing consumer demand for products through e-commerce retailing in the country can be
dehydration, and vitamin and mineral deficiencies, are facial care products to help cleanse the skin by removing attributed to the level of convenience that online retailing
anticipated to propel the demand for lip care products makeup, oil, dirt, and other types of pollutants, helping to provides consumers. Consumers have the luxury of browsing
such as lip balms and lip scrubs. keep pores clear and prevent skin conditions such as acne. and shopping for products 24x7 from the comfort of their
homes.
4 MARKET DYNAMICS
4.1 Drivers
4.2 Restraints
4.3 Industry Attractiveness - Porter’s Five Forces Analysis
#TOC_DIVIDER#
4.1 DRIVERS
DRIVER RESTRAINT
HIGH
IMPACT
INCREASED EXPOSURE TO SOCIAL MEDIA AND INFLUENCERS
GROWING INCLINATION TOWARD NATURAL/ ORGANIC

PRODUCTS
AVAILABILITY OF COUNTERFEIT PRODUCTS
LOW
IMPACT
SHORT TERM LONG TERM
4.1.1 INCREASED EXPOSURE TO SOCIAL MEDIA AND INFLUENCERS
• During the outbreak of the COVID-19 pandemic, consumers in Vietnam were forced to stay at home due SKINCARE PRODUCTS MARKET, NUMBER OF SOCIAL MEDIA USERS (IN MILLIONS),
to government-mandated lockdowns. This meant having to find new ways to spend time that would VIETNAM, 2019-2028
otherwise have been spent traveling to and from work, carrying out chores, and playing sports, among
others.
• As a result, a growing number of consumers began spending increasing amounts of time on social media 81.45 82.54
80.45
platforms to pass their time and stay connected to friends and family they would have met in their daily 78.43
76.61
lives. However, this provided a better platform for skincare product manufacturers to advertise their 74.72
products with the help of social media influencers. 72.36
69.87
68.22
• Leading brands such as L'Oréal, Unilever, and Estée Lauder, among others, have been turning 65.64
to Facebook, Instagram, and YouTube to promote product launches and engage their consumers with
tutorials and promotional campaigns.
• Research shows that influencers are changing the face of the beauty industry, attracting cult-like
followings on social media, particularly Instagram and YouTube. Influencers are gaining the consumer’s
attention with pretty packages of photos and videos, as consumers increasingly reject more traditional
forms of marketing like television commercials and magazine ads.
• In the past, consumers would watch celebrities on the red carpet talking about what they were wearing,
or they would flip through magazines and look at celebrities in makeup ads. However, this form of
influence has lost its traction, especially among younger consumers. Currently, consumers want to go
online and get an ‘at-your-fingertips’ experience. In addition, they find it highly engaging to ask their
favorite influencers questions and receive personal responses.
• Established brands are facing a loss of credibility as they are being disrupted by direct-to-consumer
brands. Hence, they are now seeking partnerships with influencers with large follower bases. However,
they are competing with newer brands that have done this well from the beginning.
• The factors mentioned above have helped drive the growth of the skincare products market in Vietnam
over the recent past, and they are expected to continue doing so over the forecast period.
2019 2020 2021 2022 2023 (E) 2024 (E) 2025 (E) 2026 (E) 2027 (E) 2028 (E)
4.1.2 GROWING INCLINATION TOWARD NATURAL/ORGANIC PRODUCTS
• A high percentage of consumers in Vietnam have been observed to choose one brand over SKINCARE PRODUCTS MARKET, REVENUE OF THE NATURAL COSMETICS MARKET IN USD
others, based on a growing preference for its natural formulation as a result of growing MILLION, VIETNAM, 2018-2026 (ESTIMATED)
consumer awareness about the harmful effects of certain compounds, such as paraben and
aluminum compounds, present in the skincare products. This phenomenon has augmented the 64.94
demand for safe, natural, and organic skin care products in Vietnam over the recent past. 62.11
59.82
• It has been observed that consumer purchases are primarily made based on the product’s 57.79
efficacy, long-lasting protection, and clinical properties. The demand for natural ingredients 54.46
53.75
has been quite evident in the market. This has led to consumers seeking products with nature- 51.64
inspired ingredients, such as plant-inspired and premium botanical ingredients, coupled with
47.81
multi-functional properties. 45.63
• Consumers’ growing concerns about their health and hygiene have enhanced the demand for
natural or organic skincare products in the region. Such factors have compelled manufacturers
to improve their product offerings and make them chemical-free to match the dynamically
changing consumer requirements.
• Additionally, the existence of modern-age technology, resulting in the introduction of
innovative solutions, especially in the skincare segment, is encouraging a high number of
consumers who are interested in trying out new products to adopt ‘free-from’ skincare
products that are claimed by manufacturers to not contain any harmful synthetic ingredients.
• To cater to shifting preferences, the companies in the market are developing products such as
soaps and shower gels that do not contain any artificial bactericides to capture the increasing
demand for natural and organic products.
• In addition, the trend of organic concept stores among consumers for organic skincare
products is anticipated to enhance the demand for them in Vietnam, thereby driving the
growth of the market over the coming years.
2018 2019 2020 2021 2022 2023 (E) 2024 (E) 2025 (E) 2026 (E)
4.2 RESTRAINTS
DRIVER RESTRAINT
HIGH
IMPACT
INCREASED EXPOSURE TO SOCIAL MEDIA AND INFLUENCERS
GROWING INCLINATION TOWARD NATURAL/ ORGANIC

PRODUCTS
AVAILABILITY OF COUNTERFEIT PRODUCTS
LOW
IMPACT
SHORT TERM LONG TERM

4.2.1 AVAILABILITY OF COUNTERFEIT PRODUCTS

• The entry of counterfeit goods into the marketplace has become a significant threat to the overall economy. Counterfeit products have been
witnessing an upsurge recently as counterfeiters move online to hide behind the anonymity of the Internet. For instance, Trần Hữu Linh,
Director of the General Department of Market Management in Vietnam, admitted that fraudulent trade was rampant in the first six months
of 2022. The department inspected 30,000 facilities and detected 17,300 counterfeiting cases, imposing total fines of VND 113 billion (USD
4.8 million). Of these, 54 cases were reported to the police for further investigation.
• Low-quality and fake cosmetics have continued to flood the Vietnamese market, making it hard for consumers to determine the quality of
products despite agencies’ efforts to tackle the issue.
• The online distribution channel is the most preferred platform for selling counterfeit skincare products, as consumers seek low-price options
over the internet. For instance, in 2019, global online giants such as Amazon and eBay removed illegal mercury-containing skin lighteners
from their platforms following an NGO expose. According to a report by Reputa (Viettel's online monitoring platform), fraudulent stores,
wrong delivery, bad quality, and counterfeit goods are the main factors (46%) causing dissatisfaction among customers of major e-commerce
channels in Vietnam.
• These fake and replicated beauty and skincare products are available at very low prices compared to the actually organized market player
offerings. This is also adversely affecting the sales and pricing strategy of these players' offerings in the country. Thus, players are also
initiating measures to erase counterfeit products from the market. Using low-cost/synthetic ingredients and the absence of accredited
manufacturing sites, suitably-staffed laboratories, or experts in counterfeit cosmetics and skin care products may lead to a very high risk of
allergies and irritations among consumers.
• Furthermore, fake/counterfeit products are flooding the marketplace as more customers shop online after the outbreak of COVID-19. Fake
beauty products, including skincare products, are on the rise amid COVID-19, as counterfeiters target less savvy and older shoppers who are
new to e-commerce.
• A number of Vietnamese cosmetics makers have fallen victim to counterfeiters, who used to target only foreign brands, while many local
consumers have had their beauty ruined by the fake products. While authentic make-up products have to pass strict production and quality
testing procedures, counterfeits are widely available and are faked in such a sophisticated way that consumers can hardly tell them apart
from the real ones.
• Thus, counterfeiting is one of the major factors restraining the market’s growth. However, with increasing awareness and incidences
associated with counterfeiting beauty and personal care products, brands and consumers are taking necessary precautions to overcome the
prevailing issue and retain consumers' interest in their products.
4.3 INDUSTRY ATTRACTIVENESS - PORTER’S FIVE FORCES ANALYSIS
THREAT OF NEW ENTRANTS • The bargaining power of suppliers is expected to be moderate in the
market studied.
• The bargaining power of buyers is expected to be high in the market

BARGAINING studied.
POWER OF
SUPPLIERS
• The threat of new entrants is expected to be moderate over the forecast
period.
INTENSITY OF
THREAT OF COMPETITIVE RIVALRY
SUBSTITUTE • The threat of substitutes in the market studied is likely to be moderate
PRODUCTS over the forecast period.
• The intensity of competitive rivalry in the market studied is anticipated to

be high over the forecast period.
BARGAINING
POWER OF
BUYERS
4.3.1 BARGAINING POWER OF SUPPLIERS

MARKET PARAMETERS DETAILED DESCRIPTION
• The supplier base of cosmetic products comprises raw
Unfavorable
Low Favorable
High
material suppliers (water, preservatives, humectants,
FACTORS 0 2 4 6 8 10 surfactants, oils, colors, and perfumes).
• The market studied has a high number of players and a
Supplier concentration to firm large supply of diverse products. There are many skincare
concentration ratio products that are developed by both large and small-
scale manufacturers. Due to the huge supply,
manufacturers have the power to influence the market
prices as opposed to the suppliers.
Strength of distribution channels
• Suppliers who can supply differentiated products have a
competitive advantage. The growing consumer interest in
organic and natural products has created a demand for
natural ingredients in the market studied. The supplier
Impact of inputs on cost or differentiation switching cost relative to firm switching cost is higher, as
there are various suppliers in the market available for the
manufacturers.
• The supplier concentration to firm concentration ratio is
Degree of differentiation of inputs
considerably high. The ability of the suppliers to forward
and integrate is low as it requires various research and
production facilities, thus, reducing the supplier power in
the market studied.
Supplier switching costs relative to firm
switching costs • Thus, the bargaining power of suppliers is expected to be
moderate in the market.
Supplier competition: the ability to forward,

vertically integrate, and cut out the buyer
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4.3.2 BARGAINING POWER OF BUYERS

Unfavorable
Low Favorable
High • The buyer concentration to firm concentration is high.
However, the negotiating power of buyers remains high
FACTORS 0 2 4 6 8 10 with the presence of various big and small players in the
market. The growing penetration of independent and
private-label skincare brands with product and packaging
Buyer concentration to firm concentration
ratio differentiation is also gaining popularity.
• Specialty stores and supermarkets/hypermarkets are the
major offline distribution channels the customers depend
Degree of dependency upon existing on. Customers also demonstrate a preference for
channels of distribution purchasing skincare products from channels such as
grocery stores, and there is also a growing preference for
purchasing skincare products from online channels such
as designated beauty and personal care websites and
Levels of market penetration official brand portals.
• Buyer switching cost is lower than firm switching cost, as
there are a large number of prominent players in the
market studied. Major players are investing in in-house
Buyer information availability manufacturing to enhance their presence in the market
as companies look to capture more value. The availability
of substitute products in the market studied is lower than
the cosmetic products on the retail shelves.
Force down prices • Thus, the bargaining power of buyers is expected to be
high in the market.
Availability of existing substitute products
4.3.3 THREAT OF NEW ENTRANTS

Unfavorable
Low Favorable
High • Entry into the skincare products industry is quite
difficult as it requires high capital investment.
FACTORS 0 2 4 6 8 10 However, high levels of industry profitability and the
growing propensity of buyers to opt for sustainable
products could benefit new entrants.
Government policy
• Product differentiation is an important factor that can
give new entrants a competitive advantage.
Developing unique skincare products requires a lot of
resources, both in terms of research and development
Capital requirements
and the actual manufacturing process.
• Another factor that discourages the entry of players
into this industry is the intense competition. In
Economies of scale addition to the huge competitors, such as Estee
Lauder, L’Oreal, and Unilever, who have a large market
share, there are many other small-scale competitors
who also have a small market share, which reduces the
Product differentiation overall profitability of firms in the industry.
• Access to the distribution channels are also not
difficult since the products do not require special
storage and transport facilities and can be transported
Access to distribution through normal means.
• Thus, the threat of new entrants is expected to be
moderate in the market.
Industry profitability (Market CAGR)
4.3.4 THREAT OF SUBSTITUTE PRODUCTS

Unfavorable
Low Favorable
High • The major substitutes for skincare products are home
remedies and herbal products. In addition,
FACTORS 0 2 4 6 8 10 nutricosmetics are also an emerging threat to the
market studied. Even though various natural products,
such as herbal products, are present in the market,
Relative price performance of substitutes buyers tend to buy conventional products as they
provide better and faster results.
• The relative prices of the substitute products are not
competitive and, thus, are not a huge threat to the
Buyer switching costs
market studied. Product differentiation is a major
factor that attracts consumers. Customers are looking
for products that provide them an additional benefit
over the basic functioning of the product.
Perceived level of product differentiation
• The buyer switching costs are high as there are not
many substitute product supplies available at similar
costs and properties. The number of substitute
Number of substitute products available in products available in the market studied is
the market comparatively lower, and thus, the ease of
substitution also remains low.
• Hence, the threat of substitutes in the market studied
Ease of substitution is expected to be moderate.
Availability of close substitutes
4.3.5 INTENSITY OF COMPETITIVE RIVALRY

• The market studied is gaining traction among both
Unfavorable
Low Favorable
High
consumers and manufacturers, and various companies are
FACTORS 0 2 4 6 8 10 trying to gain sustainable competitive advantages through
innovation in terms of better-for-you, chemical-free, and
clean-label skincare products.
Sustainable competitive advantage in future • Global manufacturers are acquiring small players,
through innovation
partnering with suppliers, and developing their product
portfolio, in order to explore and meet the demand for
advanced skincare products in Vietnam.
Levels of market penetration
• Sustainable competitive advantage through innovation is
high, as key players focus on product differentiation to gain
higher brand penetration. Companies are increasing their
investments in research and development (R&D),
marketing, and expanding their distribution channels,
Powerful competitive strategy including online presence, to maintain their positions in the
market.
• Due to the higher costs associated with the research and
development of skincare products, it is difficult for firms to
Barriers to exit leave the industry without achieving the costs for
production, i.e., the break-even point. The level of
advertising expense by the companies in the market
studied is high, as most of them rely on B2C marketing
techniques, such as digital campaigns, social media
Level of Advertising Expense marketing, as well as advertising through traditional media,
i.e., television, radio, newspapers, and magazines, among
others.
• They also rely on trade fairs/expos or exhibitions to
Degree of transparency showcase the new range of products and expand their
visibility.
• Thus, the intensity of competitive rivalry is expected to be
high in the market.
4.4 CONSUMER BEHAVIOR ANALYSIS (1/2)

• Vietnam is a Southeast Asian country that had a population of approximately 98 million people in 2021, as per data from the
SKINCARE PRODUCTS MARKET, AVERAGE AGE OF THE
General Statistics Office of Vietnam. The country has a diverse population with several ethnic groups. According to the United POPULATION (MEDIAN AGE IN YEARS), VIETNAM, 2020-2050
Nations, Vietnam's population is predominantly young, with a median age of approximately 32.5 years in 2020. The country also has (ESTIMATED)
a relatively high population growth rate, and according to the World Bank, it had an annual growth rate of around 0.8% in 2021.
39.70 40.40 41.20
• Vietnam is also urbanizing at a rapid pace, with approximately 37.1% of the population living in urban areas in 2021, as per the 36.70 38.50
32.50 34.60
General Statistics Office of Vietnam. The largest cities in Vietnam include Ho Chi Minh City (also known as Saigon), Hanoi, Da Nang,
Hai Phong, and Can Tho. These cities have experienced significant growth in population, infrastructure, and economic development,
making them centers of industry, commerce, and culture.
• Along these lines, the use of skincare products has been growing in popularity in Vietnam over the past few years. This trend can be
attributed to several factors, including rising incomes, increased awareness of the importance of skincare, and the influence of social
media and celebrity endorsements. 2020 2025 (E) 2030 (E) 2035 (E) 2040 (E) 2045 (E) 2050 (E)
• Skincare products are becoming more affordable and accessible to consumers in Vietnam due to the growing number of domestic
and international skincare brands available in the market. This includes both high-end and affordable brands, catering to a wide
range of consumers. SKINCARE PRODUCTS MARKET, TOTAL POPULATION, IN
• Additionally, the younger generation in Vietnam is increasingly interested in skincare and beauty, with many young people willing to MILLION, BY GENDER, VIETNAM, 2018-2021
invest in high-quality products to achieve healthy, glowing skin. Social media platforms such as Facebook and Instagram play a
significant role in promoting skincare products, with many influencers and celebrities endorsing and reviewing various skincare 49.41
brands and products. 49.10
48.96
• According to the General Statistics Office of Vietnam, gender statistics in Vietnam show that women made up approximately 49.1% 48.63
48.47
of the population in 2021. In Vietnam, women are often over-represented in low-paid and informal employment, such as domestic
work, agriculture, and textile manufacturing. The gender pay gap is also a concern, with women earning, on average, around 79% of 47.96 48.02
men's wages for the same job.
47.43
• However, in recent years, the Vietnamese government has made efforts to address gender inequality, such as adopting policies to
increase women's participation in the labor force and promoting gender equality in education. Such initiatives have helped increase
disposable income and awareness about skincare products among women in the country over the recent past. This factor is
projected to increase the consumption of skincare products, among other personal care products, among consumers in the country
over the forecast period.
2018 2019 2020 2021
Source: Mordor Intelligence, General Statistics Office of Vietnam, The United Nations, The World Bank
4.4 CONSUMER BEHAVIOR ANALYSIS (2/2)

SKINCARE PRODUCTS MARKET, URBAN POPULATION IN THOUSAND, VIETNAM, SKINCARE PRODUCTS MARKET, SHARE OF THE URBAN POPULATION (%), VIETNAM,
2018-2021 2018-2021
36,564.68 37.10
35,867.21 36.80
33,816.60
35.00
32,636.90 34.20
2018 2019 2020 2021 2018 2019 2020 2021
SKINCARE PRODUCTS MARKET, AGE STRUCTURE (%), VIETNAM, 2018-2021
69.22 69.07 68.88 68.70
23.02 22.86 22.69 22.55

7.76 8.07 8.43 8.75
2018 2019 2020 2021
0-14 years 15-64 years 65 years and older
Source: Mordor Intelligence, General Statistics Office of Vietnam, The World Bank
5 MARKET SEGMENTATION
5.1 Product Type
5.2 Distribution Channel
#TOC_DIVIDER#
MARKET OVERVIEW
The Vietnamese skincare products market (henceforth referred to as the market studied) was valued at
SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, VIETNAM, 2018-2028
USD 710.6 million in 2022, and it is projected to reach USD 1,235.1 million in 2028 by registering a CAGR
CAGR (2023-2028): 9.80% of 9.80% during the period 2023-2028 (henceforth referred to as the forecast period).
MARKET OVERVIEW
• Growing consumer awareness and focus on one’s appearance is one of the major reasons driving
1235.1 market expansion. Millennials are increasingly using skin care products such as face, body, and lip
care products, among others.
• The emergence of cosmetics with natural, non-toxic, and organic components has also aided market
expansion.
• The growing accessibility of skin care products through various sales channels such as specialty stores,
supermarkets, grocery stores, pharmacies, and beauty salons has aided the market's rise in terms of
value sales.
773.9 • Furthermore, the growing focus of male customers on skincare and grooming in order to improve
710.6 their physical appearance and take better care of their skin is expected to provide significant
657.2 potential prospects over the coming years.
613.5 600.1
560.5 MARKET RESTRAINTS
• The growing circulation of counterfeit products adversely impacts the growth of the market in the
country. These counterfeits are generally manufactured using inferior synthetic ingredients and are
therefore capable of subjecting consumers to harmful skin conditions such as skin lesions, rashes, and
infections, among other health ailments. Growing consumer awareness about this factor has
propelled skepticism among consumers, restraining the growth potential of the market.
COMPETITIVE LANDSCAPE
• The key players operating in the Vietnamese skincare products market include L'Oréal S.A., Procter &
Gamble, Unilever PLC, The Estée Lauder Companies Inc., and Amway Corporation, among others.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
5.1 PRODUCT TYPE

SKINCARE PRODUCTS MARKET, REVENUE SHARE (%), BY SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, BY PRODUCT TYPE, VIETNAM, 2018-2028
PRODUCT TYPE, VIETNAM, 2022
0.61%
1.29% CAGR (%)
PRODUCT TYPE 2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
(2023-2028)
Face Care 373.0 412.4 384.7 430.2 469.6 514.8 843.7 10.38%
32.01% 178.0 190.6 204.4 214.6 227.5 244.4 367.8 8.52%

Body Care
Hand and Foot Care 3.1 3.4 3.6 4.0 4.3 4.6 6.9 8.25%
66.09%
Lip Care 6.4 7.1 7.5 8.4 9.1 10.0 16.6 10.64%
Total 560.5 613.5 600.1 657.2 710.6 773.9 1,235.1 9.80%
Face Care Body Care Hand & Foot Care Lip Care
5.1.1 FACE CARE
SKINCARE PRODUCTS MARKET, REVENUE SHARE SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, FACE CARE, VIETNAM, 2018-2028
(%), FACE CARE, VIETNAM, 2022
CAGR (%)
FACE CARE 2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
1.57% (2023-2028)
0.66%
10.29% Cleansers and
17.09% 70.6 74.0 70.2 76.4 80.3 84.4 110.5 5.53
Exfoliators
6.71%
Creams and
232.9 260.8 239.2 271.9 299.1 329.7 549.2 10.74
Moisturizers
Serums and Oils 23.3 26.5 25.6 28.1 31.5 35.9 73.5 15.43
Sun Protection 1.9 2.1 2.4 2.8 3.1 3.5 6.3 12.67
63.68%
Face Masks 5.6 6.1 6.0 6.8 7.4 8.1 13.1 10.16
Other Face Care

Cleansers Creams & Moisturizers 38.6 42.8 41.4 44.3 48.3 53.2 91.0 11.33
Products
Serums & Oils Sun Protection
Face Masks Others Total 373.0 412.4 384.7 430.2 469.6 514.8 843.7 10.38
5.1.1.1 CLEANSERS AND EXFOLIATORS

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, CLEANSERS AND • The cleansers and exfoliators sub-segment of the Vietnamese skincare products market was valued at
EXFOLIATORS, FACE CARE, VIETNAM, 2018-2028 USD 80.3 million in 2022, and it is projected to reach USD 110.5 million in 2028 by registering a CAGR
CAGR (2023-2028): 5.53% of 5.53% during the forecast period, 2023-2028.
MARKET OVERVIEW
110.5 • The growth of the cleansers and exfoliators segment of the market is propelled by growing consumer
demand for facial care products to help remove makeup, dead skin cells, oil, dirt, and other types of
pollutants from the skin, helping to keep pores clear and prevent skin conditions such as acne.
MARKET DRIVERS
84.4 • Furthermore, increased concerns regarding skin problems like skin blackening and burns are also
80.3
76.4 driving the demand for cleansers and exfoliators. Products that are fortified with antioxidants and
74.0 vitamins claiming skin-strengthening, repairing, anti-inflammatory, and anti-aging benefits have been
70.6 70.2
observed to draw more traction, particularly among younger consumers who generally pay attention
to labeling and product claims.
• Along these lines, products with claims such as organic and eco-friendly are preferred by consumers in
the country owing to the growing demand for clean-label products that are popularly perceived as
safer and less harsh than synthetic products. This factor offers a reliable backdrop for novel and
distinguished cleanser and exfoliator brands to showcase product functionalities with the
characteristics mentioned above.
RECENT DEVELOPMENTS
• The leading players in the market have been focused on expanding their product lines to capture the
attention of a larger consumer base.
• For instance, in March 2021, Amway launched a skincare line under its Artistry brand. This line
includes a range of clean, traceable, and vegan cleanser portfolios, including its Balancing Jelly
Cleanser, Micellar Makeup Remover + Cleanser, and Hydrating Mousse Cleanser. These products
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
have been claimed to contain plant-based phytonutrients.
5.1.1.2 CREAMS AND MOISTURIZERS

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, CREAMS AND • The creams and moisturizers sub-segment of the Vietnamese skincare products market was valued at
MOISTURIZERS, VIETNAM, 2018-2028 USD 299.1 million in 2022. It is projected to reach USD 549.2 million in 2028 by registering a CAGR of
10.74% during the forecast period (2023-2028).
CAGR (2023-2028): 10.74%
MARKET OVERVIEW
549.2 • Cold weather, dry air, and unbalanced skin pH are some of the primary reasons causing skin problems,
such as dry skin, scaly skin, and acne, among others. These issues accelerate the usage of moisturizers
and creams in Vietnam.
MARKET DRIVERS
• As per data from the World Bank, approximately 8.75% of the Vietnamese population was aged 65
years and older in 2021. As dry skin conditions increase with age, more people have been using
moisturizers as a precautionary measure over the past few years.
329.7 • A growing base of consumers has also been steering clear of creams and moisturizers containing
299.1 compounds, including parabens such as propylparaben and butylparaben, which are not considered
271.9 safe for use.
260.8
232.9 239.2 COMPETITIVE LANDSCAPE
• The creams and moisturizers sub-segment of the market is marked by the presence of international and
regional brands, such as Himalaya, Laikou, and Vova, among others. To cater to the growing demand in
the market, the key players have been focused on developing products in line with consumer needs
and expanding their presence in the country.
o For instance, in November 2021, Dear Klairs Vietnam officially launched its website. The
company claimed that consumers in Vietnam could learn more about Dear Klairs products,
including creams and moisturizing skincare products, and purchase them on the official website.
Dear Klairs was first launched in Vietnam in 2015. After entering Sammi Shop, one of the most
popular drug stores in Vietnam, the company claimed that Klairs had experienced rapid growth
2018 2019 2020 2021 2022 2023 (est.) 2028 (f) in multiple sales channels such as Guardian, Hasaki, and Shopee.
5.1.1.3 SERUMS AND OILS

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, SERUMS AND OILS, • The serums and oils sub-segment of the Vietnamese skincare products market was valued at USD
VIETNAM, 2018-2028 31.5 million in 2022. It is projected to reach USD 73.5 million in 2028 by registering a CAGR of
15.43% during the forecast period (2023-2028).
CAGR (2023-2028): 15.43%
MARKET OVERVIEW
73.5
• While a facial oil is meant to moisturize the skin, a serum is meant to do a specific, specialized
job. A serum targets specific skin concerns such as wrinkles, fine lines, dullness, dryness, acne,
irritation, and redness. Unlike oils, serums can also be water-based.
MARKET DRIVERS
• The rise in the prevalence of skin-related problems, such as facial wrinkles, acne, dark spots, and
dull skin, is one of the major factors driving the demand for facial serums and oils in the country.
The rise in demand for serums from middle-aged men and women, who typically witness the first
signs of deterioration of the skin, is another major factor driving the growth of the facial serum
segment.
35.9 • The growing prevalence of extrinsic claims, such as hydration, toning, wrinkle prevention, oil
control, and regeneration, are driving the serums and oils sub-segment of the market studied.
31.5
The incorporation of collagens and other natural extracts in serums and essences has increased,
28.1
26.5 25.6 and such products are observed to be purchased particularly by consumers following intensive
23.3 and detailed skincare regimes.
• The serums and oils segment of the Vietnamese skincare products market is rapidly occupied by
leading beauty and personal brands from around the globe, owing to the potential opportunities
for growth.
o For instance, in July 2022, it was reported that French clean beauty brand Caudalie was
gearing up to expand its presence in Asia with new entries into India and Vietnam on the
2018 2019 2020 2021 2022 2023 (est.) 2028 (f) back of what it believes is a growing demand for effective and clean skin care, as per the
company’s claims.
5.1.1.4 SUN PROTECTION

• The sun protection sub-segment of the Vietnamese skincare products market was valued at USD 3.1 million
SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, SUN PROTECTION,
in 2022. It is projected to reach USD 6.3 million in 2028 by registering a CAGR of 12.67% during the forecast
VIETNAM, 2018-2028 period (2023-2028).
CAGR (2023-2028): 12.67% MARKET OVERVIEW
• The sun’s UV (ultraviolet) rays can cause significant skin damage. Melanin-containing cells can be found in
6.3
the skin's outermost layer. Skin is shielded from the sun's UV radiation by melanin. However, prolonged
exposure to the strong sun can lead to harmful UV rays aging the skin prematurely by burning it and
reducing its elasticity. This, in turn, leads to many skin problems, including wrinkles, sagging skin, skin burns,
and even skin cancer, over time.
MARKET DRIVERS
• The market for facial sun protection products is thereby being driven by the growing number of consumers
focused on protecting their facial skin from adverse impacts arising from prolonged exposure to the sun.
• Another factor driving the growth of this segment of the market is the growing demand for blue light
protection creams, which consumers are increasingly using to limit damage to the skin from prolonged
3.5
exposure to blue light from gadgets such as mobile phones, laptops, and pads, among others.
3.1
2.8
• The sun protection sub-segment of the market is marked by the presence of global giants and regional
2.4
2.1 players alike. However, the global players are projected to gain an edge in the market owing to their
1.9 consistent production innovations and developments.
o For instance, in May 2022, it was reported that L’Oréal introduced its new technology, UVMune 400.
UVMune 400 was claimed as L’Oréal’s first sun filtering technology, its ‘biggest suncare innovation in 30
years to effectively protect the skin against ultra-long UVA rays. 30% of solar rays have so far been
insufficiently filtered.
o The company claimed that with this major scientific breakthrough, L'Oréal would help prevent sun-
induced deep skin damage, a major public health issue. UVMune 400 was made available in the La
Roche-Posay Anthelios franchise, the first brand of the Group to use this technology.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
5.1.1.5 FACE MASKS

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, FACE MASKS, VIETNAM, • The face masks sub-segment of the Vietnamese skincare products market was valued at USD 7.4
million in 2022. It is projected to reach USD 13.1 million in 2028 by registering a CAGR of 10.16%
2018-2028
during the forecast period (2023-2028). The scope of this segment of the market includes sheet
CAGR (2023-2028): 10.16% masks, wash-off masks, peel-off masks, and leave-in masks.
13.1 MARKET OVERVIEW
• Face masks are facial care products that contain hydrating and nourishing serums. Consumers in
Vietnam have been observed to prefer these products as they are easy to use, give instant results
and treat conditions like acne, fine lines, and aging.
MARKET DRIVERS
• The face masks segment of the market is primarily driven by increasing concerns regarding
appearances, especially among younger consumers such as millennials, coupled with the growing
awareness of the benefits of face masks and packs and their growing accessibility in various retail
8.1
channels in the country.
7.4
6.8
• Hence, protective face care routines involving the application of masks and packs are becoming very
common as consumers are becoming aware of the effects of pollution and environmental aggressors
6.1 6.0
5.6
on their skin. Moreover, face packs are available in various packaging formats that are more
affordable to consumers and can be purchased when needed.
• In addition, Korean skincare products, including face masks, have been growing in popularity in
Vietnam, over the recent past, owing to the growing traction of ‘K-beauty’ trends globally, as well as
in the country. This factor is projected to provide the players in the market with lucrative
opportunities for growth, thus, driving the growth of the market over the forecast period.
MARKET TRENDS
• Face care products containing natural ingredients have been outperforming conventional face
mask/pack products in the last few years. Consumers are opting for synthetic-free face care products
in the market studied. Hence, many companies are focusing on naturally-derived, sustainable
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
alternatives without impacting the sensory experience.
5.1.1.6 OTHER FACE CREAM PRODUCTS

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, OTHER FACE CREAM • The other face cream products sub-segment of the Vietnamese skincare products market was valued
PRODUCTS, VIETNAM, 2018-2028 at USD 48.3 million in 2022. It is projected to reach USD 91.0 million in 2028 by registering a CAGR of
CAGR (2023-2028): 11.33% 11.33% during the forecast period (2023-2028).
MARKET OVERVIEW
91.0
• Essences, toners, scrubs, chemical treatment products (such as jellies), eye roll-on products, and
acne control products are considered in this segment of the market.
MARKET DRIVERS
• The key manufacturers in the market have been launching products with selective ingredients
focused on targeted delivery. The market has witnessed a surge of products having retinol as an
ingredient, as retinol helps in unclogging pores, reducing the formation of blackheads and
whiteheads, and calming inflammation.
53.2 • Many experts recommend scrubbing 2-3 times a week in order to remove any dead skin cells, clean
48.3 out pores and provide a natural glow to the skin. To fit consumers' beauty regimes, brands are
42.8
44.3 launching products that include natural ingredients, such as granulated rice, which act as scrubbers
41.4 while being healthy from an environmental perspective.
38.6
• The market is also witnessing an uptrend in demand for toners among consumers who are focused
on incorporating thorough skincare rituals into their daily routines.
MARKET TRENDS
• In this fast-paced digital world, excessive exposure to the screens of personal gadgets such as
smartphones, laptops, and iPads, among others, emphasizes the need for eyecare products.
• Furthermore, modern consumers are following intricate self-care rituals to protect the sensitive skin
around the eyes from UV rays and harmful radiations emitting from electronic devices and gadgets.
This factor has, in turn, propelled the demand for eye roll-on products to help address dark circles
2018 2019 2020 2021 2022 2023 (est.) 2028 (f) and wrinkles over the review period.
5.1.2 BODY CARE
SKINCARE PRODUCTS MARKET, REVENUE SHARE (%), SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, BODY CARE, VIETNAM, 2018-2028
BODY CARE, VIETNAM, 2022
CAGR (%)
BODY CARE 2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
2023-2028
12.83% 15.72%
2.54% Bar Soap 33.3 34.4 42.9 37.7 35.8 36.0 41.1 2.73
11.18% Shower Gel and Body

98.8 105.7 111.0 121.8 131.3 142.1 217.1 8.85
Wash
Body Moisturizers 21.4 23.5 20.8 23.3 25.4 27.8 44.1 9.71
57.73%
Body SPF 4.3 4.9 4.3 5.1 5.8 6.6 13.1 14.63
Other Body Care

20.2 22.1 25.3 26.7 29.2 32.0 52.4 10.36
Bar Soap Shower Gel and Body Wash Products
Body Lotion Body SPF

Total 178.0 190.6 204.4 214.6 227.5 244.4 367.8 8.52
Other Body Care Products
5.1.2.1 BAR SOAP

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, BAR SOAP, VIETNAM, • The bar soap sub-segment of the Vietnamese skincare products market was valued at USD 35.8 million
2018-2028 in 2022. It is projected to reach USD 41.1 million in 2028 by registering a CAGR of 2.73% during the
forecast period (2023-2028).
CAGR (2023-2028): 2.73%
MARKET DRIVERS
• The increasing rate of expenditure on personal care products by consumers and the increasing
42.9
awareness about healthy living practices are the key factors promoting the sales growth of bar soaps
41.1
in Vietnam.
37.7 • A prominent percentage of Vietnamese consumers have been observed to prefer natural bar soaps
35.8 36.0
34.4 over synthetic ones. This factor increased demand for safe, natural, organic, and cruelty-free bath
33.3 products, including bar soaps, over the past few years in the Vietnamese market.
• Furthermore, the growing inclination of consumers toward bar soaps offering unique fragrances and
textures has been driving the sales of bar soaps, thereby propelling the growth of this segment of the
market studied.
• In addition, brands such as Medimix, Dove, and Zantis offer different variants in the men’s soap
segment, adding to the growth in demand for the product. These products are further claimed to offer
beneficial properties for those with acne and fungal infections, among other ailments. Such claims
have helped attract a growing base of consumers toward these products over the recent past.
COMPETITIVE SCENARIO
• The companies operating in the market have been expanding their geographies to cater to a larger
customer base in the beauty and personal market and establish themselves in the country.
o Furthermore, these players have been using novel packaging to make the product look
attractive such as wrap-around bands, paper or colored/transparent pouches, and custom-
packaged boxes with display windows or cut-outs.
o Such factors are projected to increase the appeal for bar soaps over the coming years, thereby
2018 2019 2020 2021 2022 2023 (est.) 2028 (f) driving the growth of this segment of the market studied.
5.1.2.2 SHOWER GEL AND BODY WASH

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, SHOWER GEL AND BODY • The shower gel and body wash sub-segment of the Vietnamese skincare products market was
WASH, VIETNAM, 2018-2028 valued at USD 131.3 million in 2022. It is projected to reach USD 217.1 million in 2028 by registering
CAGR (2023-2028): 8.85% a CAGR of 8.85% during the forecast period (2023-2028).
MARKET DRIVERS
217.1 • The Vietnamese market for shower gels and body washes has been witnessing an increasing
demand for natural and organic products due to the rise in consumer awareness about the harmful
effects of certain compounds, such as paraben, silicone, sulfates, and artificial dyes, and colorants,
present in conventionally manufactured shower gel and body wash products available in the
market.
• Brands such as Yves Rocher, The Body Shop, and Neutrogena, among others, are actively involved in
offering shower gels and body washes containing natural or organic ingredients and essences.
142.1
• The market for shower gels is also witnessing an uptrend in the number of product clean-label
131.3
121.8
product offerings to customers seeking cruelty-free, vegan, and biodegradable products. Such
111.0
initiatives from the manufacturers to meet the ingredient-specific consumer demand drives the
105.7 sales of bath and shower products.
98.8
• The prominent players are utilizing the opportunity of rising demand for organic and natural
products and broadening their offerings and geographical presence by tapping into the markets in
developing countries, such as Vietnam, to gain a competitive advantage.
• Players are using various online platforms, including social media, to make consumers aware of the
benefits associated with the usage of multi-purpose bathing products. The major companies
operating in the market are Unilever PLC, Procter & Gamble Company, L’Oréal SA, Colgate-
Palmolive Company, Estée Lauder Inc., Johnson & Johnson Inc., Oriflame Cosmetics Global SA, and
Shiseido Company Limited.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
5.1.2.3 BODY LOTION

• The body lotion sub-segment of the Vietnamese skincare products market was valued at USD 25.4 million in
SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, BODY LOTION, VIETNAM, 2022. It is projected to reach USD 44.1 million in 2028 by registering a CAGR of 9.71% during the forecast
2018-2028 period (2023-2028).
CAGR (2023-2028): 9.71% • The scope of this segment of the market includes body creams, body lotions, body yogurts, and body butter
(in any consistency or form).
MARKET OVERVIEW
44.1
• The demand for innovation in body lotions for various skin types, such as dry, oily, and normal, propels
companies to address ingredients and sustainability issues, leading to the adaption of recycling packages in
their portfolios.
o For instance, Nivea’s bottle and cap of the NIVEA Naturally Good Body Lotion were designed to use 50%
less plastic than a comparable standard NIVEA body lotion packaging, as per the company’s claims.
MARKET DRIVERS
27.8 • A high percentage of people use body lotion to reduce dryness and skin irritation and maintain nourishing
25.4 skin. This factor has gained further traction over the past few years as a result of the COVID-19 pandemic,
23.5 23.3 which enabled a growing number of consumers to dedicate more time to their personal maintenance and
21.4 20.8
upkeep due to government-mandated quarantines and social distancing measures.
• The segment is highly competitive, with brands like Nivea, L’Oreal, and Oriflame accounting for a major
share of the market. The market has continually witnessed the establishment and emergence of global
players seeking to capture the growth potential of the Vietnamese market.
• For instance, in November 2022, it was reported that London-based perfume retailer Jo Malone opened
its first physical location in Vietnam after opening a duty-free presence at Ho Chi Minh City’s Tan Son
Nhat airport in 2019.
• The brick-and-mortar store is located at Diamond Plaza, one of the most well-known shopping malls in
Ho Chi Minh. It was further reported that customers could purchase Jo Malone’s exclusive perfume as
well as its scented candles and body lotions at the store.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
5.1.2.4 BODY SPF

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, BODY SPF, VIETNAM, • The body SPF sub-segment of the Vietnamese skincare products market was valued at USD 5.8 million in
2022. It is projected to reach USD 13.1 million in 2028 by registering a CAGR of 14.63% during the forecast
2018-2028
period (2023-2028).
13.1 • Body SPFs or sunscreens are essential personal care products in Vietnam, owing to the country’s hot and
humid climate throughout the year. Sunscreen in Vietnam typically comes with SPF (Sun Protection Factor)
ratings, which indicate the level of protection the sunscreen provides against UVB rays. SPF ratings range
from 15 to 50+, with higher numbers indicating greater protection. Some sunscreens in Vietnam may also be
labeled as "mineral" or "organic.“
• Some sunscreens in Vietnam may also have a PA (Protection Grade of UVA) rating, indicating the sunscreen's
level of protection against UVA rays. PA ratings range from PA+ to PA++++, with more plus signs indicating
greater protection.
• Body SPFs in Vietnam are observed to contain a variety of ingredients, including chemical filters like
oxybenzone and avobenzone or physical filters like titanium dioxide and zinc oxide. Several sunscreens have
6.6 also been observed to contain natural ingredients like aloe vera and green tea, among others.
5.8 MARKET OPPORTUNITIES
5.1
4.9 • Owing to greater opportunities with lower prices over land purchasing rights, labor wages, and operational
4.3 4.3 expenses for factories and warehouses, Vietnam may replace China as the factory of the world in the near
future.
• According to the Vietnams General Statistics Office, Vietnam’s economy expanded by 5.03% in Q1 of 2022,
compared with the same period of last year, surpassing China which grew 4.8%. Such factors are projected
to provide the market players with lucrative opportunities for growth over the forecast period.
• Body SPF is widely available in Vietnam in physical stores and online. The market is marked by the presence
of several local and international brands, such as La-Roche Posay, Anessa, Innisfree, and Vichy, among
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
others.
5.1.2.5 OTHER BODY CARE PRODUCTS

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, OTHERS BODY CARE • The other body care products sub-segment of the Vietnamese skincare products market was valued at USD
PRODUCTS, VIETNAM, 2018-2028 29.2 million in 2022. It is projected to reach USD 52.4 million in 2028 by registering a CAGR of 10.36% during
the forecast period (2023-2028).
CAGR (2023-2028): 10.36%
MARKET OVERVIEW
• The other body care products sub-segment comprises bath salts, body oils, intimate washes, intimate wipes,
52.4 and body powder.
MARKET DRIVERS
• Changing lifestyles, rapid urbanization, and increasing per capita disposable income are leading to increasing
consumer spending. Furthermore, to remain fit, active, and positive, there is an increasing demand for
natural bath salts among consumers. These factors are expected to boost the growth of the bath salts
segment over the coming years, thereby propelling the growth of this segment of the market studied.
• With an increase in the working population and changing lifestyle trends, the demand for innovative and
32.0 novel bath and shower products, such as bath and body oils, is increasing. These products are popularly
29.2
added to bath water or directly to the skin to provide a sensory and therapeutic experience while providing
26.7
physical benefits such as muscle recovery, skin moisturization, and hydration, among other benefits.
25.3
• Increased consumer awareness about bath and shower products that are vegan, organic, natural, and, at the
22.1 same time, good for the planet has encouraged manufacturers to launch new offerings and expand their
20.2 footprint.
• The market is also witnessing a growth in demand for intimate washes and intimate wipes to help maintain
intimate health and hygiene. The growing availability of such products in retail channels such as pharmacies
and convenience stores has helped propel the growth of this segment of the market studied.
• Startups and emerging companies are trying to set foot in the market studied by taking innovative steps. To
grow, thrive, and gain exposure, small businesses take the help of the retail space offered by shopping
centers. Small businesses use digital media platforms to socialize and connect with customers.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
5.1.3 HAND AND FOOT CARE

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, HAND AND FOOT CARE, • The hand and foot care segment of the Vietnamese skincare products market was valued at USD 4.3
VIETNAM, 2018-2028 million in 2022. It is projected to reach USD 6.9 million in 2028 by registering a CAGR of 8.25% during the
forecast period (2023-2028).
CAGR (2023-2028): 8.25%
MARKET OVERVIEW
6.9 • The scope of this segment of the market includes hand creams, foot creams, cuticle oils, foot scrubs,
callus removers, and foot soaks, among other products.
MARKET DRIVERS
• With rising disposable income and exposure to social media trends propagated by influencers and
celebrities, a growing number of consumers in Vietnam have been focused on self-care rituals that
include taking care of the hand and feet, parts of the body that are often neglected.
4.6
• This factor has propelled the demand for products such as hand and foot creams, scrubs, and oils, among
4.3
other products. Consumers in Vietnam have been focused on identifying skincare products with the right
4.0
ingredients that address their concerns, such as dryness, sensitivity, and skin aging.
3.6
3.4 • Owing to this factor, the manufacturers in the market have been focused on retailing products that
3.1
contain ingredients such as glycerin, shea butter, jojoba oil, seal salt, and vitamin E, among others, which
help to exfoliate, hydrate, nourish, and soothe dry, cracked skin.
MARKET OPPORTUNITIES
• Consumers in the market have been observed to prefer hand and foot care products manufactured using
natural ingredients such as fruits. As a result, the players in the market have been focused on offering
novelty products that cater to the shifting preferences of consumers.
• For instance, Fruidia, a brand of hand creams, retails hand creams in variants such as Mango, Acai
Berry, Citron, Coconut, Shea Butter, Passion Fruit, and Cherry, among others.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
5.1.4 LIP CARE

• The lip care segment of the Vietnamese skincare products market was valued at USD 9.1 million in 2022. It is
SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, LIP CARE, VIETNAM, projected to reach USD 16.6 million in 2028 by registering a CAGR of 10.64% during the forecast period
2018-2028 (2023-2028).
CAGR (2023-2028): 10.64% • The scope of this segment of the market includes lip balms, lip salves, lip butter, lip scrubs, and other lip
products.
16.6
MARKET OVERVIEW
• The skin on the lips is nearly 75% thinner than regular skin. Lips also have fewer sebaceous glands than
regular skin, making them drier with a weaker skin barrier. Furthermore, due to accelerated skin cell
turnover on lips, the skin on lips loses water 3x faster than regular skin and experiences only 1/3rd the
hydration.
• As a result of its limited water retention properties, lips dry out faster. Lip skin also contains approximately
3x lesser melanin than regular skin, making them more sensitive to sun damage and in more need of
replenishment than regular skin.
10.0
9.1
MARKET DRIVERS
8.4 • Rising lip care problems, such as darkening, chapping, splitting, and wrinkles caused by sun damage,
7.5 allergies, dehydration, and vitamin and mineral deficiencies, are anticipated to propel the demand for lip
7.1 care products such as lip balms and lip scrubs.
6.4
• Lip care products ensure that the lips remain moist, lubricated, and hydrated and help the lips heal faster in
case of cuts or cracks resulting from dryness. Several lip care products also have SPF in them, which offer
protection against the harmful radiation of the sun. Lip care products also moisturize, nourish, color, and
provide a glossy effect to the lips to make them appear fuller. These factors have increased the demand for
lip balms over the review period.
MARKET RESTRAINTS
• Certain lip care products contain chemicals and allergens that can cause physical issues such as rashes,
which has affected the demand for lip balms. Furthermore, the COVID-19 pandemic hampered the lip care
products market due to government-imposed lockdowns and social distancing policies to curb the spread of
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
the virus, which resulted in the prolonged closure of manufacturing plants and disruption of supply chains.
This delayed the production of lip balms, thereby restraining the growth of this segment of the market
Source: Mordor Intelligence studied.
5.2 DISTRIBUTION CHANNEL

SKINCARE PRODUCTS MARKET, REVENUE SHARE (%), SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, BY DISTRIBUTION CHANNEL, VIETNAM, 2018-2028
BY DISTRIBUTION CHANNEL, VIETNAM, 2022
CAGR (%)
DISTRIBUTION CHANNEL 2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
(2023-2028)
14.00%
Supermarkets/Hypermarkets 188.9 208.6 205.9 227.5 248.2 272.6 453.9 10.73%

34.92%
12.31%
Pharmacies and Drug Stores 9.9 10.9 9.7 11.8 12.8 14.0 22.7 10.20%
1.80% 216.6 234.5 210.2 245.7 262.6 282.8 425.3 8.50%

Specialty Stores
36.96%
Online Stores 60.2 68.3 91.1 78.4 87.5 98.3 181.2 13.00%
Supermarkets/Hypermarkets Pharmacies and Drug Stores
Specialty Stores Online Stores Other Distribution Channel 84.8 91.1 83.2 93.9 99.5 106.1 151.9 7.43%
Other Distribution Channel
Total 560.5 613.5 600.1 657.2 710.6 773.9 1,235.1 9.80%
5.2.1 SUPERMARKETS/HYPERMARKETS
SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, • The supermarkets/hypermarkets segment in Vietnam’s skin care products market was valued at USD 248.2 million
SUPERMARKETS/HYPERMARKETS, 2018-2028 in 2022 and is projected to reach USD 453.9 million in 2028 by registering a CAGR of 10.73% during the forecast
period, 2023-2028.
• Supermarkets/hypermarkets offer various discount options on certain occasions, along with a range of gifts and
453.9 other services to satisfy consumer demand. They often launch promotions to attract consumers. As these
supermarkets/hypermarket chains offer a bunch of products in the same place, thousands of items can be sold at
a discounted price.
MARKET DRIVERS
• Supermarkets/hypermarket chains sometimes also offer free beauty treatments and other amusement activities
to consumers. Also, prominent brands such as L’Oreal, P&G, Unilever, etc. can join these occasional activities to
launch new products, offer discounts on beauty products, and sell their offerings, which often entices consumers,
thereby supporting segment growth.
272.6 • Young consumers in Vietnam prefer to buy beauty and cosmetics products from international brands in
supermarkets/hypermarkets as they are easily accessible by most consumers. Furthermore, supermarkets in
248.2
Vietnam are built with special and large-scale subdivisions, including groceries, fashion, beauty and cosmetics,
227.5
electronics etc., promising a wonderful shopping experience to the customers.
208.6 205.9
188.9 • According to the General Statistics Office of Vietnam, the number of supermarkets in Vietnam has increased from
865 in the year 2016 to 1,167 in 2021. The number of supermarkets has been increasing fast over the past few
years, attributed to modern retail channels becoming more and more popular in the country. Thus, all such
factors are anticipated to support sales of skin care products via supermarkets/hypermarkets.
• Foreign brand supermarkets with mini-supermarket models are rising in Vietnam for easier shopping. Big C has
more than 35 supermarkets, LOTTE with 13, and AEON with four supermarkets in Vietnam as of 2021.
• The market is competitive with the presence of numerous supermarket/hypermarket chains, namely Big C
supermarket, Lotte Mart (Korean supermarket chain), LOTTE Mart, AEON, Co.opmart supermarket, etc.
Moreover, in April 2019, Central Group Vietnam opened a Hello Beauty store specializing in selling health and
2018 2019 2020 2021 2022 2023 (est.) 2028 (f) beauty products at Big C supermarket in Binh Duong Province in Vietnam.
5.2.2 PHARMACIES AND DRUG STORES

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, PHARMACIES AND DRUG
• The pharmacies and drug stores segment in Vietnam’s skin care products market was valued at USD 12.8
STORES, 2018-2028 million in 2022 and is projected to reach USD 22.7 million in 2028 by registering a CAGR of 10.20% during
the forecast period, 2023-2028.
CAGR (2023-2028): 10.20%
MARKET DRIVERS
22.7 • Vietnamese consumers are becoming more sophisticated and educated in demands and now have higher
expectations of beauty, skincare, and other personal care products. Pharmacies in Vietnam can be found
on every square block of the city. Market players are also focused on expanding their store network and
including cosmetics and functional food in their offerings to capitalize on the market trend. For instance,
Pharmacity, which sells cosmetics, beverages, and toothpaste, had a strong store network of nearly 1,000
stores by the end of 2021.
• Pharmacies and drug stores are rising in importance for the shopping of skin care products as shoppers
can look for physical testing, professional recommendations, and advice at the same time. They also offer
14.0 personalized services and cater to customer solutions effectively.
12.8
11.8 • The pharmacy and drug stores landscape is rapidly changing in Vietnam, with modern chains focusing on
10.9 expansions. Pharmacy chains Long Chau and An Khang have nearly 707 and 520 stores in Vietnam and are
9.9 9.7
looking to expand more. The pharmacies and drug stores in Vietnam are looking forward to building long-
term relationships with Vietnamese consumers and offerings products to the consumers as per market
trends to boost customer connectivity.
• Prominent pharmacies and drug stores operating in Vietnam are Pharmacity, Glee Pharmacy, Mega 3
Pharmacy, 365 Pharmacy, Phuong Chinh Pharmacy, etc. Chained health and beauty specialist retailers are
opting for expansion strategies due to a rise in health awareness among consumers. For instance, in
September 2019, Japan’s drugstore chain, Matsumoto Kiyoshi, agreed to launch a joint venture with Lotus
Food Group of Vietnam to expand in Vietnam. The Japanese drugstore chain will offer medicine,
cosmetics, make-up, supplements, oral hygiene products, etc.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
5.2.3 SPECIALTY STORES

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, SPECIALTY • The specialty stores segment in Vietnam’s skin care products market was valued at USD 262.6 million
STORES, 2018-2028 in 2022 and is projected to reach USD 425.3 million in 2028 by registering a CAGR of 8.50% during the
forecast period, 2023-2028.
CAGR (2023-2028): 8.50%
MARKET DRIVERS
425.3
• Specialty stores are rising to the most preferred sales channel due to the competitive price offerings
and their ubiquity. Specialty stores offer tailor-made approaches and personalized services along with
customized and specific products which suit individual consumer needs.
• In addition, specialty stores dedicate separate sections of beauty and skincare products, thereby
allowing consumers to compare different available options to make a viable and informative purchase.
Thus, such factors are thereby projected to increase the sales of skincare products via these outlets,
thus driving the growth of such a segment.
282.8
262.6 MARKET OPPORTUNITY
245.7
234.5 • The market for specialty stores has been expanding at the back of the ability to scan products and
216.6 provide product trials before purchases. Additionally, the assistance of a store worker in making the
210.2
proper product selection influences the customer's choice, which promotes segment growth.
• Large organized specialty stores carry a variety of brands of skin care products, giving customers
additional alternatives to choose from, thus, representing an opportunity for specialty store operators.
• The sales of skin care products via specialty stores are constantly increasing, with the entry of a lot of
new players in the market studied, coupled with the influx of innovative and creative products which
appeal to all age groups. Recent market developments include:
• In November 2022, Ecostore, a sustainable health & beauty brand from New Zealand, opened its
first brick-and-mortar store in Vietnam. The store will have an in-store refiller where consumers
can bring their own packaging to refill with Ecostore products. The stores offer products for body,
baby, and home care.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
5.2.4 ONLINE STORES

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, ONLINE STORES, 2018- The online store segment in Vietnam’s skin care products market was valued at USD 87.5 million in 2022 and is
2028 projected to reach USD 181.2 million in 2028 by registering a CAGR of 13.00% during the forecast period 2023-
2028.
CAGR (2023-2028): 13.00%
MARKET DRIVERS
181.2 • Skincare products market is witnessing a huge shift in terms of purchase mode wherein more consumers are
induced to buy products online. Consumers are paying more attention to the rising e-commerce, which
offers them a variety of products while only a few options to choose from in the retail market. The
importance of online shopping is rising due to the rise in social media channels which influence consumers
to purchase online via discounts and coupons. Also, over the past few years, Vietnam has significantly
witnessed technological progress, where the population has become highly connected, and now
smartphones have become an integral part of their daily life.
• According to the Department of Telecommunications under the Ministry of Information and
Communications (MIC) of Vietnam, revealed that there were 91.3 million smartphone subscribers by 2021
end and an additional 2 million were added by March 2022, taking the total number to 93.5 million. As per a
98.3 press release from the Ministry of Information and Communication (MIC), Hai Phong has the highest
91.1 percentage (78.4%) of smartphone users, and Ho Chi Minh city has a percentage of 75.7%. Thus, the rising
87.5
smartphone users and internet penetration is fueling shopping via online sales stores, and the trend is likely
78.4
to continue further.
68.3
MARKET OPPORTUNITY
60.2
• The government of Vietnam has set a target to increase the share of the digital economy in the gross
domestic product (GDP) to 20% by 2025. The government has also assigned MIC to accelerate the
development of the digital economy, which is bound to support the growth of online sales channels.
• In April 2022, Sephora, owned by beauty giant LVMH, entered Vietnam by launching an e-commerce store
to test market demand. This allowed consumers to order beauty products from more than 70 beauty
brands, including Huda Beauty, Rare beauty, Fresh, Tasha, Anastasia Beverly Hills, etc.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
5.2.5 OTHER DISTRIBUTION CHANNEL

SKINCARE PRODUCTS MARKET, REVENUE IN USD MILLION, OTHER DISTRIBUTION • The other distribution channel segment in Vietnam’s skin care products market was valued at USD 99.5
CHANNEL, 2018-2028 million in 2022 and is projected to reach USD 151.9 million in 2028 by registering a CAGR of 7.43%
during the forecast period, 2023-2028.
CAGR (2023-2028): 7.43%
151.9
MARKET OVERVIEW
• Other distribution channel segment covers convenience stores, grocery stores, independent stores,
shopping centers, direct selling channels, etc.
MARKET DRIVERS
• Sales via traditional stores are rising in Vietnam as a lot of Vietnamese prefer traditional channels such
as convenience stores, mom-and-pop stores, and local markets, which are more convenient and
106.1 affordable for smaller quantity purchases. Also, the perception that modern retail channels, such as
99.5 supermarkets/hypermarkets, specialty stores, etc., are more expensive is fueling demand for skin care
93.9 products via these mediums. However, consumers in Vietnam are not hesitant to pay more for a
91.1
84.8 83.2 premium product capable of bringing significant skin improvements and is of good quality.
• Traditional channels are popular among consumers, especially among people living in non-urban areas,
and their number is fluctuating year-on-year. According to the General Statistics Office in Vietnam, the
number of traditional markets in Vietnam stood at 8,549 in the year 2021.
• The market is driven by long-term trends, which include greater financial independence, rising interest
in natural & organic products among millennials and the young generation, rising disposable income,
along with the construction of department stores and shopping malls, which is further creating
opportunities for the brands to directly reach consumers. Thus, all the above-mentioned factors are
bound to support sales of skincare products in the Vietnam market.
• Leading convenience store brands in Vietnam are WinMart, Circle K, Co.op food, Family Mart, K-market,
B’s Mart, etc. WinMart has more than 2,500 stores in Vietnam, with Circle K at 415 stores, Co.op food at
394 stores across Vietnam in 2022.
2018 2019 2020 2021 2022 2023 (est.) 2028 (f)
6 COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Leading Players
6.2 Market Share Analysis
6.3 Company Profiles
#TOC_DIVIDER#
6.1 STRATEGIES ADOPTED BY LEADING PLAYERS
~ 4 PRODUCT LAUNCHES ~ 3 MERGERS & ACQUISITIONS ~ 5 PARTNERSHIP

2018-2023 (YTD) 2018-2023 (YTD) 2018-2923 (YTD)
• In August 2022, Eucerin extended its spotless brightening • In January 2022, Procter & Gamble acquired the luxury • In February 2023, DKSH Business Unit Consumer
range with two new breakthrough products in brightening skincare brand Tula. Tula is a clean skincare brand Goods and Beiersdorf have officiated the signing of
skincare. The launched products include spotless powered by probiotic extracts and superfoods. Tula's their long-term strategic collaboration in six markets
brightening crystal booster serum and spotless products are designed to help improve skin balance, across Southeast Asia, including Vietnam. This
brightening crystal boosting essence. The brand claimed soothe skin, calm skin irritation, and nourish skin to strategic partnership is expected to bring together
that the two new innovations are Eucerin’s improved improve hydration. As part of the acquisition the best of both companies’ capabilities to strongly
dermatologist-approved pigmentation solutions, agreement, P&G Beauty will support the Tula team to drive growth in the personal care category through
especially for Asian skin. drive brand growth and support expansion and an expanded product portfolio and dedicated
innovation. support to strengthen Beiersdorf’s product’s
• In May 2022, L'Oréal introduced UVMune 400. L'Oréal's availability to local consumers.
first sun protection technology, UVMune 400, effectively • In November 2021, An emerging social commerce
protects the skin against ultra-long UVA rays, which platform called Mavely, which streamlines customer • In April 2022, Shiseido, the primary global prestige
account for 30% of solar radiation that has not yet been acquisition and social selling, was acquired by Nu Skin brand of the Shiseido Group, and Revieve, a
sufficiently filtered. L'Oréal helps in the prevention of Enterprises, Inc. The Mavely acquisition is anticipated to personalized digital brand experience company that
profound skin damage caused by the sun owing to this give Nu Skin brand affiliates new social selling skills, works with international brands, retailers, and digital
significant scientific advancement. enabling them to better assist customers in discovering, service providers in the beauty, skin, health, and
sharing, and purchasing products. wellness categories, announced their partnership
to launch of an AI makeup advisor experience.
Source: Company Website, Industry News, and Magazines
6.2 MARKET POSITIONING ANALYSIS

• The Vietnam Skincare products market is highly competitive, with the presence of several regional and
global players. The market is dominated by players such as L'Oréal S.A., Unilever PLC, The Estée Lauder
Companies Inc., Procter & Gamble Company, and Amway Corporation.
• The leading players, such as L'Oréal SA and Amway Corporation, in the skin care products market enjoy a
significant presence across the region. The prime factors determining the market players and their position
in the concerned market are the continuous launch of new products with the incorporation of new
technologies and by launching of products that are cruelty-free, vegan, and paraben free.
o For instance, in May 2022, L'Oréal introduced UVMune 400. L'Oréal's first sun protection technology,
UVMune 400, effectively protects the skin against ultra-long UVA rays, which account for 30% of solar
radiation that has not yet been sufficiently filtered. L'Oréal helps in the prevention of profound skin
damage caused by the sun owing to this significant scientific advancement.
o For instance, in March 2021, A new clean, traceable, and vegan skincare line was introduced by the
Artistry brand. The 5 essential Skin Nutritional Requirements are addressed by the new Artistry Skin
Nutrition line, which claims to substantially enhance the appearance of healthy skin. Modern skin
science, plant-based phytonutrients, and clean ingredients and manufacturing practices power the new
clean, traceable, and vegan skincare range for healthy beauty.
• These leading companies have an extensive product portfolio in the Vietnam skincare market. Additionally,
economies of scale and high brand loyalty among consumers give these companies an upper edge. Further
expansion of product portfolio within all categories may enhance the companies’ positions in the market.
Source: Mordor Intelligence Analysis
6.3 COMPANY PROFILES
# Company Established Headquarters Global Revenue Employees Key Products in Beauty Products Segment
6.3.1 Shiseido Company Limited 1872 Tokyo, Japan JPY 1,067.35 B Million (2022) ~42,000 Skin Care, Sun Care
6.3.2 Unilever PLC 1929 London, United Kingdom EUR 52,444 M 148000 Cleansers, moisturizers, soap bars, lip care, serums
6.3.3 L'Oréal S.A. 1909 Clichy, France EUR 38,260.6 Million (2022) 85,400 Skin Care, Sun Care
serum, moisturizer, eye cream & treatment, cleanser & makeup

6.3.4 The Estée Lauder Companies Inc. 1946 NEW YORK, UNITED STATES USD 17,737 M (2022) ~62,000
remover, toner & treatment lotion, and sunscreen
6.3.5 Beiersdorf AG 1882 HAMBURG, GERMANY EUR 7,627 M (2021) 20,567 Body care, skincare, sunscreen, and face care products
KRW 5326.10 B
6.3.6 Amorepacific Corporation 1945 Seoul, South Korea 650 Skin care, lip care
(2021)
Cleansers, moisturizers, serums, face masks, soap bars, body wash

6.3.7 The Procter & Gamble Company 1837 Ohio, United Sates USD 80,187 M ~106000
(Olay, Gillette, Safeguard)
6.3.8 Nu Skin Enterprises, Inc. 1984 Utah, United States USD 2,696 M (FY 2021) ~4600 Masks, Cleansers, Creams, and other skincare products
6.3.9 Rohto Pharmaceutical Co., Ltd. 1899 Osaka, Japan JPY 199,646 Million (2022) 6,866 Cleanser, Face mask
6.3.10 Amway Corporation 1959 MICHIGAN, UNITED STATES USD 8.9 Billion (2021) 15,000 Artistry Ideal Radiance Brightening Facial Cleanser
Source: Company website, Annual & Quarterly Reports, Factiva, RocketReach, ZoomInfo, D&B Hoovers
6.3.1 SHISEIDO COMPANY LIMITED
CORE BUSINESS SEGMENTS

JPY1,067.35 billion FRAGRANCE
Total Revenue COSMETICS
FY 2022 (All Segments) PERSONAL CARE
BEAUTY SUPPLEMENTS
www.shiseido.com DUNS NUMBER: 69-053-6453
OTHERS
GLOBAL OVERVIEW
Shiseido Company Limited is a global cosmetics company
~42,000
based in Japan. The company produces and sells health Employees
and beauty foods, over-the-counter drugs, hair, beauty
salon products, fragrances, and body care products. In
addition, the company operates beauty salons and
restaurants.
The company initially began offering Western-style 1872
pharmacy products in Japan and eventually developed Founded
into a massive global player in the beauty industry that
now has operations in approximately 120 different
regions.
The company's extensive portfolio includes renowned
brands such as Nars, Elixir, and others.
Tokyo, Japan
Headquarters
Source: Company Websites, Quarterly & Annual Reports
6.3.1 SHISEIDO COMPANY LIMITED – SKINCARE PRODUCTS MARKET OVERVIEW
CORE SOLUTIONS & PRODUCT OFFERINGS SKINCARE PRODUCTS PERSONAL CARE

The company offers a range of skincare products across
Vietnam. The company offers its products under Ultimate,
Essential Energy, Future Solution LX, Vital-Perfection, MARKET SEGMENT COMPANY VERTICAL
White Lucent, Benefiance, WASO, and Eudermine brands.
The Ultimate brand’s product attributes Fermented roselle
extract and ImuGenerationRED Technology-infused
KEY INFORMATION
ingredients that were intended to work together to COMPANY HIGHLIGHTS
rebuild the skin's natural resistance, with an emphasis on
In October 2021, the company organized Shiseido Mega-
forming a protective barrier around the eyes. Shiseido The company intended to maintain its strategic investments in campaign 09.09 on Lazada- a cosmetics Ecommerce graphic
offers hydrating creams under its Essential Energy brand. areas like the skin beauty category and digitization of the design media product in Shiseido, Vietnam. To achieve
The Vital-Perfection and Benefiance brands offered by the business model in response to the changes in the external ongoing and consistent growth in response to the changes in
company majorly offer products that are intended to work environment to achieve continuous and stable growth. The the external environment, the company expects to keep
on wrinkles to slow down the signs of aging on the skin. corporation also intended to increase profitability through making strategic investments in areas like the skin beauty
Furthermore, the White Lucent brand offers a range of changes to its cost structure. category and digitization of the business model. The
products that are intended to brighten the skin. Due to these activities, it is anticipated that consolidated net corporation also intends to increase profitability through cost
sales in the fiscal year 2023 will total JPY 1 trillion, up structure changes. Due to these activities, it is anticipated
The WASO brand offers a range of skincare products such
11% when taking into account only internal business transfers that consolidated net sales in the fiscal year 2023 will total
as cleansers, lotions, masks, etc. Eudermine offers to
and foreign exchange translation. By concentrating on the skin JPY 1 trillion, an increase of 11% like for like when taking into
revitalize essence, and the company claims that the
beauty sector, which is the company's competitive edge, account only internal business transfers and exchange rate
products help the birth of refined skin, keeping the skin's
reorganizing their business portfolio, and boosting profitability, fluctuations. Shiseido undertook organizational
moisture level ideal and regulating the skin's turnover
Shiseido implemented a global transformation reform with an reorganization in January 2022 to strengthen and broaden its
cycle.
emphasis on profitability and cash flow. sustainability initiatives as well as integrate and market them
into the company's management and business strategies.
Source: Company Website, Annual & Quarterly Reports
6.3.1 SHISEIDO COMPANY, LIMITED – FINANCIALS

REVENUE, JPY BILLIONS, 2019-2022 OPERATING PROFIT, JPY BILLIONS, 2019-2022
1,131.55 114
1,067.36
1,009.97
920.89
51
43
15
2019 2020 2021 2022

2019 2020 2021 2022
EBITDA JPY MILLION, 2019-2022 REVENUE BREAKDOWN BY GEOGRAPHY, 2022

1,72,556.00
0.9%
Japan Business
6.0%
22.3% China Business
98,506.00 1,02,371.00 15.3%
Asia pacific Business
71,393.00 Americas Business
EMEA Business
12.0%
Travel Retail Business
Professional Business
24.2%
12.9%
2019 2020 2021 2022 6.4% Other
Source: Company Website, Annual and Quarterly Reports
6.3.1 SHISEIDO COMPANY, LIMITED - PRODUCTS & SERVICES
Category Brands Description
• The brand’s product features ImuGenerationRED Technology-infused fermented roselle extract which are combined to restore the skin's ability to
Ultimate resist, with a particular emphasis on creating a skin barrier around the eye area.
• The brand offers hydrating cream and hydrating day cream products. Both the creams are meant for hydrating the skin while the hydrating day
Essential Energy cream has additional properties which are claimed to protect the consumers from UV rays and pollution.
• The brand offers a wide range of products such as Concentrated Balancing Softener E, Total Protective Emulsion E, Total Regenerating Cream E, Total
Future Solution LX Protective Cream E, Eye and Lip Contour regenerating cream, etc.
• Vital-Perfection offers 6 products under it. The products include Uplifting and Firming Cream, Uplifting and Firming Cream Enriched, Uplifting and
Vital-Perfection Firming Express Eye Mask, and other such products. According to the company’s claim, the products under this brand are intended to make the skin
Skincare firmer and slow down signs of aging skin such as wrinkles.
• According to the company’s claims, the products offered by the White Lucent brand are intended to brighten the skin. The products under the white
White Lucent lucent brand include illuminating micro-spot serum, brightening gel cream, overnight cream amd mask, etc.
Benefiance • The brand offers a range of wrinkle smoothing products and correction lip treatment, day and night creams as well as an eye serum.
WASO • The brand offers a range of skincare products such as cleansers, lotions, masks, etc.
• The company offers revitalizing essence product that is intended to rejuvinate essence that promotes the development of refined skin by maintaining
Eudermine appropriate skin moisture levels and controlling the skin's natural turnover cycle as per the company's claims.
Source: Company Website
6.3.1 SHISEIDO COMPANY LIMITED – KEY DEVELOPMENTS

DATE TYPE OF KEY DEVELOPMENT DETAILS
Shiseido, the primary global prestige brand of the Shiseido Group, and Revieve, a personalized digital brand experience company
April 2022 Partnership that works with international brands, retailers, and digital service providers in the beauty, skin, health, and wellness categories,
announced their partnership to launch of an AI makeup advisor experience.
Source: Company Website, Industry Magazines
6.3.2 UNILEVER PLC

52,444 M BEAUTY & PERSONAL CARE
Global revenue in EUR HOME CARE
FY 2021 (All Segments) FOODS & REFRESHMENT
www.unilever.com DUNS NUMBER: 21-030-0901
GLOBAL OVERVIEW
Unilever PLC is one of the largest consumer goods 148,000
companies. Unilever’s product segments include food, Employees
condiments, ice cream, well-being vitamins, minerals and
supplements, tea, coffee, breakfast cereal, cleaning agents,
water and air purifiers, pet food, toothpaste, beauty
products, and personal care.
The company offers 400+ brands, and the products are
available in 190 countries. 13 brands of Unilever had a
1929
turnover of over EUR 1 billion in 2021. Founded
The company has research and development facilities in
China, India, the Netherlands, the United Kingdom, and the
United States.
The company has 280 factories, 270 offices, and 450 logistics
warehouses globally. 53,000 supplier partners in 150 LONDON, UNITED KINGDOM
countries source raw materials for Unilever. Headquarters
Source: Company website, Annual & Quarterly Reports
6.3.2 UNILEVER PLC – VIETNAM SKINCARE PRODUCTS MARKET OVERVIEW
CORE SOLUTIONS & PRODUCT OFFERINGS SKINCARE PRODUCTS BEAUTY & PERSONAL CARE
The company claims that it provides all skin care products in
Vietnam under brands like Dove, Lux, Vaseline, and Ponds.
The company claims that its products are made from MARKET SEGMENT COMPANY VERTICAL
cruelty-free ingredients, with different fragrances and
nourishing elements that protect and hydrate the skin.
The company claims that Dove provides products that are
formulated with 100% sincere care that improves the
condition of the skin. The Dove skincare products are made COMPANY HIGHLIGHTS KEY INFORMATION
with moisturizing and nourishing ingredients.
The company claims that the Ponds products contain Unilever's brands are built via innovation by more than The company is currently active in 69 countries, including
niacinamide, vitamin C, Hyaluronic acid, vitamin E, and 6,000 R&D employees. Each year, the firm invests over Vietnam. They sell their products in Vietnam through
glycerin. EUR 1 billion in R&D, and it has a patent portfolio of over supermarkets, hypermarkets, wholesalers, cash-and-carry,
20,000 patents and patent applications. and small convenience stores, as well as other fast-
The company has a wide range of distribution networks growing channels like e-commerce, out-of-home, and
globally, majorly with the products available in Unilever Vietnam claims that about 35 million of its direct-to-consumer.
supermarkets, grocery stores, and other distribution products are used by consumers nationwide every day.
channels like third-party e-commerce websites. The company's production and business activities have In 2020, Unilever Vietnam and Hanoi Urban Environment
switched to using 100% renewable energy and reducing Company (Urenco) implemented a long-term cooperation
The company claims that its Beauty and personal care program on waste collection and classification at source in
water volume by 43%.
segment held a turnover of EUR 21.9 Billion in the year the capital.
2021. the company claims that out of all the segments in The entire Unilever factory system in Vietnam has no toxic
beauty and personal care products, skincare and skin waste to be buried and has neutralized the carbon The company has been aggressively conducting in-house
cleansing are the largest categories. generated. R&D for the development of goods and processes in all
manufacturing businesses to satisfy the requirements of
the market.
6.3.2 UNILEVER PLC – FINANCIALS

REVENUE IN EUR MILLIONS, 2018-2021 NET PROFIT, IN EUR MILLIONS, 2018-2021
52,444 9,788
51,980
6,621
6,026 6,073
50,982
50,724
2018 2019 2020 2021 2018 2019 2020 2021
REVENUE BREAKDOWN (%), BY SEGMENT, IN 2021 REVENUE BREAKDOWN (%), BY GEOGRAPHY, IN 2021
20.2% 21.6%
Asia/AMET/RUB
Beauty & Personal Care
41.8%
Foods & Refreshment 46.3%
The Americas
Home Care
38.1% 32.1% Europe
Source: Company Annual & Quarterly Reports
6.3.2 UNILEVER PLC – PRODUCTS & SERVICES
Brand Products Description
• The company claims that Dove provides products that are formulated with 100% sincere care that improves condition of skin.
Dove • Soap Bar
The Dove skincare products are made with moisturizing and nourishing ingredients.
Lux • Soap Bar • The company claims that Lux soap bars have different fragrances that give freshness and smooth skin after every shower.
• Serums
• The company claims that Ponds products provide spot-less glow through its serums and masks. The company claims that the
• Cleansers
ponds products contains niacinamide, vitamin C, Hyaluronic acid, vitamin E, and glycerin. The company claims that the products
• Masks
contains anti-aging benefits and moisturizing effects on the skin.
• Creams
• Skin protecting jelly

Vaseline • The company claims that the products heals dry skin as it contains triple purified petroleum jelly.
• lipcare

NO RECENT DEVELOPMENTS AVAILABLE PERTINENT TO THE MARKET STUDIED
6.3.3 L'ORÉAL SA

EUR 38,260.6 million SKINCARE AND SUN PROTECTION
Total Revenues MAKEUP
FY 2022 (All Segments) HAIRCARE
FRAGRANCES
www.loreal.com DUNS NUMBER: 27-627-6904
HAIR COLORING
GLOBAL OVERVIEW OTHERS
L’Oréal SA is a French personal care company

+85,400
headquartered in Clichy, Hauts-de-Seine, with a Employees
registered office in Paris.
The company is one of the world’s largest cosmetic
companies. L’Oréal’s activities concentrate on hair color,
skincare, sun protection, makeup, perfume, and hair care.
The company has 35 brands globally. The company has 1909
517 patents registered as of 2021. Founded
The cosmetics segment is divided into four operating
divisions, Consumer Products, L’Oreal Luxe, Professional
Products, and Active Cosmetics.
The company’s business operations span North America,
Latin America, Europe, Asia-Pacific, Africa, and the Middle CLICHY, FRANCE
East.
Headquarters
6.3.3 L'ORÉAL SA – VIETNAM SKINCARE MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS SKINCARE PRODUCTS SKINCARE AND SUN PROTECTION
The company offers its skincare products under several
brands, such as Garnier, L'Oréal Paris, Lancome Paris, Mixa,
Kiehl’s, Laroche Posay, and Skin ceuticals. MARKET SEGMENT COMPANY VERTICAL
The company offers a range of skincare products that claim
to be suitable for all kinds of skin. The company offers a
range of sun care products. These products can help in the
protection of the skin against sun damage. It also offers KEY INFORMATION
premium skincare sets for gifting. COMPANY HIGHLIGHTS
The company offers its skincare products all across the nation
L'Oréal SA Brands are typically categorized by their targeted L'Oreal was established in the Vietnamese market in mid- owing to the company's numerous distribution channels,
markets, such as the mass, professional, luxury, and active 2007, L’Oreal Vietnam has quickly become a leading company which include pharmacies, supermarkets, salons, and a
cosmetics markets. L’Oréal has been building a unique in Vietnam. The company has 1000 employees nationwide. growing e-commerce business. The total sales of e-commerce
portfolio of brands to satisfy all beauty aspirations in their
L'Oréal Research & Innovation adheres to its core, time- is EUR 9.3 billion in 2021. The company extended its digital
infinite diversity for over a century through targeted
honored ideals in terms of quality, efficacy, safety, sincerity, lead, whereby the company’s e-commerce revenues grew
acquisitions, according to the company’s claim.
and responsibility at every level of the process of developing by 25.7% accounting for 28.9% of sales in 2021.
Garnier is one of the top skincare brands in Vietnam. new products in order to satisfy the immensely wide range of The company has a balanced business model and a unique
Garnier is expanding and trying to compete in the skin care beauty needs and desires according to the company's claim. portfolio of brands. The company’s growth model includes
industry. The company claims that Garnier uses only
With a strong focus on the beauty tech industry, L'Oréal pursuing investments in its brands and in game-changing
natural ingredients in all of its products because
Vietnam strives to be at the forefront of innovation. The innovations, despite all the uncertainties of the market,
the company considers nature has created the best self-
company claims that it acknowledges and supports the fueling more growth while still delivering on profit. In 2020,
care solutions.
L'Oréal group's sustainable development objectives since it the company claims that it was the first company to
believes it has the ability to improve the environment. produce cosmetic tubes made with 45% of cardboard in the
mass market to reduce plastic use.
6.3.3 L'ORÉAL SA – FINANCIALS

REVENUE, IN EUR MILLION, 2020-2022 GROSS PROFIT, IN EUR MILLION, 2020-2022
38,260.6 27683.3
23854.3
32,287.6 21808.9
29873.6 20,450
27,992.10
2019 2020 2021 2022

2019 2020 2021 2022
REVENUE BREAKDOWN, BY GEOGRAPHY, IN %,2022

REVENUE BREAKDOWN, BY DIVISION, IN %, 2022
13.4% 11.7%
Professional Products 6.2%
Europe
7.7%
29.9%
Consumer Products North America
Loreal Luxe North Asia
38.3% 36.6% 29.6%

SAPMENA-SSA
Active Cosmetics
Latin America
26.6%
6.3.3 L'ORÉAL SA - PRODUCTS & SERVICES
Brand Category Description
• It offers a range of skincare products claiming to be suitable for all kinds of skin. The company claims that all Garnier products are officially
Garnier Skincare approved Cruelty-Free International under the Leaping Bunny program.
• The company offers a range of sun care products. These products can help in the protection of the skin against sun damage according to the
Suncare company’s claim.
L'Oréal Paris
• L'Oréal Paris offers a wide range of skincare products such as Face creams, Face masks, Face Scrub, Face Serum, Face moisturizers, skin
Skincare creams, skincare kits, Night creams, anti-aging products, and Makeup removers.
• The brand offers premium skincare, especially for gift purposes. The company claims that the products are made with an exclusive blend of
Lancome Paris Skincare Grand Rose extracts.
Mixa Beauty and Personal Care • Mixa offers a range of beauty and personal care products like creams, body lotions, makeup removal cosmetics for sensitive skin.
6.3.3 L'ORÉAL SA - PRODUCTS & SERVICES
• The company offers skincare cream with Colloidal Oatmeal & Beta-Glucan that provides instant repair and relief for sensitive, dry, and very
Kiehl’s Skincare dry skin according to the company's claim. The products included in this category are Ultra Facial Advanced Repair Barrier Cream, Ultra
Facial Cream with Squalane, Super Multi-Corrective Anti-Aging Cream for Face and Neck, and Facial Fuel Energizing Face Wash.
• The brand offers sunscreen for hyperpigmentation and sensitive skin. The products contain dermatological actives according to the
Suncare company’s claim. The products included in this category are Anthelios Pigment Correct, Anthelios Oil Correct, Anthelios UVMune, and
Expert Routine for Hydration, for Oily Skin.
Laroche Posay
• The company claims that the products are formulated for sensitive skin prone to dryness, tightness, redness, itchiness & burning. The
Skincare products included in this category are Expert Routine for Brightening, Expert Routine to Target Dark Spots, Expert Routine for Hydration,
and Expert Routine to Glow and Hydrate, for All Skin Types Including Sensitive.
• The products are used as an anti-aging cream to refill cellular lipids and nourish dry skin, and Hyaluronic Acid Intensifier (H.A.) a multi-
Skin ceuticals Skincare functional corrective serum to help amplify skin's hyaluronic acid levels according to the company's claim. Bestseller Gift set, Discoloration
Duo, Anti-aging Regiment, and Brightening Skin System.
6.3.3 L'ORÉAL SA – KEY DEVELOPMENTS

L'Oréal introduced UVMune 400. L'Oréal's first sun protection technology, UVMune 400, effectively protects the skin against
May 2022 Product Launch ultra-long UVA rays, which account for 30% of solar radiation that has not yet been sufficiently filtered. L'Oréal helps in the
prevention of profound skin damage caused by the sun owing to this significant scientific advancement.
Verily and L'Oréal announced a partnership to advance precision skin care. The partnership between Verily and L'Oréal aims to
January 2022 Partnership
lower barriers to dermatological care and give doctors fresh perspectives that can enhance patient results.
The Lipikar Eczema MED cream from L'Oréal SA was introduced as a medical treatment for eczema. Endobioma, a substance
November 2021 Product Launch created as a result of advancements in microbiome science, is added to the cream to enhance it. While protecting other bacteria
that are vital for healthy skin, this special chemical exclusively targets the primary bacteria causing the irritation. According to the
company, the results are visible in three days.
6.3.4 THE ESTÉE LAUDER COMPANIES INC.

17,737 M SKIN CARE
Global revenue in USD MAKEUP
FY 2022 (All Segments) FRAGRANCE
www.elcompanies.com DUNS NUMBER: 79-080-2086

HAIR CARE
OTHERS
GLOBAL OVERVIEW
The Estée Lauder Companies Inc. is a multinational
manufacturer and marketer of skincare, makeup,
~62,000
fragrance, and hair care products. The company has a Employees
diverse portfolio of brands, distributed globally through
both digital commerce and retail channels.
Its brand includes Estée Lauder, Clinique, Origins, M·A·C,
Bobbi Brown, La Mer, Aveda, Jo Malone London, Too
Faced, Dr. Jart+, and The Ordinary. The company’s 1946
products are offered in approximately 150 countries. Founded
The company operates 1,600 freestanding stores, 200
multi-branded company stores in outlet malls, and 700
company-branded freestanding stores around the world
operated by authorized third parties, primarily in Europe,
the Middle East & Africa, and Asia/Pacific. NEW YORK, UNITED STATES
Headquarters
6.3.4 THE ESTÉE LAUDER COMPANIES INC. – VIETNAM SKINCARE PRODUCTS MARKET OVERVIEW
CORE SOLUTIONS & PRODUCT OFFERINGS SKINCARE PRODUCTS SKIN CARE

The Estée Lauder Companies offers a wide range of skincare
products in Vietnam through all of its skincare brands
including AERIN, Aveda, Bobbi Brown, Clinique, DARPHIN,
MARKET SEGMENT COMPANY VERTICAL
Dr.Jart+, Estée Lauder, GLAMGLOW, Jo Malone London, La
Mer, LAB SERIES, M·A·C (Make-up Art Cosmetics), Origins,
Smashbox, Tom Ford Beauty, and Too Faced.
The company offers various skincare products through these
brands including cleansers, moisturizers, serums, exfoliators, COMPANY HIGHLIGHTS KEY INFORMATION
and many others. The company also has a global licensee for The company claims that it believes that it is a leader in the The company’s products are sold on its own and authorized
cosmetics and related products that are sold under various beauty industry including skincare due to the global retailer websites, on third-party online malls, in stores in
designer brand names. recognition of its brand names, its product innovation, and its airports, in duty-free locations, and in its own and authorized
Most of the companies' brands including Clinique skincare and strong position in key geographic markets. freestanding stores.
beauty products are claimed to have been allergy tested and Moreover, the company’s skincare segment is the major In addition, the company also sells its products in brick-and-
are fragrance-free, and they're all tailored to specific skin contributor to its revenue with almost 56% of revenue share mortar retail stores, including department stores, specialty-
types and needs. in 2022. multi retailers, upscale perfumeries and pharmacies, and
Origins sell beauty, skincare, and other products which are prestige salons and spas.
As of June 30, 2021, the company is operating approximately
mostly sold online, in specialized multi-boutiques, and in free- 1,600 freestanding stores worldwide. Over 200 multibranded The company claims that its strategy of pursuing selective
standing Origins stores. Origins have a license agreement with company stores in malls are also operated by the company. distribution heightens the aspirational quality of its brands. It
Dr. Andrew Weil to develop and sell beauty products under his has collaborated with a few associations like Sustainable
name. Also, 700 Company-branded freestanding stores are operated
Packaging Initiative for Cosmetics (SPICE), the Ellen
by approved third parties around the world, especially in
Aveda brand is known for its innovative plant-based products. MacArthur Foundation, the Association Of Plastic Recyclers
Asia/Pacific.
It is sold largely through high-end salons and direct-to- (APR), Sustainable Packaging Coalition (SPC) to promote and
consumer outlets such as online retail stores and Aveda shops. adapt Packaging Sustainability for skincare and cosmetic
products.
6.3.4 THE ESTÉE LAUDER COMPANIES INC. - FINANCIALS

REVENUE IN USD MILLION, 2018-2022 GROSS PROFIT, IN USD MILLION, 2018-2022
17,737
16,215 13,432
14,863 14,294 12,381
13,683 11,476
10,742
2018 2019 2020 2021 2022

2019 2020 2021 2022
NET SALES BY PRODUCT CATEGORY, IN %, IN 2022 NET SALES BY PRODUCT GEOGRAPHY, IN %, IN 2022
3.6%
Skin Care
26.1%
14.1% 30.6% America
Makeup
0.3% Fragrance Europe, the Middle East & Africa
55.7% Hair Care Asia/Pacific

26.3%
Others
43.3%
6.3.4 THE ESTÉE LAUDER COMPANIES INC. - PRODUCTS AND SERVICES

• Aerin Beauty is a luxury lifestyle brand that has a curated collection of skincare products including repair serum, moisturizer, eye cream & treatment, cleanser &
Aerin Beauty makeup remover, toner & treatment lotion, masks, targeted treatment, and lip care. The brand also offers products based on the skin concerns including lines &
wrinkles, loss of firmness, first signs of aging, pores, dull, tired-looking skin, and dark circles.
• Aveda claims that it is a plant-based hair and skincare brand, trusted by millions of guests and thousands of artists and salons around the world. The brand claims
that its products are rooted in nature and inspired by the bold self-expression of art and style. The brand offers skincare products including a face cleanser, face
toner, treatment lotion, exfoliator, face serum, eye cream, moisturizer, lip treatment & balm, face mask, and men's skin & shave care.
Aveda
• It also offers products based on skincare concerns like hydrating dry skin, balancing oily skin, visibly lifting & firm, increasing skin radiance, visibly brightening
skin, soothing sensitive skin, and relieving acne.
• Bobbi Brown, a brand of the company offers a wide range of skincare products focused mainly on women’s skin. It claims that its products can be used on most
• Skin Care skin types. For instance, its skin long-wear weightless foundation SPF 15 is created by makeup artists and perfected with over 7,000 skin tones globally for a
Bobbi Brown
color-true match.
• Clinique claims that its mission has always been to provide the safest, most effective formulas in simple routines that bring remarkable results. The brand claims
Clinique that it uses no parabens, no phthalates, and no fragrance. The brand includes a wide range of skin care products and offers them based on skin type, skin
concern, and form.
Darphin • Darphin offers skin products like serums, moisturizers & spf, cleansers and toners, oils, eye and lip care, and masks and exfoliators.
• M.A.C (Make-up Art Cosmetics) claims that its skin care products can be used by all ages, all races, and all genders. The brand remains committed to developing
new categories, products, and over 50 collections each year and claims that all of these continue to serve the demand of consumers and professional makeup
M.A.C artists alike. It offers skin care products like cleansers and makeup removers, serums and treatments, moisturizers, eye and lip treatments, and masks and
exfoliators.
6.3.4 THE ESTÉE LAUDER COMPANIES INC. – PRODUCTS AND SERVICES

• Dr. Jart+ offers skin care products like moisturizers, masks, color correctors, exfoliators, cleansers & toners, serums, eye creams, and sun & body care
products. By collection, its products include cicapair, ceramidin, bb creams, all masks, every sun day, focuspot, rubber masks, teatreement, and
Dr. Jart+ pore.remedy. The brand also offers skin care products based on skin concerns like signs of aging, blemish-prone, redness, dryness, dullness, irritated /
sensitive skin, oily skin, and UV protection.
• Estée Lauder is the flagship brand of The Estée Lauder Companies Inc. Founded by Estée Lauder, one of the world’s first female entrepreneurs. The
company claims that the brand today continues its legacy of creating the most innovative, sophisticated, high-performance skincare and other
products.
Estée Lauder
• The brand offers skin care products based on category and skin concerns. Its products include repair serum, moisturizer, eye cream & treatment,
cleanser & makeup remover, toner & treatment lotion, masks, targeted treatment, and lip care.
• Glam Glow claims that its products deliver immediate and transformative results. It claims that it promises glowing skin in 10 minutes and clearer skin
Glam Glow in 20. The brand offers skin care products based on category and skin concerns. Its products include face masks, sheet masks, moisturizers + serums,
Skin Care
cleansers, and eye care products.
• Jo Malone London claims that it is a British fragrance and lifestyle brand, with a contemporary point of view. Jo Malone London offers body and face
Jo Malone London care products that can be used on body skin like body crème, body & hand lotion, vitamin e collection, body scrub, hand cream, jasmine & neroli
luxury body oil, lip care, vitamin e gel, jasmine & neroli luxury face oil, jasmine & neroli luxury oil gel cleanser, and luxury face cream.
• La Mer claims that since joining The Estée Lauder Companies in 1995, La Mer has become the most coveted skincare brand in the world. The brand
La Mer offers products under categories like face care, skin color, and body. Its products include serums, moisturizers, eye treatments, cleansers & toners,
watery lotions, emulsions, exfoliators & masks, face oils, lip care, SPF, foundation & concealer, primer, powders, brushes, hand care, and body care.
• The brand offers products for face like foundation, concealer, bronzer, highlighter, powder, blush, primer, setting spray, contour, face palettes. Eye
Too Faced products includes eye shadow, mascara, brows, mini eye shadow palettes, eyeliner, eye shadow primer, faux mink lashes. Lip products include lipstick,
melted lipstick, lip plumper, lip gloss, lip treatments.
6.3.4 THE ESTÉE LAUDER COMPANIES INC. – PRODUCTS AND SERVICES
• LAB SERIES claims that its skincare solutions are designed, developed, and tested for men and available in spaces created specifically to help men
LAB SERIES explore and easily find products to help their skin look and feel its best. Its product portfolio includes cleansers, water lotions, moisturizers, SPF,
serums, and eye & lip products.
• Origins claim that its products are mindfully formulated with naturally derived ingredients, non-toxic-to-skin alternatives, and advanced science. It
claims that it formulates products without parabens, phthalates, propylene glycol, formaldehyde, SLS, mineral oil, petrolatum, paraffin, DEA,
Origins polyethylene beads, and animal ingredients (except cruelty-free honey and beeswax).
• The brand claims that it is 100% vegetarian, and its packaging is minimal by design. It offers skincare products like moisturizers, serums, cleansers &
exfoliators, treatment lotions & toners, masks, eye care products, and others.
• Skin Care
• Smashbox offers skin care products under categories like face, eyes, and lips. Its products include primer, tinted moisturizers, foundation + powder,
Smashbox conceal + correct, contour + highlight, blush, setting, foundation finder, eye shadow, eye liner, mascara, brow, eye primer, lipstick + liner, and lip gloss.
TomFord • TomFord offers cleansers, skin treatments, and colorless products including lotions, serums, makeup removers, and others.
• Too Faced offers skincare products under categories like face, eyes, and lips. Its products include foundation, concealer, blush, bronzer & contour,
Too Faced highlighters, setting spray & powder, eye shadow, mascara, mini eye shadow palettes, eyeliner, lipstick, lip plumper, melted lipstick, and lip gloss.
Source: Company Website NO RECENT DEVELOPMENTS FOUND PERTINENT TO THE MARKET STUDIED
6.3.5 BEIERSDORF AG

7,627 M CONSUMERS BUSINESS
Global sales in EUR SKINCARE
FY 2021 (All Segments) HAIRCARE
PERSONAL CARE
www.beiersdorf.com DUNS NUMBER: 31-500-0364
HEALTH CARE
GLOBAL OVERVIEW TESA BUSINESS
Beiersdorf is one of the prominent consumer goods 20,567 SELF ADHESIVE PRODUCTS
corporations in the world. The company operates in two Employees
segments, namely, Consumer Business and Tesa Business.
The consumer business segment of the company offers
deodorants, body care products, hair care products, men’s
grooming products, skin care products, personal care
products, and professional wound care products, among
others. 1882
The Tesa Business segment manufactures and sells self- Founded
adhesive systems and product solutions for industries, craft
businesses, and other consumers. The company claims that
it focuses on the research and development of products by
identifying the needs and responding flexibly to special
requirements and market trends. It has a business
presence across Europe, North America, Latin America,
HAMBURG, GERMANY
Africa, Asia, and Australia. Headquarters
6.3.5 BEIERSDORF AG – VIETNAM SKINCARE PRODUCTS MARKET OVERVIEW
SKINCARE PRODUCTS CONSUMERS BUSINESS
CORE SOLUTIONS & PRODUCT OFFERINGS

Beiersdorf AG develops, manufactures, and markets skin care
products. Its consumer segment totally focuses on
international skincare and body care markets and offers skin
care products through brands like NIVEA, Eucerin, La Prairie,
COMPANY HIGHLIGHTS KEY INFORMATION
Chantecaille, Coppertone, Labello, and Florena
The portfolio comprises face care, body care, sun protection, Beiersdorf AG is a German multinational corporation that In order to maintain sustainability, Beiersdorf AG company
anti-aging skincare, lip care, and hand care, products. claims is focusing on product innovation, research and has joined forces with strong strategic partners such as SABIC,
development, and investing in digital technological Salford Value Company Ltd., and Nussbaum Matzingen AG for
The company claims that across its three global skincare development in order to expand and maintain its position making its product packaging sustainable.
brands, NIVEA, Eucerin, and La Prairie, it caters to all sorts of in the market.
needs and operates across different markets namely mass For example, its brand Nivea’s face care range products
market, dermo-cosmetics, and premium. For instance, it is using digital skincare intelligence in packaging is made with certified renewable plastic which is
which artificial intelligence is an integral part that uses made from tall oil making it much more climate-friendly.
For instance, its NIVEA brand offers products that can be used algorithms to analyze the skin of its consumers with a
on the whole body including eye care, body care, sunscreens, The company claims that it follows strategy C.A.R.E.+ which
measuring device called “SKINLLY”. It collects the according to the company stands for Courage + Aspiration +
and others. consumer’s skin condition data by using a camera and Responsibility + Empathy. It claims that it relies on these four
Among these brands, the company claims that its brand, moisture sensor from the chicks, eyelid, forearm & attributes to sharpen its forward-looking mindset and to
Eucerin is in constant pursuit of scientific breakthroughs and forehead, and on behalf of that data, it provides leverage its competitive advantages.
is committed to developing effective, highly tolerable, and personalized skincare solutions.
clinically proven solutions to sustain and improve the health The company claims that it uses SKINLLY findings and
and beauty of the skin. analysis in combination with its skincare expertise to make
new products.
6.3.5 BEIERSDORF AG – FINANCIALS

SALES, IN EUR MILLION, 2018-2021 GROSS PROFIT, IN EUR MILLION, 2018-2021
4,432.0
7,653 7,627 4,360.0
4,158.0
7,233
4,041.0
7,025
2018 2019 2020 2021

2018 2019 2020 2021
SALES BREAKDOWN, BY BUISENESS SEGMENT, IN %, 2021 SALES BREAKDOWN BY GEOGRAPHY, IN %, 2021
19.6%
31.80%
Europe
Consumer Sales
48.20%
Americas
Tesa Sales
Asia,Africa and Australia

80.4% 20.00%
6.3.5 BEIERSDORF AG – PRODUCTS AND SERVICES
Body Care
• Nivea offers a wide range of products including face creams, facial cleansing products, lip care products, body and hand care
products, sunscreens, and others.
Eye Care
• The brand offers a range of body lotions including moisturizers to treat or prevent dry, rough, scaly, itchy skin and minor skin
irritations (such as diaper rash, and skin burns from radiation therapy). The company claims that emollients are substances that
NIVEA soften and moisturize the skin and decrease itching and flaking and also protect from the sun.
Men’s Care • Nivea provides sun protection creams for the skin claiming that it protects the skin from Ultraviolet rays. It claims that this
sunscreen is a body lotion for dry, sensitive skin that delivers long-lasting moisturization, soothes skin and makes it more resilient,
less sensitive, and velvety soft.
Sunscreen
• Eucerin offers a wide range of products under different product types including anti-age, body lotion, covering, serums, body care,
day cream, deo, eye care, face care, lip care, night care, and others. The brand also offers products based on different skin
Eucerin Body and Skin Care concerns including acne-prone skin after sun care, aging skin, atopic dermatitis, cracked irritated skin, diabetic skin, dry skin,
hyperpigmentation, hypersensitive, itchy skin, lips, scalp, and hair problems, sensitive skin, and sun protection.
6.3.5 BEIERSDORF AG – PRODUCTS AND SERVICES
• La Prairie offers face creams, face oils, face serums, lotions, eye care products, cleansers, toners, face masks, and body care products. The
• Skin Care company claims that its products are made of rare ingredients and claims that its advanced lotion skin care offers the best in delicate
La Prairie • Body Care cleansing treatments. La Prairie's luxury face serum products include face illuminating serums and targeted facial treatment serums.
• Eye Care • It claims that its eye care products target skin needs with the best creams, gels, and serums for luminosity, color correction, and lifting
effects.
• The company offers a wide range of lib balms under the brand Labello, which consists of naturally-derived and organic ingredients to keep
Labello • Lip Balm lips nourished and moisturized.
• Chantecaille claims that it is a preeminent botanical beauty brand known for natural, luxurious skincare, and other cosmetic products. The
Chantecaille • Skin Care brand claims that its product line stands out for the uniquely high concentration of naturals and botanicals found in each formula and is
also distinguished by the exceptional purity of its ingredients.
• Coppertone has been offering sun protection products and the brand is synonymous with sun protection. The brand claims that its
Coppertone • Sun Protection scientific research results, high-quality standards, and strict product tests are the basis for the wide range of sun protection products.
• Labello offers skin care products for daily use and its products include lip scrubs and sun protection creams. The Labello products are more
Labello • Lip Care focused on lip protection, and it claims that its lip care stick is one of Beiersdorf’s classic products and is even two years older than NIVEA.
Around 160 million lip care sticks are produced a year.
• Florena claims that its products are made of natural ingredients and fulfill the consumer’s desire for natural, skin-friendly products that
• Face Care
Florena are safe and offer top quality. It offers products for facial care, hand care, daycare, and night care. The brand claims that its premium,
• Hand Care natural ingredients are developed in the Florena nature laboratory in Hamburg.
6.3.5 BEIERSDORF AG – KEY DEVELOPMENTS

DKSH Business Unit Consumer Goods and Beiersdorf, have officiated the signing of their long-term strategic collaboration in six
markets across Southeast Asia including Vietnam. This strategic partnership is expected to bring together the best of both
February 2023 Partnership
companies capabilities to strongly drive growth in the personal care category through an expanded product portfolio and
dedicated support to strengthen Beiersdorf’s product’s availability to local consumers.
Eucerin has extended its spotless brightening range with two new breakthrough products in brightening skincare. The launched
August 2022 Product Launch products include spotless brightening crystal booster serum and spotless brightening crystal boosting essence. The brand claimed
that the two new innovations are Eucerin’s improved dermatologist-approved pigmentation solutions, especially for Asian skin.
May 2020 Partnership NIVEA Vietnam partnered with Happiness Saigon to launch NIVEA Tailored Care, an ongoing project where local tailors of Ha
Giang are provided with a newly designed fabric to make the traditional clothes of the tribes’ winter-proof.
Beiersdorf and Bayer announced that Beiersdorf has entered into a definitive agreement and bought the Coppertone business
May 2019 Merger & Acquisition
from Bayer for a purchase price of USD 550 million.
6.3.6 AMOREPACIFIC GROUP INC.

5,326.10 billion COSMETICS
Total Revenue in KRW PERFUME
FY 2021 MEDICAL BEAUTY
BEAUTY DEVICE
www.apgroup.com DUNS NUMBER: 06-986-2266
INNER BEAUTY
GLOBAL OVERVIEW HAIR CARE
Amorepacific is the flagship brand of the parent company, 650 BODY CARE
Amorepacific Group. The company has become a luxury Employees DENTAL CARE
brand following global beauty trends in the United States,
TEA CULTURE
Canada, and Hong Kong.
The company holds 34 beauty and health brands retailing
in more than 200 global stores. The major ingredients
incorporated in Amorepacific products include green tea 1945
(EGCG), bamboo, and red ginseng.
Founded
The company has many cosmetic brands, including
Amorepacific, Sulwhasoo, Laneige, Lirikos, Innisfree, Etude,
Hera, etc. The ingredients incorporated in Primera
products have gone through a study of more than 500
types of seeds worldwide.
SEOUL, SOUTH KOREA
Headquarters
6.3.6 AMOREPACIFIC GROUP INC. – VIETNAM SKINCARE PRODUCTS MARKET OVERVIEW
CORE SOLUTIONS & PRODUCT OFFERINGS SKINCARE PRODUCTS SKINCARE PRODUCTS

The company offers various skincare products under
brands such as Amorepacific, Sulwhasoo, Laneige,
Mamonde, Innisfree, Etude, Sienu, Hera, Holitual, Primera, MARKET SEGMENT COMPANY VERTICAL
Iope, Hanyul, Espoir, Odyssey, B.Ready, etc.
It also claims to provide products under the Medical
Beauty segment, including Aestura, a derma cosmetic
brand that pursues the healthy beauty of skin through
dermatological science. COMPANY HIGHLIGHTS KEY INFORMATION
The company further has product offerings under
Makeon, the exclusive beauty device brand uniquely The company provides hyper-personalized solutions, Amorepacific uses digital transformation in its production
delivering special beauty care. including customized cosmetics, across all touchpoints process to achieve a customer-centric “Smart SCM (Supply
using digital technologies and customer data. The Chain Management)” by digitalizing, connecting, and
It also offers the Vital Beautie brand under the Inner company delivers optimal customer experience by achieving autonomy in its supply chain.
Beauty segment. It also developed original technology building a closely knitted communication channel with its
using heritage ingredients such as ginseng, green tea, and Amorepacific complies with laws and regulations
customers.
soybean and continued technology innovations, including worldwide, where 23 overseas subsidiaries have entered
introducing the ampoule-type container. Amorepacific uses only irreplaceable ingredients derived the market, including the United States, European Union,
from insects or marine organisms restrictively, such as Japan, China, and ASEAN, including Vietnam.
The company also provides various products under body honey extract, fish-derived collagen, natural pearl
care, including brands such as Happy Bath, Illiyoon, and Amorepacific Group uses paper made of plant byproducts,
material, and carmine.
Skin U. which combines discarded plant resources such as
tangerine peel or seaweed with recycled pulp, creating
sustainable packaging materials in Vietnam and
worldwide.
6.3.6 AMOREPACIFIC CORPORATION – FINANCIALS

AMOREPACIFIC CORPORATION, REVENUE IN KRW BILLIONS, GLOBAL, 2019-2021 AMOREPACIFIC CORPORATION, GROSS PROFIT IN KRW BILLIONS, GLOBAL, 2019-2021
6,284.30 4,642.40
5,326.10 3,864.50
4,930.10 3,559.00
2019 2020 2021 2019 2020 2021
AMOREPACIFIC CORPORATION, NET INCOME IN KRW BILLIONS, GLOBAL, 2019-2021 AMOREPACIFIC CORPORATION, OPERATING PROFIT IN KRW BILLIONS, GLOBAL, 2019-
2021
498.20
282.4 292
356.20
150.70
22
2019 2020 2021 2019 2020 2021
6.3.6 AMOREPACIFIC CORPORATION - PRODUCTS & SERVICES
The company claims to offer

• Happy Bath Flower Therapy Freesia & Basil Body Wash
• Shower and Bath
• Flower Therapy - Herbal oil therapy shower with an attractive flower scent.
• Body Moisturizer
Happy Bath • Skin U Innocent is used post-shower, while the residual scent stays on the skin.
• Special Care
• Original Collection - Has fragrance and a slightly acidic vegan body wash.
• Facial Cleanser
• Skin Care Perfume - A fragrant skin care body wash.
• Cica pH Biome - A fragrant cleanser makes the skin moister.
The company claims that

• ILLIYOON is the low-irritant Derma Moisture brand that fundamentally resolves the troubles of sensitive skin with a
ILLIYOON • Skin Care moisture-specializing substance resembling skin.
• Includes Ceramide Ato Bubble Wash & Shampoo, Fresh Moisture Body Lotion, MD Redichi Care Cream, and Ultra Repair
Moisture Cleanser.

• Skin You Skin Emulsion Shower Gel For Dry Skin
Skin U • Skin Oil
• Skin You Skin Emulsion Shower Gel For All Skin Types
• Skin You Skin Emulsion Shower Gel For Sensitive Skin
• Cleansing
• Toner/Mist
• Brightening
• Lotion/Emulsion
• Anti-Aging
• Serum/Essence
• Sebum/Pore
• Gel/Cream The company claims that they provide products such as
• UV Protection
• Mask/Pack • CREAM SKIN REFINER
• Line
• Eye Care • Water Sleeping Mask_EX
• Basic Care
LANEIGE • Pore Care • Skin Veil Base_EX
• Radian-C
• Sun Care • Water Bank Blue Hyaluronic Cream for Normal to Dry skin
• Cream Skin
• Lip Care • Lip Sleeping Mask_EX
• Water Bank Blue Hyaluronic
• Body Care and many more products
• Perfect Renew
• Holiday Collection
• Sleeping Care
• Concerns
• White Dew
• Moisturizing/Hydrating
• Sensitive/Soothing
The company claims to offer 51 products under this brand which includes
• Cleansing
• Timetreasure Honorstige Serum
• First Care Activating
• Herbal Soap
• Water
• Timetreasure Honorstige Cream
• Emulsion
• White Ginseng Radiance Refining Mask
Sulwhasoo • Serum/Ampoule
• Herbal Clay Purifying Mask
• Eye Care
• Clarifying Mask
• Cream
• Overnight Vitalizing Mask
• Sun Care
• Gentle Cleansing Oil
• Mask/Pack
• Gentle Cleansing Foam
The company claims to offer various products, such as

• Skin/Toner/Mist
• Green Tea Seed Serum
• Essence/Serum/Ampoule
• Black Tea Youth Enhancing Ampoule [Large Capacity]
• Lotion/Cream
• Black Tea Youth Enhancing Ampoule
• Sun Care
• Green Tea Mist
Innisfree • Cleansing
• Green Tea Seed Skin
• Pack/Mask
• Collagen Firming Ampoule Cream
• Lip/Eye Care
• Mild Cica Inorganic Sunscreen SPF50+ PA4++++
• Oil Massage
• Hyaluron Moisture Sun Cream SPF50+PA++++
• Planning Set, Etc.
• Tone Up No Sebum Sunscreen EX

• Cleansing
The company claims that Sienu is a high-end anti-aging skincare brand. They offer ten products under the skin care segment, which
• Moisturizing
include
Sienu • Special Care
• Time Synthea Cream, Time Synthea Ampoule Concentrate, Time Brace Cleansing Foam, Time Brace Cream, Time Brace Emulsion, Time
• Sun Care
Brace Water, Time Brace Eye Cream, and Time Brace Serum.
• Set
• Aquabolic
• Age Away
• Signia
• UV Protector
• Cleansing
The company claims that they offer various products such as AQUABOLIC ESSENTIAL WATER (A moisturizing toner comforting the skin
• Homme
HERA without any tautness), AQUABOLIC ESSENTIAL EMULSION (A moisturizing lotion that gently protects the skin with deep moisture and
• Skin Concern
nourishment), and AQUABOLIC HYDRO-GEL CREAM (A moisturizing cream relieves stress from the skin).
• Moisturization/Hydration
• Whitening
• UV Protection
• Anti-aging
• Premium Anti-aging

• Nutri Elixir Mist
• Elemental Smoothing Lotion
• Phyto Rejuvenating Concentrate
IOPE • Skincare Products • Nutri Elixir Balm
• Concentrate Signature Cream Light
• Radiance Resulfacing Peel
• Core Lift Activating Serum
• Concentrate Signature Cream
• Conditioning
• Hydrating
• Lifting
• Wrinkle Care
• Bio Essence Intensive Conditioning
• Anti-aging
• Bio Essence Facial Mask
HANYUL • Sensitive Care
• UV Shield Outdoor Sun Patch
• Trouble Care
• 93.5% Of UVA And 98.9% Of UVB
• Peeling
• UV Shield Essential Sun Protector SPF 50+ PA++++, and many more.
• Moisturizing
• Sun Protection
• Brightening
Category Brand Products Description

• Face
• Full Day Setting Fixer
• Lip
• Water Splash Cica Tone Up Sun Cream SPF 50+ Pa++++
Cosmetics Espoir • Eye
• All Makeup Deep Cleansing Oil
• Cheek
• Water Splash Sun Cream Fresh
• Skincare
• Water Splash Sun Cream
NO RECENT DEVELOPMENTS AVAILABLE PERTINENT TO THE MARKET STUDIED
6.3.7 PROCTOR & GAMBLE COMPANY

80,187 million FABRIC CARE & HOME CARE
Total Revenues in USD BABY, FEMININE AND FAMILY CARE
FY 2021-22 (All Segments) BEAUTY
GROOMING
www.pg.com
DUNS NUMBER:00-131-6827 HEALTH CARE
GLOBAL OVERVIEW
Proctor and Gamble Company (P&G) is one of the world’s ~106,000
largest consumer goods companies and ranked 15th on the Employees
list of the World’s most admired companies. Proctor and
Gamble offer an extensive range of hair, skin, personal, oral,
family, feminine, fabric, baby care, and grooming products.
It has nearly 35 brands, including Bounty, Crest, Gillette,
Pampers, Olay, Pepto Bismol, Puffs, Old Spice, Swiffer, and
Tide. P&G’s most extensive product category, fabric and
1837
home care accounts for nearly a third of sales. Founded
The company offers its products through various channels,
including direct-to-consumer, in more than 180 countries
and regions like North America, Europe, the Middle East &
Africa, Greater China, and Asia-Pacific.
OHIO,UNITED STATES
Headquarters
6.3.7 PROCTOR & GAMBLE COMPANY - VIETNAM SKINCARE PRODUCTS MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS SKINCARE PRODUCTS BEAUTY
The company claims it offers a wide range of beauty and

personal care products under different categories, such as
hair, facial, and skin care. The Personal Care segment
includes a wide range of products, like oral care products,
baby care range, feminine hygiene, styling aid treatments,
and masks.
COMPANY HIGHLIGHTS KEY INFORMATION
The company offers its skincare products through its
brands: Olay, Safeguard, and Gillette in Vietnam. The Olay The company owns and operates 81 manufacturing sites in 35 P&G’s broad range of high-quality skincare and personal
brand offers a wide range of products like anti-aging different countries. It claims its products are sold in 180 care products and its reliable supply chain and distribution
creams, moisturizers, serums, night creams, cleansers, and countries through distribution channels like merchandisers, e- operations generate revenue and sales through retail
face masks. Gillette provides skincare products for men commerce, grocery stores, department stores, membership channels.
that include moisturizers and beard oil. The Safeguard club stores, drug stores, distributors, wholesalers, specialty
brand provides bars and soaps that protect the skin from stores, high-frequency stores, and pharmacies. The company uses its R&D and consumer insights to
acne and germs and removes impurities and bacteria. provide better-quality, sustainable products and
The company claims its skincare products, like the Play brand, packaging. In 2022, the company invested USD 2 billion in
The company’s other brands produce a cruelty-free and contribute 6% of the global market share. R&D.
PETA-certified hair care range, including shampoos, In 2022, the company’s total e-commerce sales increased by
conditioners, and hair masks. These products contain The company advertises and promotes products designed
11%. Brands were accessible to consumers at affordable for various social media platforms. The advertising costs,
authentic Australian ingredients, like hemp seed extract point-of-purchase in retail and online channels.
and jojoba oil. The hair care range is also available for kids. which include worldwide television, print, radio, internet,
and in-store expenses, were around USD 7.9 billion in
2022.
6.3.7 PROCTOR & GAMBLE COMPANY – FINANCIALS

PROCTOR & GAMBLE COMPANY, NET SALES IN USD MILLION, 2018-2022 PROCTOR & GAMBLE COMPANY, OPERATING INCOME IN USD MILLION 2018-2022
80,187
17,986 17813
76,118 15,706
13,363
70,950
66,832 67,684
5,487
2018 2019 2020 2021 2022

2018 2019 2020 2021 2022
PROCTOR & GAMBLE COMPANY, NET SALES (%), BY BUSINESS SEGMENT, 2022 PROCTOR & GAMBLE COMPANY, NET SALES BREAKDOWN (%), BY GEOGRAPHY,
2022
6.0%
6.0%
8.0%
Fabric & Home care North America
14.0% Baby, Feminine & Family care Europe

35.0% 8.0%
Beauty Greater China
10.0% 49.0%
Asia-Pacific
18.0% Healthcare
Latin America
Grooming
25.0% 21.0%
India, Middle East & Africa
6.3.7 PROCTOR & GAMBLE COMPANY - PRODUCTS & SERVICES
Brand Products Description
• Gillette Labs Fast Absorbing

• The company claims this moisturizer is made for men’s skin after shaving. The moisturizer transforms from cream to liquid on the skin. It
Moisturizer
hydrates the skin and fortifies its moisture barrier.
Gillette
• King C. Gillette Beard Oil • The company claims that this oil moisturizes dry skin under the beard. The oil is infused with argan, jojoba, avocado, macadamia seed and
almond oil.
• The company claims that these body soaps provide a fresh smell and protection from germs. They are available in fragrances like aloe
• Safeguard Bar Soap
vera, menthol, papaya, and fresh green. These bar soaps protect from acne and bacteria.
Safeguard
• The company claims that these body washes are available in three variants, i.e., Active Deo Blast Green, Floral Pink Aloe Vera, and Pure
• Safeguard Body Wash
White Body Wash. These body washes clean germs and are recommended by doctors.
Brand Products Products Description
• Niacinamide + Peptide 24
• Hyaluronic + Peptide 24
• Regenerist • The company claims these moisturizers have no parabens, phthalates, or synthetic dyes. The
Moisturizers • Collagen Peptide 24 MAX products have citrus scents, added peptides, and hyaluronic acid. They protect the skin from
• Retinol24 + Peptide wrinkles, hydrate it, and make it firm and glowing.
• Regenerist Night
• Vitamin C + Peptide 24
Olay
• Hyaluronic + Peptide 24
• The company claims these cleansers provide anti-aging effects on the skin, remove impurities,
• Shea Butter + Peptide 24
Cleansers and Toners and reveal healthy glowing skin. They are made with hyaluronic acid, vitamin C, collagen
• Retinol 24
peptides, and niacinamide.
• Vitamin C + Peptide 24
Source: Company Website *List not exhaustive


Brand Products Products Description
• Hyaluronic Acid+ Peptide 24

• Tone Perfection
• The company claims these products give long-lasting hydration and glowing skin.
• Deep Hydration
They provide complete hydration day and night by penetrating the skin and
Serums • Wrinkle Correction
reducing fine lines and wrinkles. These products contain collagen peptides,
• Regenerist Max
retinol, vitamin C, hyaluronic acid, and other hydrating properties.
• Retinol 24 Max
• Vitamin C+ Peptide 24 Max
Olay
• The company claims the product is made with vitamin C+ AHA resurfacing peel.
• Resurfacing Peel
The product renews the skin surface and removes impurities.
Masks
• The company claims these masks are formulated with vitamin C, flower extracts,
• Overnight Gel Mask
and natural ingredients. These masks fight skin dullness and brighten the skin.
Source: Company Website *List not exhaustive

6.3.7 PROCTOR & GAMBLE COMPANY – KEY DEVELOPMENTS

Procter & Gamble acquired the luxury skincare brand Tula. Tula is a clean skincare brand powered by probiotic extracts
and superfoods. Tula's products are designed to help improve skin balance, soothe skin, calm skin irritation, and nourish skin to
January 2022 Mergers & Acquisitions
improve hydration. As part of the acquisition agreement, P&G Beauty will support the Tula team to drive brand growth and
support expansion and innovation.
P&G’s brand Olay partnered with Shopee, one of the leading e-commerce platforms in Southeast Asia and Taiwan, to launch the
October 2020 Partnership Adult Fearlessly campaign. This campaign aimed to cater to consumers' skincare needs in six markets:
Singapore, Indonesia, Malaysia, Philippines, Thailand, and Vietnam.
6.3.8 NU SKIN ENTERPRISES INC

2,696 million BEAUTY DEVICES
Total Revenues in USD SKIN & BEAUTY PRODUCTS
FY 2020-21 (All Segments) NUTRITION
www. ir.nuskin.com DUNS NUMBER: 96-681-7975
GLOBAL OVERVIEW
Nu Skin Enterprises, Inc. is an American multinational
4,600
company manufacturing and distributing beauty & Employees
personal care products and dietary supplements. The
company’s solutions integrate science, technology, and
nature to help customers look, feel, and live their best
lives.
Nu Skin claims they create cutting-edge products such as 1984
Nu Skin personal care, Pharmanex nutrition, and the Founded
ageLOC anti-aging brand, comprising an award-winning
array of cosmetic device systems.
These products are claimed to be supported by more than
35 years of scientific study. The company sells its products
in the Americas, Asia-Pacific, Europe, and Africa.
Provo, Utah, United States
Headquarters
6.3.8 NU SKIN ENTERPRISES INC - SKINCARE PRODUCTS MARKET OVERVIEW
CORE SOLUTIONS & PRODUCT OFFERINGS SKINCARE PRODUCTS SKIN & BEAUTY PRODUCTS
The company claims that its products are sold under two
primary categories, i.e., beauty and wellness. The
company produces beauty products under Nu skin and MARKET SEGMENT COMPANY VERTICAL
wellness products under Pharmanex and AgeLOC.
The company claims that its AgeLOC products come under
beauty and wellness products. AgeLOC products provide
anti-aging products that include supplements and skin
care products. The company claims that its strategy for COMPANY HIGHLIGHTS KEY INFORMATION
wellness products is to introduce innovative and
substantiated nutritional supplements based on research The company presently sells and distributes the items In 2021, the company's revenue of USD 2.7 billion was
and development and quality manufacturing. from its Nu Skin division in about 50 regions. The company primarily generated by its three primary brands: the
has divided its markets on a regional basis as Mainland beauty brand Nu Skin, the wellness brand Pharmanex, and
China, South Korea, and Southeast Asia/Pacific, which the anti-aging brand ageLOC. The company operates in
includes markets in Indonesia, Malaysia, the Philippines, the direct selling channel, primarily utilizing person-to-
Singapore, Thailand, Vietnam, Australia, New Zealand, and person marketing to promote and sell its products through
other markets; Americas, which includes Canada, Latin social and digital platforms.
America, and the United States; Japan; Hong
The company also claims to comply with the rules and
Kong/Taiwan, which also includes Macau; and Europe,
regulations of Vietnam. The company has won various
Middle East and Africa ("EMEA"), which includes markets
global awards and recognitions, including 2022 most
in Europe and those in Israel, Russia, and other Middle
sustainable packaging: silver winner, 2021 reader’s choice
Eastern countries. Manufacturing, Grow Tech, and Rhyz
beauty award winner, and others.
are three other business categories included in the
company's strategic investment arm.
6.3.8 NU SKIN ENTERPRISES INC – FINANCIALS

NU SKIN ENTERPRISES, REVENUE IN USD MILLION, 2018-2021 NU SKIN ENTERPRISES, GROSS PROFIT IN USD MILLION, 2018-2021
2,045
2,696 2,020
2,679
2,582 1,924
1,839
2,420
2018 2019 2020 2021

2018 2019 2020 2021
NU SKIN ENTERPRISES, REVENUE BREAKDOWN (%), BY REGIONAL BUSINESS, 2021

NU SKIN ENTERPRISES, REVENUE (%), BY PRODUCT CATEGORY, 2021
0.1%
6.4%
7.1%
Mainland China
Beauty Americas
10.6% 22.6%
South Korea
Southeast Asia-Pacific
39.4% 53.5% Wellness 11.2%
EMEA
Japan
Other Categories 21.7%
13.4% Hong Kong
14.1% Other Regions
Source: Company Annual Reports
6.3.8 NU SKIN ENTERPRISES INC - PRODUCTS & SERVICES
Brand Product Category Description
• The company claims that the product cleanses and whitens the skin for a fresh appearance. The company claims that the product contains
• Triphasic White Cleanser various ingredients like water, stearic acid, citric acid, sodium hydroxide, and many other ingredients that help in giving a fresh and soft
texture to the skin.
• The company claims that the product calms and soothes the skin, enhances softness, and illuminates the skin. The company claims the
• Triphaisc Radiance Mask
product contains water, panthenol, silica, Portulaca Oleracea extract, and other ingredients that reduce skin discoloration.
• The company claims that the product features diacetyl boldine to calm and soothe the skin. The company claims the product contains
• Triphasic White Night Cream
ingredients that improve skin as the consumer sleeps.
• Sunright SPF 35 • The company claims that the product provides sun and environmental protection, anti-aging effect, and protects from UVA and UVB rays.
Nu Skin
• Sunright Face&Body Sunscreen • The company claims the product contains antioxidants that protect against UVA/UVB rays and environmental effects. The company claims
SPF 50 that the product helps keep skin cooler and calmer when exposed to the sun.
• The company claims that the product provides protection of SPF 15. It protects lips and moisturizes them. The company claims that the lip
• Sunright Lipbalm 15
balm is free from petrolatum.
• AgeLOC Lumispa Cleanser • The company claims that the product is specially formulated to enable precise cushioning, cleansing and interaction with the skin.
• The company claims the product is formulated with light-activated photosomes and enzymes from marine plankton. It is an advanced
• 180° UV Defense Hydrator
moisturizing sunscreen that helps reduce age spots, sagging, and wrinkles. The company claims that the product also protects from
Broad Spectrum SPF 18 UVA/UVB rays.
6.3.8 NU SKIN ENTERPRISES INC - PRODUCTS & SERVICES
Brand Product Category Description
• NaPCA Moisturizer • The company claims that the product contains vitamin C and natural humectant NaPCA that holds moisture in the skin.
• The company claims that the products are formulated to treat dry skin. It increases moisture and skin binding capacity with the help of
• Rejuvenating cream
hyaluronic acid.
• Nutricentials Bioadaptive Skin

• The company claims that the product contains antioxidants that reduce the effect of stress and pollution on the skin. The company
Nu Skin Care Day-Dream Protective
claims the product has a ginger extract that helps the skin look vibrant.
Lotion SPF 35
• Nutricentials Bioadaptive Skin

• The company claims the product protects skin from losing moisture and is formulated with worry-free ingredients. The company claims
Care Dew All Day Moisture
the product does not clog skin pores and is suitable for all skin types.
Restore Cream
6.3.8 NU SKIN ENTERPRISES INC – KEY DEVELOPMENTS

An emerging social commerce platform called Mavely, which streamlines customer acquisition and social selling, was acquired by
November 2021 Mergers & Acquisitions Nu Skin Enterprises Inc. The Mavely acquisition is anticipated to give Nu Skin brand affiliates new social selling skills, enabling
them to better assist customers in discovering, sharing, and purchasing products.
June 2021 Product launch Nu Skin launched Nutricentials Bioadaptive Skin Care, the first of its clean beauty products. The company claims the product is
made with plant bioadaptive extracts to help the skin from daily stress.
6.3.9 ROHTO PHARMACEUTICAL CO. LTD

JPY 199,646 million EYE CARE
Total Revenues SKIN CARE
FY 2022 (All Segments) INTERNAL MEDICINE
OTHERS
www.rohto.com DUNS NUMBER: 69-057-3662
GLOBAL OVERVIEW
Rohto Pharmaceutical is a Japan-based manufacturer of 6,866
medicines. The company offers a wide range of over-the- Employees
counter health and personal care products for consumers in
its home market and across the world. The company
operates its business in domestic and overseas markets. 40%
of total sales currently come from overseas markets. Its
skincare and cosmetics businesses have grown rapidly in
recent years. 1899
The company has subsidiaries and affiliates in several Founded
countries, including the United States, Canada, China,
Indonesia, and Vietnam. The company is listed on Tokyo
Stock Exchange. The central concept behind the company's
business strategy is to build a unique organization by
integrating diverse health and beauty industries while
maintaining a focus on society's future.
Osaka, Japan
Headquarters
6.3.9 ROHTO PHARMACEUTICAL CO. LTD – VIETNAM SKINCARE MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS

SKINCARE MARKET SKINCARE
Rohto Pharmaceutical Co. Ltd is a pharmaceutical company that

specializes in the manufacturing and marketing of skincare MARKET SEGMENT COMPANY VERTICAL
products. The company's skincare segment is one of its core
businesses and offers a wide range of products that cater to
various skin concerns and types.
The company offers skincare products in Vietnam through its KEY INFORMATION
COMPANY HIGHLIGHTS
subsidiary, Rohto-Mentholatum (Vietnam) Co. Ltd. It has a
strong reputation for its high-quality skincare products, which Rohto Pharmaceutical Co. Ltd has a strong presence in Rohto has strong brand recognition and reputation in
are widely used by customers in Vietnam. Vietnam. The company has been operating in Vietnam since Vietnam. The company has a long history of providing high-
The company claims that Rohto's skincare products offered in 1994 and has a subsidiary called Rohto-Mentholatum quality products, which has helped to build a loyal customer
Vietnam are formulated with high-quality ingredients and are (Vietnam) Co. Ltd. base.
designed to address a wide range of skin concerns. The product The company has a strong track record of developing The company claims that it is dedicated to sustainability and
line include cleansers, toners, serums, and masks. Rohto's innovative products. It makes significant investments in has taken steps to minimize its impact on the environment. A
skincare product lines in Vietnam include the Hada Labo brand. research and development activities and has a team of corporate social responsibility program that
Hada Labo is a Japanese skincare brand that focuses on professionals working on creating new technologies and emphasizes helping local communities and advancing health
providing hydration to the skin. The products of the brand are compositions. and education was also established by the company. In 2022,
formulated with hyaluronic acid, a powerful humectant that the company's skincare division generated revenue of JPY
The skincare division of Rohto is renowned for its cutting-edge
helps to draw moisture into the skin. According to the 124,055 million, which was an increase of 11.6% compared
products, which are created using modern expertise and
company, its cleanser solution has deep, refreshing clean to the previous year.
premium ingredients according to the company's claim. The
power because it blends HydraTech Humidification Technology
company's skincare products are popular in Vietnam and are The company has manufacturing facilities in Binh Duong
with water from the Atlantic Ocean's mineral-rich bottom.
well-regarded by skincare enthusiasts and beauty experts. province in Vietnam. Modern technology is utilized
throughout the facility and is designed to meet international
standards for quality and safety.
6.3.9 ROHTO PHARMACEUTICAL CO. LTD – FINANCIALS

ROHTO PHARMACEUTICAL CO. LTD, REVENUE IN JPY BILLION, 2019-2022 ROHTO PHARMACEUTICAL CO. LTD, OPERATING INCOME IN JPY BILLION,2019-2022
29.3
199.6
23.1 23.0
20.8
188.3
183.6
181.3
2019 2020 2021 2022 2019 2020 2021 2022
ROHTO PHARMACEUTICAL CO. LTD, REVENUE BREAKDOWN (%), BY OPERATING

SEGMENT, 2022 ROHTO PHARMACEUTICAL CO. LTD, REVENUE BREAKDOWN (%), BY GEOGRAPHY, 2022
3.4%
5.2%
5.0% 1.0%
Eye Care Japan
12.8% 21.6%
Asia
Skin Care
28.0% America
Internal Medicines
60.8%
Europe
Others
62.1% Others
6.3.9 ROHTO PHARMACEUTICAL CO. LTD - PRODUCTS AND SERVICES
• The company claims that its unique ScarZ Intensive Gel composition, which combines Sodium Heparin, Centella Extract, and a soft silicone
ScarZ Skincare film to cover and protect the scar surface, helps to flatten, fade, and level up skin tone.
• The company claims that its cleanser cleans 99% of long-lasting makeup, sunscreen, tiny dust, and whitening. It contains a fermented honey
Cleanser extract that lightens the skin, reduces melanin, and eliminates brown spots.
Hada Labo • The face mask offered by the company provides 30 times more nutrients than typical nutrition after just one application. According to the
Face Mask company, a deep moisturizing system uses three different HA types, including Nano HA, which includes tiny molecules to help retain
moisture and hydrate skin smoothly.
• The company claims that the cleanser’s deep, refreshing cleaning power combines HydraTech Humidification Technology with water from
OXY Cleanser the mineral-rich bottom of Atlantic ocean.
• The company claims that suncare products provide a 100% mineral shield against the sun. A broad-spectrum physical sunscreen system
Sunplay Suncare protects against UVA, UVB, and HEV (blue light) rays that are antimicrobial and cause darkening, melasma, freckles, sunburn, and wrinkles.
NO RECENT DEVELOPMENT FOUND PERTAINING TO THE MARKET
6.3.10 AMWAY CORPORATION

USD 8.9 billion NUTRITION
Total Sales in BEAUTY
FY 2021 HOME
ENERGY + SPORT
www.amwayglobal.com DUNS NUMBER: 08-341-6854
GLOBAL OVERVIEW
Amway Corporation works through a multinational

15,000
business model by focusing on direct selling. The company Employees
provides an extensive range of products dealing with
home, nutrition, beauty, energy, and sports.
The company is spread around six continents and in more
than 100 countries. The company works on the business
model of recommending high-quality products and selling 1959
them through team building. Founded
Amway Corporation invests in constant research and
development of new products to meet customer demand.
The company directly connects with its stakeholders to
deliver innovative solutions.
MICHIGAN, UNITED STATES
Headquarters
Source: Company Website, D&B Hoovers
6.3.10 AMWAY CORPORATION – VIETNAM SKINCARE PRODUCTS MARKET OVERVIEW
CORE SOLUTIONS AND PRODUCT OFFERINGS SKINCARE PRODUCTS SKINCARE PRODUCTS

The company offers various beauty products under its product
lines with the brand names such as Artistry for beauty and
G&H for body care. According to the Vietnam Amyway MARKET SEGMENT COMPANY VERTICAL
shopping website, their product offering includes 51 products
under skincare, 23 products under the Artistry Skin Nutrition
product line, 11 products under the Skin Nutrition product
line, six products under Anti-Aging Products, and six products
under Personalized Essence Series. COMPANY HIGHLIGHTS KEY INFORMATION
It also offers six products under the skin nutrition moisturizing Amway Vietnam is a subsidiary of Amway Corporation, with over
The company claims that they have been named the Top one
product line, five products under the aging skin care product 300,000 distributors nationwide. It provides high-quality
direct-selling company in the world by Direct Selling News. The
line, five products under the whitening skin product line, five products and long-term investment with two factories in Binh
company also claims that they carry out more than 500,000
products under the personalized mask product line, five Duong and Dong Nai, together with global CSR programs. Amway
quality checks annually, demonstrating its commitment to
products under the skin nutrition balanced product line, and 1 operates in more than 100 countries and territories, including
providing products that are both safe and efficient. As a result
product under sunscreen segment. Vietnam, covering more than 60 languages and more than 500
of its emphasis on innovation and stringent testing procedures,
The company further claims that its cutting-edge skin science Amway currently has more than 900 global patents and many scientists, engineers, and technical professionals.
and powerful phytonutrient botanicals transform the look and patents pending for its products. The company owns six The company claims they have the Amway opportunity segment,
reveal healthy beauty with no compromises. They also state strategically placed manufacturing operations that produce which is a low-cost (no cost in some countries) independent
that Artistry products are all designed to infuse skin with key various types of products for its ABOs (Asset-based ordering) business startup. It promises zero purchase requirements and
nutrients to optimize and enhance its beauty. While G&H body and customers. minimal sign-up fees for new business owners. Amway’s hubs
care products are grounded in holistic skin health, using exist in nearly every region where products are available for
According to the company, its Artistry brand has created
ingredients that are thoughtfully grown, sourced, and blended purchase. The facilities provide a modern competitive delivery
customized beauty solutions that highlight unique, one-of-a-
in its formulas for healthy-looking, balanced skin. experience for its customers and ABOs.
kind beauty after studying the faces of more than 32,000
women from around the world.
6.3.10 AMWAY CORPORATION – PRODUCTS AND SERVICES
Brand Category Product Description
• Beauty Care (69)
• Skin Care(51)
• Artistry Skin Nutrition product line(23) The company claims to offer 69 products under this category, including products such as
• Artistry Ideal Radiance Brightening Facial Cleanser
• Skin Nutrition product line(11) • Artistry Vitamin C + HA treatment essence
• Artistry Supreme LX Anti-Aging Cream
• Anti-Aging Products (6) • Artistry Supreme LX Anti-Aging Eye Cream
• Artistry Intensive Skincare Advanced Skin Refinisher Essence
• Sunscreen SPF 50 PA++++ ARTISTRY Ideal Radiance
• Personalized Essence Series (6) • Artistry Signature Select Hydration Amplifier
AMWAY CORP. • Artistry Skin Nutrition Balancing Jelly Cleanser Gel Cleanser
• Skin Nutrition moisturizing product line(6) • Artistry Skin Nutrition Hydrating Mousse Cleanser
• Artistry Skin Nutrition Balancing Fresh Shake Toner
• Artistry Skin Nutrition Hydrating Smoothing Toner
• Aging Skin Care Line (5) • Artistry Skin Nutrition Balancing Matte Gel Lotion
• Artistry Skin Nutrition Hydrating Gel Cream
• Skin whitening product line (5) • Artistry Skin Nutrition Hydrating Eye Gel Cream
• Artistry Skin Nutrition Balancing Set
• Personalized mask product line(5) • Artistry Skin Nutrition Hydrating Mini Kit and many more products
• Skin Nutrition balanced product line (5)
• Sunscreen (1)
6.3.10 AMWAY CORP. – KEY DEVELOPMENTS

A new clean, traceable, and vegan skincare line was introduced by the Artistry brand. The new Artistry skin nutrition product line
addresses the five essential skin nutritional requirements, which claim to substantially enhance the appearance of healthy skin.
March 2021 Product Launch
Modern skin science, plant-based phytonutrients, clean ingredients, and manufacturing practices power the new clean, traceable,
vegan skincare range for healthy beauty.
June 2021 Product launch
7 MARKET OPPORTUNITIES AND FUTURE
TRENDS
#TOC_DIVIDER#
MARKET OPPORTUNITIES AND FUTURE TRENDS (1/2)
SUSTAINABLE PACKAGING GAINING POPULARITY GROWING TREND OF PERSONALIZED SKIN CARE PRODUCTS
• To stay competitive and ensure the marketability of their products, firms need to switch to
• As Vietnamese consumers are now more educated and sophisticated in their demands, they
packaging that meets sustainability requirements. Vietnam rose to a middle-income from a
have higher expectations of beauty and personal care products. They are now seeking ways
low-income country, with an increasing middle-income class who allocate a major share of
to reduce the number of products but still maintain the optimal skincare effect. Personalized
their income to cosmetics products. Consumers think switching to refillable skincare
skincare routine starts with a basic regimen and products formulated for customers’ skin
products is a good beginning to reduce the packaging waste of skin care products for better
type (oily, dry, combination, etc.) Nowadays, consumers are more inclined toward using
sustainability. According to a report by Vogue, 76% of consumers are now seeking out
products according to their customization. Personalized skincare has become a growing
sustainable products. Therefore, manufacturers are now intended to launch products that
trend.
consist of sustainable packaging.
• Customers can choose the ingredients or the formulas to build their own skincare products
o For instance, Dr. Bronner’s products are available in Vietnam. The company uses 100%
that suit their skin the best. It is a more custom-made and less wasteful skincare approach.
post-consumer recycled (PCR) polyethylene (PET) plastic bottles for the packaging of their
Many brands have started manufacturing products according to one’s skin tone and
liquid soap. The bottles help conserve virgin resources, reduce landfill, and capitalize on
condition. In addition, before purchasing a skincare product from the website, some brands
the energy already invested in making existing plastic products.
conduct quizzes in order to know the consumer’s skin and provide the product accordingly.
• Along with increasing online purchases, the global packaging industry has adapted to some
• Companies are shifting their focus from mass-produced products to customized skin and
current trends, particularly focused on protective and sustainable packaging. A Vietnam
haircare products to address the unique needs and goals of every consumer. Customized
Packaging Market Survey conducted by Vietnam Report in September 2022 found that the
skincare and haircare products are shaping the future of the industry, and companies are
packaging industry has undergone significant changes in recent years, owing to the
shifting their attention toward the same.
flourishing growth of e-commerce and online shopping habits.
o In 2021, Beiersdorf launched a new skincare brand, OWN, which offers personalized
• According to the survey result released on October 4, the COVID-19 pandemic, which forced
skincare solutions comprising facial cleansing, daycare, and night care products.
people to stay indoors to prevent the disease, brought a serious challenge to packaging
waste. This challenge, in turn, has forced the packaging industry to look for alternative • Customization is rapidly gaining momentum in both skincare and makeup. Computer-aided
solutions for packaging materials that are more convenient and environmentally friendly. diagnosis enables skincare brands to assess an individual’s skin and formulate a product that
provides the benefits specific to that individual.
Source: Mordor Intelligence, International Foundation for Gastrointestinal Disorders
MARKET OPPORTUNITIES AND FUTURE TRENDS (1/2)
CANNABINOIDS AND SKIN HEALTH WATERLESS PRODUCT RANGE : ECO-FRIENDLY OPTION
• An endocannabinoid system could be an important contributor to healthy skin through its • Waterless skincare products are beauty products that do not contain water as an ingredient.
effect on skin metabolism and inflammation. From dietary products to topicals, the inclusion Instead, they use a variety of natural oils, botanical extracts, and other hydrating agents to
of cannabinoids in new products and skincare regimens could offer natural and less irritating provide moisture and nourishment to the skin. Waterless skincare products have become
options for sensitive, dehydrated, or chronic inflammatory skin conditions. Cannabinoids are increasingly popular in recent years due to their effectiveness, eco-friendliness, and longer
fully functional on the skin. shelf life.
• They regulate inflammatory and metabolic reactions to support skin homeostasis and have • A concept called “Water: The New Luxury” looks at the possibility of using recycled water,
been shown to reduce skin inflammation and hyperactive allergic responses in skin cells. This new sources of water, or no water at all to formulate products. For instance, Dermalogica
helps boost the health of the skin. Vietnam has a Barrier Repair product in its range which is an anhydrous (waterless)
• Cannabidiol skin care is becoming increasingly popular across the globe, owing to the moisturizer.
increased awareness about the benefits of cannabidiol and its medicinal properties. • Besides the development of agriculture and industry, the boom of the cosmetic market also
Moreover, the increasing adoption of CBD skin care products, as they possess antioxidant contributes significantly to water consumption. Aware of this impact, beauty brands are
properties counteracting the signs of aging, boosts the overall demand and further creates constantly working to create sustainable solutions to limit water consumption for beauty and
opportunities for the market. personal care. Cosmetic brands are working to change this by changing the texture of their
• The growing interest in cannabis and cannabinoid products has permeated health and products.
beauty. The interest in CBD for cosmetics comes primarily from its anti-inflammatory • To ensure moisture for cosmetics, brands gradually replace water with vegetable oils. The
properties. CBD-infused skin creams could be useful for treating irritated skin. CBD skincare nourishing oil provides skin benefits while adding moisture to ensure the product's silky-
products have also demonstrated activity to treat dry or sun-damaged skin and even have smooth texture. This reduces the amount of water needed and the amount of plastic in the
properties to treat acne. packaging.
• In Vietnam, it is legal to buy, sell, or use CBD oil since it comes from hemp plants. The • Using water in the shower to create foam is the way the new generation cosmetic brands are
government doesn't prohibit these crops as they contain less than 0.3% THC. Thus, creating aiming. In addition, water-free products don't need preservatives, one of the main causes of
lucrative opportunities for the market. skin irritation, so the formula is cleaner, more effective, and less irritating. This makes the
consumers more attracted to such products.
Source: Mordor Intelligence, International Foundation for Gastrointestinal Disorders
8 REGULATORY FRAMEWORK ANALYSIS
#TOC_DIVIDER#
REGULATORY FRAMEWORK ANALYSIS (1/2)

Vietnam Cosmetics Market Overview
• Cosmetic products are defined as products that are applied to the human body. Skincare products can thereby be categorized as
cosmetic products and are thus subject to the same regulations as these products.
• Cosmetic products are strictly regulated in Vietnam. In accordance with the Vietnamese regulations in the field of cosmetics, which
follows the ASEAN Cosmetic Directive, all cosmetic products are required for registration before they can be imported, distributed,
and sold anywhere in the country.
• The main authority for cosmetic product registration is the Drug Administration of Vietnam (DAV), which is part of the Vietnam
Ministry of Health (MOH). Every cosmetic product with a different SKU (Stock Keeping Unit) must be registered separately to be sold
in the country.
• Regarding cosmetic product registration, it is rather flexible as it can be carried out by an individual or an organization, provided that
the registrant is the product owner of the cosmetic product or someone legally appointed by the owner.
Product Proclamation Number for Cosmetics
• Once the cosmetic product registration has been approved by the MOH, a product proclamation number for every cosmetic product
will be issued as a receipt. Furthermore, having a Product Information File (PIF) for every cosmetic product that will be distributed is
also mandatory.
• A PIF should contain information such as product summary and administrative documents, product quality, material quality, and
effectiveness/efficiency and safety.
Requirements for Cosmetics Labeling in Vietnam
• In accordance with ASEAN Cosmetic Directive, information that must be included on the packaging label of each cosmetic product
sold in Vietnam should cover the following:
o Name and functions of the product, unless the presented form of the product has been displayed clearly the product’s function
o Instruction on usage
o Full ingredients of the product formula; all ingredients must be clearly stated in accordance with the latest international
nomenclatures
REGULATORY FRAMEWORK ANALYSIS (2/2)

o The country of origin where the product was manufactured
o Weight and volume in the British Imperial System or International System of Units
o Name and instruction of individuals or organizations in charge of distributing and selling the products (they should be indicated in the
Vietnamese language in accordance with the investment registration certificate or enterprise registration certificate, other information
on the labeling can be written in English or Vietnamese)
o Manufacturing lot number
o The date of manufacture or date of expiry must be stated clearly and precisely in the format of DD/MM/YYYY or MM/YYYY, among
other requirements.
Requirements for Cosmetics Claims
• It is not only labeling that is deemed important in the country. Every cosmetic product that is to be manufactured in or imported into
Vietnam is required to have proper claims before it can be distributed or sold in the country. As such, approval of claims for the relevant
authority is required. Claims of benefits are allowed, provided that evidence and reports are available. For medicinal or therapeutic
benefits, approval is subject to individual assessment by the national authority. In addition, manufacturers are not allowed to have claims
that include scar elimination and aging reversal (for skin products).
Requirements for Cosmetics Advertising
• Cosmetic advertising on any of the following media: radio, television, internet, newspapers, magazines, posters, events, etc., is regulated
under Vietnamese Law and must be approved before being shown to the public. The content of cosmetic advertisements must be
appropriate and not misleading. It should conform to the effectiveness, safety, and quality of the product in accordance with the ASEAN
Cosmetic Directive.
• To obtain approval for cosmetic advertising, the following documents are to be prepared:
o Advertisement application that has been filled out; a copy of the cosmetic product registration with a seal from the product owner or
organization; a copy of enterprise registration certificate with a seal; an authorization letter from the product owner for the person or
organization that registers for the advertisement; the advertisement scenarios with clear descriptions of the music, pictures, and
contents used; the subtitles materials of the product’s properties and utilities in case the advertised content and the presented
content at the seminar or the cosmetic introduction event show the cosmetic’s properties and utilities that are outside the presented
content in the cosmetic product proclamation report.
9 IMPACT OF COVID-19 ON THE MARKET
#TOC_DIVIDER#
IMPACT OF COVID-19 ON THE MARKET

GLOBAL SCENARIO
• The COVID-19 pandemic has put an unprecedented level of stress on the personal and beauty care market
with bottlenecks in multiple areas, along with momentous shifts in the overall demand. The COVID-19
pandemic has had unexpected effects on every industry and business globally.
MARKET SCENARIO
• COVID-19 prompted several cities in Vietnam to impose social distancing measures to contain the virus
spread. There has been a definite impact of the coronavirus outbreak on the overall personal care and skin
care business. With the announcement of the COVID outbreak and the lockdowns initiated, consumers
prioritized personal hygiene products and started stockpiling essential items.
IMPACT ON BUSINESSES
• The country was hit hard, particularly in the nation’s industrial zones. In response to the outbreak, the
Vietnam government imposed pandemic-related restrictions, which included a mandatory shutdown of many
factories from July to September. The supply chain was also disrupted, with retailers having vacant shelves
with fewer products to offer consumers. This resulted in consumers stockpiling products whenever they got
the opportunity.
• The Vietnamese market saw an increase in demand for masks, body lotion, hand cream, etc., attributed to
their use as in-home treatments during the lockdowns initiated and the quarantine period.
• The demand for other personal hygiene products, such as bar soap, body washes, body lotions, etc., as
consumers purchased such products due to behavioral changes. Also, the market witnessed the Korean wave
of standard skin care wherein Vietnamese consumers opted for multi-step skin care with a variety of skin care
needs, and this trend got hype at the time of the pandemic.
• Organic skincare products became more popular in Vietnam as consumers became more aware of the
benefits of self-care. Income growth and the increase in the number of young people are key factors driving
the growth of the Vietnam skincare products market during the pandemic.
• Furthermore, the e-commerce sector in Vietnam is rising rapidly, and according to the Ministry of Industry
and Trade in Vietnam, cosmetics were among the most popular online shopping categories according to the
online shopper in 2021.
10 ABOUT US
10.1 Industries Covered
10.2 Illustrative List of Clients
10.3 Our Customized Research Capabilities
#TOC_DIVIDER#
ABOUT US
SNAPSHOT
HANDCRAFTED RESEARCH On-the-ground industry experts in
SOLUTIONS 100+ countries
IN-DEPTH 3000+
CONSULTATION Clients served globally
REAL-TIME INDUSTRY 5000+

TRACKING Projects delivered
+1-617-765-2493
info@mordorintelligence.com DEDICATED ANALYST
www.mordorintelligence.com SUPPORT 250+
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10.1 INDUSTRIES COVERED
ICT CHEMICALS AND MATERIALS CONSUMER GOODS PACKAGING
• IoT, Big Data, M2M • Adhesives & Sealants • Apparel, Footwear, Accessories • Packaging Materials & Types
• Analytics • Advanced Materials • Appliances • Food Packaging
• Cloud Computing • Aromatics and Intermediates • Cosmetics • Beverage Packaging
• Information Technology • Composites • Furniture • Pharmaceutical Packaging
• Data Centers • Construction Chemicals & Materials • Household Care • Household Packaging
• Software & Solutions • Metals, Ceramics, Industrial Materials • Luxury Goods & Services • Personal Care Packaging
• Telecommunications • Paints & Coatings • Personal Care • Industrial Packaging
• IT Hardware • Plastics, Polymers, Elastomers • Recreational Goods • Advanced Packaging
• Internet • Specialty & Fine Chemicals • Sports & Fitness • Country-Level Packaging Industry Analysis
• Security • Water & Wastewater Treatment • Packaging Equipment
• Advanced Technologies
ELECTRONICS ENERGY & POWER AUTOMATION HEALTHCARE
• Semiconductors • Power • Industrial Automation & Process Control • Disease Landscape

• Sensors • Oil & Gas • Robotics • Healthcare IT
• Optoelectronics • Renewables • Engineering Products & Components • Medical Devices
• Electrical & Electronic Components • Energy Efficiency • Building Automation • Pharmaceuticals
• Display Technology • Engineering, Procurement and Construction • Logistics Automation • Biotechnology
• Security & Surveillance • Veterinary Healthcare
• Monitoring & Testing Equipment • Healthcare Services
10.1 INDUSTRIES COVERED
AGRICULTURE FOOD & BEVERAGES AUTOMOTIVE
• Agricultural Commodities • Food • Parts and Components

• Agricultural Machinery & Tech • Beverage • Automotive Technology
• Crop Protection • Manufacturing Processes
• Processed Food
• Fertilizers & Seeds • Automotive Materials & Coatings
• Food Additives & Supplements
• Automotive Services
• Food Ingredients • Vehicles
• Food Service • Machinery & Equipment
ANIMAL NUTRITION AEROSPACE & DEFENSE OTHER GROUPS
• Compound Feed • Defense • Logistics

• Feed Additives & Premixes • Airport Operations • Processing Technologies
• Pet Care • MRO • Finance and Insurance
• Pet Food • Technology • Retail
• Real Estate and Construction
• Tourism
MARKETS COVERED IN CONSUMER GOODS AND SERVICES
Ready-to-use Market Reports Customized Market Intelligence

Products
1,600+ off-the-shelf reports for ready consumption on F&B
Tailored solutions for in-depth, unique needs
Beauty and Sports and

Industries Personal Care Tobacco Apparel Footwear Baby Care Bicycle Leisure
Products Equipment
Market Market Product Competitive Investment

Structure Assessment Intelligence Intelligence Intelligence
Customer, distributor, supplier intelligence Data collection and analysis

Intelligence &
Advisory
10.2 ILLUSTRATIVE LIST OF CLIENTS
CARGILL INC. HERBALIFE AMWAY
THE COCA
MARUBENI GIVAUDAN
COLA COMPANY
HEINEKEN AJINOMOTO,INC DABUR
PEPSICO. INC. AB IN-BEV MARICO
CAMPBELL SOUP
DANONE NESTLE
COMPANY
OLAM
INTERNATIONAL ALMARAI SALIC
LIMITED
ADM SYMRISE GODIVA
10.3 OUR CUSTOMIZED RESEARCH CAPABILITIES
7. CUSTOMER, DISTRIBUTOR, SUPPLIER INTELLIGENCE 1. MARKET STRUCTURE ASSESSMENT
• Identification of potential partners • Macroeconomic analysis
• Shortlisting/finalization of potential partners • Value Chain and Supply Chain Analysis
• Customer need analysis 1 • Regulatory assessment
• Customer's purchase and usage behavior Customer, Market • Technology scouting and assessment*
Distributor,
• Customer/partner feedback and satisfaction* Structure • Sourcing and category intelligence
7 Supplier
• Brand perception analysis* Assessment
Intelligence 2. MARKET INTELLIGENCE SUPPORT
• Key Opinion Leader Insights 2
• Market size and segmentation
• Growth opportunities
6. PRODUCT INTELLIGENCE SUPPORT Product Market
intelligence Intelligence • Market dynamics and new developments*
• Import and Export Intelligence* ADVISORY & INSIGHTS
Support Support • Go to Market Strategies
• Commodity pricing intelligence*
• Product pricing intelligence* • Recommendations 3. COMPETITIVE INTELLIGENCE SUPPORT
6 • Strategic inputs
• Product Positioning Assessment • Company profiling
• Go-to-market support
• New product launch tracker* 3 • Competition assessment incl. market share
Investment Competitive
• Product claims assessment* • Drilled down revenue estimations
Intelligence Intelligence
• Product Concept Testing Support Support • Employer value proposition
Data Collection
5. INVESTMENT INTELLIGENCE SUPPORT and Analysis 4. DATA COLLECTION AND ANALYSIS SUPPORT
5 Support
• Project feasibility analysis • Data analytics and visualization
4
• R&D and Patent analysis support • Data collection, manipulation incl. web scraping
• M&A, JV support - Scouting, shortlisting, target assessment • B2B and B2C surveys and interviews
*Available as one time effort as well as in the form of periodic updates
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Domain: Consumer Goods

Base Year: 2022

Forecast Period: 2023-2028

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1.1 STUDY ASSUMPTION AND MARKET DEFINITION

BASE YEAR, REVIEW,

1.2 SCOPE OF THE STUDY

BY PRODUCT TYPE BY DISTRIBUTION CHANNEL

• Face Care • Supermarkets/Hypermarkets

2.1 RESEARCH FRAMEWORK

STEP 1 STEP 2 STEP 3

Report delivery with high quality market insights,

Confirm the objectives of the assignment with Client

2.2 SECONDARY RESEARCH

OBJECTIVE Hypothesis and insights building; get factual data

Key contact list

Relevance and credibility of sources

Source: Mordor Intelligence

2.2 KEY SOURCES USED IN THIS REPORT

Source: Mordor Intelligence

2.3 PRIMARY RESEARCH

OBJECTIVE Gather first-hand insights on the market studied

Discussion guide MODES OF PRIMARY RESEARCH

Semi-structured approach to probe and

Targeted industry interviews to fill data gaps

2.3 PRIMARY RESEARCH APPROACH AND KEY RESPONDENTS

EXECUTIVE LEVEL OPERATIONAL LEVEL INDUSTRY/ NEED SPECIFIC MARKET ECOSYSTEM

Raw data and intelligence, Insights into market dynamics,

2.4 DATA TRIANGULATION AND INSIGHT GENERATION

VALIDATION FOR MARKET ASSESSMENT ESTIMATES

ECONOMETRIC MODELS ANALYST ESTIMATES Expert interviews

Source: Mordor Intelligence

EXECUTIVE SUMMARY AND KEY FINDINGS

LARGEST TYPE LARGEST DISTRIBUTION CHANNEL

10.64% 10.38% 13.00%

INCREASED EXPOSURE TO SOCIAL MEDIA AND INFLUENCERS

GROWING INCLINATION TOWARD NATURAL/ ORGANIC

AVAILABILITY OF COUNTERFEIT PRODUCTS

4.1.1 INCREASED EXPOSURE TO SOCIAL MEDIA AND INFLUENCERS

Source: Mordor Intelligence

4.1.2 GROWING INCLINATION TOWARD NATURAL/ORGANIC PRODUCTS

Source: Mordor Intelligence

INCREASED EXPOSURE TO SOCIAL MEDIA AND INFLUENCERS

GROWING INCLINATION TOWARD NATURAL/ ORGANIC

AVAILABILITY OF COUNTERFEIT PRODUCTS

SHORT TERM LONG TERM

4.2.1 AVAILABILITY OF COUNTERFEIT PRODUCTS

Source: Mordor Intelligence

4.3 INDUSTRY ATTRACTIVENESS - PORTER’S FIVE FORCES ANALYSIS

• The bargaining power of buyers is expected to be high in the market

• The intensity of competitive rivalry in the market studied is anticipated to

Source: Mordor Intelligence

4.3.1 BARGAINING POWER OF SUPPLIERS

Supplier competition: the ability to forward,

Source: Mordor Intelligence

4.3.2 BARGAINING POWER OF BUYERS

Availability of existing substitute products

Source: Mordor Intelligence

4.3.3 THREAT OF NEW ENTRANTS

Source: Mordor Intelligence

4.3.4 THREAT OF SUBSTITUTE PRODUCTS