Vietnam’s cosmetics market is poised for significant expansion, projected to grow from US$2.5 billion in 2024 to approximately US$3.2 billion by 2030. This reflects a compound annual growth rate (CAGR) of 4.2 percent between 2025 and 2030, according to a report by MarkNtel Advisors. The surge in demand is driven by an evolving consumer base, rising disposable incomes, and growing awareness of personal grooming and beauty standards—particularly influenced by social media and Korean beauty (K-beauty) trends.

The market’s growth is further supported by a rising middle-class population and a strong preference for organic and sustainable products. Increasing consumer interest in natural ingredients and clean beauty is reshaping product development and marketing strategies across the industry. Government initiatives promoting industrial growth and good manufacturing practices have also strengthened domestic production and attracted foreign investment, the report says.

Vietnam’s cosmetics industry is marked by fierce competition, with key players such as L’Oréal, Unilever, Estée Lauder, Procter & Gamble, and Shiseido expanding their product portfolios and enhancing their market presence. Local brands like Cocoon and The Skinna are gaining traction by focusing on eco-friendly formulations and homegrown ingredients.

Recent developments underscore this momentum. In August 2024, Estée Lauder (Vietnam) partnered with IPP Travel Retail to launch its first duty-paid boutique at Noi Bai International Airport, featuring key brands to appeal to both local and international travellers.

With continued collaboration between domestic and international manufacturers and a clear shift toward sustainable beauty, Vietnam’s cosmetics market is well-positioned for steady growth and innovation over the next decade. Investors and brands that align with evolving consumer preferences are likely to thrive in this dynamic and expanding market.