The Industrial Production Index (IPI) for the manufacture of cosmetics, soaps, detergents, polishes, and toilet preparations increased by 1.96 percent in November compared to October, reflecting modest month-on-month growth, according to Vietnam’s General Statistics Office. This indicates steady performance in an essential consumer goods segment.
Year-on-year, however, the sector recorded a decline of 6.06 percent in November 2024 compared to the same period in 2023. Despite this, the sector achieved a cumulative growth of 10.31 percent over the first 11 months of 2024 compared to the same period last year, showcasing its long-term resilience.
The year-on-year drop may be attributed to shifting consumer trends and intensified competition from imported products, while the overall growth for 2024 reflects rising domestic production capacity and increased demand for hygiene and personal care products post-pandemic.
The cosmetics and toiletries industry remains a crucial part of Vietnam’s consumer goods market, contributing significantly to employment and economic stability. Continued innovation and a focus on export opportunities will be key to sustaining its long-term success.
See also: Cosmetics Industry in Vietnam