Beauty and Personal Care in Vietnam (Full Market Report)

 

 

Beauty Beaut y and Personal Person al Care Care in Vietnam Euromonitor International May 2021

 

BEAUTY AND PERSONAL CARE IN VIETNAM

LIST OF CONTENTS AND TABLES Beauty and Personal Care in Vietnam - Industry Overview .......................................................... 1  EXECUTIVE SUMMARY .............................................................. .............................................................................................................. ................................................ 1   COVID-19 impact on beauty and personal care ....................................................................... 1  COVID-19 country impact ......................................................................................................... 1  Company response........................................................ ................................................................................................................... ........................................................... 2   Retailing shift ............................................................................................................................ ............................................................................................................ ................ 3  What next for beauty and personal care? ................................................................................. 3  Chart 1  Chart 2 

Beauty and Personal Care Value Sales Growth Scenarios: 2018-2025 ....... 4  Beauty and Personal Care Impact of Soft Drivers on Value Sales: 2017-2025 ............................................................... .................................................................................................... ..................................... 4 

....................................................................................................................... ...................................................................... ..... 5  MARKET DATA ...................................................... Table 1  Table 2  Table 3  Table 4 

Table 5  Table 6  Table 7  Table 8  Table 9 

Sales of Beauty and Personal Care by Category: Value 2015-2020 ............ 5  Sales of Beauty and Personal Care by Category: % Value Growth 2015-2020 ............................................................... .................................................................................................... ..................................... 6  GBO Company Shares of Beauty and Personal Care: % Value 20162020 ............................................................. ............................................................................................................. ................................................ 6  NBO Company Shares of Beauty and Personal Care: % Value 20162020 ............................................................. ............................................................................................................. ................................................ 7  LBN Brand Shares of Beauty and Personal Care: % Value 2017-2020 2017 -2020 ....... 8  Distribution of Beauty and Personal Care by Format: % Value 20152020 ............................................................. ............................................................................................................. ................................................ 9  Distribution of Beauty and Personal Care by Format and Category: % Value 2020 ................................................................................................. 10  Forecast Sales of Beauty and Personal Care by Category: Value 2020-2025 ............................................................... .................................................................................................. ................................... 12  Forecast Sales of Beauty and Personal Care by Category: % Value Growth 2020-2025 ..................................................................................... .................................................................................. ... 13 

GLOBAL MACROECONOMIC ENVIRONMEN ENVIRONMENT T.......................................................... ........................................................................ .............. 13  GLOBAL INDUSTRY ENVIRONMENT ...................................................................................... 13  DISCLAIMER ............................................................................................................................. 14  SOURCES.............................................................. ............................................................................................................................... .................................................................... ... 14  Summary 1 

Research Sources ...................................................................................... 14 

Baby and Child-specific Products in Vietnam - Category Analysis ............................................. 17  KEY DATA FINDINGS................................................................................................................ FINDINGS............................................................................................................. ... 17  .......................................................................................................................... .................................................................... ... 17  2020 IMPACT ......................................................... Ongoing slow growth trend and higher price sensitivity result in suppressed sales ................ 17  New product developments stimulated by rising health awareness trends and enhanced by COVID-19 ........................................................... ............................................................................................................................ .................................................................... ... 17  Johnson & Johnson maintains lead thanks to innovative livestream marketing ...................... 18  RECOVER RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 18  Bounceback expected in 2021 as consumer spending power p ower recovers ................................. 18  Suppressed birth rates ultimately mean mid - to longer-term forecast period19  m ean lower sales over midPremiumisation trends set to lead innovation, as players focus on ramping up their value sales ....................................................................................................................................... 19  CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 19   CATEGOR

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Table 10  Table 11  Table 12  Table 13  Table 14  Table 15  Table 16  Table 17  Table 18  Table 19 

Sales of Baby and Child-specific Products by Category: Value 20152020 ............................................................. ........................................................................................................... .............................................. 19  Sales of Baby and Child-specific Products by Category: % Value Growth 2015-2020 ..................................................................................... .................................................................................. ... 19  Sales of Baby and Child-specific Products by Premium vs Mass: % Value 2015-2020 ................................................................ ........................................................................................ ........................ 20  NBO Company Shares of Baby and Child-specific Products: % Value 2016-2020 ............................................................... .................................................................................................. ................................... 20  LBN Brand Shares of Baby and Child-specific Products: % Value 2017-2020 ............................................................... .................................................................................................. ................................... 21  LBN Brand Shares of Baby and Child-specific Skin Care: % Value 2017-2020 ............................................................... .................................................................................................. ................................... 22  LBN Brand Shares of Baby and Child-specific Sun Care: % Value 2017-2020 ............................................................... .................................................................................................. ................................... 22  Forecast Sales of Baby and Child-specific Products by Category: Value 2020-2025 ................................................................ ........................................................................................ ........................ 23  Forecast Sales of Baby and Child-specific Products by Category: % Value Growth 2020-2025 ........................................................................... ............................................................. .............. 23  Forecast Sales of Baby and Child-specific Products by Premium vs Mass: % Value 2020-2025 ........................................................... ......................................................................... .............. 23 

Bath and Shower in Vietnam - Category Analysis ...................................................................... ........................................................ .............. 25  FINDINGS................................................................................................................ ... 25  KEY DATA FINDINGS............................................................................................................. 2020 IMPACT ......................................................... .......................................................................................................................... .................................................................... ... 25  Bath and shower benefits from an uptick in sales of liquid soap and bar soap, due to the event of COVID-19 ....................................................... ........................................................................................................................ .................................................................... ... 25  Leading players focus on hand sanitiser and liquid soap, to meet both domestic demand and export .......................................................... ........................................................................................................................ ............................................................................ .............. 25  Unilever maintains its lead and grows its shares, as the environment is about to get even more competitive .................................................................................................................... 26  RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 26  RECOVER Healthy growth set to continue, stimulated by higher standards of personal hygiene alongside ongoing product innovation ....................................................... ..................................................................................................... .............................................. 26  Sales of hand sanitiser slowing down, but will continue due to requirements of sanitiser stations in public places ............................................................ .......................................................................................................... .............................................. 26  E-commerce will continue to grow, boosted by online discount promotions ........................... 27  CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 27   CATEGOR Table 20  Table 21  Table 22  Table 23  Table 24  Table 25  Table 26  Table 27 

Sales of Bath and Shower by Category: Value 2015-2020 ........................ 27  Sales of Bath and Shower by Category: % Value Growth 2015-2020 ........ 27  Sales of Bath and Shower by Premium vs Mass: % Value 2015-2020 ...... 27  NBO Company Shares of Bath and Shower: % Value 2016-2020 ............. 28  LBN Brand Shares of Bath and Shower: % Value 2017 -2020.................... 28  Forecast Sales of Bath and Shower by Category: Value 2020-2025 2020-202 5 ......... 30  Forecast Sales of Bath and Shower by Category: % Value Growth 2020-2025 ............................................................... .................................................................................................. ................................... 30  Forecast Sales of Bath and Shower by Premium vs Mass: % Value 2020-2025 ............................................................... .................................................................................................. ................................... 30 

Colour Cosmetics in Vietnam - Category Analysis ..................................................................... 31  KEY DATA FINDINGS............................................................................................................. FINDINGS................................................................................................................ ... 31  2020 IMPACT ......................................................... .......................................................................................................................... .................................................................... ... 31 

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Colour cosmetics sees declines due to social distancing, d istancing, stay at home measures and face coverings ................................................................................................................................ 31  Digital marketing, livestreaming and e-commerce leading the way in developments ............. 31  L'Oréal Vietnam Co maintains top company places due to global strengths, but competition is fierce within brands b rands ........................................................ ................................................................................................................. ......................................................... 32  RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 32  RECOVER Healthy bounceback expected, exp ected, with growth for both premium and mass segments ............... 32  Competition set to heat up further, with new international players and strong digital marketing 32  Lip products set to bounce back strongly, with the fastest growth rates in 2002-2021 ........... 33  CATEGOR CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 33   Table 28  Table 29  Table 30  Table 31  Table 32  Table 33  Table 34  Table 35  Table 36  Table 37  Table 38 

Sales of Colour Cosmetics by Category: Value 2015-2020........................ 33  Sales of Colour Cosmetics by Category: % Value Growth 2015-2020 ....... 34  NBO Company Shares of Colour Cosmetics: % Value 2016-2020 ............ 36  LBN Brand Shares of Colour Cosmetics: % Value 2017-2020 ................... 36  LBN Brand Shares of Eye Make-up: % Value 2017-2020 2017 -2020 .......................... 37  LBN Brand Shares of Facial Make-up: Make -up: % Value 2017-2020....................... 39  LBN Brand Shares of Lip Products: % Value 2017-2020 ........................... 40  2017 -2020 .......................... 41  LBN Brand Shares of Nail Products: % Value 2017-2020 LBN Brand Shares of Premium Colour Cosmetics: % Value 20172020 ............................................................. ........................................................................................................... .............................................. 41  Forecast Sales of Colour Cosmetics by Category: Value 2020-2025 ......... 42  Forecast Sales of Colour Cosmetics by Category: % Value Growth 2020-2025 ............................................................... .................................................................................................. ................................... 44 

Deodorants in Vietnam - Category Analysis ............................................................................... 46  KEY DATA FINDINGS................................................................................................................ FINDINGS............................................................................................................. ... 46  2020 IMPACT ......................................................... .......................................................................................................................... .................................................................... ... 46  Deodorants sees slower growth due to lower levels of social interaction and activity due to COVID-19 ........................................................... ............................................................................................................................ .................................................................... ... 46  E-commerce and Facebook marketing prove to be strong routes to sale ............................... 46  Beiersdorf Vietnam maintains its lead due to strength of its Nivea brand ............................... 47  RECOVER RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 47  Ongoing healthy growth expected, despite maturing of category ........................................... 47  Sprays expected to see strongest growth due to double benefit of pleasant scents s cents ............... 47  Growth in e-commerce is set s et to continue over forecast period ............................................... 47  CATEGOR CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 48   Table 39  Table 40  Table 41  Table 42  Table 43  Table 44  Table 45  Table 46  Table 47 

Sales of Deodorants by Category: Value 2015-2020 ................................. 48  Sales of Deodorants by Category: % Value Growth 2015 -2020................. 48  Sales of Deodorants by Premium vs Mass: % Value 2015-2020 ............... 48  NBO Company Shares of Deodorants: % Value 2016-2020 ...................... 48  LBN Brand Shares of Deodorants: % Value 2017-2020............................. 49  LBN Brand Shares of Premium Deodorants: % Value 2017-2020 ............. 50  Forecast Sales of Deodorants by Category: Value 2020-2025 .................. 50  Forecast Sales of Deodorants by Category: % Value Growth 20202025 ............................................................. ........................................................................................................... .............................................. 51  Forecast Sales of Deodorants by Premium Vs Mass: % Value 20202025 ............................................................. ........................................................................................................... .............................................. 51 

Depilatories in Vietnam - Category Analysis ................................................................. ............................................................................... .............. 52  FINDINGS............................................................................................................. ... 52  KEY DATA FINDINGS................................................................................................................ 2020 IMPACT ......................................................... .......................................................................................................................... .................................................................... ... 52 

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Growth slows down due to fewer grooming occasions as A result of COVID-19.................... 52  Rising trend for hair removal services through spas poses an ongoing threat ........................ 52  s trong lead in highly fragmented category ...................... 52  Reckitt Benckiser Group maintains strong RECOVER RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 53  Bounceback expected, with ongoing sales s ales stimulated by influences of Western culture ........ 53  away   Women’s razors and blades set to see strongest growth, as female consumers switch away  from men’s shaving products  products ............................................................... .................................................................................................. ................................... 53  Player status quo expected to remain the same over forecast period, due to small size of the category overall ...................................................................................................................... 53  CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 53   CATEGOR Table 48  Table 49  Table 50  Table 51  Table 52  Table 53  Table 54 

Sales of Depilatories by Category: Value 2015-2020 ................................. 54  Sales of Depilatories by Category: % Value Growth 2015-2020 ................ 54  Sales of Women's Razors and Blades by Type: % Value Breakdown 2016-2020 ............................................................... .................................................................................................. ................................... 54  NBO Company Shares of Depilatories: % Value 2016-2020...................... 54  LBN Brand Shares of Depilatories: % Value 2017-2020 ............................ 55  Forecast Sales of Depilatories by Category: Value 2020-2025 .................. 55  Forecast Sales of Depilatories by Category: % Value Growth 20202025 ............................................................. ........................................................................................................... .............................................. 55 

Fragrances in Vietnam - Category Analysis ............................................................................ ............................................................................... ... 57  KEY DATA FINDINGS................................................................................................................ FINDINGS............................................................................................................. ... 57  2020 IMPACT ......................................................... .......................................................................................................................... .................................................................... ... 57  Fragrances hit hard by fewer social and grooming occasions occ asions as A result of COVID-19 ......... 57  it  ....................................... 57  Counterfeit trade continues, despite government’s efforts to curb it ....................................... Coty maintains company lead thanks to extensive well-known well -known portfolio, whilst competition is strong in brand terms ..................................................... .............................................................................................................. ......................................................... 58  RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 58  RECOVER Bounceback expected in line with economic recovery and expected investment from international players ....................................................... ................................................................................................................ ......................................................... 58  Balance of online and offline channels needed for fragrances, due to high density of counterfeit products online ........................................................ ...................................................................................................... .............................................. 58  Premiumisation trend set to recover over the forecast period ................................................. 59  CATEGOR CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 59   Table 55  Table 56  Table 57  Table 58  Table 59  Table 60  Table 61  Table 62 

Sales of Fragrances by Category: Value 2015-2020 .................................. 59  Sales of Fragrances by Category: % Value Growth 2015-2020 201 5-2020 ................. 59  NBO Company Shares of Fragrances: % Value 2016-2020 ...................... 60  LBN Brand Shares of Fragrances: % Value 2017-2020 ............................. 60  LBN Brand Shares of Premium Men's Fragrances: % Value 20172020 ............................................................. ........................................................................................................... .............................................. 61  LBN Brand Shares of Premium Women's Fragrances: % Value 20172020 ............................................................. ........................................................................................................... .............................................. 62  Forecast Sales of Fragrances by Category: Value 2020-2025 ................... 63  Forecast Sales of Fragrances by Category: % Value Growth 20202025 ............................................................. ........................................................................................................... .............................................. 63 

Hair Care in Vietnam - Category Analysis ......................................................... .................................................................................. ......................... 65  KEY DATA FINDINGS................................................................................................................ FINDINGS............................................................................................................. ... 65  2020 IMPACT ......................................................... .......................................................................................................................... .................................................................... ... 65  Hair care sees decline in demand due to fewer grooming and dressing up occasions ........... 65 

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Innovative digital marketing with promotional mini games becomes A major winning strategy65   Unilever maintains lead thanks to myriad strengths and staying ahead of the trend curve ..... 66  RECOVER RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 66  Bounceback and growth expected in line with stronger economy and higher living standards66  Natural and organic products, alongside intensive treatments, set to lead the way in developments ......................................................................................................................... 67  Hair care set to benefit from ongoing e-commerce boom over forecast period ...................... 67  CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 67   CATEGOR Sales of Hair Care by Category: % Value Growth 2015-2020 .................... 67  Table 64  Table 65  Sales of Hair Care by Premium vs Mass: % Value 2015-2020 .................. 68  Table 66  NBO Company Shares of Hair Care: % Value 2016-2020 ......................... 68  Table 67  NBO Company Shares of Salon Professional Hair Care: % Value 2016-2020 ............................................................... .................................................................................................. ................................... 69  Table 68  2017 -2020................................ 69  LBN Brand Shares of Hair Care: % Value 2017-2020 LBN Brand Shares of Colourants: % Value 2017-2020 .............................. 70  Table 69  Table 70  LBN Brand Shares of Salon Professional Hair Care: % Value 20172020 ............................................................. ........................................................................................................... .............................................. 71  LBN Brand Shares of Styling Agents: % Value 2017-2020 ........................ 71  Table 71  Table 72  LBN Brand Shares of Premium Hair Care: % Value 2017-2020 ................ 72  Table 73  Forecast Sales of Hair Care by Category: Value 2020-2025 ...................... 72  Table 74  Forecast Sales of Hair Care by Category: % Value Growth 2020-2025 ..... 73  Forecast Sales of Hair Care by Premium vs Mass: % Value 2020 2020-Table 75  2025 ............................................................. ........................................................................................................... .............................................. 73  Men's Grooming in Vietnam - Category Analysis ....................................................................... .................................................................... ... 74  FINDINGS................................................................................................................ ... 74  KEY DATA FINDINGS............................................................................................................. 2020 IMPACT ......................................................... .......................................................................................................................... .................................................................... ... 74  sees declines due to fewer grooming occasions and higher price-sensitivity74   Men’s grooming sees E-commerce and digital marketing lead the way in promotional developments ...................... 74  X-Men holds its lead le ad place, thanks to being ahead of the t he digital marketing game.................. 75  RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 75  RECOVER Bounceback expected in line with economic recovery and rising popularity of men’s grooming products .............................................................. ............................................................................................................................... .................................................................... ... 75  Developments in e-commerce and discount offers will also help boost sales over the forecast period .......................................................... ........................................................................................................................ ............................................................................ .............. 76  Perfumed deodorant continues to be A leading trend thanks to higher standards of male grooming ............................................................. .............................................................................................................................. .................................................................... ... 76  CATEGOR CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 76   Table 76  Table 77  Table 78  Table 79  Table 80  Table 81  Table 82  Table 83  Table 84 

2015-2020 -2020.......................... .......................... 76  Sales of Men’s Grooming by Category: Value 2015 Sales of Men’s Grooming by Category: % Value Growth 2015 2015-2020 -2020 ......... 77  Sales of Men's Razors and Blades by Type: % Value Breakdown 2016-2020 ............................................................... .................................................................................................. ................................... 77  Sales of Men's Skin Care by Type: % Value Breakdown 2017-2020 ......... 77  NBO Company Shares of Men’s Grooming: % Value 2016 2016-2020 -2020 .............. 78  LBN Brand Shares of Men’s Grooming: % Value 2017 2017-2020 -2020 ..................... 78  2 017-2020 ...... 80  LBN Brand Shares of Men's Razors and Blades: % Value 2017-2020 Forecast Sales of Men’s Grooming by Category: Category:  Value 2020-2025 2 020-2025........... 80  Forecast Sales of Men’s Grooming by Category: % Value Growth 2020-2025 ............................................................... .................................................................................................. ................................... 81 

Oral Care in Vietnam - Category Analysis ......................................................... .................................................................................. ......................... 82 

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KEY DATA FINDINGS................................................................................................................ FINDINGS............................................................................................................. ... 82  2020 IMPACT ......................................................... .......................................................................................................................... .................................................................... ... 82  Oral care sees healthy growth overall, thanks to higher levels of oral hygiene and stockpiling trend........................................................................................................................................ 82  Product innovation driven by natural ingredient trends ........................................................ ........................................................... ... 82  International players maintain top places, whilst domestic Hoa Linh Pharma continues to stand out in local l ocal terms ............................................................. ........................................................................................................... .............................................. 83  RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 83  RECOVER Ongoing healthy growth expected, although lower than the boosted figures seen in 2020 .... 83  Competition expected to become more intense, due to favourable import trade conditions ... 83  International players will continue to dominate, but opportunities remain from smaller domestic brands ......................................................... ....................................................................................................................... ............................................................................ .............. 84  CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 84   CATEGOR Table 85  Table 86  Table 87  Table 88  Table 89  Table 90  Table 91  Table 92  Table 93  Table 94  Table 95  Table 96  Table 97 

Sales of Oral Care by Category: Value 2015-2020 .................................... 84  Sales of Oral Care by Category: % Value Growth 2015-2020.................... 84  Sales of Toothbrushes by Category: Value 2015-2020 .............................. 84  Sales of Toothbrushes by Category: % Value Growth 2015-2020 ............. 85  Sales of Toothpaste by Type: % Value Breakdown 2016-2020 ................. 85  NBO Company Shares of Oral Care: % Value 2016-2020 ......................... 86  LBN Brand Shares of Oral Care: % Value 2017-2020................................ 86  LBN Brand Shares of Mouthwashes/Dental Rinses: % Value 20172020 ............................................................. ........................................................................................................... .............................................. 87  LBN Brand Shares of Toothpaste: % Value 2017-2020 ............................. 87  Forecast Sales of Oral Care by Category: Value 2020-2025 ..................... 88  Forecast Sales of Oral Care by Category: % Value Growth 2020-2025..... 89  Forecast Sales of Toothbrushes by Category: Value 2020-2025 ............... 89  Forecast Sales of Toothbrushes by Category: % Value Growth 20202025 ............................................................. ........................................................................................................... .............................................. 89 

Skin Care in Vietnam - Category Analysis ......................................................... .................................................................................. ......................... 91  KEY DATA FINDINGS................................................................................................................ FINDINGS............................................................................................................. ... 91  2020 IMPACT ......................................................... .......................................................................................................................... .................................................................... ... 91  Skin care sees overall declines due to lower consumer spending on non-essential and premium products .......................................................... ................................................................................................................... ......................................................... 91  Digital marketing, e-commerce and dynamic promotions prove essential for skin care sales 91  Shiseido maintains top place, with internationals firmly in pole positions ............................... 92  RECOVERY Y AND OPPORTUNITIES ........................................................................................ ............................... ......................................................... 92  RECOVER Bounceback expected in line with economic recovery and higher personal care standards... 92  Investment in e-commerce and digital marketing set to continue over forecast period ........... 92   Anti-agers set to grow strongly due to aging population in the country ................................... 93  CATEGORY Y DATA ............................................................ ..................................................................................................................... ......................................................... 93   CATEGOR Table 98  Table 99  Table 100  Table 101  Table 102  Table 103  Table 104 

Sales of Skin Care by Category: Value 2015-2020 .................................... 93  Sales of Skin Care by Category: % Value Growth 2015-2020 2015 -2020 ................... 94  NBO Company Shares of Skin Care: % Value 2016-2020 ......................... 95  LBN Brand Shares of Skin Care: % Value 2017-2020 ............................... 96  LBN Brand Shares of Basic Moisturisers: % Value 2017 -2020 .................. 97  LBN Brand Shares of Anti-agers: % Value 2017-2020 ............................... 98  LBN Brand Shares of Firming/Anti-cellulite Body Care: % Value 20172020 ............................................................. ........................................................................................................... .............................................. 99 

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Table 105  Table 106  Table 107  Table 108 

LBN Brand Shares of General Purpose Body Care: % Value 20172020 ............................................................. ......................................................................................................... ............................................ 100  LBN Brand Shares of Premium Skin Care: % Value 2017-2020 .............. 101  Forecast Sales of Skin Care by Category: Value 2020-2025 2020 -2025 ................... 101  Forecast Sales of Skin Care by Category: % Value Growth 2020-2025... 103 

Sun Care in Vietnam - Category Analysis .................................................................... ................................................................................ ............ 104  FINDINGS............................................................................................................... 104  KEY DATA FINDINGS............................................................................................................. 2020 IMPACT ......................................................... .......................................................................................................................... ................................................................... 104  Sun care hit hard by people spending less time outdoors and declines in tourism due to COVID-19 ........................................................... ............................................................................................................................ ................................................................... 104  Trend for colour cosmetics and skin care c are with added sun protection continues c ontinues ................... 104  Rohto-Mentholatum maintains lead thanks to myriad logistical strengths and ongoing developments to meet consumer trends ........................................................ ............................................................................... ....................... 105  RECOVERY Y AND OPPORTUNITIES ...................................................................................... ............................... ....................................................... 105  RECOVER post -pandemic freedom of movement once again ........... 105  Recovery of sun care in line with post-pandemic Premiumisation trend expected, due to perceived higher quality of premium products ........ 105  Favourable conditions for international trade will lead to higher number of imports ............. 106  CATEGORY Y DATA ............................................................ ................................................................................................................... ....................................................... 106   CATEGOR Table 109  Table 110  Table 111 

Sales of Sun Care by Category: Value 2015-2020 ................................... 106  Sales of Sun Care by Category: % Value Growth 2015-2020 .................. 106  NBO Company Shares of Sun Care: % Value 2016-2020 ....................... 107 

Table 112  Table 113  Table 114  Table 115 

LBN Brand Shares of Sun Care: % Value 2017-2020 2017 -2020 .............................. 107  LBN Brand Shares of Premium Adult Sun Care: % Value 2017-2020...... 108  Forecast Sales of Sun Care by Category: Value 2020-2025 2020 -2025 .................... 109  Forecast Sales of Sun Care by Category: % Value Growth 2020-2025 ... 109 

Premium Beauty and Personal Care in Vietnam - Category Analysis ...................................... 110  KEY DATA FINDINGS.............................................................................................................. FINDINGS............................................................................................................. . 110  2020 IMPACT ......................................................... .......................................................................................................................... ................................................................... 110  Higher price-sensitivity leads to declines in premium products, in the short-term at least .... 110  Lazada tipped as the most popular e-commerce platform for premium brands .................... 111  Shiseido maintains top place thanks to dynamic digital marketing such as social media live streams ............................................................... ................................................................................................................................ ................................................................... 111  RECOVER RECOVERY Y AND OPPORTUNITIES ...................................................................................... ............................... ....................................................... 111  Strong GDP and industry growth opportunities set to boost premium products over forecast period .......................................................... ........................................................................................................................ .......................................................................... ............ 111  Ongoing growth in e-commerce and beauty specialist retailers set to support and stimulate sales ..................................................................................................................................... 112  Competition to heat up over forecast period, thanks to myriad benefits for new international players .................................................................................................................................. 112  CATEGORY Y DATA ............................................................ ................................................................................................................... ....................................................... 112   CATEGOR Table 116  Table 117  Table 118  Table 119 

Sales of Premium Beauty and Personal Care by Category: Value 2015-2020 ............................................................... ................................................................................................ ................................. 112  Sales of Premium Beauty and Personal Care by Category: % Value Growth 2015-2020 ................................................................................... .................................................................................. . 113  NBO Company Shares of Premium Beauty and Personal Care: % Value 2016-2020 ................................................................ ...................................................................................... ...................... 113  LBN Brand Shares of Premium Beauty and Personal Care: % Value 2017-2020 ............................................................... ................................................................................................ ................................. 114 

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Table 120  Table 121 

Forecast Sales of Premium Beauty and Personal Care by Category: Value 2020-2025 ................................................................ ...................................................................................... ...................... 115  Forecast Sales of Premium Beauty and Personal Care by Category: % Value Growth 2020-2025 ......................................................... ..................................................................... ............ 116 

Mass Beauty and Personal Care in Vietnam - Category Analysis ............................................ 118  FINDINGS............................................................................................................. . 118  KEY DATA FINDINGS.............................................................................................................. .......................................................................................................................... ................................................................... 118  2020 IMPACT ......................................................... Mass beauty and personal care sees small boost as price-sensitive consumers switch away from premium offerings ......................................................................................................... ........................................................................................................ . 118  E-commerce booms as leading super-app Grab launches super-fast home delivery options118   Unilever maintains top place, as players focus on digital marketing over new product development ......................................................................................................................... 119  RECOVER RECOVERY Y AND OPPORTUNITIES ...................................................................................... ............................... ....................................................... 119  Bounceback expected, with competition from premium segment to heat up again .............. .. ............ 119  Strong GDP will attract international companies to large cities, whilst domestic players export and expand sub-urban networks .......................................................... ........................................................................................... ................................. 119  Growth in e-commerce set to continue, as players ramp up their online offerings ................ 120  CATEGOR CATEGORY Y DATA ............................................................ ................................................................................................................... ....................................................... 120   Table 122  Table 123  Table 124  Table 125  Table 126  Table 127 

Sales of Mass Beauty and Personal Care by Category: Value 20152020 ............................................................. ......................................................................................................... ............................................ 120  Sales of Mass Beauty and Personal Care by Category: % Value Growth 2015-2020 ................................................................................... .................................................................................. . 121  NBO Company Shares of Mass Beauty and Personal Care: % Value 2016-2020 ............................................................... ................................................................................................ ................................. 121  LBN Brand Shares of Mass Beauty and Personal Care: % Value 2017-2020 ............................................................... ................................................................................................ ................................. 122  Forecast Sales of Mass Beauty and Personal Care by Category: Value 2020-2025 ................................................................ ...................................................................................... ...................... 123  Forecast Sales of Mass Beauty and Personal Care by Category: % Value Growth 2020-2025 ......................................................................... ............................................................. ............ 124 

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BEAUTY AND PERSONAL CARE IN VIETNAM - INDUSTRY OVERVIEW EXECUTIVE SUMMARY COVID-19 impact on beauty and personal care Overall, beauty and personal care experienced negligible growth rates in i n both value and volume in Vietnam in 2020, notably down from the growth posted in 2019. The event of COVID19 has strongly influenced various aspects of beauty and personal care, from shifts in sales channels and marketing platforms, through to lower consumer spending power, changes in shopping behaviour, fewer grooming occasions due to the nationwide social distancing measures in the country in April and July, and the closure of shopping malls and beauty spas. Whilst the Vietnamese economy is faring the impacts of COVID-19 fairly well, there has still been a reduction in consumer spending on non-essential and premium products across many categories. According to the General Office of Vietnam, in September 2020, there were 31.8 million people in the country, aged 15 and over, who were negatively affected by the event of COVID-19. This includes those who had lost their jobs, had to take time off work, reduce their working hours and, thus, reduce their incomes. As a result, consumers started to economise and switch away from spending on luxury and non-essential goods, bucking the trend seen in the last couple of years. Within this environment, different categories have fared better and worse to varying degrees, with mass beauty and personal care seeing stronger sales than premium variants. Fragrances and sun care have seen the steepest declines, with colour cosmetics and skin care also taking notable hits. On the other hand, bath and shower and oral care have seen healthy growth, due to the more essential nature of such products and the fact that standards of personal hygiene have been enhanced by the event of the pandemic, even if consumers have been spending less on discretionary grooming products. For example, liquid soap and hand sanitiser have fared particularly well, due to the strong public messages for people to wash their hands more regularly, alongside the fact that many public spaces have hand sanitiser dispensers at their entrances and check-in counters. The trends for products with natural ingredients (for example as seen in toothpaste) and those will long-lasting fragrances (for example as seen in deodorants) continued throughout 2020 and are expected to continue and strengthen over the forecast period. Additionally, the trend for dual-benefit products continues, for example as seen in colour cosmetics and skin care products which offer sun protection. Overall, any negative impacts seen in 2020 are expected to be short-lived and beauty and personal care will experience both a strong bounceback and a re-emerging premiumisation trend over the forecast period.

COVID-19 country impact Vietnam was one of the first Asian countries to successfully contain the spread of COVID-19, resulting in very few cases in the early stages of the pandemic. Social isolation guidelines were introduced between 1 to 22 April 2020. During this period grocery retailers remained open, while other stores were shut. In addition, social distancing of two-metres was strictly imposed in all grocery retailers. Vietnam suspended all flights from mainland China on 1 February, followed by all international flights from 25 March.

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BEAUTY AND PERSONAL CARE IN VIETNAM

Social isolation guidelines in Hanoi and Ho Chi Minh City were subsequently lifted, although restaurants still had to comply with strict guidelines from local authorities. Schools and businesses reopened from 4 May, but non-essential services such as bars and karaoke parlours remained closed. The authorities in Ho Chi Minh City also permitted sports centres and indoor sports activities, allowing gyms to reopen. In addition, the limit on public gatherings was increased to 30 people, from a previous limit of 20. Vietnam gradually opened up business activities, although restrictions on international travel remain in place until further notice, with anyone entering the country having to quarantine for 14 days. However, restrictions had to be re-imposed in some high-risk areas. For instance, at the end of July, Da Nang saw a resurgence of the virus, leading to a 15-day quarantine of the city and the evacuation of 80,000 people. A few days later, the neighbouring city of Hoi An was also quarantined. Although these quarantines have now been lifted, it remains to be seen whether further lockdowns will be needed in other areas of the country.  All activities, including the opening of bars and clubs, resumed in Da Nang on 25 September September after it was believed to have controlled the outbreak of COVID-19. However, Hanoi City authorities closed some bars and karaoke outlets temporarily for failing to comply with antiCOVID-19 measures such as wearing face masks and having public gatherings. All passenger transport services, including planes, buses and trains to and from Da Nang resumed operations from early September. However, passengers have to follow health measures, including wearing face masks and declaring their health status. The authorities eased social distancing measures in Da Nang, including the reopening of shops and restaurants, although only for takeaways. In addition, gatherings of more than 20 people remain banned, while non-essential businesses such as beauty salons, karaoke, movie theatres and gyms remain closed.On 9 February 2021, Ho Chi Minh City authorities announced the closure of all non-essential businesses and entertainment activities such as bars, beauty salons, gyms, karaoke parlours, night clubs, massage parlours, and movie theatres until further notice in response to the city recording more than 25 cases in a single day. In addition, religious gatherings will be limited to 20 people. However, gas stations, retail stores, pharmacies and medical facilities will remain open but with strict preventive measures.

Company response Many leading beauty and personal care players saw reduced value sales in 2020, as consumers were more price-sensitive and economised on beauty and personal care products, or switched out of categories entirely. Therefore, leading global companies such as Shiseido Cosmetics Vietnam Co Ltd, L'Oréal Vietnam Co Ltd and Estée Lauder Vietnam Co Ltd, plus local brands, focused on stimulating sales by offering regular discount promotions. For example, free gift giveaways with purchases and percentage discounts from 20% to 50% (even up to 70% in some cases). Players have also enhanced their online presences, from promotions to distribution. In addition to enhancing their own e-commerce platforms and partnering with thirdparty e-commerce players such as Tiki, Lazada and Shopee, players have also been embracing strong customer engagement platforms such as Facebook and TikTok and offering livestreams and mini games. For example, Estée Lauder organised a live stream for its MAC brand, with the participation of famous make-up artists such as Tung Chau and Thanh Phan Guen offering tutorials and tips on how to use the t he brand’s products. Overall, beauty and personal care remains dominated by large global players in 2020, 2 020, and the status quo has remained unchanged. That said, it is expected that competition will heat up amongst both domestic and global brands in beauty and personal care over the forecast period.

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BEAUTY AND PERSONAL CARE IN VIETNAM

Retailing shift In April and July 2020, the government decided to close cl ose most entertainment locations such as shopping malls, spas, bars and public gathering places, and required people to limit l imit going outside if journeys were unnecessary. People working in non-essential industries and/or those which could switch to remote working, such as office employees, were asked to stay at home during the nationwide social distancing period. As a result, these factors brought about a change in consumer shopping behaviour, with these new habits set to stay post-pandemic. During the nationwide social distancing measure period, supermarkets, hypermarkets and convenience stores were still allowed to open. However, an increasing number of people living in big cities such as Hanoi and Ho Chi Minh still preferred to stay at home out of caution and turned to e-commerce channels due to the level of convenience it provides. Therefore, the sale value of e-commerce platforms such as Shopee, Lazada and Tiki increased in 2020, compared to the previous period. In addition to e-commerce per se, Grab also launched its new service named GrabMart in 2020, which enabled consumers to buy on-demand items for home-delivery via the Grab app. Based on a report from the Ministry of E-Commerce in 2020, online shopping channels will continue to record strong value growth rates over the forecast period, as consumers continue to embrace this channel due to its convenience, wide range of products available, availabl e, and access to many discounts and special offers.

What next for beauty and personal care?  As Vietnam has successfully controlled the COVID-19 epidemic and economy, economy, the country has the most potential within the ASEAN region, with a forecast GDP of 6% for 2021-2022. In order to reach this GDP, Vietnam has signed a number of fair trade agreements (FTAs) with developed countries such as Thailand, South Korea, Japan and, recently, Europe. This will lead to both foreign investment from global companies, alongside creating more jobs for Vietnamese people. The combination of these factors means consumers in Vietnam will ultimately become more confident in their spending due to the brighter economic outlook and higher disposable incomes. The development of e-commerce within Vietnam will also boost beauty and personal care over the forecast period. According to the decision No. 645 / QD-TTg, dated 15 May 2020, of the Prime Minister approving the masterplan for national e-commerce development for the period 2021-2025, the government will focus on building up a healthy environment for ecommerce to grow. This will include launching new regulations to attract e-commerce players such as Amazon; increasing infrastructure and expanding internet networks to rural areas; propagating and training e-commerce skills for people and businesses to improve their levels of participation and exploitation of e-commerce applications of enterprises, enhancing the ability of consumers to recognise and respond to negative behaviours. These regulations will help Vietnam to further control the impacts from COVID-19 and help companies recover from the effects of the pandemic. Over the forecast period, both local and foreign players will continue to boost b oost online sale through e-commerce platforms such as Shoppe, Tiki or Lazada, alongside their own websites, as Vietnamese consumers are expected to continue their online shopping behaviour postpandemic. Moreover, as livestreaming has become an effective channel for companies to engage with their customers, such marketing trends are expected to continue to grow in line with the development of e-commerce; with this being especially important for players to reach the younger generations. In addition to the ongoing growth of e-commerce, beauty specialist retailers are also becoming more popular in Vietnam, with an increasing number of new players appearing such

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as Beauty Box, Beauty Garden, Nuty, and more. This will also help to support sales in beauty and personal care over the forecast period and it is expected that premiumisation trends will reemerge. Chart 1

Source: Note:

Beauty and Personal Care Value Sales Growth Scenarios: 2018-2025

Euromonitor International C19 Pessimistic Pessimistic 1 represents a modelled scenario with an estimated probability of 25-35% over a 1-year horizon, factoring macrosupply drivers including GDP, supply stock prices, business alongside infectioninrates, chain and labour disruption rates and consumer confidence rates

Chart 2

Beauty and Personal Care Impact of Soft Drivers on Value Sales: 2017-2025

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Source: Note:

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Euromonitor International The above above chart chart shows the the growth growth decomposition decomposition split by macro drivers such as as GDP per capita capita and population alongside soft drivers listed as having a positive (+) or negative (-) impact on the total growth rate

MARKET DATA Table 1

Sales of Beauty and Personal Care by Category: Value 2015-2020

VND billion

Baby and Child-specific Products Bath and Shower Colour Cosmetics Deodorants Depilatories Fragrances Hair Care Men's Grooming Oral Care Oral Care Excl Power Toothbrushes Skin Care Sun Care Premium Beauty and Personal Care Prestige Beauty and Personal Care Mass Beauty and Personal Care Dermocosmetics Beauty and Personal Care Beauty and Personal Care Source:

2015

2016

2017

2018

2019

2020

1,094.5

1,226.8

1,337.2

1,406.9

1,499.9

1,580.4

2,887.5 2,215.1 1,225.7 11.7 1,794.1 12,743.3 4,104.2 5,478.3 5,478.3

3,184.7 2,564.5 1,421.8 13.0 2,027.2 13,618.9 4,422.1 5,756.9 5,756.9

3,557.7 2,951.1 1,692.0 14.3 2,294.5 14,349.3 4,769.1 5,981.3 5,981.3

3,805.7 3,364.7 1,913.3 15.7 2,587.4 14,954.3 5,075.6 6,119.4 6,119.4

4,056.1 3,859.3 2,146.0 17.2 2,902.9 15,729.9 5,356.2 6,408.7 6,408.7

4,481.8 3,532.3 2,246.9 17.9 2,420.6 16,120.2 5,120.7 7,017.4 7,017.4

7,783.7 93.3 7,160.6

8,551.0 106.8 8,069.7

9,396.9 123.1 9,144.1

10,377.0 138.9 10,358.2

11,474.1 156.4 11,785.0

10,690.6 135.8 10,709.9

6,778.0

7,627.7

8,639.9

9,804.2

11,177.7

10,095.8

22,665.1

24,619.4

26,544.3

28,175.6

30,024.3

30,487.9

630.4

746.2

898.2

988.3

1,082.7

1,119.0

35,898.0

39,095.7

42,369.2

45,403.8

49,015.3

49,043.5

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

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Note 1:

Note 2:

Table 2

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Prestige/premium/mass beauty Prestige/premium/mass beauty and personal care care sales are additionally additionally included included within baby and childspecific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care. Sum of categories is greater t han market size because of double counting in m en’s bath and shower, men’s deodorants, men’s hair care, men’s skin care, men’s fragrances, colour cosmetics sets/kits, skin care sets/kits, fragrances sets/kits and baby and child-specific sun care categories.

Sales of Beauty and Personal Care by Category: % Value Growth 2015-2020

% current value growth

Baby and Child-specific Products Bath and Shower Colour Cosmetics Deodorants Depilatories Fragrances Hair Care Men's Grooming Oral Care Oral Care Excl Power Toothbrushes Skin Care Sun Care Premium Beauty and Personal Care Prestige Beauty and Personal Care Mass Beauty and Personal Care Dermocosmetics Beauty and Personal Care Beauty and Personal Care Source: Note 1:

Note 2:

Table 3

2019/20

2015-20 CAGR

2015/20 Total

5.4 10.5 -8.5 4.7 4.3 -16.6 2.5 -4.4 9.5 9.5 -6.8 -13.2 -9.1 -9.7

7.6 9.2 9.8 12.9 8.9 6.2 4.8 4.5 5.1 5.1 6.6 7.8 8.4 8.3

44.4 55.2 59.5 83.3 53.1 34.9 26.5 24.8 28.1 28.1 37.3 45.5 49.6 49.0

1.5 3.4 0.1

6.1 12.2 6.4

34.5 77.5 36.6

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources Prestige/premium/mass Prestige/premium/ mass beauty beauty and personal care care sales are additionally additionally included included within baby and childspecific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care. Sum of categories is greater than market size because of double counting in men’s bath and shower, men’s deodorants, men’s hair care, men’s skin care, men’s fragrances, colour cosmetics sets/kits, skin care sets/kits, fragrances sets/kits and baby and child-specific sun care categories.

GBO Company Shares of Beauty and Personal Care: % Value 2016-2020

% retail value rsp Company Unilever Group Procter & Gamble Co, The L'Oréal Groupe Shiseido Co Ltd Beiersdorf AG LG Household & Health Care Ltd Colgate-Palmolive Co Wipro Ltd Marico Ltd Estée Lauder Cos Inc  AmorePacific Corp Nu Skin Enterprises Inc Coty Inc Sao Thai Duong Cosmetics JSC

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2016

2017

2018

2019

2020

26.2 7.9 4.5 5.1 2.8 3.4

25.6 7.5 4.3 5.3 3.0 3.4

24.0 7.1 4.5 5.3 3.2 3.5

23.0 6.8 4.7 5.4 3.4 3.6

24.3 7.0 4.7 4.6 3.5 3.3

3.3 3.6 2.8 2.1 0.7 0.3 1.2 0.8

3.1 3.4 2.7 2.3 0.8 0.5 1.3 0.7

3.0 3.2 2.6 2.6 1.3 0.8 1.2 0.7

2.9 3.1 2.5 2.6 1.4 1.0 1.3 0.8

3.2 3.2 2.4 2.4 1.3 1.1 1.0 0.8

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GlaxoSmithKline Plc Rohto Pharmaceutical Co Ltd  Amway Corp Hoa Linh Pharma Co Ltd Johnson & Johnson Inc Dai Viet Huong Trading Manufacturing Co Ltd

0.5 0.8

0.6 0.7

0.7 0.7

0.7 0.7

0.8 0.7

1.0 0.3 0.8 0.7

0.8 0.5 0.7 0.7

0.8 0.5 0.6 0.6

0.8 0.6 0.6 0.6

0.7 0.6 0.6 0.6

Revlon Chanel Inc SA Saigon Cosmetics Corp Nippon Menard Cosmetic Co Ltd Kao Corp LVMH Moët Hennessy Louis Vuitton SA Sanofi Oriflame Cosmetics SA Hoyu Co Ltd Galderma SA Others Total

0.6 0.5 0.6 0.5

0.6 0.5 0.6 0.5

0.6 0.6 0.6 0.5

0.6 0.6 0.6 0.5

0.6 0.6 0.5 0.5

0.6 0.5

0.5 0.5

0.5 0.5

0.5 0.5

0.5 0.4

0.2 1.0 0.3 26.4 100.0

0.3 1.2 0.3 27.0 100.0

0.4 1.2 0.3 27.8 100.0

0.4 1.0 0.3 0.5 28.2 100.0

0.4 0.3 0.3 0.3 28.8 100.0

Source:

Table 4

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

NBO Company Shares of Beauty and Personal Care: % Value 2016-2020

% retail value rsp Company Unilever Vietnam International Co Ltd Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd Procter & Gamble Vietnam Ltd Beiersdorf Vietnam Ltd Co LG Vina Cosmetics Co Ltd Colgate-Palmolive (Vietnam) Co Ltd Unza Vietnam Co Ltd Oral-B (Vietnam) Ltd International Consumer Products Co Ltd Estée Lauder Vietnam Co Ltd  AmorePacific Vietnam JSC Nu Skin Vietnam Co Ltd Sao Thai Duong Cosmetics JSC Coty Inc Rohto-Mentholatum Vietnam Co Ltd  Amway Vietnam Ltd GlaxoSmithKline Plc Hoa Linh Pharma Co Ltd Johnson & Johnson Vietnam Co Ltd

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2016

2017

2018

2019

2020

25.8

25.1

23.6

22.6

23.9

5.3

5.5

5.6

5.6

4.8

4.0 5.4

4.2 5.0

4.4 4.5

4.5 4.3

4.6 4.3

2.8 3.4 3.3

3.0 3.4 3.1

3.2 3.5 3.0

3.4 3.6 2.9

3.5 3.3 3.2

3.6 2.5 2.8

3.4 2.5 2.7

3.2 2.6 2.6

3.1 2.5 2.5

3.2 2.7 2.4

2.1

2.3

2.6

2.6

2.4

0.6 0.3 0.8

0.8 0.5 0.7

1.3 0.8 0.7

1.4 1.0 0.8

1.3 1.1 0.8

0.8 0.8

0.8 0.7

0.8 0.7

0.9 0.7

0.8 0.7

1.0 0.5 0.3 0.8

0.8 0.5 0.5 0.7

0.8 0.6 0.5 0.6

0.8 0.6 0.6 0.6

0.7 0.7 0.6 0.6

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Dai Viet Huong Trading Manufacturing Co Ltd Chanel SA Saigon Cosmetics Corp Nippon Menard Cosmetic Co Ltd Revlon Inc Sanofi-Aventis Vietnam

0.7

0.7

0.6

0.6

0.6

0.5 0.6 0.5

0.5 0.6 0.5

0.6 0.6 0.5

0.6 0.6 0.5

0.6 0.5 0.5

0.4 0.2

0.4 0.3

0.4 0.4

0.4 0.4

0.4 0.4

Co LtdVietnam Ltd Oriflame Hoyu Corp Kanebo Cosmetics Inc Body Shop (Vietnam) Co Ltd, The Others Total

1.0 0.3 0.3 0.3

1.2 0.3 0.3 0.3

1.2 0.3 0.3 0.3

1.0 0.3 0.3 0.3

0.3 0.3 0.3 0.3

28.3 100.0

28.5 100.0

29.1 100.0

30.0 100.0

30.2 100.0

Source:

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, press, company company research, research, store checks, trade interviews, trade sources

Table 5

LBN Brand Shares of Beauty and Personal Care: % Value 2017-2020

% retail value rsp Brand (GBO) P/S (Unilever Group) Shiseido (Shiseido Co Ltd) Clear (Unilever Group) Sunsilk (Unilever Group) Lifebuoy (Unilever Group) Colgate (ColgatePalmolive Co) Dove (Unilever Group) X-Men (Marico Ltd) Pond's (Unilever Group) Nivea (Beiersdorf AG) Closeup (Unilever Group) Oral-B (Procter & Gamble Co, The) Enchanteur (Wipro Ltd) Romano (Wipro Ltd) Lancôme (L'Oréal Groupe) Pantene (Procter & Gamble Co, The) Head & Shoulders (Procter & Gamble Co, The) The Face Shop (LG Household & Health

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Company (NBO)

2017

2018

2019

2020

Unilever Vietnam International Co Ltd Shiseido Cosmetics Vietnam Co Ltd Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd Colgate-Palmolive (Vietnam) Co Ltd Unilever Vietnam International Co Ltd International Consumer Products Co Ltd Unilever Vietnam International Co Ltd Beiersdorf Vietnam Ltd Co Unilever Vietnam International Co Ltd Oral-B (Vietnam) Ltd

4.6

4.2

3.9

4.2

4.7

4.8

4.8

4.1

4.1

3.8

3.7

3.9

3.3

3.1

3.1

3.1

2.6

2.5

2.4

2.9

2.5

2.4

2.4

2.7

3.1

2.8

2.6

2.6

2.7

2.6

2.5

2.4

2.6

2.5

2.4

2.3

1.6 1.6

1.7 1.6

1.8 1.6

1.8 1.8

1.7

1.7

1.6

1.8

Unza Vietnam Co Ltd

1.6

1.5

1.5

1.5

Unza Vietnam Co Ltd L'Oréal Vietnam Co Ltd

1.5 1.2

1.5 1.3

1.4 1.3

1.4 1.4

Procter & Gamble Vietnam Ltd Procter & Gamble Vietnam Ltd

1.6

1.4

1.3

1.3

1.4

1.3

1.3

1.3

LG Vina Cosmetics Co Ltd

1.4

1.4

1.4

1.3

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Care Ltd) Clear Men (Unilever Group) Nu Skin (Nu Skin Enterprises Inc) Rejoice (Procter & Gamble Co, The) Thai Duong

Passport

Unilever Vietnam International Co Ltd Nu Skin Vietnam Co Ltd

1.3

1.2

1.2

1.2

0.5

0.8

1.0

1.1

Procter & Gamble Vietnam Ltd Sao Thai Duong

1.4

1.2

1.1

1.1

0.7

0.7

0.8

0.8

Nivea Men Deodorant (Beiersdorf AG) O HUI (LG Household & Health Care Ltd) Gillette (Procter & Gamble Co, The) Estée Lauder (Estée Lauder Cos Inc) L'Oréal Professionnel (L'Oréal Groupe) Nivea Men (Beiersdorf AG) Da Huong Maybelline New York (L'Oréal Groupe) Others

Cosmetics JSC Beiersdorf Vietnam Ltd Co

0.6

0.7

0.7

0.8

LG Vina Cosmetics Co Ltd

0.7

0.8

0.8

0.8

Oral-B (Vietnam) Ltd

0.7

0.7

0.7

0.8

Estée Lauder Vietnam Co Ltd L'Oréal Vietnam Co Ltd

0.7

0.8

0.8

0.8

0.6

0.6

0.7

0.7

Beiersdorf Vietnam Ltd Co

0.6

0.6

0.7

0.7

Hoa Linh Pharma Co Ltd L'Oréal Vietnam Co Ltd

0.5 0.6

0.5 0.7

0.6 0.7

0.6 0.6

47.2

48.6

49.4

48.3

Total

Total

100.0

100.0

100.0

100.0

Source:

Table 6

Others

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Distribution of Beauty and Personal Care by Format: % Value 2015-2020

% retail value rsp

Store-Based Retailing - Grocery Retailers -- Modern Grocery Retailers --- Convenience Stores --- Discounters --- Forecourt Retailers --- Hypermarkets --- Supermarkets -- Traditional Grocery Retailers - Non-Grocery Specialists -- Apparel and Footwear Specialist Retailers -- Electronics and  Appliance Specialist Retailers -- Health and Beauty Specialist Retailers --- Beauty Specialist Retailers --- Chemists/Pharmacies --- Drugstores/ parapharmacies

© Euromonitor International

2015

2016

2017

2018

2019

2020

91.4 62.2 39.5

90.4 59.3 38.3

89.2 56.9 37.7

88.2 54.4 36.9

87.7 52.3 36.3

86.0 52.9 36.5

1.7 14.8 23.0 22.7

1.7 14.2 22.3 21.0

1.8 13.8 22.1 19.2

1.9 13.4 21.7 17.5

1.9 13.0 21.5 15.9

2.0 13.0 21.5 16.4

23.6 -

25.1 -

26.0 -

27.2 -

28.5 -

27.7 -

-

-

-

-

-

-

22.9

24.4

25.5

26.7

28.0

27.2

18.8

20.1

20.9

21.9

23.1

22.1

2.0 2.0

2.1 2.1

2.3 2.2

2.4 2.3

2.5 2.3

2.6 2.5

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--- Other Health and Beauty Specialist retailers -- Home and Garden Specialist Retailers --- Homewares and Home Furnishing Stores -- Other Non-Grocery

0.1

0.1

0.1

0.1

0.1

0.1

-

-

-

-

-

-

-

-

-

-

-

-

0.7

0.7

0.5

0.5

0.5

0.5

--- Specialists Outdoor Markets --- Other BPC NonGrocery Specialists - Mixed Retailers -- Department Stores -- Mass Merchandisers -- Variety Stores -- Warehouse Clubs Non-Store Retailing - Direct Selling - Homeshopping - E-Commerce - Vending Non-retail channels - Hair Salons Total

0.7

0.7

0.5

0.5

0.5

0.5

5.7 5.7 7.5 3.6 3.9 1.1 1.1 100.0

5.9 5.9 8.5 3.4 5.1 1.2 1.2 100.0

6.3 6.3 9.6 3.5 6.1 1.2 1.2 100.0

6.6 6.6 10.6 3.7 6.8 1.2 1.2 100.0

7.0 7.0 11.1 3.7 7.4 1.2 1.2 100.0

5.4 5.4 12.7 3.0 9.7 1.3 1.3 100.0

Source:

Euromonitor International International from official official statistics, statistics, trade associations, trade press, press, company research, store checks, trade interviews, trade sources

Table 7 2020

Distribution of Beauty and Personal Care by Format and Category: % Value

% retail value rsp

Store-Based Retailing - Grocery Retailers -- Modern Grocery Retailers --- Convenience Stores --- Discounters --- Forecourt Retailers --- Hypermarkets --- Supermarkets -- Traditional Grocery Retailers - Non-Grocery Specialists -- Apparel and Footwear Specialist Retailers -- Electronics and  Appliance Specialist Retailers -- Health and Beauty Specialist Retailers --- Beauty Specialist Retailers --- Chemists/Pharmacies --- Drugstores/ parapharmacies --- Other Health and

© Euromonitor International

BC

BS

CC

DO

DP

FR

96.5 58.3 26.4

88.8 55.7 38.3

85.3 15.6 14.4

80.0 54.4 44.2

95.5 91.9 34.9

81.9 2.7 2.2

2.3 0.0 0.0 11.8 12.3 31.9

2.4 0.0 0.0 11.6 24.3 17.4

0.1 0.0 0.0 4.1 10.2 1.2

0.5 0.0 0.0 11.7 31.9 10.2

2.7 0.0 0.0 13.0 19.2 57.0

0.0 0.0 0.0 0.2 2.0 0.5

34.2 0.0

31.3 0.0

60.8 0.0

25.6 0.0

3.5 0.0

52.2 0.0

0.0

0.0

0.0

0.0

0.0

0.0

34.2

30.6

60.5

23.8

3.5

52.2

0.0

30.0

57.7

22.2

3.5

52.2

5.0 27.3

0.0 0.7

0.0 2.8

0.3 1.3

0.0 0.0

0.0 0.0

2.0

0.0

0.0

0.0

0.0

0.0

10

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Beauty Specialist retailers -- Home and Garden Specialist Retailers --- Homewares and Home Furnishing Stores -- Other Non-Grocery Specialists

Passport

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.7

0.3

1.8

0.0

0.0

0.0 0.0

0.0 0.7

0.0 0.3

0.0 1.8

0.0 0.0

0.0 0.0

4.0 4.0 0.0 0.0 0.0 3.5 0.2 0.0 3.3 0.0 0.0 0.0 100.0

1.7 1.7 0.0 0.0 0.0 11.2 0.7 0.0 10.5 0.0 0.0 0.0 100.0

8.9 8.9 0.0 0.0 0.0 14.7 2.7 0.0 12.0 0.0 0.0 0.0 100.0

0.0 0.0 0.0 0.0 0.0 20.0 3.7 0.0 16.3 0.0 0.0 0.0 100.0

0.2 0.2 0.0 0.0 0.0 4.5 0.0 0.0 4.5 0.0 0.0 0.0 100.0

27.1 27.1 0.0 0.0 0.0 18.1 2.1 0.0 16.0 0.0 0.0 0.0 100.0

HC

MG

OC

SK

SU

Store-Based Retailing - Grocery Retailers -- Modern Grocery Retailers --- Convenience Stores --- Discounters --- Forecourt Retailers --- Hypermarkets --- Supermarkets -- Traditional Grocery Retailers - Non-Grocery Specialists -- Apparel and Footwear Specialist Retailers -- Electronics and  Appliance Specialist Retailers

89.1 75.3 54.3

87.2 53.8 37.4

91.0 76.9 42.8

76.8 24.1 20.2

91.5 59.3 32.0

2.3 0.0 0.0 20.0 32.0 21.0

1.9 0.0 0.0 12.9 22.6 16.4

4.5 0.0 0.0 17.2 21.1 34.2

0.7 0.0 0.0 6.8 12.7 3.9

3.0 0.0 0.0 9.4 19.6 27.4

13.3 0.0

27.8 0.0

14.0 0.0

39.3 0.0

26.5 0.0

0.0

0.0

0.0

0.0

0.0

-- Health andRetailers Beauty Specialist --- Beauty Specialist Retailers --- Chemists/Pharmacies --- Drugstores/ parapharmacies --- Other Health and Beauty Specialist retailers -- Home and Garden Specialist Retailers --- Homewares and Home Furnishing Stores -- Other Non-Grocery Specialists --- Outdoor Markets

13.0 9.4

25.9 23.1

14.0 0.0

39.2 37.2

23.8 13.5

2.7 0.7

1.2 1.5

8.2 5.8

1.4 0.6

2.3 7.8

0.1

0.0

0.0

0.0

0.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.4

2.0

0.0

0.2

2.7

0.0

0.0

0.0

0.0

0.0

--- Other Outdoor Markets --BPC NonGrocery Specialists - Mixed Retailers -- Department Stores -- Mass Merchandisers -- Variety Stores -- Warehouse Clubs Non-Store Retailing - Direct Selling - Homeshopping - E-Commerce - Vending Non-retail channels - Hair Salons Total

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BEAUTY AND PERSONAL CARE IN VIETNAM

--- Other BPC NonGrocery Specialists - Mixed Retailers -- Department Stores -- Mass Merchandisers -- Variety Stores -- Warehouse Clubs Non-Store Retailing Direct Selling -- Homeshopping - E-Commerce - Vending Non-retail channels - Hair Salons Total Source: Key:

Passport

0.4

2.0

0.0

0.2

2.7

0.5 0.5 0.0 0.0 0.0 7.1

5.6 5.6 0.0 0.0 0.0 11.3

0.0 0.0 0.0 0.0 0.0 9.0

13.4 13.4 0.0 0.0 0.0 23.2

5.6 5.6 0.0 0.0 0.0 8.5

0.4 0.0 6.7 0.0 3.8 3.8 100.0

1.5 0.0 9.8 0.0 1.5 1.5 100.0

7.4 0.0 1.7 0.0 0.0 0.0 100.0

6.0 0.0 17.2 0.0 0.0 0.0 100.0

3.4 0.0 5.1 0.0 0.0 0.0 100.0

Euromonitor International International from official statistics, statistics, trade associations, trade press, company research, research, store checks, trade interviews, trade sources BC = baby and child-specifi child-specific c products; BS = bath and shower; CC = colour cosmetics; DO = deodorants; DP = depilatories; depilatories; FR = fragrances; HC = hair care; MG = men’s grooming; OC = oral care; SK = skin care; SU = sun care

Table 8

Forecast Sales of Beauty and Personal Care by Category: Value 2020-2025

VND billion

Baby and Child-specific Products Bath and Shower Colour Cosmetics Deodorants Depilatories Fragrances Hair Care Men's Grooming Oral Care Oral Care Excl Power Toothbrushes Skin Care Sun Care Premium Beauty and Personal Care Prestige Beauty and Personal Care Mass Beauty and Personal Care Dermocosmetics Beauty and Personal Care Beauty and Personal Care Source: Note 1:

Note 2:

2020

2021

2022

2023

2024

2025

1,580.4

1,659.0

1,753.8

1,862.7

1,964.1

2,061.7

4,481.8 3,532.3 2,246.9 17.9 2,420.6 16,120.2 5,120.7 7,017.4 7,017.4

4,818.9 4,122.5 2,422.8 18.9 2,652.8 16,664.0 5,459.5 7,302.7 7,302.7

5,163.3 4,514.0 2,617.2 20.1 2,961.6 17,277.8 5,769.3 7,521.1 7,521.1

5,470.5 4,898.4 2,812.0 21.4 3,238.0 17,962.0 6,047.4 7,707.8 7,707.8

5,759.4 5,291.9 3,013.6 22.6 3,494.9 18,701.1 6,321.7 7,870.5 7,870.5

6,011.1 5,691.8 3,215.7 23.4 3,708.2 19,487.8 6,570.9 7,999.3 7,999.3

10,690.6 135.8 10,709.9

12,088.8 148.6 12,256.3

13,170.1 158.3 13,575.9

14,314.0 173.0 14,983.2

15,570.8 186.1 16,538.1

16,960.8 198.2 18,226.1

10,095.8

-

-

-

-

-

30,487.9

32,305.1

34,023.9

35,730.5

37,425.9

39,090.4

1,119.0

-

-

-

-

-

49,043.5

52,703.7

55,972.8

59,286.9

62,712.5

66,207.2

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources Prestige/premium/mass Prestige/premium/ mass beauty beauty and personal care care sales are additionally additionally included included within baby and childspecific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care. Sum of categories is greater greater than market size size because because of double counti counting ng in men’s bath and shower, men’s deodorants, men’s hair care, men’s skin care, men’s fragrances, colour cosmetics sets/kits, skin care sets/kits, fragrances sets/kits and baby and child-specific sun care categories.

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BEAUTY AND PERSONAL CARE IN VIETNAM

Table 9 2020-2025

Passport

Forecast Sales of Beauty and Personal Care by Category: % Value Growth

% constant value growth 2020/2021

2020-25 CAGR

2020/25 Total

5.0 7.5

5.5 6.0

30.5 34.1

16.7 7.8 5.5 9.6 3.4 6.6 4.1 4.1 13.1 9.4 14.4 6.0 7.5

10.0 7.4 5.5 8.9 3.9 5.1 2.7 2.7 9.7 7.9 11.2 5.1 6.2

61.1 43.1 30.7 53.2 20.9 28.3 14.0 14.0 58.7 46.0 70.2 28.2 35.0

Baby and Child-specific Products Bath and Shower Colour Cosmetics Deodorants Depilatories Fragrances Hair Care Men's Grooming Oral Care Oral Care Excl Power Toothbrushes Skin Care Sun Care Premium Beauty and Personal Care Prestige Beauty and Personal Care Mass Beauty and Personal Care Dermocosmetics Beauty and Personal Care Beauty and Personal Care Source: Note 1:

Note 2:

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources Prestige/premium/mass Prestige/premium/ mass beauty beauty and personal care care sales are additionally additionally included included within baby and childspecific care andproducts, sun care.bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin Sum of categories is greater t han market size because of double counting in m en’s bath and shower, men’s deodorants, men’s hair care, men’s skin care, m en’s fragrances, colour cosmetics sets/kits, sets/kits, skin care sets/kits, fragrances sets/kits and baby and child-specific sun care categories.

GLOBAL MACROECONOMIC ENVIRONMENT   The COVID-19 pandemic has forced governments to quarantine entire countries, disrupted global supply chains, slashed business and consumer confidence and affected financial markets. The effects on the global economy are already being felt, and will be substantial, but the exact magnitude will depend on the length of COVID-19 restrictions.

▪

  COVID-19 will severely impact both the supply and demand sides of the economy. At the same time, monetary policy tools are almost exhausted due to the slow recovery from the

▪

Global Financial Crisis. Interest rates have not recovered, so central banks have to resort to Quantitative Easing programmes (QEs), but QEs have limited effect on labour markets, consumer spending and other aspects of the real economy.   Thus, countries have to turn to fiscal stimulus. However, the response to fiscal stimulus will be limited too as long as people are quarantined in their homes. In the meantime, governments are helping businesses and citizens by providing emergency loans to cover expenses and lower the spillover effects through economies, but uncertainty surrounding the pandemic limits economic activity.

▪

GLOBAL INDUSTRY ENVIRONMENT

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BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

  As the beauty and personal care industry gears up for a slow-paced global recovery into 2021, the uncertainty around a number of probable pessimistic scenarios and outcomes of the COVID-19 pandemic still looms large over the industry. While desire for beauty has been relatively sustained, newly formed working and lifestyle habits and subsequent cutbacks on product consumption, as well as dampened discretionary spending as a result of the economic fallout, are likely to persist and hinder a full industry rebound in the short to medium term.

▪

  The pandemic has had varied impact across different product segments, with more premiumexposed categories such as fragrances and colour cosmetics taking the most severe hit, while hygiene-related staples are showing greater resilience. Skin care is set to be a major pandemic category winner, as self care gets more embedded into daily lives and associations with overall physical and emotional wellness become more prominent.

▪

  Rapid consumer and company adoption of digital strategies is likely to have a long-lasting effect on the beauty shopping experience, with priority on no-contact or minimalised-contact fulfilment and e-commerce. Utilisation of AR/VR, livestreaming and shoppable social media will help build up digital presence, while sampling technologies will change how consumers experience the sensorial aspect of beauty.

▪

  While some positive signs of growth are starting to emerge across isolated geographical and category pockets, the industry will need to brace itself for a continued battle to capture and engage with a more channel and brand agnostic consumer as a ‘new normal’ socioeconomic reality unfolds.

▪

DISCLAIMER Forecast and scenario closing date: 12 April 2021 Report closing date: 11 May 2021  Analysis and data in this report give full consideration to the impact of COVID-19 COVID-19 on consumer behaviour and market performance in 2020 and beyond. However, the situation continues to develop rapidly, and the influence and severity of the pandemic are constantly evolving. For the very latest insight on COVID-19 and its impact on industries and consumers, at both global and national level, readers can access strategic analysis and updates on www.euromonitor.com and via the Passport system, where new content is being added on a systematic basis.

SOURCES Sources used during the research included the following: Summary 1

Research Sources

Official Sources

Australia Embassy General Statistic Office Hanoi Revenue Office Hochiminh Revenue Office Minh Trang Salon Ministry of Health Ministry of Information

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BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

Ministry of Trade Viet Trade Vietnam Chamber of Commerce & Industry Vietnam Custom Office Vietnam General Statistic Office Vietnam Trade Fair Trade Associations

American Chamber of Commerce Cosmetics, Toiletries & Fragrances  Association (CTFA) Vietnam National Essential Oils, Aromatic & Cosmetics

Trade Press

Beauty Business News Camnangmuasam.com Cosmade.com Cosmetics Magazine Cosmetique News Dep Magazine Online Diendannuochoa.com European Cosmetic Markets Financial Times Forbes Happi Magazine International Cosmetique News Nuoc Hoa Sai Gon Phu Nu Online Newspaper Sai GonTiep Thi Saigon Times Weekly Sify.com Soap Perfumery & Cosmetics South Information Net Thegioidep.vn thitruongnews.com Tuoi Tre Vietnam Agency

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BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

Vietnam Economy News Online Vietnam News vietnamnet.vn Source:

Euromonitor International

© Euromonitor International

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BEAUTY AND PERSONAL CARE IN VIETNAM

BABY AND CHILD-SPECIFIC PRODUCTS IN VIETNAM - CATEGORY  ANALYSIS KEY DATA FINDINGS   Baby and child-specific products continues its ongoing slow growth trend, with higher price sensitivity seen as a result of COVID-19

▪

  Baby and child-specific products sees 5% current value growth in 2020, to reach VND1.6 trillion

▪

  Baby and child-specific products sees 4% volume growth in 2020, to reach 49 million units; overall category unit prices are not noted

▪

  Johnson & Johnson Vietnam Co Ltd maintains its lead in baby and child-specific products in 2020, with 13% company value share

▪

  Baby and child-specific products is expected to see 10% current value CAGR (6% constant 2020 value) over the forecast period, to reach VND2.5 trillion in 2025

▪

2020 IMPACT Ongoing slow growth trend and higher price sensitivity result in suppressed sales Baby and child-specific products continued to see positive growth in 2020, although value and volume growth were slower than seen in 2019. Although the Vietnamese economy was still able to maintain positive performance in 2020, the majority of consumers struggled to t o meet their needs and looked at ways to economise. As such, some consumers switched away from more expensive and specific baby and child-specific products and used cheaper adult products instead, thus creating slower growth rates. That said, baby wipes saw strong growth in 2020, thanks to the ubiquitous nature of such products; whereas baby and child-specific sun care saw the sharpest declines, due to less time spent outdoors and the fact that high factor adult sun care products could be used as substitutes.  Another factor affecting baby and child-specific products is the fact that growth has been slowing over the review period anyway, mainly because of Vietnam’s falling birth rate and rising maturity. According to the Population and Housing report of the General Statistic Office in 2019, the average total fertility rate dropped to 2.09 children per woman in Vietnam  –  – the  the lowest rate from 2009 to 2019. Furthermore, over the forecast period, the fertility rate is predicted to reduce slowly due to busier lifestyles and higher infertility rate among younger people.

New product developments stimulated by rising health awareness trends and enhanced by COVID-19 Despite the depressed growth seen, players were still active in product innovations in 2020, thus to attract consumers’ consumers’ attention and stimulate sales. New products were typically aimed at high-income consumers who are less likely to have been affected by COVID-19-related difficulties. For example, category leader Johnson & Johnson Vietnam Co Ltd launched new

© Euromonitor International

Passport

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BEAUTY AND PERSONAL CARE IN VIETNAM

products in an Aloe Vera Green Tea range in April 2020, with the ingredients selected specifically to keep skin soft and supple, whilst effectively cleaning away more than 99% of bacteria and leaving skin clean and fragrant throughout the day. Due to strong marketing on the antibacterial function, these new products have eased the concerns of Vietnamese parents during the time of COVID-19 and the range was well received. Such products also meet the rising health awareness trend which has been enhanced by the event of COVID-19, but which was noted before the pandemic. The trend was highlighted by various scandals involving products made from toxic chemicals, with an increasing number of Vietnamese mothers preferring to buy natural and organic products imported from developed countries such as Japan, the US, Australia and New Zealand. In the future, demand for these products is predicted to increase gradually, despite higher pricing, following the trend towards ecological goods among Vietnamese consumers. This is helping to fuel interest in pharma baby and child-specific products due to increasing environmental pollution and living standards. In Vietnam, Cetaphil and La Roche Posay are among the few popular pharma brands offering baby and child-specific products.

Johnson & Johnson maintains lead thanks to innovative livestream marketing Johnson & Johnson Vietnam Co Ltd maintained its lead in baby and child-specific products in 2020 and saw small growth in value shares, thanks to the ongoing success of its Johnson’s Baby brand. In particular, Johnson’s Baby Top To Toe remains popular thanks thank s to its affordable price and the convenience of it being an all-in-one style product; plus the new Aloe Vera Green Tea range was very much welcomed by consumers. The player also has strong nationwide distribution and a globally renowned name, thus all helping the company to stay strong during challenging times. Moreover, the player was very active in its marketing activities, such as using livestreaming on social networks such as Facebook or TikTok. This has become a popular marketing method for companies to both raise brand/product awareness, alongside increasing levels of interaction with their customers. For example, during the time of social distancing, Johnson & Johnson cooperated with retailer Webtretho to conduct a livestream concert with the participation of Doctor Quoc Tuong, Hot Mom Nguyen Ai Chau, and MC Tu Trinh. The livestream provided useful knowledge related to protecting babies in the middle of a health crisis and especially focused on the issue of hygiene for children. This style of marketing is not new for Johnson & Johnson as, previously, the company cooperated with the Vietnam Paediatric Association to organise its “Update knowledge of skin care for children with experts” event in Hanoi and Ho Chi Minh City. During this event, leading medical med ical staff updated people on safety standards applied around the world for children’s skin care products and provided a guide to baby bathing and creating a good sleep cycle for Vietnamese mothers. Due to the restrictions created by COVID-19 in 2020, Johnson & Johnson simply applied this style to online platforms, thus to continue its drive to be seen as an upstanding and expert provider of baby and child-specific products.

RECOVERY RECOVER Y AND OPPORTUNITIES Bounceback expected in 2021 as consumer spending power powe r recovers Baby and child-specific products are expected to bounce back in 2021-2022, seeing stronger growth rates in line with the economic recovery of Vietnamese consumers. In particular, baby and child-specific sun care, which saw the steepest decline in 2020, is expected to see the strongest rebound in 2020-2021. Overall, consumers are already becoming more confident in

© Euromonitor International

Passport

18

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

spending on baby and child-specific products and this will reflect in the value growth rates over the forecast period.

Suppressed birth rates ultimately mean lower sales over mid- to longerterm forecast period Over the mid- to longer-term forecast period, however, sales will continue to be somewhat suppressed due to the forecast aging population in Vietnam. Comparably, the high growth rates seen earlier in the review period were attributed to population factors and, with the lower birth rates, this simply means that sales will not be as strong moving forwards  –  – unless  unless there is another baby boom.

Premiumisation trends set to lead innovation, as players focus on ramping up their value sales Due to the population-related volume challenges in baby and child-specific products, players will concentrate on establishing growth in value by focusing on the premium segment. This is expected to drive product innovation over the forecast period, as brands meet the health and wellness trends to cater to middle- and high-income consumers who are willing to pay more for a higher quality of products for their babies, whether that be organic, with natura l ingredients, or more gentle to the skin.

CATEGORY DATA Table 10

Sales of Baby and Child-specific Products by Category: Value 2015-2020

VND billion

Baby and Child-specific Hair Care Baby and Child-specific Skin Care Baby and Child-specific Sun Care Baby and Child-specific Toiletries Baby Wipes Medicated Baby and Child-specific Products Nappy (Diaper) Rash Treatments Baby and Child-specific Products Source:

Table 11 2020

2015

2016

2017

2018

2019

2020

243.1

268.8

289.0

309.2

330.3

343.5

114.4

126.6

136.7

118.8

124.7

127.2

11.6

12.7

13.6

14.5

15.2

10.7

641.0

725.6

794.6

850.2

901.2

946.3

68.3 -

75.4 -

84.0 -

93.1 -

105.0 -

126.9 -

16.2

17.7

19.3

21.2

23.5

25.9

1,094.5

1,226.8

1,337.2

1,406.9

1,499.9

1,580.4

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Sales of Baby and Child-specific Products by Category: % Value Growth 2015-

% current value growth

Baby and Child-specific Hair Care

© Euromonitor International

2019/20

2015-20 CAGR

2015/20 Total

4.0

7.2

41.3

19

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

Baby and Child-specific Skin Care Baby and Child-specific Sun Care Baby and Child-specific Toiletries Baby Wipes Medicated Baby and Child-specific Products Nappy (Diaper) Rash Treatments Baby and Child-specific Products Source:

2.0 -30.0 5.0 20.8 -

2.1 -1.6 8.1 13.2 -

11.1 -7.9 47.6 85.9 -

10.5 5.4

9.8 7.6

59.9 44.4

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 12 2020

Sales of Baby and Child-specific Products by Premium vs Mass: % Value 2015-

% retail value rsp

Mass Premium Total Source:

Table 13 2020

2015

2016

2017

2018

2019

2020

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

NBO Company Shares of Baby and Child-specific Products: % Value 2016-

% retail value rsp Company Johnson & Johnson Vietnam Co Ltd Pigeon Corp Viet My Hoa Phong Co Ltd Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Sanofi-Aventis Vietnam Co Ltd Neo Corporate Co Ltd Diana JSC Dong Hiep Trade & Investment Co Ltd  Actavis International Ltd Kimberly-Clark Vietnam Co Ltd Tai Sun Enterprise Co Ltd Ky Vy Corp Yahon Enterprise Co Ltd Bayer Vietnam Ltd Ontex BVBA Beiersdorf Vietnam Ltd Co  Ascendia Brands Inc Oriflame Vietnam Ltd Bio Consumer Co Ltd  Avon Cosmetics Vietnam Ltd Others

© Euromonitor International

2016

2017

2018

2019

2020

14.5

12.8

12.2

11.6

11.3

6.8 6.8 6.8

6.8 6.9 6.6

6.4 5.9 6.5

6.6 5.9 6.0

6.7 5.7 5.1

1.6

2.7

3.1

3.2

3.4

2.2 1.4 1.5

2.2 1.4 1.5

2.2 1.4 1.5

2.2 1.6 1.6

2.2 1.8 1.8

0.7 0.6

0.7 0.6

0.8 0.6

0.8 0.7

0.8 0.8

0.5 0.5 0.5 0.5 0.3 0.4 0.6 0.0 -

0.5 0.5 0.5 0.5 0.3 0.3 0.2 -

0.6 0.6 0.5 0.5 0.3 0.2 -

0.6 0.6 0.5 0.5 0.4 0.2 -

0.7 0.7 0.6 0.5 0.4 0.1 -

53.8

55.0

56.7

57.1

57.4

20

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Total Source:

Table 14

Passport

100.0

100.0

100.0

100.0

100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Baby and Child-specific Products: % Value 2017-2020

% retail(GBO) value rsp Brand

Company (NBO)

2017

2018

2019

2020

Johnson's Baby (Johnson & Johnson Inc) Pigeon Pureen (Pure Labs Inc) Bübchen (Katjes Group)

Johnson & Johnson Vietnam Co Ltd

11.2

10.7

10.2

9.9

6.8 6.9

6.4 5.9

6.6 5.9

6.7 5.7

-

-

-

5.1

2.7

3.1

3.2

3.4

2.2 1.4 1.5

2.2 1.4 1.5

2.2 1.6 1.6

2.2 1.8 1.8

Actavis International Ltd

0.7

0.8

0.8

0.8

Kimberly-Clark Vietnam Co Ltd Tai Sun Enterprise Co Ltd Yahon Enterprise Co Ltd Bayer Vietnam Ltd Ky Vy Corp Ontex BVBA Ky Vy Corp Beiersdorf Vietnam Ltd Co

0.6

0.6

0.7

0.8

0.5 0.5 0.5 0.4 0.3 0.2 0.3

0.6 0.5 0.5 0.4 0.3 0.2 0.2

0.6 0.5 0.5 0.4 0.4 0.2 0.2

0.7 0.6 0.5 0.5 0.4 0.2 0.1

Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Bübchen-Werk Ewald Hermes Pharmazeutische

-

-

6.0

-

6.6

6.5

-

-

Fabrik GmbH Ascendia Brands Inc Actavis International Ltd

0.2 -

-

-

-

Actavis International Ltd

-

-

-

-

Actavis International Ltd

-

-

-

-

Avon Cosmetics Vietnam Ltd Bio Consumer Co Ltd Oriflame Vietnam Ltd

-

-

-

-

-

-

-

-

56.6 100.0

58.2 100.0

58.5 100.0

58.7 100.0

Lactacyd Milky (Sanofi) D-nee Bobby (Unicharm Corp) Mamamy Sudocrem (Teva Pharmaceutical Industries Ltd) Huggies (KimberlyClark Corp) Unifresh Nuna Bepanthen (Bayer AG) Bino Helen Harper Babilon Nivea Sun for Kids (Beiersdorf AG) Bübchen (Galderma SA)

Bübchen (Nestlé SA)

Lander Sudocrem (Actavis Plc) Sudocrem (Allergan Plc) Sudocrem (Forest Laboratories Inc)  Avon (Avon Products Inc) D-nee Oriflame Baby Care (Oriflame Cosmetics SA) Baby Others Total

© Euromonitor International

Pigeon Corp Viet My Hoa Phong Co Ltd Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Sanofi-Aventis Vietnam Co Ltd Neo Corporate Co Ltd Diana JSC Dong Hiep Trade & Investment Co Ltd

Pigeon Corp Others Total

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Source:

Table 15

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Baby and Child-specific Skin Care: % Value 2017-2020

% retail value rsp Brand (GBO) Bübchen Baby Cream (Katjes Group) Pigeon Baby Lotion Johnson's Baby Oil (Johnson & Johnson Inc) Johnson's Baby Cream (Johnson & Johnson Inc) Johnson's Baby Lotion (Johnson & Johnson Inc) Johnson's Baby Clear Anti-Mosquito (Johnson & Johnson Inc) Bübchen Baby Cream (Galderma SA) Bübchen Baby Cream (Nestlé SA) Pureen Baby Lotion (Pure Labs Inc) Pigeon Baby Oil Lander Baby Lotion  Avon (Avon Products Inc) OK for Kids (Oriflame Cosmetics SA) Others Total Source:

Table 16

Passport

Company (NBO)

2017

2018

2019

2020

-

-

-

35.3

2.6 3.2

3.3 3.7

3.4 3.5

3.5 3.5

Johnson & Johnson Vietnam Co Ltd

2.3

2.7

2.6

2.5

Johnson & Johnson Vietnam Co Ltd

2.2

2.6

2.5

2.5

Johnson & Johnson Vietnam Co Ltd

0.9

1.0

1.0

1.0

-

-

35.3

-

28.1

34.9

-

-

10.3

-

-

-

5.1 1.5 -

-

-

-

-

-

-

-

43.7 100.0

51.8 100.0

51.7 100.0

51.8 100.0

Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Pigeon Corp Johnson & Johnson Vietnam Co Ltd

Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Viet My Hoa Phong Co Ltd Pigeon Corp Ascendia Brands Inc Avon Cosmetics Vietnam Ltd Oriflame Vietnam Ltd

Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Baby and Child-specific Sun Care: % Value 2017-2020

% retail value rsp Brand (GBO) Bübchen Baby Suncare (Katjes Group) Nivea Sun for Kids (Beiersdorf AG) Bübchen Baby Suncare (Galderma SA)

© Euromonitor International

Company (NBO) Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Beiersdorf Vietnam Ltd Co Bübchen-Werk Ewald Hermes Pharmazeutische

2017

2018

2019

2020

-

-

-

23.5

26.4

21.1

19.0

18.8

-

-

26.9

-

22

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Bübchen Baby Suncare (Nestlé SA) Others Total Source:

Passport

Fabrik GmbH Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Others Total

26.8

27.0

-

-

46.8 100.0

51.9 100.0

54.1 100.0

57.8 100.0

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

Table 17 2025

Forecast Sales of Baby and Child-specific Products by Category: Value 2020-

VND billion

Baby and Child-specific Hair Care Baby and Child-specific Skin Care Baby and Child-specific Sun Care Baby and Child-specific Toiletries Baby Wipes Medicated Baby Products and Child-specific Nappy (Diaper) Rash Treatments Baby and Child-specific Products Source:

2020

2021

2022

2023

2024

2025

343.5

358.2

379.6

397.9

409.4

419.2

127.2

135.1

145.8

158.4

169.1

177.2

10.7

15.9

16.4

17.0

17.8

18.8

946.3

977.8

1,017.4

1,066.4

1,112.5

1,153.1

126.9

144.3

165.5

192.1

222.7

259.1

25.9

27.5

29.2

30.9

32.6

34.3

1,580.4

1,659.0

1,753.8

1,862.7

1,964.1

2,061.7

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Table 18 Forecast Sales of Baby and Child-specific Products by Category: % Value Growth 2020-2025 % constant value growth

Baby and Child-specific Hair Care Baby and Child-specific Skin Care Baby and Child-specific Sun Care Baby and Child-specific Toiletries Baby Wipes Medicated Baby and Child-specific Products Nappy (Diaper) Rash Treatments Baby and Child-specific Products Source:

2020/2021

2020-25 CAGR

2020/25 Total

4.3 6.2 49.7 3.3 13.7 -

4.1 6.9 12.1 4.0 15.3 -

22.1 39.3 76.8 21.9 104.1 -

6.2 5.0

5.8 5.5

32.3 30.5

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Table 19 Forecast Sales of Baby and Child-specific Products by Premium vs Mass: % Value 2020-2025 % retail value rsp

© Euromonitor International

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Mass Premium Total Source:

Passport

2020

2021

2022

2023

2024

2025

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

© Euromonitor International

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BEAUTY AND PERSONAL CARE IN VIETNAM

BATH AND SHOWER IN VIETNAM CATEGORY ANALYSIS KEY DATA FINDINGS   Bath and shower benefits from the event of COVID-19, thanks to an uptick in sales of liquid soap and bar soap

▪

  Bath and shower sees 11% current value growth in 2020, to reach VND4.5 trillion

▪

  Bath and shower sees 16% volume growth in 2020, to reach 313 million units; overall category unit prices are not noted

▪

  Unilever Vietnam International Co Ltd maintains its lead in bath and shower in 2020, with 31% company value share

▪

  Bath and shower is expected to see 10% current value CAGR (6% constant 2020 value) over the forecast period, to reach VND7.3 trillion in 2025

▪

2020 IMPACT Bath and shower benefits from an uptick in sales of liquid soap and bar soap, due to the event of COVID-19 Bath and shower benefitted from the event of COVID-19 in 2020, thanks to the strong rise in sales of liquid soap and, to a lesser degree, bar soap. There was also a shortage of these products recorded in the beginning of 2020, as consumers stockpiled. Therefore, customers were only allowed to purchase one unit of liquid soap or hand sanitiser in most supermarkets, hypermarkets and even pharmacies for this period of time. However, as Vietnam has controlled the pandemic well, these sales spikes slowed down in the second half of the year. These was no significant channel shift noted in bath and shower in 2020. Although nationwide social distancing measures were in place in April and July, supermarkets, convenience stores and pharmacies were still allowed to open (only shopping malls, spas, beauty salons and most entertainment centres had to close), thus consumers were able to easily purchase their bath and shower items through these channels – channels  – especially  especially in sub-urban and rural areas. However, a large number of people preferred to stay at home and thus turned to online shopping instead, not only due to caution about the pandemic, but also because of the convenience e-commerce e -commerce offers. However, this boost to online shopping was not significant enough to create c reate a full channel shift in bath and shower.

Leading players focus on hand sanitiser and liquid soap, to meet both domestic demand and export Players have embraced the sub-categories of liquid soap and hand sanitiser, as encouraged by the government in Vietnam. Both local and international companies have been producing more of these products, in order to respond to higher demand. As a result, a large number of companies have invested in producing these goods to both meet domestic demand and export to other countries, especially Western countries such as those in Europe and the USA. Examples of companies following this trend are the leading Unilever Vietnam International Co Ltd, Lixco Group and The Saigon Union of Trading Co-operatives. In addition, such companies

© Euromonitor International

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BEAUTY AND PERSONAL CARE IN VIETNAM

have also been paying more attention to sales through online channels, c hannels, thus to enhance wider distribution. Popular e-commerce channels in Vietnam include Shopee, Lazada and Tiki, alongside players’ players’ own websites, and also through the popular mobile application, GrabMart.

Unilever maintains its lead and grows its it s shares, as the environment is about to get even more competitive Unilever Vietnam International Co Ltd maintained its lead in bath and shower in 2020, along with growing its shares. The player holds a strong position thanks to its dynamic marketing activities, robust financial capacity and ongoing product innovation. For example, the player launched a new range of bath and shower gel products under its popular Hazeline range, which contain natural ingredients such as Matcha & Pomegranates, Yuzu & Cherry and Oats & Strawberry and which offer whitening properties. The trend for natural ingredients is expected to continue across the forecast period, with health and wellness (alongside hygiene) enhanced by the event of COVID-19. Since Vietnam signed various fair trade agreements (FTAs) with developed countries like South Korea, Japan and Australia over the review period, the environment is predicted p redicted to become more competitive due to the appearance of new international players. Among those countries, players from South Korea are predicted to penetrate strongly due to the widespread popularity of K-pop culture. Local players thus continue to account for only a small share of total sales within bath and shower, due to limited financial capabilities. In order to compete with foreign brands, large and small local companies have started to pay attention to developing natural and organic products. For example, Win Beauty White MTV has been very successful with its herbal intimate washes in the last two years and has proven popular among Vietnamese consumers.

RECOVERY RECOVER Y AND OPPORTUNITIES Healthy growth set to continue, stimulated by higher standards of personal hygiene alongside ongoing product innovation Bath and shower is expected to continue seeing healthy growth in both value and volume terms over the forecast period. Whilst sales are expected to slow down from the spikes seen in 2020, the heightened awareness of personal hygiene as a result of COVID-19 will continue to drive sales. Moreover, both local and international companies such as Unilever, Procter & Gamble Vietnam Ltd and AmorePacific Vietnam JSC, are expected to keep launching new bath and shower products such as those containing natural ingredients and/or those offering intensive treatments. Such ongoing innovation will be important for players to attract consumer attention, since the category has reached a level of maturity due to the lower birth rates in the country.

Sales of hand sanitiser slowing down, but will continue due to requirements of sanitiser stations in public places  As Vietnam has controlled the event of COVID-19 well well thus far, consumers are feeling safe in the country and are not maintaining their habits of using hand sanitiser so s o frequently as they did at the start of the pandemic. However, public places such as offices, coffee shops, restaurants, shopping malls and supermarkets are required to have hand sanitiser dispensers placed at the entrance and check-in counter, thus the demand for said product will continue over the short- to mid-term forecast period due to this factor, albeit at a slower growth rate than seen in 2020.

© Euromonitor International

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Passport

E-commerce will continue to grow grow,, boosted by online discount promotions Consumers are expected to retain their online shopping habits over the forecast period, thanks to the convenience it offers alongside the rapid developments in delivery services. In addition, daily marketing events launched by e-commerce players such as Shopee, Lazada and Tiki, continue to attract consumers with discounts of 20% to 50%, thus appealing to the current price-sensitivity along with catering to rising demand for online shopping.

CATEGORY DATA Table 20

Sales of Bath and Shower by Category: Value 2015-2020

VND billion 2015

2016

2017

2018

2019

2020

Bar Soap Bath Additives Body Powder Body Wash/Shower Gel Intimate Hygiene - Intimate Washes - Intimate Wipes

715.4 35.8 1,941.3 135.0 135.0 -

774.0 32.2 2,108.4 202.9 202.9 -

816.8 30.9 2,286.7 348.2 348.2 -

831.8 30.8 2,469.7 390.0 390.0 -

859.0 30.6 2,643.5 430.9 430 .9 430.9 -

1,072.9 29.1 2,775.7 456.8 456.8 -

Liquid Soap Bath and Shower

60.1 2,887.5

67.3 3,184.7

75.0 3,557.7

83.5 3,805.7

92.1 4,056.1

147.3 4,481.8

Source:

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 21

Sales of Bath and Shower by Category: % Value Growth 2015-2020

% current value growth 2019/20

2015-20 CAGR

2015/20 Total

Bar Soap Bath Additives Body Powder Body Wash/Shower Gel Intimate Hygiene - Intimate Washes

24.9 -5.0 5.0 6.0 6.0

8.4 -4.1 7.4 27.6 27.6

50.0 -18.7 43.0 238.5 238.5

- Intimate Wipes Liquid Soap Bath and Shower

60.0 10.5

19.6 9.2

145.1 55.2

Source:

Euromonitor International International from official official statistics, statistics, trade associations, trade press, press, company research, store checks, trade interviews, trade sources

Table 22

Sales of Bath and Shower by Premium vs Mass: % Value 2015-2020

% retail value rsp

Mass Premium Total

© Euromonitor International

2015

2016

2017

2018

2019

2020

97.5 2.5 100.0

97.4 2.6 100.0

97.3 2.7 100.0

97.2 2.8 100.0

97.1 2.9 100.0

97.0 3.0 100.0

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BEAUTY AND PERSONAL CARE IN VIETNAM

Source:

Table 23

Passport

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

NBO Company Shares of Bath and Shower: % Value 2016-2020

% retail value rsp Company

2016

2017

2018

2019

2020

Unilever Vietnam International Co Ltd Unza Vietnam Co Ltd International Consumer Products Co Ltd Hoa Linh Pharma Co Ltd Sanofi-Aventis Vietnam Co Ltd Dai Viet Huong Trading Manufacturing Co Ltd Viet My Group Procter & Gamble Vietnam Ltd Gia Dinh Comestic Co Ltd Henkel Vietnam Co Ltd Body Shop (Vietnam) Co Ltd, The

30.0

28.5

27.6

27.7

30.5

13.2 8.1

12.2 7.7

11.6 7.8

11.5 7.6

10.9 7.1

3.8 1.9

6.1 3.0

6.5 3.1

6.9 3.2

6.7 3.0

2.7

2.9

3.0

3.0

2.8

5.0 1.8

3.4 1.9

3.1 1.8

2.8 1.8

2.4 2.4

1.8 1.2 1.2

1.9 1.3 1.3

1.7 1.3 1.5

1.6 1.2 1.5

1.5 1.2 1.2

LG Vina Cosmetics Co Ltd Johnson & Johnson Vietnam Co Ltd 3Ri Chemical Co Ltd DKSH Vietnam Co Ltd  Amway Vietnam Ltd Kao Vietnam Ltd Beiersdorf Vietnam Ltd Co Khobates Industries Sdn Bhd Oral-B (Vietnam) Ltd Oriflame Vietnam Ltd Nu Skin Vietnam Co Ltd Hals Group Colgate-Palmolive (Vietnam) Co Ltd Pigeon Corp  Ascendia Brands Inc

2.6 1.4

2.1 1.2

1.7 1.1

1.4 1.0

1.2 0.9

0.4 0.6 0.6 0.8 0.1 0.2

0.4 0.5 0.5 0.6 0.1 0.2

0.4 0.5 0.4 0.4 0.1 0.2

0.4 0.5 0.5 0.4 0.1 0.2

0.5 0.5 0.4 0.3 0.2 0.2

0.2 0.9 0.0 0.1 0.3

0.2 0.9 0.1 0.1 0.1

0.2 0.8 0.1 0.1 0.1

0.2 0.5 0.1 0.1 0.0

0.1 0.1 0.1 0.1 0.0

0.0 0.0

0.0 0.0

0.0 -

0.0 -

0.0 -

Saigon Cosmetics Corp Daso Group  Avon Cosmetics Vietnam Ltd Others Total

0.2 0.2 -

-

-

-

-

20.7 100.0

23.0 100.0

24.9 100.0

25.7 100.0

25.7 100.0

2019

2020

Source:

Table 24

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Bath and Shower: % Value 2017-2020

% retail value rsp Brand (GBO)

© Euromonitor International

Company (NBO)

2017

2018

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Lifebuoy (Unilever Group) X-Men (Marico Ltd) Enchanteur (Wipro Ltd) Da Huong Hazeline (Unilever Group) Lactacyd (Sanofi) E100 Thebol Safeguard (Procter & Gamble Co, The) Romano (Wipro Ltd) Gervenne (Wipro Ltd) Dove (Unilever Group) Familiar The Body Shop (Natura&Co) Double Rich (LG Household & Health Care Ltd) Coast (High Ridge Brands Co) Dr Clean Camay (Unilever Group) Johnson's Baby (Johnson & Johnson Inc) Lux (Unilever Group) G&H (Amway Corp) Bioré (Kao Corp) Dial (Henkel AG & Co KGaA) Fa (Henkel AG & Co KGaA) Johnson's pH 5.5 (Johnson & Johnson Inc) Eucerin (Beiersdorf  AG) Fruiser Gillette Series (Procter & Gamble Co, The) Oriflame (Oriflame Cosmetics SA) Carefree (Johnson & Johnson Inc) Others Total Source:

Unilever Vietnam International Co Ltd International Consumer Products Co Ltd Unza Vietnam Co Ltd

Passport

22.0

21.8

22.1

25.4

7.7

7.8

7.6

7.1

7.8

7.3

7.3

6.9

6.1 3.7

6.5 3.5

6.9 3.5

6.7 3.3

3.0

3.1

3.2

3.0

2.9

3.0

3.0

2.8

3.4 1.9

3.1 1.8

2.8 1.8

2.4 2.4

2.5 1.9 1.9

2.4 1.9 1.7

2.4 1.9 1.6

2.3 1.7 1.5

1.9 1.3

1.7 1.5

1.6 1.5

1.5 1.2

2.1

1.7

1.4

1.2

Henkel Vietnam Co Ltd

0.7

0.7

0.7

0.7

3Ri Chemical Co Ltd DKSH Vietnam Co Ltd

0.4 0.5

0.4 0.5

0.4 0.5

0.5 0.5

Johnson & Johnson Vietnam Co Ltd

0.6

0.6

0.6

0.5

Unilever Vietnam International Co Ltd Amway Vietnam Ltd Kao Vietnam Ltd Henkel Vietnam Co Ltd

0.9

0.6

0.5

0.4

0.5 0.6 0.3

0.4 0.4 0.3

0.5 0.4 0.3

0.4 0.3 0.3

Henkel Vietnam Co Ltd

0.3

0.3

0.3

0.3

Johnson & Johnson Vietnam Co Ltd

0.3

0.3

0.3

0.3

-

0.1

0.1

0.2

Khobates Industries Sdn Bhd Oral-B (Vietnam) Ltd

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.1

Oriflame Vietnam Ltd

0.9

0.8

0.5

0.1

Johnson & Johnson Vietnam Co Ltd Others Total

0.2

0.2

0.2

0.1

23.3 100.0

25.2 100.0

26.1 100.0

25.9 100.0

Hoa Linh Pharma Co Ltd Unilever Vietnam International Co Ltd Sanofi-Aventis Vietnam Co Ltd Dai Viet Huong Trading Manufacturing Co Ltd Viet My Group Procter & Gamble Vietnam Ltd Unza Vietnam Co Ltd Unza Vietnam Co Ltd Unilever Vietnam International Co Ltd Gia Dinh Comestic Co Ltd Body Shop (Vietnam) Co Ltd, The LG Vina Cosmetics Co Ltd

Beiersdorf Vietnam Ltd Co

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

© Euromonitor International

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Table 25

Passport

Forecast Sales of Bath and Shower by Category: Value 2020-2025

VND billion

Bar Soap Bath Additives Body Powder Body Wash/Shower Gel Intimate Hygiene - Intimate Washes - Intimate Wipes Liquid Soap Bath and Shower Source:

2020

2021

2022

2023

2024

2025

1,072.9 29.1 2,775.7 456.8 456.8 147.3 4,481.8

1,163.1 28.2 2,948.7 494.1 494.1 184.9 4,818.9

1,210.1 27.3 3,181.5 530.7 530.7 213.8 5,163.3

1,245.1 26.4 3,396.1 566.5 566.5 236.4 5,470.5

1,269.0 25.7 3,608.2 601.9 601 .9 601.9 254.6 5,759.4

1,281.2 25.1 3,799.0 636.6 636.6 269.3 6,011.1

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Table 26

Forecast Sales of Bath and Shower by Category: % Value Growth 2020-2025

% constant value growth

Bar Soap Bath Additives Body Powder Body Wash/Shower Gel Intimate Hygiene - Intimate Washes - Intimate Wipes Liquid Soap Bath and Shower Source:

2020/2021

2020-25 CAGR

2020/25 Total

8.4 -3.2 6.2 8.2 8.2 25.5 7.5

3.6 -2.9 6.5 6.9 6.9 12.8 6.0

19.4 -13.9 36.9 39.4 39.4 82.8 34.1

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Table 27

Forecast Sales of Bath and Shower by Premium vs Mass: % Value 2020-2025

% retail value rsp

Mass Premium Total Source:

2020

2021

2022

2023

2024

2025

97.0 3.0 100.0

96.9 3.1 100.0

96.7 3.3 100.0

96.6 3.4 100.0

96.5 3.5 100.0

96.4 3.6 100.0

Euromonitor International International from trade associations associations,, trade press, company company research, research, trade interviews, trade sources

© Euromonitor International

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BEAUTY AND PERSONAL CARE IN VIETNAM

COLOUR COSMETICS IN VIETNAM CATEGORY ANALYSIS KEY DATA FINDINGS   Colour cosmetics sees declines due to social distancing, stay at home measures, and face coverings due to COVID-19

▪

  Colour cosmetics sees 9% current value decline in 2020, to reach VND3.5 trillion

▪

  Colour cosmetics sees 12% volume decline in 2020, to reach 54 million units; overall category unit prices are not noted

▪

  L'Oréal Vietnam Co Ltd maintains its lead in colour cosmetics in 2020, with 14% company value share

▪

  Colour cosmetics is expected to see 14% current value CAGR (10% constant 2020 value) over the forecast period, to reach VND6.9 trillion in 2025

▪

2020 IMPACT Colour cosmetics sees declines due to social distancing, stay at home measures and face coverings Colour cosmetics saw declines in both value and volume in 2020, due to the nationwide social distancing measures applied by the government in April and July. In addition to these months, most people stayed and worked at home for much of the year (especially noted after Tet Holiday in February), leading to fewer social events and, therefore, a lower need for cosmetics overall. Moreover, since the Vietnamese government requested that people wear face masks in public areas since the middle of March 2002, this made certain colour cosmetics c osmetics even more redundant. Not surprisingly, out of all declining sub-categories, premium other lip products saw the steepest declines, due to both the t he higher prices and the fact that people’s mouths are covered by face masks, thus there is no reason to apply lipstick. On the other hand, mass powder and mass eye liner/pencil saw the smallest declines, due to powder being more of a ubiquitous product and a stronger focus on eyes emerging due to the fact that much of the rest of the face is covered with a mask.

Digital marketing, livestreaming and e-commerce leading the way in developments In the review period, digital marketing became a significant channel for leading companies to advertise their products and increase brand reputation, alongside building stronger levels of interaction with customers. Example companies embracing this method include Shiseido Cosmetics Vietnam Co Ltd, Estée Lauder Vietnam Co Ltd, L'Oréal Vietnam Co Ltd and  AmorePacific Vietnam JSC. Facebook and TikTok have become popular social media channels, with players using livestreams to attract attention. For example, Shiseido runs livestreams with make-up artists and skin care experts, thus to offer beauty and skin care advise and also introduce its products to consumers. In line with the online advertising and promotions p romotions trends, e-commerce is also booming for colour cosmetics and, in 2020, the channel saw by far the fastest growth rate, especially

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BEAUTY AND PERSONAL CARE IN VIETNAM

compared with many other channels which saw declines. E-commerce players often offer discounts of up-to-50%, thus appealing to price-sensitive consumers who still stil l wish to treat themselves to beauty products. In fact, colour cosmetics is cited as one of the top five products sold via e-commerce platforms, with Shopee and Lazada cited as the two most popular online shopping websites in Vietnam. In addition to the rapid and robust development of e-commerce, beauty specialist retailers are also seeing a boom in popularity, with more new players appearing in this channel. Examples include Beauty Box, Beauty Garden, and Nuty. The growth of this channel will also help the recovery of colour cosmetics post-pandemic.

L'Oréal Vietnam Co maintains top company places due to global strengths, but competition is fierce within brands L'Oréal Vietnam Co Ltd maintained its company lead in colour cosmetics in 2020, thanks to the strength of its global brands such as Maybelline Maybelli ne New York, Shu Uemura, Lancôme and L'Oréal Paris. However, in brand terms, The Face Shop (LG Vina Cosmetics Co Ltd) and Shiseido (Shiseido Cosmetics Vietnam Co Ltd) pip Maybelline New York to the top places. However, competition is very strong in brand terms. South Korean companies continue to expand in Vietnam. Demand for South Korean cosmetics has grown rapidly among younger people, as K-pop has become a beauty standard. For example as seen with the Innisfree brand from AmorePacific Vietnam JSC. This trend is expected to continue for the foreseeable future, as K-pop culture continues to attract younger consumers alongside the fact such brands typically carry an affordable price tag. Despite premium colour cosmetics all seeing declines in value growth in 2020, it is expected that demand will rise for premium brands again over the forthcoming period as the Vietnamese economy recovers from its dip. According to the World Bank report in 2019, Vietnam currently has the fastest growing middle and upper income groups in Southeast Asian, with these populations set to double in the next three years thanks to better economic performance. As a result, demand for premium brands is expected to grow strongly.

RECOVERY RECOVER Y AND OPPORTUNITIES Healthy bounceback expected, with growth for both premium and mass segments Over the forecast period, colour cosmetic is predicted to bounce back and record healthy growth, in both mass and premium segments. This will be supported due to how well the government has handled the event of COVID-19, thus assisting the economy to recover in a shorter timeframe. There is also a growing awareness of colour cosmetics brands and trends in Vietnam, with an increasing number of consumers willing to spend more on premium products in order to access the higher quality and “must “must--have” products. products. Furthermore, the rapid development of e-commerce and beauty specialist retailers will be a significant factor contributing to the growth rate of colour cosmetics over the forecast period.

Competition set to heat up further further,, with new international players and strong digital marketing Thanks to its successful pandemic control, Vietnam has become attractive for international brands such as AprilSkin, G.G.G, etc to enter in the next five years, especially those from South Korea and Japan. These brands are expected to focus on large cities to start, such as Hanoi and Ho Chi Minh, due to higher living standards and significant populations. Meanwhile, leading companies such as L'Oréal, Shiseido and Estée Lauder will continue to invest in online

© Euromonitor International

Passport

32

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

platforms, both e-commerce channels of their own and those of third-party players, such as Sociolla, and those which lend themselves well to digital marketing. For example, as seen with the increase in Facebook interaction with consumers and the trend for livestreams with make-up artists and influencers. Overall, the competitive landscape of colour co lour cosmetics is expected to be fierce for both new and existing companies over the forecast period.

Lip products set to bounce back strongly, with the fastest growth rates in 2002-2021  Among colour cosmetics, pre-pandemic, lipstick had been a popular choice for most Vietnamese female consumers, as it is easy to use for quick make-up. Therefore, leading companies such as Shisedo and L'Oréal have launched various new lipsticks with new colours, in order to attract customers. Moreover, players typically launch promotional events with discounts of up-to-30% on e-commerce websites such as Lazada, Tiki and Shopee, in order to help stimulate new product awareness. The fashion for lip products is expected to return strongly, with lips products showing the strongest growth rates in colour cosmetics in 20202021. This trend is expected to continue over the forecast period.

CATEGORY DATA Table 28

Sales of Colour Cosmetics by Category: Value 2015-2020

VND billion

Eye Make-Up - Eye Liner/Pencil -- Premium Eye Liner/ Pencil -- Mass Eye Liner/Pencil - Eye Shadow -- Premium Eye Shadow -- Mass Eye Shadow - Mascara -- Premium Mascara -- Mass Mascara - Other Lash and Brow Make-Up -- Premium Other Lash and Brow Make-Up -- Mass Other Lash and Brow Make-Up Facial Make-Up - BB/CC Creams -- Premium BB/CC Creams -- Mass BB/CC Creams - Blusher/Bronzer/ Highlighter -- Premium Blusher/ Bronzer/Highlighter -- Mass Blusher/Bronzer/ Highlighter - Foundation/Concealer -- Premium Foundation/ Concealer -- Mass Foundation/

© Euromonitor International

2015

2016

2017

2018

2019

2020

412.6 240.6 106.4

459.4 270.8 119.1

506.8 300.6 132.3

558.0 333.1 146.5

609.1 365.6 160.9

559.6 337.3 136.8

134.2 88.4 39.1 49.3 83.6 37.0 46.6 -

151.7 96.3 42.3 54.0 92.3 41.0 51.3 -

168.4 105.0 46.2 58.8 101.1 45.2 55.9 -

186.5 114.3 50.5 63.8 110.6 49.8 60.8 -

204.6 123.9 55.3 68.6 119.7 54.2 65.5 -

200.5 111.7 48.6 63.1 110.5 47.7 62.9 -

-

-

-

-

-

-

-

-

-

-

-

-

895.3 210.0 99.9 110.1 90.5

1,059.3 274.5 136.9 137.6 102.3

1,236.4 343.3 173.9 169.4 115.3

1,392.2 392.0 188.7 203.3 128.2

1,575.4 464.8 224.8 239.9 141.2

1,468.2 422.8 206.8 215.9 130.0

43.1

48.7

54.9

61.7

68.8

61.9

47.4

53.6

60.4

66.5

72.4

68.0

341.2 162.4

382.2 181.8

427.5 203.5

472.2 226.9

517.9 250.5

481.8 230.5

178.8

200.4

224.0

245.3

267.4

251.3

33

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Concealer - Powder -- Premium Powder -- Mass Powder - Other Facial Make-Up -- Premium Other Facial Make-Up -- Mass Other Facial Make-Up Lip Products - Lip Gloss -- Premium Lip Gloss -- Mass Lip Gloss - Lip Liner/Pencil -- Premium Lip Liner/ Pencil -- Mass Lip Liner/Pencil - Lipstick -- Premium Lipstick -- Mass Lipstick - Other Lip Products -- Premium Other Lip Products -- Mass Other Lip Products Nail Products - Nail Polish -- Premium Nail Polish -- Mass Nail Polish - Nail Treatments/ Strengthener -- Premium Nail Treatments/Strengthener -- Mass Nail Treatments/ Strengthener - Polish Remover -- Premium Polish Remover -- Mass Polish Remover - Other Nail Products -- Premium Other Nail Products -- Mass Other Nail Products Colour Cosmetics Sets/ Kits - Premium Colour Cosmetics Sets/Kits - Mass Colour Cosmetics Sets/Kits Colour Cosmetics Source:

Passport

253.6 120.7 132.9 -

300.2 142.8 157.4 -

350.3 166.7 183.6 -

399.9 193.4 206.5 -

451.5 222.3 229.2 -

433.6 209.0 224.6 -

-

-

-

-

-

-

808.8 58.8 35.1 23.7 76.3 35.2

932.3 64.8 39.7 25.1 84.1 39.8

1,074.9 70.8 44.4 26.4 92.0 44.6

1,261.9 76.2 48.7 27.6 100.2 49.7

1,501.9 85.2 55.5 29.7 114.2 57.5

1,348.1 71.7 44.8 26.9 95.1 44.9

41.1 665.5 418.9 246.6 8.2 4.1

44.4 774.1 499.1 275.0 9.3 4.7

47.5 901.6 595.8 305.8 10.5 5.2

50.6 1,073.9 734.5 339.4 11.6 5.8

56.7 1,287.0 894.5 392.5 15.5 7.9

50.1 1,170.2 823.7 346.6 11.1 5.2

4.1

4.7

5.2

5.8

7.6

5.9

79.1

88.6

99.1

110.8

124.4

111.7

70.5 70.5 -

78.9 78.9 -

88.3 88.3 -

98.9 98.9 -

111.2 111.2 -

100.1 100.1 -

-

-

-

-

-

-

-

-

-

-

-

-

8.6 8.6 -

9.6 9.6 -

10.8 10.8 -

12.0 12.0 -

13.2 13.2 -

11.6 11.6 -

-

-

-

-

-

-

19.3

24.9

34.0

41.8

48.6

44.8

2.3

3.2

4.2

5.3

6.2

4.9

17.0

21.7

29.8

36.5

42.4

39.8

2,215.1

2,564.5

2,951.1

3,364.7

3,859.3

3,532.3

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

Table 29

Sales of Colour Cosmetics by Category: % Value Growth 2015-2020

% current value growth

Eye Make-Up

© Euromonitor International

2019/20

2015-20 CAGR

2015/20 Total

-8.1

6.3

35.6

34

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

- Eye Liner/Pencil -- Premium Eye Liner/Pencil -- Mass Eye Liner/Pencil - Eye Shadow -- Premium Eye Shadow -- Mass Eye Shadow - Mascara -- Premium Mascara

-7.7 -15.0 -2.0 -9.8 -12.0 -8.0 -7.6 -12.0

7.0 5.2 8.4 4.8 4.5 5.1 5.8 5.2

40.2 28.6 49.4 26.4 24.5 28.0 32.3 29.0

-- Mass Mascara - Other Lash and Brow Make-Up -- Premium Other Lash and Brow Make-Up -- Mass Other Lash and Brow Make-Up Facial Make-Up - BB/CC Creams -- Premium BB/CC Creams -- Mass BB/CC Creams - Blusher/Bronzer/Highlighter -- Premium Blusher/Bronzer/Highlighter -- Mass Blusher/Bronzer/Highlighter - Foundation/Concealer -- Premium Foundation/Concealer -- Mass Foundation/Concealer - Powder -- Premium Powder -- Mass Powder - Other Facial Make-Up

-4.0 -6.8 -9.0 -8.0 -10.0 -7.9 -10.0 -6.0 -7.0 -8.0 -6.0 -4.0 -6.0 -2.0 -

6.2 10.4 15.0 15.7 14.4 7.5 7.5 7.5 7.1 7.3 7.0 11.3 11.6 11.1 -

34.8 64.0 101.3 107.0 96.2 43.7 43.9 43.5 41.2 41.9 40.6 71.0 73.1 69.0 -

-- Premium Other Facial Make-Up -- Mass Other Facial Make-Up Lip Products - Lip Gloss -- Premium Lip Gloss -- Mass Lip Gloss - Lip Liner/Pencil -- Premium Lip Liner/Pencil -- Mass Lip Liner/Pencil - Lipstick -- Premium Lipstick -- Mass Lipstick - Other Lip Products -- Premium Other Lip Products -- Mass Other Lip Products Nail Products - Nail Polish -- Premium Nail Polish

-10.2 -15.9 -19.2 -9.7 -16.7 -21.8 -11.5 -9.1 -7.9 -11.7 -28.3 -34.0 -22.6 -10.2 -10.0 -

10.8 4.0 5.0 2.5 4.5 5.0 4.1 11.9 14.5 7.0 6.4 5.0 7.7 7.1 7.3 -

66.7 21.8 27.7 13.2 24.6 27.6 22.1 75.8 96.6 40.5 36.2 27.4 45.0 41.2 42.1 -

-- Mass Nail Polish - Nail Treatments/Strengthener -- Premium Nail Treatments/Strengthener -- Mass Nail Treatments/Strengthener - Polish Remover -- Premium Polish Remover -- Mass Polish Remover - Other Nail Products -- Premium Other Nail Products -- Mass Other Nail Products Colour Cosmetics Sets/Kits - Premium Colour Cosmetics Sets/Kits - Mass Colour Cosmetics Sets/Kits Colour Cosmetics

-10.0 -12.0 -12.0 -7.8 -20.0 -6.0 -8.5

7.3 6.1 6.1 18.3 16.3 18.6 9.8

42.1 34.4 34.4 131.7 112.4 134.4 59.5

Source:

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, press, company company research, research, store checks, trade interviews, trade sources

© Euromonitor International

35

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Table 30

NBO Company Shares of Colour Cosmetics: % Value 2016-2020

% retail value rsp Company L'Oréal Vietnam Co Ltd Estée Lauder Vietnam Co Ltd LG Vina Cosmetics Co Ltd Shiseido Cosmetics Vietnam Co Ltd  AmorePacific Vietnam JSC Chanel SA Revlon Inc MOI Cosmetics Co Ltd Christian Dior SA, Parfums Nippon Menard Cosmetic Co Ltd Make Up For Ever Co Ltd Bourjois SA Oriflame Vietnam Ltd Unilever Vietnam International Co Ltd Clarins SA Kanebo Cosmetics Inc Yves Rocher SA International Minh Viet Co Ltd Body Shop (Vietnam) Co Ltd, The Saigon Cosmetics Corp Etude Corp Naris Cosmetics Co Ltd Missha Vietnam Co Ltd  Avon Cosmetics Vietnam Ltd Others Total Source:

Table 31

Passport

2016

2017

2018

2019

2020

14.6 13.8

14.7 14.2

15.0 14.3

15.0 13.9

13.9 13.5

13.2 14.8

13.4 14.6

13.3 13.1

12.8 11.8

12.9 11.5

1.6 5.0 5.0 1.7

2.3 5.0 4.8 1.7

5.1 5.1 4.6 0.9 1.7

5.6 5.2 4.3 1.9 1.7

5.6 5.2 4.5 2.0 1.6

1.7

1.5

1.4

1.3

1.4

2.0 1.0 3.7 0.7

1.7 1.0 3.7 0.7

1.3 0.9 3.5 0.7

1.1 0.8 2.8 0.6

1.0 0.8 0.7 0.6

0.8 0.6 0.4 0.4

0.7 0.6 0.4 0.4

0.7 0.5 0.4 0.3

0.6 0.5 0.4 0.3

0.6 0.5 0.4 0.3

0.4

0.4

0.3

0.3

0.3

0.3 1.3 0.2 0.1 -

0.3 0.3 0.2 0.1 -

0.3 0.2 0.2 0.1 -

0.2 0.2 0.2 0.1 -

0.2 0.2 0.2 0.1 -

16.8 100.0

17.4 100.0

16.0 100.0

18.3 100.0

21.9 100.0

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, press, company company research, research, store checks, trade interviews, trade sources

LBN Brand Shares of Colour Cosmetics: % Value 2017-2020

% retail value rsp Brand (GBO) The Face Shop (LG Household & Health Care Ltd) Shiseido (Shiseido Co Ltd) Maybelline New York (L'Oréal Groupe) Mac (Estée Lauder Cos Inc)

© Euromonitor International

Company (NBO) LG Vina Cosmetics Co Ltd

Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd Estée Lauder Vietnam Co Ltd

2017

2018

2019

2020

9.7

9.8

9.4

9.5

11.6

10.3

9.2

8.9

9.1

9.3

9.3

8.5

8.0

8.5

8.5

8.4

36

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

Chanel Revlon Innisfree (AmorePacific Corp) Shu Uemura (L'Oréal Groupe) M.O.I Clinique (Estée

Chanel SA Revlon Inc AmorePacific Vietnam JSC

5.0 4.8 0.6

5.1 4.6 3.1

5.2 4.3 3.6

5.2 4.5 3.7

L'Oréal Vietnam Co Ltd

2.1

2.2

2.3

2.3

MOI Cosmetics Co Ltd Estée Lauder Vietnam Co

2.2

0.9 2.2

1.9 2.1

2.0 2.0

Lauder Cos Inc) Za (Shiseido Co Ltd)

Ltd Shiseido Cosmetics Vietnam Co Ltd Estée Lauder Vietnam Co Ltd LG Vina Cosmetics Co Ltd

2.3

2.1

2.0

1.9

2.3

2.1

2.0

1.8

2.0

1.9

1.8

1.7

Christian Dior SA, Parfums

1.7

1.7

1.7

1.6

L'Oréal Vietnam Co Ltd

1.7

1.7

1.7

1.6

L'Oréal Vietnam Co Ltd

1.8

1.7

1.7

1.5

Nippon Menard Cosmetic Co Ltd LG Vina Cosmetics Co Ltd

1.5

1.4

1.3

1.4

1.4

1.4

1.4

1.4

AmorePacific Vietnam JSC

1.1

1.4

1.4

1.4

Estée Lauder Vietnam Co Ltd Make Up For Ever Co Ltd

1.6

1.5

1.4

1.2

1.7

1.3

1.1

1.0

Bourjois SA Shiseido Cosmetics Vietnam Co Ltd Oriflame Vietnam Ltd

1.0 0.7

0.9 0.7

0.8 0.7

0.8 0.7

3.7

3.5

2.8

0.7

Unilever Vietnam International Co Ltd Clarins SA AmorePacific Vietnam JSC

0.7

0.7

0.6

0.6

0.7 0.6

0.7 0.6

0.6 0.6

0.6 0.6

Kanebo Cosmetics Inc Yves Rocher SA International Minh Viet Co Ltd Others Total

0.6 0.4 0.4

0.5 0.4 0.3

0.5 0.4 0.3

0.5 0.4 0.3

18.9 100.0

17.3 100.0

19.5 100.0

23.1 100.0

Bobbi Brown (Estée Lauder Cos Inc) Lacvert Essance (LG Household & Health Care Ltd) Dior (LVMH Moët Hennessy Louis Vuitton SA) Lancôme (L'Oréal Groupe) L'Oréal Paris (L'Oréal Groupe) Menard O HUI (LG Household & Health Care Ltd) Laneíge (AmorePacific Corp) Estée Lauder (Estée Lauder Cos Inc) Make Up For Ever (LVMH Moët Hennessy Louis Vuitton SA) Bourjois (Coty Inc) Nars (Shiseido Co Ltd) Oriflame (Oriflame Cosmetics SA) Pond's (Unilever Group) Clarins Sulwhasoo (AmorePacific Corp) Kanebo (Kao Corp) Yves Rocher Kaila Others Total Source:

Table 32

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Eye Make-up: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

2017

2018

2019

2020

Maybelline New York

L'Oréal Vietnam Co Ltd

10.2

10.7

11.3

10.2

© Euromonitor International

37

 

BEAUTY AND PERSONAL CARE IN VIETNAM

(L'Oréal Groupe) Shiseido (Shiseido Co Ltd) Revlon The Face Shop (LG Household & Health Care Ltd) Chanel

11.5

10.7

10.0

9.2

5.3 4.8

5.4 4.7

5.4 4.5

6.9 5.1

Chanel SA

4.4

4.6

4.9

4.8

Christian Dior SA, Parfums

3.5

3.7

3.9

3.8

Estée Lauder Vietnam Co Ltd Nippon Menard Cosmetic Co Ltd Shiseido Cosmetics Vietnam Co Ltd AmorePacific Vietnam JSC

5.0

3.9

3.3

3.2

2.2

2.2

2.1

2.4

2.2

2.2

2.1

2.2

0.3

1.5

1.7

1.7

Make Up For Ever Co Ltd

2.4

2.0

1.6

1.5

LG Vina Cosmetics Co Ltd

1.4

1.3

1.3

1.3

Naris Cosmetics Co Ltd

1.1

1.1

1.1

1.2

Nars (Shiseido Co Ltd) Estée Lauder (Estée Lauder Cos Inc) Clarins M.O.I Oriflame (Oriflame Cosmetics SA) Bobbi Brown (Estée Lauder Cos Inc) Lancôme (L'Oréal Groupe) Clinique (Estée Lauder Cos Inc) L'Oréal Paris (L'Oréal Groupe) Shu Uemura (L'Oréal Groupe)

Shiseido Cosmetics Vietnam Co Ltd Estée Lauder Vietnam Co Ltd Clarins SA MOI Cosmetics Co Ltd Oriflame Vietnam Ltd

0.9

0.9

1.0

1.0

1.2

1.2

1.2

0.9

1.0 4.7

1.0 0.3 4.6

0.9 0.7 3.6

0.9 0.9 0.8

Estée Lauder Vietnam Co Ltd L'Oréal Vietnam Co Ltd

1.0

0.9

1.0

0.8

0.8

0.9

0.9

0.8

Estée Lauder Vietnam Co Ltd L'Oréal Vietnam Co Ltd

0.8

0.9

0.9

0.8

0.8

0.8

0.8

0.7

L'Oréal Vietnam Co Ltd

0.6

0.7

0.7

0.7

Lacvert Essance (LG Household & Health Care Ltd) Etude (AmorePacific Corp) The Body Shop (Natura&Co)  Avon Colour (Avon Products Inc) The Body Shop (L'Oréal Groupe) Others Total

LG Vina Cosmetics Co Ltd

0.6

0.6

0.6

0.7

Etude Corp

0.5

0.5

0.5

0.4

Body Shop (Vietnam) Co Ltd, The Avon Cosmetics Vietnam Ltd Body Shop (Vietnam) Co Ltd, The Others Total

0.4

0.4

0.3

0.3

-

-

-

-

-

-

-

-

32.1 100.0

32.5 100.0

33.8 100.0

36.8 100.0

Dior (LVMH Moët Hennessy Louis Vuitton SA) Mac (Estée Lauder Cos Inc) Menard Za (Shiseido Co Ltd) Innisfree (AmorePacific Corp) Make Up For Ever (LVMH Moët Hennessy Louis Vuitton SA) VOV Eye (LG Household & Health Care Ltd) Naris

Source:

Shiseido Cosmetics Vietnam Co Ltd Revlon Inc LG Vina Cosmetics Co Ltd

Passport

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

© Euromonitor International

38

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Table 33

Passport

LBN Brand Shares of Facial Make-up: % Value 2017-2020

% retail value rsp Brand (GBO) The Face Shop (LG Household & Health Care Ltd) Shiseido (Shiseido Co Ltd) Maybelline New York (L'Oréal Groupe) Innisfree (AmorePacific Corp) Mac (Estée Lauder Cos Inc) Chanel Revlon Clinique (Estée Lauder Cos Inc) Lacvert Essance (LG Household & Health Care Ltd) O HUI (LG Household & Health Care Ltd) Za (Shiseido Co Ltd) Laneíge (AmorePacific Corp) Lancôme (L'Oréal Groupe) Menard L'Oréal Paris (L'Oréal Groupe) Bobbi Brown (Estée Lauder Cos Inc) Pond's BB+Cream (Unilever Group) M.O.I Shu Uemura (L'Oréal Groupe) Make Up For Ever (LVMH Moët Hennessy Louis Vuitton SA) Dior (LVMH Moët Hennessy Louis Vuitton SA) Estée Lauder (Estée Lauder Cos Inc) Oriflame (Oriflame Cosmetics SA) Nars (Shiseido Co Ltd) Sulwhasoo BB/CC cream (AmorePacific Corp) Kaila

© Euromonitor International

Company (NBO)

2017

2018

2019

2020

LG Vina Cosmetics Co Ltd

15.2

15.9

15.8

15.9

Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd

12.3

11.2

10.7

10.3

7.0

7.2

7.4

6.6

AmorePacific Vietnam JSC

1.0

5.1

6.1

6.0

Estée Lauder Vietnam Co Ltd Chanel SA Revlon Inc Estée Lauder Vietnam Co Ltd LG Vina Cosmetics Co Ltd

5.2

5.6

5.9

5.7

4.2 4.3 3.6

4.3 4.1 3.7

4.5 3.8 3.5

4.5 3.9 3.5

3.3

3.1

2.9

2.9

LG Vina Cosmetics Co Ltd

2.8

2.8

2.8

2.8

Shiseido Cosmetics Vietnam Co Ltd AmorePacific Vietnam JSC

2.4

2.3

2.2

2.2

1.5

1.8

1.9

1.8

L'Oréal Vietnam Co Ltd

1.8

1.9

1.9

1.8

Nippon Menard Cosmetic Co Ltd L'Oréal Vietnam Co Ltd

1.8

1.6

1.5

1.7

1.8

1.8

1.8

1.6

Estée Lauder Vietnam Co Ltd Unilever Vietnam International Co Ltd MOI Cosmetics Co Ltd L'Oréal Vietnam Co Ltd

2.1

1.9

1.8

1.6

1.7

1.6

1.5

1.5

1.2

0.4 1.4

1.1 1.4

1.4 1.3

Make Up For Ever Co Ltd

2.2

1.7

1.3

1.2

Christian Dior SA, Parfums

1.1

1.1

1.1

1.1

Estée Lauder Vietnam Co Ltd Oriflame Vietnam Ltd

1.3

1.3

1.1

1.1

5.6

5.4

4.3

0.9

Shiseido Cosmetics Vietnam Co Ltd AmorePacific Vietnam JSC

0.8

0.9

0.9

0.8

0.7

0.7

0.8

0.8

International Minh Viet Co Ltd

0.9

0.8

0.7

0.7

39

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

Kanebo (Kao Corp) Sulwhasoo Foundation (AmorePacific Corp) The Body Shop (Natura&Co) Missha BB/CC (Able C&C Co Ltd)

Kanebo Cosmetics Inc AmorePacific Vietnam JSC

0.7 0.7

0.6 0.7

0.6 0.6

0.6 0.6

Body Shop (Vietnam) Co Ltd, The Missha Vietnam Co Ltd

0.3

0.3

0.3

0.3

0.3

0.3

0.2

0.2

Others Total

Others Total

12.4 100.0

8.7 100.0

9.7 100.0

14.7 100.0

Source:

Table 34

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

LBN Brand Shares of Lip Products: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

2017

2018

2019

2020

Mac (Estée Lauder Cos Inc) Maybelline New York (L'Oréal Groupe) Shiseido (Shiseido Co Ltd)

Estée Lauder Vietnam Co Ltd L'Oréal Vietnam Co Ltd

13.7

14.7

14.2

14.6

10.9

11.1

10.8

9.9

Shiseido Cosmetics Vietnam Co Ltd

12.3

10.4

8.3

8.2

Chanel Shu Uemura (L'Oréal Groupe) Revlon M.O.I Bobbi Brown (Estée Lauder Cos Inc) The Face Shop (LG Household & Health Care Ltd) Lancôme (L'Oréal Groupe) L'Oréal Paris (L'Oréal Groupe) Bourjois (Coty Inc) Za (Shiseido Co Ltd)

Chanel SA L'Oréal Vietnam Co Ltd

6.9 4.0

6.8 4.1

6.7 4.1

6.7 4.4

Revlon Inc MOI Cosmetics Co Ltd Estée Lauder Vietnam Co Ltd LG Vina Cosmetics Co Ltd

4.5 3.4

4.2 1.8 3.0

3.9 3.6 2.8

3.6 3.4 2.7

3.1

2.9

2.6

2.2

L'Oréal Vietnam Co Ltd

2.3

2.2

2.0

1.9

L'Oréal Vietnam Co Ltd

2.3

2.2

2.0

1.9

Bourjois SA Shiseido Cosmetics Vietnam Co Ltd Estée Lauder Vietnam Co

2.3 2.4

2.1 2.1

1.8 1.9

1.8 1.7

2.4

2.1

1.8

1.7

1.4

1.7

1.7

1.6

Christian Dior SA, Parfums

1.7

1.6

1.6

1.4

Clarins SA Estée Lauder Vietnam Co Ltd Yves Rocher SA LG Vina Cosmetics Co Ltd

1.5 1.6

1.4 1.5

1.3 1.3

1.3 1.2

1.2 1.5

1.1 1.4

1.1 1.3

1.1 1.1

AmorePacific Vietnam JSC

0.2

0.9

1.0

1.0

Nippon Menard Cosmetic Co Ltd

1.1

1.0

0.9

0.9

Estée Lauder (Estée Lauder Cos Inc) Laneíge (AmorePacific Corp) Dior (LVMH Moët Hennessy Louis Vuitton SA) Clarins Clinique (Estée Lauder Cos Inc) Couleurs Nature Lacvert Essance (LG Household & Health Care Ltd) Innisfree (AmorePacific Corp) Menard

© Euromonitor International

Ltd AmorePacific Vietnam JSC

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Kanebo (Kao Corp) O HUI (LG Household & Health Care Ltd) Make Up For Ever (LVMH Moët Hennessy Louis Vuitton SA) Nars (Shiseido Co Ltd)

Kanebo Cosmetics Inc LG Vina Cosmetics Co Ltd

0.8 0.8

0.8 0.7

0.7 0.6

0.7 0.7

Make Up For Ever Co Ltd

0.9

0.8

0.7

0.6

Shiseido Cosmetics Vietnam Co Ltd

0.6

0.6

0.6

0.6

Oriflame (Oriflame Cosmetics SA) The Body Shop (Natura&Co) Etude (AmorePacific Corp)  Avon Colour (Avon Products Inc) Others Total

Oriflame Vietnam Ltd

1.3

1.2

1.0

0.4

Body Shop (Vietnam) Co Ltd, The Etude Corp

0.4

0.4

0.3

0.3

0.3

0.2

0.2

0.2

Avon Cosmetics Vietnam Ltd Others Total

-

-

-

-

14.4 100.0

15.0 100.0

19.4 100.0

22.1 100.0

Source:

Euromonitor International International from official official statistics, statistics, trade associations, trade press, press, company research, store checks, trade interviews, trade sources

Table 35

LBN Brand Shares of Nail Products: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

2017

2018

2019

2020

The Face Shop (LG Household & Health Care Ltd) Innisfree (AmorePacific Corp) Revlon Maybelline New York (L'Oréal Groupe) Saigon Bourjois (Coty Inc) Oriflame (Oriflame Cosmetics SA) L'Oréal Paris (L'Oréal Groupe) Bourjois (Chanel SA) Others

LG Vina Cosmetics Co Ltd

42.4

41.7

40.5

39.7

AmorePacific Vietnam JSC

2.7

13.4

15.6

16.0

Revlon Inc L'Oréal Vietnam Co Ltd

13.0 12.9

13.1 12.2

12.9 11.0

13.2 10.2

Saigon Cosmetics Corp Bourjois SA Oriflame Vietnam Ltd

6.5 4.0 2.5

6.2 3.9 2.4

5.7 3.8 2.1

5.5 3.8 1.4

L'Oréal Vietnam Co Ltd

2.1

-

-

-

13.8

7.1

8.4

10.4

Total

Total

100.0

100.0

100.0

100.0

Source:

Table 36

Bourjois SA Others

Euromonitor International International from official statistics, statistics, trade associations, trade press, company research, research, store checks, trade interviews, trade sources

LBN Brand Shares of Premium Colour Cosmetics: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

2017

2018

2019

2020

Shiseido (Shiseido Co Ltd) Mac (Estée Lauder Cos Inc) Chanel Shu Uemura (L'Oréal

Shiseido Cosmetics Vietnam Co Ltd Estée Lauder Vietnam Co Ltd Chanel SA L'Oréal Vietnam Co Ltd

22.6

19.7

17.2

16.8

15.6

16.2

15.9

16.0

9.7 4.0

9.7 4.2

9.8 4.3

9.8 4.4

© Euromonitor International

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Groupe) Clinique (Estée Lauder Cos Inc) Bobbi Brown (Estée Lauder Cos Inc) Dior (LVMH Moët Hennessy Louis Vuitton SA) Lancôme (L'Oréal Groupe) O HUI (LG Household & Health Care Ltd) Laneíge (AmorePacific Corp) Estée Lauder (Estée Lauder Cos Inc) Make Up For Ever (LVMH Moët Hennessy Louis Vuitton SA) Nars (Shiseido Co Ltd) Clarins Kanebo (Kao Corp) Menard Sulwhasoo BB/CC cream (AmorePacific Corp) Sulwhasoo Foundation (AmorePacific Corp) Naris Others Total Source:

Passport

Estée Lauder Vietnam Co Ltd Estée Lauder Vietnam Co Ltd Christian Dior SA, Parfums

4.3

4.2

3.9

3.8

4.4

4.0

3.7

3.4

3.3

3.2

3.1

3.0

L'Oréal Vietnam Co Ltd

3.4

3.3

3.2

3.0

LG Vina Cosmetics Co Ltd

2.8

2.7

2.6

2.7

AmorePacific Vietnam JSC

2.2

2.7

2.7

2.6

Estée Lauder Vietnam Co Ltd Make Up For Ever Co Ltd

3.2

2.9

2.6

2.3

3.2

2.6

2.0

1.9

Shiseido Cosmetics Vietnam Co Ltd Clarins SA Kanebo Cosmetics Inc Nippon Menard Cosmetic Co Ltd AmorePacific Vietnam JSC

1.4

1.4

1.4

1.4

1.4 1.1 0.7

1.3 1.0 0.7

1.2 0.9 0.6

1.2 1.0 0.7

0.6

0.6

0.6

0.6

AmorePacific Vietnam JSC

0.6

0.5

0.5

0.5

0.4 15.0 100.0

0.4 18.8 100.0

0.3 23.6 100.0

0.4 24.5 100.0

Naris Cosmetics Co Ltd Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 37

Forecast Sales of Colour Cosmetics by Category: Value 2020-2025

VND billion

Eye Make-Up - Eye Liner/Pencil -- Premium Eye Liner/ Pencil -- Mass Eye Liner/Pencil - Eye Shadow -- Premium Eye Shadow -- Mass Eye Shadow - Mascara -- Premium Mascara -- Mass Mascara - Other Lash and Brow Make-Up -- Premium Other Lash and Brow Make-Up -- Mass Other Lash and Brow Make-Up

© Euromonitor International

2020

2021

2022

2023

2024

2025

559.6 337.3 136.8

627.9 378.2 165.1

671.3 404.5 179.7

707.2 425.7 190.1

738.5 443.9 199.3

765.8 460.0 207.2

200.5 111.7 48.6 63.1 110.5 47.7 62.9 -

213.0 127.4 57.3 70.1 122.3 54.3 68.0 -

224.7 137.2 62.9 74.3 129.6 57.6 72.1 -

235.6 145.6 67.8 77.9 135.9 60.3 75.5 -

244.6 153.2 72.3 80.8 141.5 62.7 78.8 -

252.9 159.5 76.3 83.2 146.3 64.5 81.8 -

-

-

-

-

-

-

-

-

-

-

-

-

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BEAUTY AND PERSONAL CARE IN VIETNAM

Facial Make-Up - BB/CC Creams -- Premium BB/CC Creams -- Mass BB/CC Creams - Blusher/Bronzer/ Highlighter -- Premium Blusher/ Bronzer/Highlighter -- Mass Blusher/Bronzer/ Highlighter - Foundation/Concealer -- Premium Foundation/ Concealer -- Mass Foundation/ Concealer - Powder -- Premium Powder -- Mass Powder - Other Facial Make-Up -- Premium Other Facial Make-Up -- Mass Other Facial Make-Up Lip Products - Lip Gloss -- Premium Lip Gloss -- Mass Lip Gloss - Lip Liner/Pencil -- Premium Lip Liner/ Pencil -- Mass Lip Liner/Pencil - Lipstick -- Premium Lipstick -- Mass Lipstick - Other Lip Products -- Premium Other Lip Products -- Mass Other Lip Products Nail Products - Nail Polish -- Premium Nail Polish -- Mass Nail Polish - Nail Treatments/ Strengthener -- Premium Nail Treatments/Strengthener -- Mass Nail Treatments/ Strengthener - Polish Remover -- Premium Polish Remover -- Mass Polish Remover - Other Nail Products -- Premium Other Nail Products -- Mass Other Nail Products Colour Cosmetics Sets/ Kits - Premium Colour Cosmetics Sets/Kits

© Euromonitor International

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1,468.2 422.8 206.8 215.9 130.0

1,654.7 499.9 249.7 250.2 144.2

1,803.5 567.1 283.8 283.3 154.1

1,943.6 638.1 319.4 318.7 162.3

2,084.1 714.7 357.7 357.0 169.3

2,223.4 796.7 399.7 397.0 175.1

61.9

70.6

76.2

80.6

84.4

87.8

68.0

73.6

78.0

81.7

84.9

87.3

481.8 230.5

525.4 256.0

556.5 276.2

579.3 292.2

598.8 306.2

614.2 316.5

251.3

269.4

280.3

287.1

292.6

297.7

433.6 209.0 224.6 -

485.1 242.2 243.0 -

525.8 268.3 257.5 -

564.0 294.1 269.9 -

601.2 321.0 280.3 -

637.5 349.1 288.3 -

-

-

-

-

-

-

1,348.1 71.7 44.8

1,659.4 81.9 52.8

1,841.7 85.2 54.9

2,034.1 87.3 56.5

2,240.6 89.1 57.9

2,459.2 90.6 59.0

26.9 95.1 44.9

29.0 109.3 55.1

30.2 114.3 58.4

30.8 118.2 61.2

31.2 121.5 63.6

31.5 124.7 65.9

50.1 1,170.2 823.7 346.6 11.1 5.2

54.2 1,455.5 1,045.2 410.3 12.7 6.4

55.9 1,629.0 1,198.2 430.8 13.2 6.7

57.0 1,815.0 1,365.4 449.5 13.6 7.0

58.0 2,016.0 1,549.2 466.8 14.0 7.2

58.8 2,229.8 1,747.3 482.5 14.2 7.3

5.9

6.3

6.5

6.7

6.8

6.9

111.7 100.1 100.1 -

131.9 118.0 118.0 -

143.5 128.4 128.4 -

154.7 138.6 138.6 -

165.6 148.5 148.5 -

176.6 158.5 158.5 -

-

-

-

-

-

-

-

-

-

-

-

-

11.6 11.6 -

14.0 14.0 -

15.1 15.1 -

16.1 16.1 -

17.1 17.1 -

18.1 18.1 -

-

-

-

-

-

-

44.8

48.6

54.0

58.8

63.0

66.8

4.9

5.5

6.2

6.9

7.6

8.2

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BEAUTY AND PERSONAL CARE IN VIETNAM

- Mass Colour Cosmetics Sets/Kits Colour Cosmetics Source:

Table 38

Passport

39.8

43.1

47.7

51.9

55.4

58.6

3,532.3

4,122.5

4,514.0

4,898.4

5,291.9

5,691.8

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Forecast Sales of Colour Cosmetics by Category: % Value Growth 2020-2025

% constant value growth 2020/2021

2020-25 CAGR

2020/25 Total

Eye Make-Up - Eye Liner/Pencil -- Premium Eye Liner/Pencil -- Mass Eye Liner/Pencil - Eye Shadow -- Premium Eye Shadow -- Mass Eye Shadow - Mascara -- Premium Mascara -- Mass Mascara - Other Lash and Brow Make-Up -- Premium Other Lash and Brow Make-Up -- Mass Other Lash and Brow Make-Up

12.2 12.1 20.7 6.2 14.0 17.8 11.1 10.7 14.0 8.2 -

6.5 6.4 8.7 4.7 7.4 9.4 5.7 5.8 6.2 5.4 -

36.8 36.4 51.5 26.1 42.7 56.8 31.8 32.3 35.2 30.2 -

Facial Make-Up - BB/CC Creams -- Premium BB/CC Creams -- Mass BB/CC Creams - Blusher/Bronzer/Highlighter -- Premium Blusher/Bronzer/Highlighter -- Mass Blusher/Bronzer/Highlighter - Foundation/Concealer -- Premium Foundation/Concealer -- Mass Foundation/Concealer - Powder -- Premium Powder -- Mass Powder - Other Facial Make-Up -- Premium Other Facial Make-Up -- Mass Other Facial Make-Up Lip Products - Lip Gloss

12.7 18.3 20.7 15.9 10.9 14.0 8.2 9.0 11.1 7.2 11.9 15.9 8.2 23.1 14.2

8.7 13.5 14.1 12.9 6.1 7.2 5.1 5.0 6.5 3.4 8.0 10.8 5.1 12.8 4.8

51.4 88.4 93.3 83.8 34.7 41.7 28.4 27.5 37.3 18.4 47.0 67.1 28.4 82.4 26.3

-- Premium Lip Gloss -- Mass Lip Gloss - Lip Liner/Pencil -- Premium Lip Liner/Pencil -- Mass Lip Liner/Pencil - Lipstick -- Premium Lipstick -- Mass Lipstick - Other Lip Products -- Premium Other Lip Products -- Mass Other Lip Products Nail Products - Nail Polish -- Premium Nail Polish -- Mass Nail Polish - Nail Treatments/Strengthener -- Premium Nail Treatments/Strengthener

17.8 8.2 15.0 22.7 8.2 24.4 26.9 18.4 14.2 22.7 6.8 18.1 17.8 17.8 -

5.7 3.3 5.6 8.0 3.2 13.8 16.2 6.8 5.0 7.0 3.2 9.6 9.6 9.6 -

31.6 17.5 31.2 46.6 17.3 90.5 112.1 39.2 27.9 40.3 16.9 58.1 58.3 58.3 -

© Euromonitor International

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BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

-- Mass Nail Treatments/Strengthener - Polish Remover -- Premium Polish Remover -- Mass Polish Remover - Other Nail Products -- Premium Other Nail Products -- Mass Other Nail Products Colour Cosmetics Sets/Kits

20.7 20.7 8.5

9.3 9.3 8.3

56.2 56.2 49.1

- Premium Colour Cosmetics Sets/Kits - Mass Colour Cosmetics Sets/Kits Colour Cosmetics

11.1 8.2 16.7

10.7 8.0 10.0

66.2 47.0 61.1

Source:

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

45

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BEAUTY AND PERSONAL CARE IN VIETNAM

DEODORANTS IN VIETNAM CATEGORY ANALYSIS KEY DATA FINDINGS   Deodorants sees slower growth due to lower levels of social interaction and activity due to COVID-19

▪

  Deodorants sees 5% current value growth in 2020, to reach VND2.2 trillion

▪

  Deodorants sees 4% volume growth in 2020, to reach 44 million units; overall category unit prices are not noted

▪

  Beiersdorf Vietnam Ltd Co maintains its lead in deodorants in 2020, with 48% company value share

▪

  Deodorants is expected to see 12% current value CAGR (7% constant 2020 value) over the forecast period, to reach VND3.9 trillion in 2025

▪

2020 IMPACT Deodorants sees slower growth due to lower levels of social interaction and activity due to COVID-19 Deodorants continued to show positive growth in 2020, albeit at lower levels than seen in 2019. This is due to lower levels of social interaction and activity during the time of COVID-19. In April and July 2020, the government in Vietnam decided to close cl ose most entertainment locations such as shopping malls, spas and bars, and requested people limit their public activities. Large numbers of employees also worked remotely from home during this period of time. Travelling between cities and provinces was also restricted. Therefore, due to the overall lower levels of movement, deodorants were not required to the same levels of volume and thus decreased as a general trend. Deodorant rolls-ons and deodorant sticks performed similarly well, with deodorant sprays seeing similar albeit slightly smaller value growth. Deodorants which offer long-lasting fragrances also remained popular in 2020.

E-commerce and Facebook marketing prove to be strong routes to sale During the nationwide social distancing measure period, supermarkets, hypermarkets and convenience stores were still allowed to open. However, an increasing number of people living in big cities such as Hanoi and Ho Chi Minh Mi nh still preferred to stay at home out of caution and a nd turned to e-commerce channels due to the level of convenience it i t provided. Therefore, the sale value of e-commerce platforms such as Shopee, Lazada and Tiki increased in 2020, compared to the previous period. In addition to e-commerce per se, Grab also launched its new service named GrabMart in 2020, which enabled consumers to buy on-demand items for home-delivery via the Grab app. Deodorants is one of the categories which lends itself well to online shopping for essentials, alongside pre-packaged food, medical, and a number other beauty and personal care products. Digital marketing, as seen in other areas of beauty and personal care, is also relevant in deodorants. In 2020, Facebook was evaluated as the most popular social network for companies to approach customers, due to a reported 68 million Facebook users active by the

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© Euromonitor International

 

BEAUTY AND PERSONAL CARE IN VIETNAM

end of 2020. Therefore, this social network has become an effective channel for leading companies to advertise their products and enhance brand reputation. For example, Unilever Vietnam International Co Ltd, with its popular Axes brand, created mini games on its Facebook fan page to increase interaction with customers. Besides this, companies are also focusing on expanding their distribution networks, not only on e-commerce platforms, but also to offline channels such as beauty specialist retailers or convenience stores in rural areas. Therefore, this prevented the category from declining further.

Beiersdorf Vietnam maintains its lead due to strength of its Nivea brand Beiersdorf Vietnam Ltd Co maintained its lead in deodorants in 2020, thanks to its top Nivea and Nivea Men brands. The player was also one of the first manufacturers to launch deodorant products in Vietnam, with an extensive distribution network and strong investment in marketing also helping the company maintain its leadership. Over the forecast period, Beiersdorf Vietnam is expected to maintain its leading position in deodorants. The company is likely to expand its distribution network to reach out to rural consumers and will also need to run more advertisements on television channels and online media to raise awareness of the benefits of its products. Over the forecast period, Beiersdorf Vietnam will continue to grow at a healthy rate due to its focus on dynamic marketing activities and innovative products. Overall, international players will continue to dominate sales due to their greater capacity to invest in distribution and marketing. Since Vietnam signed various fair trade agreements (FTAs) with developed countries such as South Korea, Japan and Australia over the review period, the environment is expected to become more competitive due to the appearance of new international players.

RECOVERY RECOVER Y AND OPPORTUNITIES Ongoing healthy growth expected, despite maturing of category Deodorants is a relatively mature category in Vietnam. However, healthy growth is still expected over the forecast period, thanks to the strength of the economy and higher living standards. Indeed, according to General Statistic Office report in December 2020, the Vietnam economy was predicted to record a positive growth rate of 2% by the end of o f 2020 and continue to increase by 6% in 2021, mainly thanks to various niche regulations conducted by government to help the economy recover. This factor will help to increase consumer spending and contribute to the growth rate of beauty and personal care over the forecast period.

Sprays expected to see strongest growth due to double benefit of pleasant scents Deodorant sprays is expected to record the fastest growth in value and volume terms over the forecast period, as the format offers convenience and a long-lasting long-las ting scent throughout the day. On the other hand, this rising demand for deodorant sprays will have a negative impact on the sales of deodorant rolls-ons, despite the latter having very strong penetration and distribution across the country. This is because Vietnamese consumers perceive perfumed deodorant products as offering more value because they bring more than one benefit, compared to traditional deodorant products.

Growth in e-commerce is set to continue over forecast period E-commerce will continue to grow across the forecast period, as consumers have become used to online shopping and have embraced it for the convenience c onvenience it brings. As such,

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BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

companies such as Unilever Vietnam International Co Ltd and International Consumer Products Co Ltd (Marico Ltd internationally) are expected to increasingly focus on e-commerce platforms, with promotional campaigns, percentage discounts, and free gift giveaways, in order to stimulate sales.

CATEGORY DATA Table 39

Sales of Deodorants by Category: Value 2015-2020

VND billion

Deodorant Creams Deodorant Pumps Deodorant Roll-Ons Deodorant Sprays Deodorant Sticks Deodorant Wipes Deodorants Source:

2015

2016

2017

2018

2019

2020

856.8 351.7 17.3 1,225.7

994.8 408.6 18.5 1,421.8

1,198.8 473.0 20.2 1,692.0

1,342.6 548.7 22.0 1,913.3

1,482.7 639.2 24.1 2,146.0

1,556.8 664.8 25.3 2,246.9

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 40

Sales of Deodorants by Category: % Value Growth 2015-2020

% current value growth

Deodorant Creams Deodorant Pumps Deodorant Roll-Ons Deodorant Sprays Deodorant Sticks Deodorant Wipes Deodorants Source:

2019/20

2015-20 CAGR

2015/20 Total

5.0 4.0 5.0 4.7

12.7 13.6 7.9 12.9

81.7 89.0 46.4 83.3

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 41

Sales of Deodorants by Premium vs Mass: % Value 2015-2020

% retail value rsp

Mass Premium Total Source:

Table 42

2015

2016

2017

2018

2019

2020

93.3 6.7 100.0

93.2 6.8 100.0

93.1 6.9 100.0

93.0 7.0 100.0

92.9 7.1 100.0

92.9 7.1 100.0

2019

2020

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

NBO Company Shares of Deodorants: % Value 2016-2020

% retail value rsp Company

2016

2017

2018

48

© Euromonitor International

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

Beiersdorf Vietnam Ltd Co Unilever Vietnam International Co Ltd Unza Vietnam Co Ltd International Consumer Products Co Ltd Nu Skin Vietnam Co Ltd Coty Inc Oral-B (Vietnam) Ltd Oriflame Vietnam Ltd  Amway Vietnam Ltd  Aloe Trading Co Ltd Lana Cosmetics Henkel Vietnam Co Ltd Church & Dwight Co Inc Osotspa Co Ltd Procter & Gamble Vietnam Ltd Revlon Inc  Avon Cosmetics Vietnam Ltd Others Total Source:

Table 43

41.8 15.1

43.4 17.9

45.5 17.7

46.9 17.5

48.4 17.6

11.1 11.2

11.1 10.0

11.2 9.4

10.9 9.2

11.2 8.6

1.2

1.6

2.5

2.9

3.1

0.7 0.4 1.5 0.3 0.1 0.1 1.8 0.1 0.1 0.1

0.7 0.4 1.9 0.2 0.1 0.1 1.0 0.1 0.1 0.1

0.7 0.4 1.9 0.2 0.1 0.0 0.4 0.0 -

0.6 0.4 1.4 0.2 0.1 0.0 -

0.6 0.4 0.3 0.2 0.0 0.0 -

0.1 -

0.0 -

-

-

-

14.2 100.0

11.5 100.0

10.1 100.0

9.9 100.0

9.5 100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Deodorants: % Value 2017-2020

% retail value rsp Brand (GBO) Nivea (Beiersdorf AG) Nivea Men Deodorant (Beiersdorf AG) Enchanteur (Wipro Ltd) X-Men (Marico Ltd) Nivea Men (Beiersdorf AG)  Axe (Unilever Group) Rexona Women (Unilever Group) Dove (Unilever Group) Nu Skin (Nu Skin Enterprises Inc) Rexona Deodorant For Men (Unilever Group) Romano (Wipro Ltd) adidas Gillette (Procter & Gamble Co, The) Oriflame (Oriflame Cosmetics SA) Body Series (Amway

Company (NBO)

2017

2018

2019

2020

Beiersdorf Vietnam Ltd Co Beiersdorf Vietnam Ltd Co

21.9 15.7

23.4 15.9

23.9 16.3

25.2 16.6

9.9

10.1

9.9

10.2

10.0

9.4

9.2

8.6

5.6

6.1

6.5

6.6

5.5

5.8

6.1

6.2

6.4

6.1

5.8

5.8

3.7

3.6

3.6

3.6

1.6

2.5

2.9

3.1

Unilever Vietnam International Co Ltd

2.3

2.2

2.0

1.9

Unza Vietnam Co Ltd Coty Inc Oral-B (Vietnam) Ltd

1.2 0.7 0.4

1.1 0.7 0.4

1.0 0.6 0.4

1.0 0.6 0.4

Oriflame Vietnam Ltd

1.4

1.3

1.0

0.3

Amway Vietnam Ltd

0.2

0.2

0.2

0.2

Unza Vietnam Co Ltd International Consumer Products Co Ltd Beiersdorf Vietnam Ltd Co Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd Nu Skin Vietnam Co Ltd

49

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Corp) Nivea Deodorant (Beiersdorf AG) Forever Aloe Ever Shield (Forever Living Products International LLC) Oriflame Men (Oriflame Cosmetics SA) Lana (Lana Cosmetics SAE) Fa For Women (Henkel AG & Co KGaA) Fa Men (Henkel AG & Co KGaA) 12 Plus Lady's Choice Old Spice (Procter & Gamble Co, The) Gent  Avon (Avon Products Inc) Others Total Source:

Beiersdorf Vietnam Ltd Co

0.1

0.1

0.1

0.1

Aloe Trading Co Ltd

0.1

0.1

0.1

0.0

Oriflame Vietnam Ltd

0.6

0.5

0.4

0.0

Lana Cosmetics

0.1

0.0

0.0

0.0

Henkel Vietnam Co Ltd

0.4

0.2

-

-

Henkel Vietnam Co Ltd

0.6

0.2

-

-

Osotspa Co Ltd Church & Dwight Co Inc Procter & Gamble Vietnam Ltd Revlon Inc Avon Cosmetics Vietnam Ltd Others Total

0.1 0.1 0.0

-

-

-

0.0 -

-

-

-

11.6 100.0

10.1 100.0

9.9 100.0

9.5 100.0

Euromonitor International International from official official statistics, statistics, trade associations, trade press, press, company research, store checks, trade interviews, trade sources

Table 44

LBN Brand Shares of Premium Deodorants: % Value 2017-2020

% retail value rsp Brand (GBO) Nu Skin (Nu Skin Enterprises Inc) Others Total Source:

Passport

Company (NBO)

2017

2018

2019

2020

Nu Skin Vietnam Co Ltd

23.1

36.2

41.4

43.5

76.9 100.0

63.8 100.0

58.6 100.0

56.5 100.0

Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 45

Forecast Sales of Deodorants by Category: Value 2020-2025

VND billion

Deodorant Creams Deodorant Pumps Deodorant Roll-Ons Deodorant Sprays Deodorant Sticks Deodorant Wipes Deodorants Source:

2020

2021

2022

2023

2024

2025

1,556.8 664.8 25.3 2,246.9

1,638.8 757.6 26.3 2,422.8

1,712.9 875.8 28.4 2,617.2

1,779.0 1,002.2 30.7 2,812.0

1,838.8 1,141.9 32.8 3,013.6

1,895.4 1,285.4 34.9 3,215.7

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Table 46

Passport

Forecast Sales of Deodorants by Category: % Value Growth 2020-2025

% constant value growth

Deodorant Creams Deodorant Pumps Deodorant Roll-Ons Deodorant Sprays Deodorant Sticks Deodorant Wipes Deodorants Source:

2020/2021

2020-25 CAGR

2020/25 Total

5.3 14.0 4.3 7.8

4.0 14.1 6.7 7.4

21.7 93.4 38.1 43.1

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Table 47

Forecast Sales of Deodorants by Premium Vs Mass: % Value 2020-2025

% retail value rsp

Mass Premium Total Source:

2020

2021

2022

2023

2024

2025

92.9 7.1 100.0

92.9 7.1 100.0

92.8 7.2 100.0

92.8 7.2 100.0

92.8 7.2 100.0

92.8 7.2 100.0

Euromonitor International from trade associations, trade press, company research, research, trade interviews, trade sourcesInternational

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DEPILATORIES IN VIETNAM CATEGORY ANALYSIS KEY DATA FINDINGS   Depilatories sees smaller growth due to fewer grooming occasions as a result of COVID-19

▪

  Depilatories sees 4% current value growth in 2020, to reach VND17.9 billion

▪

  Depilatories sees 1% volume growth in 2020, to reach 300,000 units; overall category unit prices are not noted

▪

  Reckitt Benckiser Group Plc (RB) maintains its significant lead in depilatories in 2020, with 36% company value share

▪

  Depilatories is expected to see 10% current value CAGR (6% constant 2020 value) over the forecast period, to reach VND28.3 billion in 2025

▪

2020 IMPACT Growth slows down due to fewer grooming occasions as A result of COVID-19 Depilatories saw smaller growth in 2020 than compared to previous years. This is due to nationwide social distancing leading to fewer dressing up and grooming occasions, as people were spending more time at home. As such, in a similar way seen in deodorants, depilatories was also negatively affected. Also as noted in other beauty and personal care categories, sales of depilatories shifted from physical brick and mortar stores to online channels. Therefore, sales of depilatories through platforms such as Tiki and Lazada increased to a notable degree during this time.

Rising trend for hair removal services through spas poses an ongoing threat Whilst the closures of spas due to COVID-19 in 2020 slowed down this trend, the overall rising prominence of permanent hair removal services in spas and beauty salons s alons poses a threat to the development of depilatories through consumer channels. Also, due to the high number of such services appearing, competition is strong within the spas and beauty salons too, with average prices of the service being pushed down through numerous promotions. Therefore, this is ultimately leading to a lesser demand for consumer-bought depilatories in the Vietnam.

Reckitt Benckiser Group maintains strong lead in highly fragmented category Reckitt Benckiser Group Plc (RB) maintained its significant lead in depilatories in 2020, beyond which the category is highly fragmented with the ma jority of shares in “others”. “others”. The player offers a wide portfolio and, whilst its products tend to be more expensive than many other brands, consumers are willing to pay a higher price for quality and safety. In addition, the company benefits from the most comprehensive distribution network for its depilatories, as its products are present in the most popular retailing channels, from supermarkets, hypermarkets and convenience stores to e-commerce. Over the forecast period, Reckitt Benckiser is expected

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to retain its leading position thanks to its strong foundation, including its prestigious Veet brand name and good distribution network. The company’s Veet brand is thus expected to continue to dominate sales within depilatories over the coming years, with the brand’s success attributed to its strong reputation among female consumers, alongside a diversified offering. In the last few years, the company has also focused on expanding its distribution network not only in retailing channels, but also via online platforms like Tiki, Lazada and Shopee in order to boost value sales. However, the company could lose sales share to other players following the rise of women’s razors and blades.  blades.  International brands will continue to dominate as a result of their wide distribution networks and strong brand reputation. Consequently, the presence of local brands will remain limited. In the future, the category is expected to become more competitive given the penetration of more international companies. For example, in 2019 (pre-COVID-19), a large number of imported goods were sold via e-commerce retailers such as Tiki and Lazada. However, most of these goods are unauthorised products imported by individuals or small companies to respond to higher demand for Vietnamese consumers, especially upper- middle- and high-income consumers. However, overall demand for imported goods remains limited, with the impact on the category over the forecast period expected to be limited.

RECOVERY RECOVER Y AND OPPORTUNITIES Bounceback expected, with ongoing sales stimulated by influences of Western culture Depilatories is expected to recover in line with economic recovery and a return to prepandemic lifestyles over the forecast period. A bounceback is expected in 2020-2021, which will continue with healthy growth, albeit at a slightly slower rate than the bounceback level. Overall, the category will be supported by rising awareness of depilatories in Vietnam, alongside higher levels of attention paid to consumers’ appearances under the influence of Western culture.

Women’s razors and blades set to see strongest stro ngest growth, as female consumers switch away from men’s shaving products  products  The strongest growth over the forecast period is expected in women's razors and blades, as female consumers are switching away from simply just using men’s razors and blades as unisex unise x products, and are starting to pay more attention to products specifically designed for women. Nevertheless, there will continue to be a number n umber of female consumers who still use men’s razors and blades, especially in rural areas.

Player status quo expected to remain the same over forecast period, due to small size of the category overall The leading brands will continue to be those noted by name in depilatories over the forecast period. Namely, the leading Reckitt Benckiser Group, The Procter & Gamble Co and Oral-B (Vietnam) Ltd. This is thanks to large players’ p layers’ wide distribution networks and strong brand reputations. Meanwhile, the presence of local brands will remain limited due to an overall lack of interest in a small category. Furthermore, the rising popularity of hair h air removal services at spas will continue to pose a threat to the sale of depilatories overall.

CATEGORY DATA

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Table 48

Passport

Sales of Depilatories by Category: Value 2015-2020

VND billion

Hair Removers/Bleaches Women's Pre-Shave Women's Razors and Blades Depilatories Source:

Table 49

2015

2016

2017

2018

2019

2020

10.9 0.8 11.7

12.1 0.9 13.0

13.4 0.9 14.3

14.7 1.0 15.7

16.1 1.1 17.2

16.7 1.2 17.9

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

Sales of Depilatories by Category: % Value Growth 2015-2020

% current value growth

Hair Removers/Bleaches Women's Pre-Shave Women's Razors and Blades Depilatories Source:

Table 50

2019/20

2015-20 CAGR

2015/20 Total

4.0 8.0 4.3

8.9 8.7 8.9

53.2 51.7 53.1

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Sales of Women's Razors and Blades by Type: % Value Breakdown 2016-2020

% retail value rsp

Disposables Systems Systems - Razors Systems - Refill Blades Other Razors and Blades Total Source:

Table 51

2016

2017

2018

2019

2020

48.0 51.0 20.1 30.9 1.0 100.0

47.2 51.9 20.5 31.4 0.9 100.0

47.2 52.0 20.6 31.4 0.8 100.0

47.5 51.9 20.6 31.3 0.6 100.0

47.4 52.0 20.8 31.2 0.6 100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

NBO Company Shares of Depilatories: % Value 2016-2020

% retail value rsp Company Reckitt Benckiser Group Plc (RB) Oral-B (Vietnam) Ltd Dorco Co Ltd Edgewell Personal Care Brands LLC Procter & Gamble Vietnam Ltd Inverness Corp Henkel Vietnam Co Ltd Civic Co Ltd Energizer Holdings Inc

2016

2017

2018

2019

2020

23.6

23.9

27.2

32.3

35.7

3.2 1.4 0.8

3.4 1.3 0.7

3.7 1.3 0.6

4.2 1.4 0.6

4.3 1.4 0.7

3.7

3.5

3.0

2.0

-

5.6 4.1 3.4 -

3.6 2.2 1.8 -

-

-

-

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Passport

Oriflame Vietnam Ltd Shiseido Cosmetics Vietnam Co Ltd Others Total Source:

-

-

-

-

54.2 100.0

59.6 100.0

64.1 100.0

59.5 100.0

57.9 100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 52

LBN Brand Shares of Depilatories: % Value 2017-2020

% retail value rsp Brand (GBO) Veet Gillette (Procter & Gamble Co, The) Tinkle Schick Velvinette (Procter & Gamble Co, The) One Touch (American International Industries) Opilca (Henkel AG & Co KGaA) Soral (Chuo Bussan International Co Ltd) Schick Oriflame (Oriflame Cosmetics SA) Divele (Shiseido Co Ltd) Others Total Source:

-

Company (NBO)

2017

2018

2019

2020

Reckitt Benckiser Group Plc (RB) Oral-B (Vietnam) Ltd

23.9

27.2

32.3

35.7

3.4

3.7

4.2

4.3

Dorco Co Ltd Edgewell Personal Care Brands LLC Procter & Gamble Vietnam Ltd Inverness Corp

1.3 0.7

1.3 0.6

1.4 0.6

1.4 0.7

3.5

3.0

2.0

-

3.6

-

-

-

Henkel Vietnam Co Ltd

2.2

-

-

-

Civic Co Ltd

1.8

-

-

-

Energizer Holdings Inc Oriflame Vietnam Ltd

-

-

-

-

Shiseido Cosmetics Vietnam Co Ltd Others Total

-

-

-

-

59.6 100.0

64.1 100.0

59.5 100.0

57.9 100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 53

Forecast Sales of Depilatories by Category: Value 2020-2025

VND billion

Hair Removers/Bleaches Women's Pre-Shave Women's Razors and Blades Depilatories Source:

Table 54

2020

2021

2022

2023

2024

2025

16.7 1.2 17.9

17.6 1.3 18.9

18.6 1.4 20.1

19.8 1.6 21.4

20.9 1.7 22.6

21.6 1.9 23.4

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Forecast Sales of Depilatories by Category: % Value Growth 2020-2025

% constant value growth 2020/2021

2020-25 CAGR

2020/25 Total

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Hair Removers/Bleaches Women's Pre-Shave Women's Razors and Blades Depilatories Source:

Passport

5.3 8.2 5.5

5.2 8.7 5.5

Euromonitor International International from from trade associations, trade press, press, company research, trade interviews, interviews, trade sources

29.1 51.8 30.7

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FRAGRANCES IN VIETNAM CATEGORY ANALYSIS KEY DATA FINDINGS   Fragrances sees steep declines in 2020, due to fewer social and grooming occasions and a lack of tourism as a result of o f COVID-19

▪

  Fragrances sees 17% current value decline in 2020, to reach VND2.4 trillion

▪

  Fragrances sees 20% volume decline in 2020, to reach 5 million units; overall category unit prices are not noted

▪

  Coty Inc maintains its lead in fragrances in 2020, with 15% company value share

▪

  Fragrances is expected to see 13% current value CAGR (9% constant 2020 value) over the forecast period, to reach VND4.5 trillion in 2025

▪

2020 IMPACT Fragrances result of COVID-19hit hard by fewer social and grooming occasions as A result Fragrances was hit hard by the event of COVID-19 in 2020, due to fewer social and grooming occasions through the time of national lockdowns, alongside a significant decline in tourism  –  – a  a route to sale which is especially important for fragrances, especially for local brands such as Miss Saigon (Saigon Cosmetics Corp). Furthermore, fragrances also sees strong sales though shopping malls, thus closures of this channel also added downwards pressure on the category. Ultimately, even the promotional campaigns and discounts of up-to-50% were unable to restimulate sales in the category and ensure an upwards trend, as fragrances were not deemed to be essential items during the time of the pandemic and thus were an easy area for consumers to make savings by cutting them out. Both premium and mass products have been hit by this downwards trend, with the steepest value declines seen in premium men’s fragrances and mass women’s fragrances. However, all sub-categories were in double-digit negative figures, other than mass fragrance sets/kits which saw slightly slower declines (albeit this is only a very small category within fragrances overall).

Counterfeit trade continues, despite government’s efforts to curb it  Counterfeit it    A significant number of illegal and counterfeit goods in Vietnam remained remained throughout the review period, while the government continues to try to monitor the existence of those products. In 2020, thousands of counterfeit fragrances, such as Miss Saigon, Dior, Channel, Versace etc, were confiscated by the Department of Economic Police. Such products are usually sold on ecommerce platform, through local individuals, and other small business across the country.  Although there are plenty of government alerts on national media, counterfeit goods easily attract consumers due to their low prices, so demand continues to stimulate supply. Furthermore, as e-commerce is booming in Vietnam, it is harder for the government to control those illegal and counterfeit goods.

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Coty maintains company lead thanks to extensive well-known portfolio, whilst competition is strong in brand terms Coty Inc maintained its company lead in fragrances in 2020, although its Davidoff brand only came in at third place in brand terms, behind top-placed DKNY (Estée Lauder Vietnam Co Ltd) and second-placed Issey Miyake (Shiseido Cosmetics Vietnam Co Ltd). Coty Cot y Inc’s portfolio also includes brands Guess, adidas classic, Gucci. Marc Jacobs and Escada. As such, the strength of Coty Inc comes from its global reputation and extensive portfolio, with Vietnamese consumers having a strong level of trust in the player’s player’s brands. Moreover, Coty has the most extensive distribution network with comprehensive local experience, bringing its products closer to its target consumers. Over the forecast period, Coty is projected to retain its leading position as it will take other players a longer time to catch up with this well-established company. The only potential threat to Coty is the presence of unauthorised products or personal imports in retail. Whilst DKNY also tops the premium fragrances brand list, Miss Saigon (Saigon Cosmetics Co smetics Corp) leads mass fragrances. The local brand has been performing well over the review period, thanks to the player’s efforts to improve product quality and build brand awareness. Although most Vietnamese consumers prefer buying foreign brands due to diversified products and low pricing, the key reason for this success is the capacity to attract younger people and low-income populations. Due to better economic performance and the signing of various fair trade agreements (FTAs) in recent years, Vietnam has become an attractive market for new players. For example, Vietnam become the first country chosen by international perfume brand named Jillian to launch its new products in Asia by the end of 2019. A large number of artists, beauty bloggers and famous celebrities came to experience Jillian perfume at the launch ceremony and, as a result, the Jillian brand quickly gained lots of attention from Vietnamese consumers. Overall, over the coming years, fragrances is expected to become more competitive for both existing and new players.

RECOVERY RECOVER Y AND OPPORTUNITIES Bounceback expected in line with economic recovery and expected investment from international players Fragrances is expected to bounce back in line with the recovery of the economy. According to General Statistic Office report in December 2020, the Vietnam economy was predicted to record a positive growth rate of 2% by the end of 2020 and continue to increase by 6% in 2021, mainly thanks to various niche regulations completed by the government to help the economy recover. In addition to this healthy GDP growth, it is predicted there will be more international i nternational companies investing in Vietnam in the future and thus creating more jobs for the Vietnamese. These factors will help to increase consumer spending and contribute to the growth rate of fragrances over the forecast period.

Balance of online and offline channels needed for fragrances, due to high density of counterfeit products online Online channels will continue to be the most effective for fo r companies to reach their customers over the forecast period, both through digital marketing and social media platforms, through to e-commerce per se. However, as a large number of counterfeit products are sold via online channels, this may limit the growth rates over the forecast period. Hence, offline channels such as shopping malls and beauty specialist retailers with official product certification will be important and welcomed by consumers, especially as such retailers regularly launch promotions and percentage discount offers.

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Passport

Premiumisation trend set to recover over the forecast period Premium fragrances are expected to recover over the forecast period, thanks to the bright economic performance expected and higher standards of living. For example, premium pr emium fragrance sets/kits is expected to see some of the strongest growth over the forecast period. Women’s fragrances, in particular, are expected to see a boost with a return to premiumisation trends, whereas men’s fragrances will recover at a slower pace pac e due to the fact that many deodorant products offer long-lasting scents, thus somewhat negating the need for additional products when consumers wish to simplify or economise.

CATEGORY DATA Table 55

Sales of Fragrances by Category: Value 2015-2020

VND billion

Premium Fragrances - Premium Men's Fragrances - Premium Women's Fragrances - Premium Unisex Fragrances - Premium Fragrance Sets/Kits Mass Fragrances - Mass Men's Fragrances - Mass Women's Fragrances - Mass Unisex Fragrances - Mass Fragrance Sets/ Kits Fragrances Source:

Table 56

2015

2016

2017

2018

2019

2020

1,303.2 399.0

1,488.4 454.9

1,692.8 509.5

1,927.2 560.4

2,201.1 617.6

1,839.7 494.1

886.9

1,009.3

1,150.7

1,323.2

1,528.4

1,299.1

2.0

2.0

2.1

2.1

2.2

1.9

15.2

22.2

30.6

41.4

53.0

44.7

490.9 198.1 291.2 1.6

538.8 218.9 317.6 2.2

601.7 238.9 359.9 3.0

660.3 260.4 395.9 4.0

701.8 280.9 415.8 5.1

580.9 247.2 329.0 4.7

1,794.1

2,027.2

2,294.5

2,587.4

2,902.9

2,420.6

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Sales of Fragrances by Category: % Value Growth 2015-2020

% current value growth

Premium Fragrances - Premium Men's Fragrances - Premium Women's Fragrances - Premium Unisex Fragrances - Premium Fragrance Sets/Kits Mass Fragrances - Mass Men's Fragrances - Mass Women's Fragrances - Mass Unisex Fragrances - Mass Fragrance Sets/Kits Fragrances Source:

2019/20

2015-20 CAGR

2015/20 Total

-16.4 -20.0 -15.0 -15.0 -15.7 -17.2 -12.0 -20.9 -7.1 -16.6

7.1 4.4 7.9 -1.1 24.0 3.4 4.5 2.5 24.3 6.2

41.2 23.8 46.5 -5.5 193.6 18.3 24.7 13.0 196.8 34.9

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Table 57

Passport

NBO Company Shares of Fragrances: % Value 2016-2020

% retail value rsp Company

2016

2017

2018

2019

2020

Coty Inc Shiseido Cosmetics Vietnam Co Ltd Saigon Cosmetics Corp Estée Lauder Vietnam Co Ltd Inter Parfums Inc Chanel SA Salvatore Ferragamo SpA L'Oréal Vietnam Co Ltd Euroitalia Srl Giorgio Armani SpA Oriflame Vietnam Ltd Christian Dior SA, Parfums Calvin Klein Cosmetics Co Givenchy SA, Parfums Lacoste SA

15.4 9.4

14.2 9.7

14.2 9.8

14.3 9.7

15.2 10.4

10.4 6.2

10.2 6.4

9.9 6.4

9.8 6.5

9.9 6.7

4.9 2.9 3.4 2.3 2.4 1.8 3.4 1.7

4.9 3.1 3.4 2.3 2.4 1.9 4.4 1.7

4.9 3.3 3.4 2.4 2.5 2.1 4.5 1.7

5.0 3.5 3.5 2.5 2.4 2.2 3.7 1.8

5.1 3.8 3.4 2.8 2.5 2.3 2.1 2.0

1.6 1.5 1.6

1.7 1.5 1.6

1.8 1.6 1.5

1.8 1.6 1.4

1.8 1.8 1.4

Lana Cosmetics International Consumer Products Co Ltd Hugo Boss AG Kenzo Parfums SA LG Vina Cosmetics Co Ltd Elizabeth Arden Inc Puig SL L'Oréal Groupe Unza Vietnam Co Ltd Body Shop (Vietnam) Co Ltd, The Perrigo Co Plc Procter & Gamble Co, The  Avon Cosmetics Vietnam Ltd Others Total

1.3 1.1

1.3 1.0

1.3 1.0

1.2 1.0

1.1 1.1

0.9 2.0 0.7 0.6 1.5 0.4 0.2

0.9 0.9 0.7 0.6 1.5 0.3 0.2

0.9 0.8 0.7 0.6 1.4 0.3 0.2

0.9 0.8 0.6 0.5 0.6 0.5 0.3 0.1

0.9 0.7 0.7 0.6 0.6 0.5 0.3 0.2

0.2 -

0.2 -

0.1 -

0.1 -

0.1 -

22.2 100.0

23.0 100.0

23.0 100.0

23.6 100.0

22.3 100.0

Source:

Table 58

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Fragrances: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

DKNY (Estée Lauder Cos Inc) Issey Miyake (Shiseido Co Ltd) Davidoff Chanel Jean Paul Gaultier

Estée Lauder Vietnam Co Ltd Shiseido Cosmetics Vietnam Co Ltd Coty Inc Chanel SA Shiseido Cosmetics

2017

2018

2019

2020

5.8

5.9

6.0

6.2

4.9

4.9

4.8

5.2

4.3 3.1 3.2

4.4 3.3 3.2

4.6 3.5 3.2

4.9 3.8 3.5

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(Puig SL) Salvatore Ferragamo Miss Saigon Coach Lancôme (L'Oréal Groupe) Moschino Guess (Inter Parfums Inc) adidas classic Giorgio Armani (L'Oréal Groupe) Burberry (Coty Inc) Oriflame (Oriflame Cosmetics SA) Dior (LVMH Moët Hennessy Louis Vuitton SA) Givenchy (LVMH Moët Hennessy Louis Vuitton SA) Calvin Klein (Coty Inc) Shiseido (Shiseido Co Ltd) Cindy Lacoste (Coty Inc) Gucci Marc Jacobs X-Men (Marico Ltd) David Beckham Hugo Boss (Coty Inc) Kate Moss Kenzo (LVMH Moët Hennessy Louis Vuitton SA) Miss Sixty The Face Shop (LG Household & Health Care Ltd) Valentino Guess Others Total Source:

Table 59

Passport

Vietnam Co Ltd Salvatore Ferragamo SpA Saigon Cosmetics Corp Inter Parfums Inc L'Oréal Vietnam Co Ltd

3.4 2.4 2.6 2.3

3.4 2.6 2.6 2.4

3.5 2.7 2.7 2.5

3.4 2.9 2.8 2.8

Euroitalia Srl Coty Inc

2.4 -

2.5 2.3

2.4 2.4

2.5 2.4

Coty Inc Giorgio Armani SpA

2.1 1.9

2.1 2.1

2.1 2.2

2.4 2.3

Inter Parfums Inc Oriflame Vietnam Ltd

2.1 4.4

2.1 4.5

2.2 3.7

2.2 2.1

Christian Dior SA, Parfums

1.7

1.7

1.8

2.0

Givenchy SA, Parfums

1.5

1.6

1.6

1.8

Calvin Klein Cosmetics Co

1.7

1.7

1.8

1.8

Shiseido Cosmetics Vietnam Co Ltd Saigon Cosmetics Corp Lacoste SA Coty Inc Coty Inc International Consumer Products Co Ltd Coty Inc Hugo Boss AG Coty Inc Kenzo Parfums SA

1.6

1.6

1.6

1.7

1.6 1.6 1.2 1.1 1.0

1.5 1.5 1.2 1.1 1.0

1.4 1.4 1.3 1.1 1.0

1.5 1.4 1.3 1.1 1.1

1.0 0.9 0.9 0.9

1.0 0.9 0.9 0.8

0.9 0.9 0.8 0.8

0.9 0.9 0.9 0.7

Coty Inc LG Vina Cosmetics Co Ltd

0.8 0.7

0.7 0.7

0.7 0.6

0.7 0.7

0.8 2.2 33.6 100.0

0.8 32.9 100.0

33.6 100.0

32.3 100.0

Puig SL Coty Inc Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Premium Men's Fragrances: % Value 2017-2020

% retail value rsp Brand (GBO) Calvin Klein (Coty Inc) Davidoff DKNY (Estée Lauder Cos Inc) Giorgio Armani

Company (NBO)

2017

2018

2019

2020

Calvin Klein Cosmetics Co

7.5

8.0

8.4

8.6

Coty Inc Estée Lauder Vietnam Co Ltd Giorgio Armani SpA

7.0 6.8

7.4 7.2

7.9 7.5

8.4 7.5

5.1

5.5

6.1

6.3

61

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(L'Oréal Groupe) Coach Chanel Lacoste (Coty Inc) Issey Miyake (Shiseido Co Ltd) Jean Paul Gaultier (Puig SL) Burberry (Coty Inc) Hugo Boss (Coty Inc) Guess (Inter Parfums Inc) Salvatore Ferragamo Lancôme (L'Oréal Groupe) Kenzo (LVMH Moët Hennessy Louis Vuitton SA) Moschino Tommy Hilfiger (Estée Lauder Cos Inc) Escada Givenchy (LVMH Moët Hennessy Louis Vuitton SA) Marc Jacobs Guess Others Total Source:

Table 60

Passport

Inter Parfums Inc Chanel SA Lacoste SA Shiseido Cosmetics Vietnam Co Ltd Shiseido Cosmetics Vietnam Co Ltd Inter Parfums Inc Hugo Boss AG Coty Inc

5.4 4.3 5.7 5.1

5.5 4.7 5.5 5.0

5.7 5.1 5.2 4.9

5.8 5.4 5.3 5.2

4.8

4.7

4.5

4.8

4.3 3.9 -

4.5 4.1 3.7

4.7 4.3 4.0

4.7 4.4 4.1

Salvatore Ferragamo SpA L'Oréal Vietnam Co Ltd

4.0 3.0

4.0 3.0

3.8 3.0

3.8 3.5

Kenzo Parfums SA

3.5

3.5

3.4

3.4

Euroitalia Srl Estée Lauder Vietnam Co Ltd

2.5 1.8

2.6 1.8

2.6 1.9

2.7 1.9

Coty Inc Givenchy SA, Parfums

1.7 1.4

1.6 1.4

1.5 1.5

1.5 1.5

1.4 3.4 17.4 100.0

1.4 14.9 100.0

1.4 12.5 100.0

1.5 9.6 100.0

Coty Inc Coty Inc Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Premium Women's Fragrances: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

DKNY (Estée Lauder Cos Inc) Issey Miyake (Shiseido Co Ltd) Davidoff Chanel Salvatore Ferragamo Jean Paul Gaultier (Puig SL) Lancôme (L'Oréal Groupe) Dior (LVMH Moët Hennessy Louis Vuitton SA) Moschino Shiseido (Shiseido Co Ltd) Guess (Inter Parfums Inc) Coach Givenchy (LVMH Moët

2017

2018

2019

2020

Estée Lauder Vietnam Co Ltd Shiseido Cosmetics Vietnam Co Ltd

8.6

8.6

8.4

8.7

7.5

7.4

7.2

7.6

Coty Inc Chanel SA Salvatore Ferragamo SpA Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd

5.5 4.3 5.1 4.2

5.5 4.5 5.0 4.3

5.5 4.7 5.0 4.3

6.0 4.9 4.8 4.7

3.3

3.3

3.5

3.8

Christian Dior SA, Parfums

3.4

3.4

3.5

3.7

Euroitalia Srl Shiseido Cosmetics Vietnam Co Ltd Coty Inc

3.8 3.2

3.8 3.2

3.6 3.1

3.6 3.2

-

2.9

3.0

3.0

Inter Parfums Inc Givenchy SA, Parfums

2.9 2.4

2.8 2.4

2.8 2.5

2.9 2.7

62

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Hennessy Louis Vuitton SA) Gucci Burberry (Coty Inc) Giorgio Armani (L'Oréal Groupe) Marc Jacobs Elizabeth Arden (Revlon Inc) Carolina Herrera Valentino Valentino Guess Others Total Source:

Passport

Coty Inc Inter Parfums Inc Giorgio Armani SpA

2.4 2.3 1.6

2.4 2.3 1.7

2.4 2.3 1.8

2.5 2.4 1.8

Coty Inc Elizabeth Arden Inc

1.6 1.2

1.6 1.1

1.6 1.0

1.5 1.2

1.2 1.1 2.9 31.5 100.0

1.2 1.0 31.5 100.0

1.1 0.9 31.9 100.0

1.0 0.9 29.0 100.0

Puig SL L'Oréal Groupe Puig SL Coty Inc Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 61

Forecast Sales of Fragrances by Category: Value 2020-2025

VND billion

Premium Fragrances - Premium Men's Fragrances - Premium Women's Fragrances - Premium Unisex Fragrances - Premium Fragrance Sets/Kits Mass Fragrances - Mass Men's Fragrances - Mass Women's Fragrances - Mass Unisex Fragrances - Mass Fragrance Sets/ Kits Fragrances Source:

Table 62

2020

2021

2022

2023

2024

2025

1,839.7

1,979.9

2,229.7

2,458.3

2,671.5

2,843.8

494.1

548.7

623.7

695.8

769.4

828.5

1,299.1

1,380.1

1,548.9

1,698.0

1,828.5

1,934.0

1.9

2.0

2.2

2.4

2.6

2.7

44.7

49.1

54.9

62.1

71.0

78.5

580.9 247.2 329.0 4.7

672.9 281.7 386.2 5.1

731.8 298.5 427.8 5.5

779.7 312.9 460.8 6.1

823.4 324.9 491.8 6.7

864.4 335.8 521.1 7.5

2,420.6

2,652.8

2,961.6

3,238.0

3,494.9

3,708.2

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Forecast Sales of Fragrances by Category: % Value Growth 2020-2025

% constant value growth

Premium Fragrances - Premium Men's Fragrances - Premium Women's Fragrances - Premium Unisex Fragrances - Premium Fragrance Sets/Kits Mass Fragrances - Mass Men's Fragrances - Mass Women's Fragrances - Mass Unisex Fragrances - Mass Fragrance Sets/Kits

2020/2021

2020-25 CAGR

2020/25 Total

7.6 11.1 6.2 6.2 9.9 15.8 14.0 17.4 8.2

9.1 10.9 8.3 7.7 12.0 8.3 6.3 9.6 9.7

54.6 67.7 48.9 45.0 75.9 48.8 35.9 58.4 59.2

63

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Fragrances Source:

Passport

9.6

8.9

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

53.2

64

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HAIR CARE IN VIETNAM - CATEGORY  ANALYSIS KEY DATA FINDINGS   Hair care sees a decline in demand due to fewer grooming and dressing up occasions of COVID-19

▪

  Hair care sees 3% current value growth in 2020, to reach VND16.1 trillion

▪

  Hair care sees 1% volume decline in 2020, to reach 2.4 billion units; overall category unit prices are not noted

▪

  Unilever Vietnam International Co Ltd maintains its strong lead in hair care in 2020, with 35% company value share

▪

  Hair care is expected to see 8% current value CAGR (4% constant 2020 value) over the forecast period, to reach VND23.6 trillion in 2025

▪

2020 IMPACT Hair care sees decline in demand due to t o fewer grooming and dressing up occasions  As seen across other beauty and personal care categories, growth growth in hair care has slowed down compared to 2019. This is due to lower levels of social interaction and activity during the time of COVID-19. In April and July 2020, the government in Vietnam decided to close most entertainment locations such as shopping malls, spas and bars, and requested people limit their public activities. Large numbers of employees also worked remotely from home during this period of time. As such, there were fewer grooming and dressing up occasions in 2020 and thus this led to a decline in demand for hair care. During the nationwide social distancing measure period, supermarkets, hypermarkets and convenience stores were still allowed to open. However, an increasing number of people living in big cities such as Hanoi and Ho Chi Minh still preferred to stay at home out of caution and turned to e-commerce channels due to the level of convenience it provided. Therefore, the sale value of e-commerce platforms such as Shopee, Lazada and Tiki increased in 2020, compared to the previous period. In addition to e-commerce per se, Grab also launched its new service named GrabMart in 2020, which enabled consumers to buy on-demand items for home-delivery via the Grab app. Deodorants is one of the categories which lends itself well to online shopping for essentials, alongside pre-packaged food, medical, and a number other beauty and personal care products.

Innovative digital marketing with promotional mini games becomes A major winning strategy  Also as seen in other categories, digital marketing has become a significant channel for leading companies to reach their customers, advertise their products and a nd enhance brand awareness. In 2020, Facebook was evaluated as the most popular social network for companies to approach customers, due to a reported 68 million Facebook users active by b y the end of 2020. Therefore, this social network has become an effective channel for leading companies to

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advertise their products and enhance brand reputation. For example, Unilever Vietnam International Co Ltd, with its popular Sunsilk brand, created mini games on its Facebook fan page to increase interaction with customers. The mini game g ame was named “Beyond Silky Beyond Covid From Sunsilk” and launched in April 2020, where customers were able to join in with a challenge where they made 15 second video clips with Sunsilk products in the video. Furthermore, the video clips were used creatively on applications such as TikTok, Instagram, etc. Overall, the majority of companies are focusing on digital marketing activities as responses to overcome the challenges thrown up by the event of COVID-19.

Unilever maintains lead thanks to myriad strengths and staying ahead of the trend curve Unilever Vietnam International Co Ltd maintained its strong lead in hair care in 2020, thanks to its dynamic marketing activities, huge financial capacity and product innovation. The player also holds the top three brand places with Clear, Sunsilk and Dove. With regards to product innovation, in recent years, the player launched various new products with different ingredients and functions to gain the attention of Vietnamese consumers, such as a hair care collection called Love Beauty and Planet which is made from natural ingredients and promoted for a sustainable lifestyle, receiving much more attention from Vietnamese consumers. Natural and organic products are expected to continue to gain more attention from local consumers, due to higher demand and environmental product trends in Vietnam. Consequently, a growing number of both international and local players will focus on developing new products that contain natural extracts or organic ingredients. Moreover, since air and water pollution has become more serious in Vietnam, an increasing number of consumers are willing to spend on natural and herbal products for hair care treatment such as for dandruff and moisturising. Following this trend, many new brands offering natural or herbal ingredients were launched, such as shampoos Thai Duong 3 and Thai Duong 7 (Sao Thai Duong Cosmetics JSC), which Vietnamese consumers eagerly welcomed due to their traditional herbal ingredients specifically for dandruff treatment. Overall, international players continue to dominate sales due to their wide distribution networks, strong financial strength and dynamic marketing activities. Since Vietnam signed various fair trade agreements (FTAs) with developed countries like South Korea, Japan and  Australia over the review period, the landscape is predicted to be more competitive due to the appearance of new international players. Among those countries, players from South Korea are predicted to penetrate due to the popularity of K-pop culture. Local players continue to account for a small share of overall hair care value sales due to limited financial capacity. In order to compete with foreign brands, most local companies have started to focus on developing natural and organic products. For example, Thorakao Vietnam has been very successful with its grapefruit brand in the last l ast two years, generating strong interest among Vietnamese consumers.

RECOVERY RECOVER Y AND OPPORTUNITIES Bounceback and growth expected in line with stronger economy and higher living standards  Although hair care is a mature category, it is still expected to bounce back and show healthy healthy growth rates over the forecast period, mostly thanks to the healthy economic performance expected in Vietnam, alongside higher living standards. According to General Statistic Office report in December 2020, the Vietnam economy was predicted to record a positive growth rate

Passport

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Passport

of 2% by the end of 2020 and continue to increase by 6% in 2021, mainly thanks to various niche regulations completed by the government to help the economy recover. These factors will help to increase consumer spending and contribute to the growth rate of hair care over the forecast period.

Natural and organic products, alongside intensive treatments, set to lead the way in developments  As noted in trends within the competitive environment, it is expected that demand for natural and organic products in hair care will continue increase over the forecast period. Environmental trends have been growing in Vietnam and influencing trends across a wide range of consumer products, in both beauty and personal care and other categories too. As such, both local and international players are focusing on developing new products which contain natural extracts or organic ingredients. In addition to which, also as noted above, intensive hair treatments are set to become more popular, due to the hotter weather and air pollution, being factors which can cause damage to hair. Moreover, as hair dyes become a stronger trend amongst the younger y ounger generation, such as seen with the K-pop culture, intensive hair treatments are expected to see a boost as well.

Hair care set to benefit from ongoing e-commerce boom over forecast period Hair care is also set to benefit from the ongoing e-commerce boom over the forecast period, as consumers continue to shop for their goods online due to the level of convenience and discount savings available, such as regular promotional events and up-to-20% off offers from online platforms such as Shopee, Lazada and Tiki. This trend will help boost sales in hair care over the forecast period.

CATEGORY DATA Table 63

Sales of Hair Care by Category: Value 2015-2020

VND billion

2-in-1 Products Colourants Conditioners and Treatments Hair Loss Treatments Perms and Relaxants Salon Professional Hair Care Shampoos - Medicated Shampoos - Standard Shampoos Styling Agents Hair Care Source:

Table 64

2015

2016

2017

2018

2019

2020

463.0

494.9

532.0

577.2

635.0

673.1

1,312.0

1,377.6

1,350.0

1,255.5

1,217.8

1,144.8

7.5 391.8

8.4 421.4

9.2 456.1

10.1 498.0

11.0 547.8

11.5 569.7

10,357.1 59.1 10,298.1 212.0 12,743.3

11,083.4 64.5 11,018.9 233.2 13,618.9

11,750.1 70.0 11,680.1 251.9 14,349.3

12,340.1 76.0 12,264.1 273.3 14,954.3

13,020.3 81.7 12,938.6 297.9 15,729.9

13,414.3 87.6 13,326.7 306.8 16,120.2

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Sales of Hair Care by Category: % Value Growth 2015-2020

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Passport

% current value growth

2-in-1 Products Colourants Conditioners and Treatments Hair Loss Treatments Perms and Relaxants Salon Professional Hair Care Shampoos - Medicated Shampoos - Standard Shampoos Styling Agents Hair Care Source:

2019/20

2015-20 CAGR

2015/20 Total

6.0 -6.0 4.0 4.0 3.0 7.2 3.0 3.0 2.5

7.8 -2.7 8.7 7.8 5.3 8.2 5.3 7.7 4.8

45.4 -12.7 52.0 45.4 29.5 48.3 29.4 44.7 26.5

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 65

Sales of Hair Care by Premium vs Mass: % Value 2015-2020

% retail value rsp

Mass Premium Total Source:

Table 66

2015

2016

2017

2018

2019

2020

96.0 4.0 100.0

95.8 4.2 100.0

95.7 4.3 100.0

95.4 4.6 100.0

95.2 4.8 100.0

95.0 5.0 100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

NBO Company Shares of Hair Care: % Value 2016-2020

% retail value rsp Company Unilever Vietnam International Co Ltd Procter & Gamble Vietnam Ltd Unza Vietnam Co Ltd International Consumer Products Co Ltd Sao Thai Duong Cosmetics JSC L'Oréal Vietnam Co Ltd LG Vina Cosmetics Co Ltd Hoyu Corp Mascolo Ltd Dai Viet Huong Trading Manufacturing Co Ltd Henkel Vietnam Co Ltd Phu Thai Health & Beauty Care JSC John Paul Mitchell Systems Inc Creative Nature Group  Amway Vietnam Ltd Janssen-Cilag Ltd

2016

2017

2018

2019

2020

38.8

37.4

35.9

35.3

35.2

13.7

13.0

12.0

11.6

11.3

5.7 4.8

5.3 4.6

5.0 4.5

4.8 4.4

4.8 4.0

2.3

2.1

2.2

2.4

2.5

1.9 0.8 0.8 0.4 0.7

1.9 0.9 0.9 0.4 0.6

2.1 0.9 0.9 0.4 0.5

2.3 1.0 1.0 0.4 0.4

2.5 1.0 1.0 0.4 0.4

0.3 0.4

0.4 0.3

0.4 0.3

0.3 0.3

0.3 0.3

0.3

0.3

0.3

0.3

0.3

0.4 0.4 0.1

0.4 0.3 0.1

0.4 0.3 0.1

0.4 0.3 0.1

0.3 0.2 0.1

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Mandom Vietnam Co Ltd Rohto-Mentholatum Vietnam Co Ltd Revlon Inc Colgate-Palmolive (Vietnam) Co Ltd Shiseido Cosmetics Vietnam Co Ltd  AmorePacific Vietnam JSC Oriflame Vietnam Ltd Others Total Source:

Passport

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.2

0.1 0.2

0.1 0.1

0.1 0.1

0.1 0.1

0.1

0.1

0.1

0.1

0.1

0.1 0.2 27.4 100.0

0.1 0.3 30.2 100.0

0.1 0.3 32.8 100.0

0.1 0.2 33.7 100.0

0.1 0.0 34.5 100.0

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

Table 67

NBO Company Shares of Salon Professional Hair Care: % Value 2016-2020

% retail value rsp Company L'Oréal Vietnam Co Ltd Mascolo Ltd John Paul Mitchell Systems Inc Creative Nature Group Shiseido Cosmetics Vietnam Co Ltd  AmorePacific Vietnam JSC Others Total Source:

2016

2017

2018

2019

2020

50.7 13.7 9.3

52.2 13.2 9.3

54.9 12.9 9.3

58.4 12.7 9.4

61.8 12.4 9.4

12.4 3.1

11.7 3.0

10.9 2.8

10.2 2.6

9.1 2.1

2.5 8.2 100.0

2.4 8.3 100.0

2.2 7.0 100.0

2.0 4.6 100.0

1.7 3.5 100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 68

LBN Brand Shares of Hair Care: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

2017

2018

2019

2020

Clear (Unilever Group)

Unilever Vietnam International Co Ltd

12.1

11.5

11.5

11.8

Sunsilk (Unilever Group) Dove (Unilever Group)

Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd Procter & Gamble Vietnam Ltd International Consumer Products Co Ltd Procter & Gamble Vietnam Ltd

9.8

9.5

9.5

9.4

8.2

7.7

7.3

7.1

4.6

4.3

4.1

4.0

4.6

4.5

4.4

4.0

4.1

4.1

4.0

4.0

Unilever Vietnam International Co Ltd Unza Vietnam Co Ltd Procter & Gamble Vietnam Ltd Sao Thai Duong

3.8

3.7

3.7

3.8

3.7 4.2

3.7 3.6

3.5 3.4

3.5 3.3

2.1

2.2

2.4

2.5

Pantene (Procter & Gamble Co, The) X-Men (Marico Ltd) Head & Shoulders (Procter & Gamble Co, The) Clear Men (Unilever Group) Romano (Wipro Ltd) Rejoice (Procter & Gamble Co, The) Thai Duong

69

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L'Oréal Professionnel (L'Oréal Groupe) Lifebuoy (Unilever Group) TRESemmé (Unilever Group) Enchanteur (Wipro Ltd) Double Rich (LG Household & Health Care Ltd) Bigen (Hoyu Co Ltd) TIGI (Unilever Group) Ramus Wella (Wella AG) Paul Mitchell Davines (Davines SpA) Satinique (Amway Corp) Syoss (Henkel AG & Co KGaA) Nizoral (Alliance Pharma Plc) Gatsby (Mandom Corp) Selsun (Rohto Pharmaceutical Co Ltd) Schwarzkopf Igora Vital (Henkel AG & Co KGaA) Revlon Colorsilk Palmolive (ColgatePalmolive Co) Elsève (L'Oréal Groupe) Wella (Coty Inc) Nizoral (Johnson & Johnson Inc) Others Total Source:

Table 69

Cosmetics JSC L'Oréal Vietnam Co Ltd

Passport

1.7

1.8

2.0

2.2

Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd Unza Vietnam Co Ltd

2.3

2.1

1.8

1.6

1.2

1.4

1.5

1.6

1.6

1.3

1.3

1.3

LG Vina Cosmetics Co Ltd

0.9

0.9

1.0

1.0

Hoyu Corp Mascolo Ltd Dai Viet Huong Trading Manufacturing Co Ltd Phu Thai Health & Beauty Care JSC John Paul Mitchell Systems Inc Creative Nature Group Amway Vietnam Ltd

0.9 0.4 0.6

0.9 0.4 0.5

1.0 0.4 0.4

1.0 0.4 0.4

-

-

-

0.3

0.3

0.3

0.3

0.3

0.4 0.3

0.4 0.3

0.4 0.3

0.3 0.2

Henkel Vietnam Co Ltd

0.2

0.2

0.2

0.2

-

0.1

0.1

0.1

Mandom Vietnam Co Ltd Rohto-Mentholatum Vietnam Co Ltd

0.1 0.1

0.1 0.1

0.1 0.1

0.1 0.1

Henkel Vietnam Co Ltd

0.1

0.1

0.1

0.1

Revlon Inc Colgate-Palmolive (Vietnam) Co Ltd L'Oréal Vietnam Co Ltd

0.1 0.2

0.1 0.1

0.1 0.1

0.1 0.1

0.1

0.1

0.1

0.1

Phu Thai Health & Beauty Care JSC Janssen-Cilag Ltd

0.3

0.3

0.3

-

0.1

-

-

-

30.8 100.0

33.4 100.0

34.2 100.0

34.9 100.0

Janssen-Cilag Ltd

Others Total

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, press, company company research, research, store checks, trade interviews, trade sources

LBN Brand Shares of Colourants: % Value 2017-2020

% retail value rsp Brand (GBO) Bigen (Hoyu Co Ltd) Double Rich (LG Household & Health Care Ltd) Syoss (Henkel AG &

Company (NBO)

2017

2018

2019

2020

Hoyu Corp LG Vina Cosmetics Co Ltd

24.1 18.9

24.4 20.1

24.2 21.1

23.8 20.7

6.0

5.8

5.4

5.2

Henkel Vietnam Co Ltd

70

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Co KGaA) Wella (Wella AG) Schwarzkopf Igora Vital (Henkel AG & Co KGaA) Revlon Colorsilk L'Oréal Paris (L'Oréal Groupe) Garnier (L'Oréal Groupe) Oriflame (Oriflame Cosmetics SA) Wella (Coty Inc) Wella (Procter & Gamble Co, The) Others Total Source:

Table 70

-

-

-

4.8

3.2

3.0

2.9

2.8

Revlon Inc L'Oréal Vietnam Co Ltd

3.0 2.1

2.9 2.1

2.8 2.0

2.8 2.1

L'Oréal Vietnam Co Ltd

1.1

1.1

1.0

1.0

Oriflame Vietnam Ltd

0.3

0.3

0.3

0.1

Phu Thai Health & Beauty Care JSC Phu Thai Health & Beauty Care JSC Others Total

5.5

5.3

5.0

-

-

-

-

-

35.7 100.0

35.0 100.0

35.2 100.0

36.8 100.0

LBN Brand Shares of Salon Professional Hair Care: % Value 2017-2020

L'Oréal Professionnel (L'Oréal Groupe) TIGI (Unilever Group) Paul Mitchell Davines (Davines SpA) Carita (L'Oréal Groupe) Dantrol (AmorePacific Corp) Carita (Shiseido Co Ltd) Others Total

Table 71

Phu Thai Health & Beauty Care JSC Henkel Vietnam Co Ltd

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

% retail value rsp Brand (GBO)

Source:

Passport

Company (NBO)

2017

2018

2019

2020

L'Oréal Vietnam Co Ltd

52.2

54.9

58.4

61.8

Mascolo Ltd John Paul Mitchell Systems Inc Creative Nature Group Shiseido Cosmetics Vietnam Co Ltd AmorePacific Vietnam JSC

13.2 9.3

12.9 9.3

12.7 9.4

12.4 9.4

11.7 3.0

10.9 2.8

10.2 2.6

9.1 2.1

2.4

2.2

2.0

1.7

-

-

-

-

8.3 100.0

7.0 100.0

4.6 100.0

3.5 100.0

Shiseido Cosmetics Vietnam Co Ltd Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Styling Agents: % Value 2017-2020

% retail value rsp Brand (GBO) X-Men (Marico Ltd) Romano (Wipro Ltd) Gatsby (Mandom Corp) Wella (Wella AG) L'Oréal Studio Line

Company (NBO)

2017

2018

2019

2020

International Consumer Products Co Ltd Unza Vietnam Co Ltd Mandom Vietnam Co Ltd Phu Thai Health & Beauty Care JSC L'Oréal Vietnam Co Ltd

56.1

53.7

53.2

49.6

12.3 6.2 -

12.0 6.4 -

11.5 6.5 -

11.3 6.8 6.0

2.1

2.0

2.0

2.0

71

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(L'Oréal Groupe) Jacqualine Double Rich (LG Household & Health Care Ltd) Taft for Men (Henkel AG & Co KGaA) Wella (Coty Inc) Brylcreem (Unilever Group) Pantene (Procter & Gamble Co, The) Oriflame (Oriflame Cosmetics SA)  Avon (Avon Products Inc) Dr Men (Marico Ltd) Wella (Procter & Gamble Co, The) Others Total Source:

Table 72

2.4 1.2

2.3 1.2

2.1 1.1

1.9 1.1

Henkel Vietnam Co Ltd

0.8

0.7

0.7

0.6

Phu Thai Health & Beauty Care JSC Unilever Vietnam International Co Ltd Procter & Gamble Vietnam Ltd Oriflame Vietnam Ltd

6.6

6.3

6.0

-

3.1

-

-

-

0.2

-

-

-

0.0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9.0 100.0

15.4 100.0

16.9 100.0

20.7 100.0

Avon Cosmetics Vietnam Ltd International Consumer Products Co Ltd Phu Thai Health & Beauty Care JSC Others Total

LBN Brand Shares of Premium Hair Care: % Value 2017-2020

L'Oréal Professionnel (L'Oréal Groupe) TIGI (Unilever Group) Paul Mitchell Davines (Davines SpA) Satinique (Amway Corp) Carita (L'Oréal Groupe) Dantrol (AmorePacific Corp) Nu Skin (Nu Skin Enterprises Inc) L'Occitane (L'Occitane International SA) Carita (Shiseido Co Ltd) Others Total

Table 73

Jacqualine International LG Vina Cosmetics Co Ltd

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

% retail value rsp Brand (GBO)

Source:

Passport

Company (NBO)

2017

2018

2019

2020

L'Oréal Vietnam Co Ltd

38.2

39.9

42.1

43.8

Mascolo Ltd John Paul Mitchell Systems Inc Creative Nature Group Amway Vietnam Ltd

9.7 6.8

9.3 6.7

9.1 6.8

8.8 6.7

8.6 6.5

7.9 6.2

7.4 6.0

6.4 4.9

Shiseido Cosmetics Vietnam Co Ltd AmorePacific Vietnam JSC

2.2

2.0

1.9

1.5

1.7

1.6

1.5

1.2

Nu Skin Vietnam Co Ltd

0.4

0.6

0.7

0.6

Hals Group

0.5

0.4

0.4

0.3

-

-

-

-

25.5 100.0

25.2 100.0

24.1 100.0

25.7 100.0

Shiseido Cosmetics Vietnam Co Ltd Others Total

Euromonitor International International from official statistics, statistics, trade associations, trade press, company research, research, store checks, trade interviews, trade sources

Forecast Sales of Hair Care by Category: Value 2020-2025

72

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BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

VND billion

2-in-1 Products Colourants Conditioners and Treatments Hair Loss Treatments Perms and Relaxants Salon Professional Hair Care Shampoos - Medicated Shampoos - Standard Shampoos Styling Agents Hair Care Source:

2020

2021

2022

2023

2024

2025

673.1 1,144.8

728.0 1,194.0

792.5 1,253.8

868.8 1,309.4

939.8 1,359.7

1,003.9 1,399.5

11.5 569.7

12.2 608.0

13.0 653.1

13.8 703.4

14.8 760.9

15.8 826.7

13,414.3 87.6 13,326.7 306.8 16,120.2

13,797.3 90.3 13,707.0 324.5 16,664.0

14,221.7 92.7 14,128.9 343.9 17,277.8

14,701.2 95.2 14,606.1 365.4 17,962.0

15,236.7 97.4 15,139.3 389.3 18,701.1

15,826.5 99.3 15,727.1 415.5 19,487.8

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Table 74

Forecast Sales of Hair Care by Category: % Value Growth 2020-2025

% constant value growth

2-in-1 Products Colourants Conditioners and Treatments Hair Loss Treatments Perms and Relaxants Salon Professional Hair Care Shampoos - Medicated Shampoos - Standard Shampoos Styling Agents Hair Care Source:

2020/2021

2020-25 CAGR

2020/25 Total

8.2 4.3 6.2 6.7 2.9 3.1 2.9 5.8 3.4

8.3 4.1 6.6 7.7 3.4 2.5 3.4 6.2 3.9

49.2 22.3 37.5 45.1 18.0 13.4 18.0 35.4 20.9

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, interviews, trade sources

Table 75

Forecast Sales of Hair Care by Premium vs Mass: % Value 2020-2025

% retail value rsp

Mass Premium Total Source:

2020

2021

2022

2023

2024

2025

95.0 5.0 100.0

94.8 5.2 100.0

94.6 5.4 100.0

94.4 5.6 100.0

94.1 5.9 100.0

93.8 6.2 100.0

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MEN'S GROOMING IN VIETNAM CATEGORY ANALYSIS KEY DATA FINDINGS   Men’s grooming sees a decline due to fewer grooming occasions and higher price-sensitivity price-sensitivity due to COVID-19

▪

  Men’s grooming sees 4% current value decline in 2020, to reach VND5.1 trillion  trillion 

▪

  Men’s grooming sees 6% volume vo lume decline in 2020, to reach 97 million units; overall category unit prices are not noted

▪

  International Consumer Products Co Ltd maintains its lead in men’s grooming in 2020, with 23% company value share

▪

  Men’s grooming is expected to see 9% current value CAGR value  CAGR (5% constant 2020 value) over the forecast period, to reach VND7.9 trillion in 2025

▪

2020 IMPACT Men’s grooming sees declines due to fewer grooming occasions and higher price-sensitivity Men’s grooming saw a negative impact from the event of COVID COVID-19 -19 in 2020, due to lower levels of social interaction and activity, thus fewer grooming and dressing up occasions. In April and July 2020, the government in Vietnam decided to close most mos t entertainment locations such as shopping malls, spas and bars, and requested people limit their public activities. Large numbers of employees also worked remotely from home during this period of time. Furthermore, once restrictions relaxed, many consumers were still cautious and preferred to remain at home, alongside the fact that disposable incomes were negatively affected due to reduced wages or  job losses. As such, such, men’s gr ooming ooming was negatively impacted in both value and volume terms overall, with different sub-categories faring better or worse than each other. For example, premium men's fragrances saw the steepest value decline, whereas men's razors and blades saw the strongest (albeit still small) growth. These examples demonstrate how essential products within the category were faring better than those deemed to be superfluous.

E-commerce and digital marketing lead the way in promotional developments During the nationwide social distancing measure period, supermarkets, hypermarkets and convenience stores were still allowed to open. However, an increasing number of people living in big cities such as Hanoi and Ho Chi Minh still preferred to stay at home out of caution and turned to e-commerce channels due to the level of convenience it provided. Meanwhile, there has been no significant channel shift in sub-urban and rural areas where the delivery networks are not yet developed. In addition to e-commerce per se, Grab also launched its new service named GrabMart in 2020, which enabled consumers to buy on-demand items for home-delivery via the Grab app. Deodorants is one of the categories which lends itself well to online shopping for essentials, alongside pre-packaged food, medical, and a number other beauty and personal care products.

Passport

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Digital marketing, as seen in other areas of beauty and personal care, is also relevant in men’s grooming. In 2020, Facebook was evaluated as the most popular social network for companies to approach customers, due to a reported 68 million Facebook users active by the end of 2020. Therefore, this social network, alongside Zalo, have become effective channels for leading companies to advertise their products and enhance brand reputation. For example, Unza Vietnam Co Ltd launched promotional events and campaigns on its Facebook fanpage, thus to stimulate demand. In one offer, the player offered a free voucher or free gymnasiumrelated products for any purchases over VND250,000 and VND1 million, when purchased from online retailers such as Shopee or Lazada in April 2020.

X-Men holds its lead place, thanks to being ahead of the digital marketing game International Consumer Products Co Ltd maintained its lead in men’s grooming in 2020, thanks to its top X-Men brand. The player has a strong brand reputation, dynamic marketing and diversified products. In 2019, the company decided to change its packaging outlook and launch a bigger 650ml format to attract customers. Moreover, within the same year, International Intern ational Consumer Products paid strong attention to launching its new X-Men fragrances via various marketing campaigns, both online and offline. Examples included creating mini games on Facebook and organising an “X-Men “X-Men Mann Up - Run ahead why wait” campaign campaign in May 2019. Global players will continue to dominate sales due to their wide distribution networks, strong financial capabilities and dynamic marketing activities. Since Vietnam signed various fair trade agreements (FTAs) with developed countries like South Korea, Japan and Australia over the review period, the landscape is expected to become more competitive due to the t he appearance of new international companies. However, these new operators will continue to account for only a small share of overall sales due to low brand awareness and narrow distribution. Local brands continue to only account for a small share of overall men’s grooming sales due to a lack of financing and narrow distribution networks. However, among local brands, Sao Thai Duong Cosmetics JSC has become a popular brand among male consumers thanks to its herbal shampoo specific anti dandruff, which lasts up to five days without re-washing hair. Over the review period, the company was very active in terms of marketing, including advertisements on TV channels, radio, posters and other online platforms in order to increase brand awareness among male consumers. Therefore, Thai Duong shampoo has started to become a familiar brand name among male consumers, especially in the north of Vietnam.

RECOVERY RECOVER Y AND OPPORTUNITIES Bounceback expected expected in line with economic recovery and rising popularity of men’s grooming products  products  Men’s grooming is expected to bounce back and show healthy growth rates over the forecast period, mostly thanks to the healthy economic performance expected in Vietnam, alongside higher living standards. According to the General Statistic Office report in December 2020, the Vietnam economy was predicted to record a positive growth rate of 2% by the end of 2020 and continue to increase by 6% in 2021, mainly thanks to various niche regulations completed by the government to help the economy recover. These factors will help to increase consumer spending and contribute to the growth rate of hair men’s grooming over the forecast period. Furthermore, the growing awareness and popularity of men’s grooming will also help boost sales in the category moving forwards.

Passport

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Passport

Developments in e-commerce and discount offers will also help boost sales over the forecast period Men’s grooming is also set to t o benefit from the ongoing e-commerce boom over the forecast period, as consumers continue to shop for their goods online due to the level of convenience and discount savings available, such as regular promotional events and up-to-20% off offers from online platforms such as Shopee, Lazada and Tiki. Players such as the leading International Consumer Products Co Ltd (Marico Ltd globally) and Unilever Vietnam International Co Ltd are also expected to focus on promoting discount offers on their own ecommerce platforms, alongside those of third parties.

Perfumed deodorant continues to be A leading trend thanks to higher standards of male grooming Men’s deodorants (in the mass category) continued to perform reasonably well in 2020, being one of very few sub-categories to record positive growth figures. This is due to the essential nature of such products and, even though deodorant is a mature category in Vietnam, sales are expected to pick up further in 2020-2021 and show healthy growth over the forecast period. Perfumed deodorant will continue to be a leading trend over the forecast period, due to the dual benefits it provides. Indeed, a number of new perfumed deodorants have been launched by leading players such as International Consumer Products Co Ltd (Marico Ltd globally) and Unza Vietnam Co Ltd. Overall, demand in the category is predicted to grow well over the forecast period, as male consumers are paying more attention to their grooming habits and hygiene, thus to combat body odour.

CATEGORY DATA Table 76

Sales of Men’s Grooming by Category: Value 2015-2020 2015 -2020

VND billion

Men's Shaving - Men's Post-Shave - Men's Pre-Shave - Men's Razors and Blades Men's Toiletries - Men's Bath and Shower -- Premium Men's Bath and Shower -- Mass Men's Bath and Shower - Men's Deodorants -- Premium Men's Deodorants -- Mass Men's Deodorants - Men's Hair Care -- Premium Men's Hair Care -- Mass Men's Hair Care - Men's Skin Care -- Premium Men's Skin Care -- Mass Men's Skin Care Men's Fragrances

2015

2016

2017

2018

2019

2020

582.3 8.0 112.6 461.7 2,924.7 402.5 -

636.8 8.9 125.6 502.3 3,111.4 421.4 -

685.2 9.6 135.6 540.0 3,335.5 434.5 -

734.8 10.3 145.8 578.7 3,520.1 442.6 -

780.1 10.9 155.2 614.1 3,677.7 453.3 -

810.3 1 1.1 11.1 159.8 639.4 3,569.1 428.5 -

402.5

421.4

434.5

442.6

453.3

428.5

449.2 -

509.1 -

620.9 -

701.6 -

771.8 -

802.6 -

449.2 1,843.8 -

509.1 1,917.6 -

620.9 1,990.4 -

701.6 2,060.1 -

771.8 2,111.6 -

802.6 1,984.9 -

1,843.8 229.2 5.4

1,917.6 263.4 6.0

1,990.4 289.8 6.6

2,060.1 315.8 7.2

2,111.6 341.0 7.7

1,984.9 353.2 6.5

223.8 597.2

257.4 673.8

283.2 748.4

308.6 820.8

333.3 898.4

346.7 741.2

76

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- Premium Men's Fragrances - Mass Men's Fragrances Men's Grooming Source:

Table 77

Passport

399.0

454.9

509.5

560.4

617.6

494.1

198.1 4,104.2

218.9 4,422.1

238.9 4,769.1

260.4 5,075.6

280.9 5,356.2

247.2 5,120.7

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Sales of Men’s Grooming by Category: % Value Growth 2015-2020 2015 -2020

% current value growth

Men's Shaving - Men's Post-Shave - Men's Pre-Shave - Men's Razors and Blades Men's Toiletries - Men's Bath and Shower -- Premium Men's Bath and Shower -- Mass Men's Bath and Shower - Men's Deodorants -- Premium Men's Deodorants -- Mass Men's Deodorants - Men's Hair Care -- Premium Men's Hair Care -- Mass Men's Hair Care - Men's Skin Care -- Premium Men's Skin Care -- Mass Men's Skin Care Men's Fragrances - Premium Men's Fragrances - Mass Men's Fragrances Men's Grooming Source:

Table 78

2019/20

2015-20 CAGR

2015/20 Total

3.9 2.0 3.0 4.1 -3.0 -5.5 -5.5 4.0 4.0 -6.0 -6.0 3.6 -15.0 4.0 -17.5 -20.0 -12.0 -4.4

6.8 6.7 7.2 6.7 4.1 1.3 1.3 12.3 12.3 1.5 1.5 9.0 4.0 9.1 4.4 4.4 4.5 4.5

39.1 38.5 41.9 38.5 22.0 6.4 6.4 78.7 78.7 7.7 7.7 54.1 21.4 54.9 24.1 23.8 24.7 24.8

Euromonitor International International from official official statistics, statistics, trade associations, trade press, press, company research, store checks, trade interviews, trade sources

Sales of Men's Razors and Blades by Type: % Value Breakdown 2016-2020

% retail value rsp

Disposables Systems Systems - Razors Systems - Refill Blades Other Razors and Blades Total Source:

Table 79

2016

2017

2018

2019

2020

49.0 49.2 19.8 29.4 1.8 100.0

48.9 49.2 19.9 29.3 1.9 100.0

48.8 49.2 20.0 29.2 2.0 100.0

48.8 49.2 20.1 29.1 2.0 100.0

48.7 49.4 20.3 29.1 1.9 100.0

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

Sales of Men's Skin Care by Type: % Value Breakdown 2017-2020

% retail value rsp 2017

2018

2019

2020

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Body Care Facial Care Total Source:

Table 80

2.0 98.0 100.0

2.3 97.7 100.0

2.4 97.6 100.0

NBO Company Shares of Men’s Grooming: % Value 2016-2020 2016-2020

International Consumer Products Co Ltd Unilever Vietnam International Co Ltd Unza Vietnam Co Ltd Beiersdorf Vietnam Ltd Co Oral-B (Vietnam) Ltd Coty Inc Croma Pharma GmbH Saigon Cosmetics Corp Inter Parfums Inc Shiseido Cosmetics Vietnam Co Ltd Estée Lauder Vietnam Co Ltd Calvin Klein Cosmetics Co Dorco Co Ltd Edgewell Personal Care Brands LLC Giorgio Armani SpA Rohto-Mentholatum Vietnam Co Ltd Chanel SA Lacoste SA L'Oréal Vietnam Co Ltd Oriflame Vietnam Ltd Hugo Boss AG Mandom Vietnam Co Ltd Salvatore Ferragamo SpA Kenzo Parfums SA Colgate-Palmolive (Vietnam) Co Ltd Euroitalia Srl Kao Vietnam Ltd LG Vina Cosmetics Co Ltd Givenchy SA, Parfums  AmorePacific Vietnam JSC Puig SL Procter & Gamble Vietnam Ltd Others Total

Table 81

2.2 97.8 100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

% retail value rsp Company

Source:

Passport

2016

2017

2018

2019

2020

25.1

24.1

23.5

23.1

23.4

13.8

14.5

14.2

14.2

15.6

14.2 8.3 7.2 2.6 2.2 1.7 1.1 1.1

13.7 8.9 7.7 2.8 2.3 1.7 1.1 1.1

13.2 9.4 8.1 3.0 2.3 1.7 1.2 1.1

12.8 10.0 8.4 3.2 2.3 1.7 1.3 1.1

13.7 11.1 9.1 3.0 2.5 1.5 1.1 1.0

0.8

0.9

1.0

1.1

0.9

0.7 0.9 0.7

0.8 0.9 0.7

0.9 0.8 0.7

1.0 0.8 0.6

0.8 0.8 0.6

0.5 0.8

0.5 0.7

0.6 0.7

0.7 0.6

0.6 0.6

0.4 0.6 0.4 0.7 0.4 0.3 0.4 0.3 0.3

0.5 0.6 0.4 1.0 0.4 0.3 0.4 0.4 0.3

0.5 0.6 0.5 1.0 0.5 0.3 0.4 0.4 0.3

0.6 0.6 0.5 0.9 0.5 0.4 0.4 0.4 0.3

0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.3 0.3

0.3 0.2 0.3 0.1 0.0 0.1 0.1

0.3 0.2 0.2 0.1 0.0 0.1 0.1

0.3 0.2 0.2 0.2 0.1 0.1 -

0.3 0.2 0.2 0.2 0.1 -

0.3 0.2 0.2 0.1 0.1 -

13.3 100.0

12.3 100.0

12.1 100.0

11.6 100.0

8.9 100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Men’s Grooming: % Value 2017-2020 2017 -2020

78

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% retail value rsp Brand (GBO)

Passport

Company (NBO)

2017

2018

2019

2020

International Consumer Products Co Ltd Unza Vietnam Co Ltd

24.1

23.5

23.1

23.4

13.7

13.2

12.8

13.7

Unilever Vietnam International Co Ltd Beiersdorf Vietnam Ltd Co

11.4

11.0

10.8

11.9

5.6

6.0

6.5

7.3

Oral-B (Vietnam) Ltd

6.0

6.3

6.6

7.2

Beiersdorf Vietnam Ltd Co

3.3

3.4

3.5

3.8

Unilever Vietnam International Co Ltd Croma Pharma GmbH

1.9

2.2

2.4

2.7

2.3

2.3

2.3

2.5

Oral-B (Vietnam) Ltd

1.5

1.5

1.6

1.7

Coty Inc Unilever Vietnam International Co Ltd

1.0 0.8

1.1 0.8

1.2 0.8

1.2 0.9

Group) Calvin Klein (Coty Inc) Davidoff DKNY (Estée Lauder Cos Inc) Giorgio Armani (L'Oréal Groupe) Oxy Men (Rohto Pharmaceutical Co Ltd) Coach Chanel Lacoste (Coty Inc) Issey Miyake (Shiseido Co Ltd) Jean Paul Gaultier (Puig SL)

Calvin Klein Cosmetics Co

0.8

0.9

1.0

0.8

Coty Inc Estée Lauder Vietnam Co Ltd Giorgio Armani SpA

0.7 0.7

0.8 0.8

0.9 0.9

0.8 0.7

0.5

0.6

0.7

0.6

Rohto-Mentholatum Vietnam Co Ltd

0.7

0.7

0.6

0.6

Inter Parfums Inc Chanel SA Lacoste SA Shiseido Cosmetics Vietnam Co Ltd Shiseido Cosmetics Vietnam Co Ltd

0.6 0.5 0.6 0.5

0.6 0.5 0.6 0.6

0.7 0.6 0.6 0.6

0.6 0.5 0.5 0.5

0.5

0.5

0.5

0.5

TJ Burberry (Coty Inc) Oriflame (Oriflame Cosmetics SA) Hugo Boss (Coty Inc) Gatsby (Mandom Corp) Guess (Inter Parfums Inc) Dorco Wilkinson

Dorco Co Ltd Inc Inter Parfums Oriflame Vietnam Ltd

0.5 0.5 0.8

0.5 0.5 0.8

0.4 0.5 0.7

0.5 0.5 0.4

Hugo Boss AG Mandom Vietnam Co Ltd Coty Inc

0.4 0.3 -

0.5 0.3 0.4

0.5 0.4 0.5

0.4 0.4 0.4

Dorco Co Ltd Edgewell Personal Care Brands LLC Salvatore Ferragamo SpA Coty Inc Others Total

0.4 0.4

0.4 0.4

0.4 0.4

0.4 0.4

0.4 0.4 18.2 100.0

0.4 17.9 100.0

0.4 17.3 100.0

0.4 13.9 100.0

X-Men (Marico Ltd) Romano (Wipro Ltd) Clear Men (Unilever Group) Nivea Men Deodorant (Beiersdorf AG) Gillette (Procter & Gamble Co, The) Nivea Men (Beiersdorf AG)  Axe (Unilever Group) Croma (STADA  Arzneimittel AG) Gillette Foamy (Procter & Gamble Co, The) adidas classic Rexona Deodorant For Men (Unilever

Salvatore Ferragamo Guess Others Total Source:

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Table 82

LBN Brand Shares of Men's Razors and Blades: % Value 2017-2020

% retail value rsp Brand (GBO) Gillette (Procter & Gamble Co, The) Croma (STADA  Arzneimittel AG) TJ Dorco Twin Wilkinson Bic Wilkinson Others Total Source:

Passport

Company (NBO)

2017

2018

2019

2020

Oral-B (Vietnam) Ltd

52.1

54.4

56.4

56.3

Croma Pharma GmbH

20.1

20.2

20.2

20.0

4.1 3.5 3.5

4.0 3.4 3.4

3.9 3.2 3.3

3.7 3.0 3.0

0.1 16.6 100.0

14.6 100.0

13.0 100.0

14.1 100.0

Dorco Co Ltd Dorco Co Ltd Edgewell Personal Care Brands LLC Société Bic SA Energizer Holdings Inc Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Forecast Sales of Men’s Grooming by Category: Value 2020-2025 2020 -2025

Table 83 VND billion

2020

2021

2022

2023

2024

2025

Men's Shaving - Men's Post-Shave - Men's Pre-Shave - Men's Razors and Blades Men's Toiletries - Men's Bath and Shower -- Premium Men's Bath and Shower -- Mass Men's Bath and Shower - Men's Deodorants -- Premium Men's Deodorants -- Mass Men's Deodorants

810.3 11.1 159.8 639.4 3,569.1 428.5 -

820.8 11.4 164.4 644.9 3,808.3 436.5 -

831.8 11.8 169.5 650.5 4,015.3 442.9 -

844.0 12.3 176.0 655.7 4,194.8 460.0 -

855.4 12.8 183.6 658.9 4,372.1 489.5 -

867.9 13.4 192.4 662.0 4,538.7 521.5 -

428.5

436.5

442.9

460.0

489.5

521.5

802.6 -

848.8 -

891.3 -

930.8 -

968.3 -

1,005.6 -

802.6

848.8

891.3

930.8

968.3

1,005.6

- Men's Hair Care -- Premium Men's Hair Care -- Mass Men's Hair Care - Men's Skin Care -- Premium Men's Skin Care -- Mass Men's Skin Care Men's Fragrances - Premium Men's Fragrances - Mass Men's Fragrances Men's Grooming

1,984.9 -

2,147.0 -

2,275.1 -

2,362.9 -

2,431.0 -

2,477.7 -

1,984.9 353.2 6.5

2,147.0 376.1 7.9

2,275.1 406.0 8.7

2,362.9 441.1 9.4

2,431.0 483.3 10.0

2,477.7 534.0 10.6

346.7 741.2 494.1

368.3 830.4 548.7

397.3 922.2 623.7

431.8 1,008.7 695.8

473.3 1,094.3 769.4

523.3 1,164.4 828.5

247.2 5,120.7

281.7 5,459.5

298.5 5,769.3

312.9 6,047.4

324.9 6,321.7

335.8 6,570.9

Source:

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Passport

Forecast Sales of Men’s Grooming by Category: % Value Growth 2020-2025 2020 -2025

Table 84

% constant value growth 2020/2021

2020-25 CAGR

2020/25 Total

1.3

1.4

7.1

- Men's Post-Shave - Men's Pre-Shave - Men's Razors and Blades Men's Toiletries - Men's Bath and Shower -- Premium Men's Bath and Shower -- Mass Men's Bath and Shower - Men's Deodorants -- Premium Men's Deodorants -- Mass Men's Deodorants - Men's Hair Care -- Premium Men's Hair Care -- Mass Men's Hair Care - Men's Skin Care -- Premium Men's Skin Care -- Mass Men's Skin Care Men's Fragrances - Premium Men's Fragrances

2.9 2.9 0.9 6.7 1.9 1.9 5.8 5.8 8.2 8.2 6.5 20.7 6.2 12.0 11.1

3.9 3.8 0.7 4.9 4.0 4.0 4.6 4.6 4.5 4.5 8.6 10.3 8.6 9.5 10.9

21.0 20.4 3.5 27.2 21.7 21.7 25.3 25.3 24.8 24.8 51.2 63.3 51.0 57.1 67.7

- Mass Men's Fragrances Men's Grooming

14.0 6.6

6.3 5.1

35.9 28.3

Men's Shaving

Source:

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ORAL CARE IN VIETNAM CATEGORY ANALYSIS KEY DATA FINDINGS   Oral care sees healthy growth overall in 2020, boosted by higher levels of oral hygiene, and stockpiling trend due to COVID-19

▪

  Oral care sees 10% current value growth in 2020, to reach VND7 trillion

▪

  Oral care sees 5% volume growth in 2020, to reach 291 million units; overall category unit prices are not noted

▪

  Unilever Vietnam International Co Ltd maintains its strong lead in oral care in 2020, with 42% company value share

▪

  Oral care is expected to see 7% current value CAGR (3% constant 2020 value) over the forecast period, to reach VND9.7 trillion in 2025

▪

2020 IMPACT Oral care sees healthy growth overall, thanks to higher levels of oral hygiene and stockpiling trend Oral care showed healthy value and volume growth across all sub-categories in 2020, boosted by a stockpiling trend earlier in the year, when consumers purchased a number of essential items in bulk due to shopping less frequently during the start of the COVID-19 pandemic. In addition, the Vietnamese government has been promoting the importance of oral health, further boosting sales. Mouthwashes/dental rinses shows the strongest growth, as consumers are starting to become familiar with these products, believing that they can help kill germs that cause dental problems, as well as provide long-lasting fresh breath. Manual toothbrushes also saw a boom in sales, as there was a heavy flood in the middle and north of Vietnam in October and November 2020, thus essential supplies were brought in to support the people in the area and manual toothbrushes were amongst these items. Overall, all sub-categories in oral care saw stronger value sales in 2020 than in 2019.

Product innovation driven by natural ingredient trends Players are active in product innovation across all sub-categories s ub-categories of oral care, and particularly so within mouthwashes/dental rinses, manual toothbrushes, and toothpaste. The majority of new products are focused on containing natural ingredients, in order to respond to rising demand from Vietnamese consumers. For example, Unilever Vietnam International launched a number of new products containing natural ingredients such as coconut, charcoal and herbal properties. Herbal and naturally positioned products have been receiving huge attention from both manufacturers and Vietnamese consumers, due to increasing health awareness. Another, earlier example comes from Hoa Linh Pharma, who launched Ngoc Chau toothpaste at the end of 2016. Vietnamese consumers were significantly attracted to the product due to its herbal formulation containing properties such as mint, clover, and areca nut. Indeed, the brand went on to gain trust from consumers and received one of the top 20 Vietnamese high-quality product

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certificates from Vietnam Economy News in 2017. Following Ngoc Chau’s success, Unilever launched its gel format product called Thom Mat Tu Nhien with citrus oil o il and herbal flavours.

International players maintain top places, whilst domestic Hoa Linh Pharma continues to stand out in local terms Unilever Vietnam International Co Ltd maintained its strong lead in oral care in 2020, thanks to the player’s dynamic marketing and wide distribution across the country, alongside ongoing product innovations to meet consumer demands and trends. As noted, the player has introduced a number of toothpaste products with different flavours, such as coconut with tamarin. Moreover, new products containing natural ingredients and additional functions such as detox or preventing pollution were also launched, thus meeting the needs and concerns of most Vietnamese consumers. The The player’s P/S brand also leads in brand terms, with Unilever’s portfolio including Closeup in third place, following Colgate-Palmolive Colgate- Palmolive (Vietnam) Co Ltd’s Colgate brand in second place. International players will continue to dominate sales over the forecast period, due to their wide distribution networks, strong financial capacity and dynamic marketing activities. As the landscape is predicted to be more competitive, both existing and new players pl ayers will have to put strong efforts into marketing and promoting their brands in order to stand out and thus gain attention and shares. Local brands continue to account for only a small share of overall oral care sales, due to a lack of finance and a narrow distribution network. Among local players, Hoa Linh Pharma, with its Ngoc Chau brand, has become a popular local name among Vietnamese consumers thanks to its herbal toothpaste. Indeed, Ngoc Chau is one of the top ten prestigious brands and quality products voted by the Vietnam Union for Enterprise Development Science in collaboration with the Anti-Counterfeiting Centre. Over the review period, the company has been very active in marketing, including advertisements in TV channels, radio, posters and other online platforms in order to increase brand presence in Vietnam. Therefore, Ngoc Chau is now a familiar brand name among Vietnamese consumers.

RECOVERY RECOVER Y AND OPPORTUNITIES Ongoing healthy growth expected, although lower than the boosted figures seen in 2020 Whilst remaining in positive growth figures, the rate of growth is expected to slow down in oral care across the forecast period. This is because the effects of the boosting factors seen in 2020 (stockpiling and supply of essential toothbrushes) will dissipate. Additionally, oral care is a mature category, thus ongoing growth will be maintained by the launch of innovative new products to attract consumers, alongside strong and continuous promotional and marketing activities to keep brands front of mind and boost sales.

Competition expected to become more intense, due to favourable import trade conditions Competition in oral care is expected to become more intense over the forecast period, as small trading companies enter the category with imported brands. There are strong international trade opportunities, thanks to Vietnam’s strong economy and favourable fair trade agreements (FTAs). However, such imported products mainly focus on middle- and high-income consumers who are willing to pay more for sophisticated products from overseas.

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International players will continue to dominate, but opportunities remain from smaller domestic brands It is expected that international players such as Unilever Vietnam International Co Ltd, Colgate-Palmolive (Vietnam) Co Ltd, Oral-B (Vietnam) Ltd, GlaxoSmithKline Plc, and the like will continue to dominate oral care, thanks to their wide distribution networks, strong financial capabilities and dynamic marketing activities. That said, opportunities will remain for f or domestic players who offer products at cheaper price points, thus catering for lower-income consumers. Whilst domestic players will continue to make up a smaller s maller share of oral care, brands such as the aforementioned Ngoc Chau from Hoa Linh Pharma will continue to hold appeal for many Vietnamese consumers.

CATEGORY DATA Table 85

Sales of Oral Care by Category: Value 2015-2020

VND billion

Dental Floss Denture Care Mouth Fresheners Mouthwashes/Dental Rinses Tooth Whiteners Toothbrushes - Manual Toothbrushes - Power Toothbrushes Toothpaste Oral Care Source: Note:

Table 86

2015

2016

2017

2018

2019

2020

274.2 1,673.3 1,673.3 3,530.7 5,478.3

311.3 1,773.7 1,773.7 3,672.0 5,756.9

336.2 1,844.7 1,844.7 3,800.5 5,981.3

361.4 1,881.6 1,881.6 3,876.5 6,119.4

385.0 1,992.2 1,992.2 4,031.6 6,408.7

431.2 2,151.5 2,151.5 4,434.7 7,017.4

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources Oral Care total excludes the category total for manual and power toothbrushes

Sales of Oral Care by Category: % Value Growth 2015-2020

% current value growth

Dental Floss Denture Care Mouth Fresheners Mouthwashes/Dental Rinses Tooth Whiteners Toothbrushes - Manual Toothbrushes - Power Toothbrushes Toothpaste Oral Care Source: Note:

Table 87

2019/20

2015-20 CAGR

2015/20 Total

12.0 8.0 8.0 10.0 9.5

9.5 5.2 5.2 4.7 5.1

57.2 28.6 28.6 25.6 28.1

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources Oral Care total excludes the category total for manual and power toothbrushes

Sales of Toothbrushes by Category: Value 2015-2020

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Passport

VND billion

Toothbrushes - Manual Toothbrushes - Power Toothbrushes

2015

2016

2017

2018

2019

2020

1,673.3 1,673.3 -

1,773.7 1,773.7 -

1,844.7 1,844.7 -

1,881.6 1,881.6 -

1,992.2 1,992.2 -

2,151.5 2,151.5 -

--

--

--

--

--

--

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

----Battery BatteryToothbrushes Toothbrush Replacement Heads --- Battery Toothbrush Units -- Electric Toothbrushes --- Electric Toothbrush Replacement Heads --- Electric Toothbrush Units Source:

Table 88

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company research, research, store checks, trade interviews, trade sources

Sales of Toothbrushes by Category: % Value Growth 2015-2020

% current value growth

Toothbrushes - Manual Toothbrushes - Power Toothbrushes -- Battery Toothbrushes --- Battery Toothbrush Replacement Heads --- Battery Toothbrush Units -- Electric Toothbrushes --- Electric Toothbrush Replacement Heads --- Electric Toothbrush Units Source:

Table 89

2019/20 8.0 8.0 -

2015-20 CAGR 5.2 5.2 -

2015/20 Total 28.6 28.6 -

-

-

-

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Sales of Toothpaste by Type: % Value Breakdown 2016-2020

% retail value rsp

Children's Fresh Breath Gum Health Sensitive Total Care/Complete Care Traditional/Standard/ Basic Whitening Total Source:

2016

2017

2018

2019

2020

2.9 3.8 11.8 2.7 5.0 61.2

3.0 3.9 11.7 3.0 5.0 60.7

3.0 3.9 11.7 3.5 5.0 60.2

3.1 4.0 11.7 3.7 5.1 59.6

3.1 4.1 11.6 3.8 5.0 59.4

12.6 100.0

12.7 100.0

12.8 100.0

12.8 100.0

13.0 100.0

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Table 90

Passport

NBO Company Shares of Oral Care: % Value 2016-2020

% retail value rsp Company

2016

2017

2018

2019

2020

Unilever Vietnam International Co Ltd

40.5

44.3

43.0

41.5

42.2

Colgate-Palmolive (Vietnam) Co Ltd Oral-B (Vietnam) Ltd GlaxoSmithKline Plc Nu Skin Vietnam Co Ltd  Amway Vietnam Ltd  Aloe Trading Co Ltd Johnson & Johnson Vietnam Co Ltd Jordan AS LG Vina Cosmetics Co Ltd Dai Viet Huong Trading Manufacturing Co Ltd Lion Corp Procter & Gamble Vietnam Ltd Oriflame Vietnam Ltd Daso Group

21.6

21.1

21.3

21.5

21.7

11.4 3.1 1.0 2.9 2.1 0.9

11.8 3.6 1.5 2.4 2.1 0.8

12.3 4.3 2.7 2.4 1.9 0.8

12.5 4.9 3.4 2.5 1.6 0.8

12.3 5.0 3.6 2.3 1.3 0.9

0.8 0.9 0.7

0.8 0.7 0.7

0.9 0.7 0.6

0.9 0.7 0.6

0.9 0.6 0.6

0.9 0.2

0.8 0.1

0.7 0.1

0.5 0.1

0.4 0.1

0.3 -

0.1 -

0.1 -

0.1 -

0.0 -

12.7 100.0

9.3 100.0

8.1 100.0

8.3 100.0

8.0 100.0

Others Total Source:

Table 91

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Oral Care: % Value 2017-2020

% retail value rsp Brand (GBO) P/S (Unilever Group) Colgate (ColgatePalmolive Co) Closeup (Unilever Group) Oral-B (Procter & Gamble Co, The) Sensodyne Nu Skin (Nu Skin Enterprises Inc) Darlie (ColgatePalmolive Co) Glister (Amway Corp) Forever Bright (Forever Living Products International LLC)  Aquafresh Listerine (Johnson & Johnson Inc) Jordan (Orkla Group) Doreen

Company (NBO)

2017

2018

2019

2020

Unilever Vietnam International Co Ltd Colgate-Palmolive (Vietnam) Co Ltd Unilever Vietnam International Co Ltd

32.8

31.2

29.6

29.7

17.7

17.9

18.1

18.4

11.5

11.7

11.9

12.5

Oral-B (Vietnam) Ltd GlaxoSmithKline Plc Nu Skin Vietnam Co Ltd

11.8 2.6 1.5

12.3 3.3 2.7

12.5 3.7 3.4

12.3 3.8 3.6

Colgate-Palmolive (Vietnam) Co Ltd Amway Vietnam Ltd Aloe Trading Co Ltd

2.8

2.9

2.9

2.9

2.4 2.1

2.4 1.9

2.5 1.6

2.3 1.3

GlaxoSmithKline Plc Johnson & Johnson Vietnam Co Ltd Jordan AS Dai Viet Huong Trading Manufacturing Co Ltd

1.0 0.8

1.1 0.8

1.2 0.8

1.2 0.9

0.8 0.7

0.9 0.6

0.9 0.6

0.9 0.6

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Colgate Plax (Colgate-Palmolive Co)  Atman (LG Household & Health Care Ltd) Kodomo Bamboo Salt (LG Household Care Ltd) & Health Crest (Procter & Gamble Co, The) Fresh & White Oriflame (Oriflame Cosmetics SA) Zact Dacco Jordan Lucky (LG Household & Health Care Ltd) Fluocaril (Procter & Gamble Co, The) Others Total Source:

Table 92

0.5

0.5

0.5

0.5

LG Vina Cosmetics Co Ltd

0.5

0.6

0.5

0.5

Lion Corp LG Vina Cosmetics Co Ltd

0.5 0.2

0.4 0.2

0.3 0.1

0.3 0.1

Procter & Gamble Vietnam Ltd Lion Corp Oriflame Vietnam Ltd

0.1

0.1

0.1

0.1

0.2 0.1

0.2 0.1

0.1 0.1

0.1 0.0

Lion Corp Daso Group Jordan AS LG Vina Cosmetics Co Ltd

0.1 -

0.1 -

0.0 -

-

-

-

-

-

9.3 100.0

8.1 100.0

8.3 100.0

8.0 100.0

Procter & Gamble Vietnam Ltd Others Total

LBN Brand Shares of Mouthwashes/Dental Rinses: % Value 2017-2020

Listerine (Johnson & Johnson Inc) Colgate Plax (Colgate-Palmolive Co) P/S Mouthwash (Unilever Group) T-B Oral-B (Procter & Gamble Co, The) Others Total

Table 93

Colgate-Palmolive (Vietnam) Co Ltd

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

% retail value rsp Brand (GBO)

Source:

Passport

Company (NBO)

2017

2018

2019

2020

Johnson & Johnson Vietnam Co Ltd Colgate-Palmolive (Vietnam) Co Ltd

14.5

13.5

13.3

14.9

8.4

8.2

8.1

8.5

Unilever Vietnam International Co Ltd Traphaco JSC Oral-B (Vietnam) Ltd

6.2

6.1

6.0

6.5

1.0 -

0.9 -

0.9 -

0.9 -

70.0 100.0

71.2 100.0

71.7 100.0

69.3 100.0

Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

LBN Brand Shares of Toothpaste: % Value 2017-2020

% retail value rsp Brand (GBO) P/S (Unilever Group) Closeup (Unilever Group) Colgate (ColgatePalmolive Co)

Company (NBO)

2017

2018

2019

2020

Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd Colgate-Palmolive (Vietnam) Co Ltd

44.2

41.5

39.1

38.9

18.1

18.5

18.9

19.7

14.0

13.5

13.6

13.9

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Sensodyne Nu Skin (Nu Skin Enterprises Inc) Darlie (ColgatePalmolive Co) Glister (Amway Corp) Forever Bright (Forever Living Products International LLC)  Aquafresh Doreen Kodomo Bamboo Salt (LG Household & Health Care Ltd) Crest (Procter & Gamble Co, The) Fresh & White Oriflame (Oriflame Cosmetics SA) Zact Oral-B (Procter & Gamble Co, The) Dacco Lucky Anti-Cavity For Kids (LG Household & Health Care Ltd) Fluocaril KM 2x1 (Procter & Gamble Co, The) Others Total Source:

Passport

GlaxoSmithKline Plc Nu Skin Vietnam Co Ltd

4.1 2.4

5.1 4.2

5.9 5.5

6.0 5.7

Colgate-Palmolive (Vietnam) Co Ltd Amway Vietnam Ltd Aloe Trading Co Ltd

4.5

4.7

4.6

4.5

3.7 3.2

3.8 3.0

4.0 2.6

3.7 2.0

GlaxoSmithKline Plc Dai Viet Huong Trading Manufacturing Co Ltd Lion Corp LG Vina Cosmetics Co Ltd

1.5 1.0

1.6 1.0

1.8 1.0

1.8 1.0

0.8 0.3

0.7 0.3

0.6 0.2

0.4 0.2

Procter & Gamble Vietnam Ltd Lion Corp Oriflame Vietnam Ltd

0.2

0.2

0.2

0.2

0.3 0.2

0.3 0.2

0.2 0.2

0.2 0.0

Lion Corp Oral-B (Vietnam) Ltd

0.1 0.1

0.1 -

0.1 -

-

Daso Group LG Vina Cosmetics Co Ltd

--

--

--

--

Procter & Gamble Vietnam Ltd

-

-

-

-

1.2 100.0

1.3 100.0

1.6 100.0

1.6 100.0

Others Total

Euromonitor International International from official official statistics, statistics, trade associations, trade press, company research, research, store checks, trade interviews, trade sources

Table 94

Forecast Sales of Oral Care by Category: Value 2020-2025

VND billion

Dental Floss Denture Care Mouth Fresheners Mouthwashes/Dental Rinses Tooth Whiteners Toothbrushes - Manual Toothbrushes - Power Toothbrushes Toothpaste Oral Care Source: Note:

2020

2021

2022

2023

2024

2025

431.2 2,151.5 2,151.5 4,434.7 7,017.4

453.9 2,223.3 2,223.3 4,625.5 7,302.7

472.2 2,281.0 2,281.0 4,767.9 7,521.1

485.9 2,325.2 2,325.2 4,896.8 7,707.8

497.6 2,358.6 2,358.6 5,014.3 7,870.5

507.1 2,385.8 2,385.8 5,106.4 7,999.3

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, interviews, trade sources Oral Care total excludes the category total for manual and power toothbrushes

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Table 95

Passport

Forecast Sales of Oral Care by Category: % Value Growth 2020-2025

% constant value growth

Dental Floss Denture Care Mouth Fresheners Mouthwashes/Dental Rinses Tooth Whiteners Toothbrushes - Manual Toothbrushes - Power Toothbrushes Toothpaste Oral Care Source: Note:

2020/2021

2020-25 CAGR

2020/25 Total

-

-

-

5.3 3.3 3.3 4.3 4.1

3.3 2.1 2.1 2.9 2.7

17.6 10.9 10.9 15.1 14.0

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources Oral Care total excludes the category total for manual and power toothbrushes

Table 96

Forecast Sales of Toothbrushes by Category: Value 2020-2025

VND billion

Toothbrushes - Manual Toothbrushes - Power Toothbrushes -- Battery Toothbrushes --- Battery Toothbrush Replacement Heads --- Battery Toothbrush Units -- Electric Toothbrushes --- Electric Toothbrush Replacement Heads --- Electric Toothbrush Units Source:

Table 97

2020

2021

2022

2023

2024

2025

2,151.5 2,151.5 -

2,223.3 2,223.3 -

2,281.0 2,281.0 -

2,325.2 2,325.2 -

2,358.6 2,358.6 -

2,385.8 2,385.8 -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Forecast Sales of Toothbrushes by Category: % Value Growth 2020-2025

% constant value growth

Toothbrushes - Manual Toothbrushes - Power Toothbrushes -- Battery Toothbrushes --- Battery Toothbrush Replacement Heads --- Battery Toothbrush Units -- Electric Toothbrushes --- Electric Toothbrush Replacement Heads --- Electric Toothbrush Units Source:

2020/2021

2020-25 CAGR

2020/25 Total

3.3 3.3 -

2.1 2.1 -

10.9 10.9 -

-

-

-

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

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SKIN CARE IN VIETNAM - CATEGORY  ANALYSIS KEY DATA FINDINGS   Skin care sees overall declines due to lower consumer spending on non-essential products as a result of the financial impacts of COVID-19

▪

  Skin care sees 7% current value decline in 2020, to reach VND10.7 trillion

▪

  Skin care sees 7% volume decline in 2020, to reach 66 million units; overall category unit prices are not noted

▪

  Shiseido Cosmetics Vietnam Co Ltd maintains its lead in skin care in 2020, with 16% company value share

▪

  Skin care is expected to see 14% current value CAGR (10% constant 2020 value) over the forecast period, to reach VND20.5 trillion in 2025

▪

2020 IMPACT Skin care sees overall declines due to lower consumer spending on non-essential and premium products Whilst the Vietnamese economy is faring the impacts of COVID-19 well, there has still been a reduction in consumer spending on non-essential and premium products across many categories. According to the General Office of Vietnam, in September 2020, there were 31.8 million people in the country, aged 15 and over, who were negatively affected by the event of COVID-19. This includes those who had lost their jobs, had to take time off work, reduce their working hours and, thus, reduce their incomes. As a result, consumers started to economise and switch away from spending on luxury and non-essential goods, bucking the trend of the last couple of years. This has affected skin care to a notable degree, with all sub-categories showing negative figure value declines in 2020, bar mass lip care as the only sub-category in small positive figures, and with premium hand care showing the steepest declines. Moreover, as shopping malls and spas were closed during the nationwide social distancing period, this impacted sales through some of the strongest channels for skin care sales, especially so with premium brands such as Shiseido (Shiseido Cosmetics Vietnam Co Ltd), The History of Whoo and O HUI (both from LG Vina Cosmetics Co Ltd).

Digital marketing, e-commerce and dynamic promotions prove essential for skin care sales Digital marketing, as seen in other areas of beauty and personal care, is also relevant in skin care. In 2020, Facebook was evaluated as the most popular social network for companies to approach customers, due to a reported 68 million Facebook users active by the end of 2020. Therefore, this social network, alongside TikTok, have become effective channels for leading companies to advertise their products and enhance brand reputation. For example, companies such as Shiseido Cosmetics Vietnam Co Ltd, Estée Lauder Vietnam Co Ltd and L'Oréal Vietnam Co Ltd have embraced this marketing route and run livestreams with various skin care experts or celebrities, giving free skin care advise to consumers and also showcasing the

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products. Both mass and premium skin care brands also regularly run promotional campaigns, with up-to-50% off, or free gifts such as a handbag or other skin care products with purchases. Such campaigns appeal to price-sensitive consumers who still wish to treat themselves to skin care products. In line with the online advertising and promotions trends, e-commerce is also booming, with Shopee and Lazada cited as the two most popular online shopping websites in Vietnam. In addition to the rapid and robust development of e-commerce, beauty specialist speciali st retailers are also seeing a boom in popularity, with more new players appearing in this channel. Examples include Beauty Box, Beauty Garden, and Nuty. The growth of this channel will also help the recovery of skin care post-pandemic.

Shiseido maintains top place, with internationals firmly in pole positions Shiseido Cosmetics Vietnam Co Ltd maintained its lead in skin care in 2020, thanks to the strength of its top namesake brand alongside its strong, global, financial capacity. The player is also active with its marketing activities, such as creating campaigns and online livestreams in place of its previous skin care festivals within shopping malls. However, there is growth potential for other brands within skin care, thus competition is set to increase. That said, it is expected that international brands will continue to dominate, with Unilever Vietnam International Co Ltd, L'Oréal Vietnam Co Ltd, and Estée Lauder Vietnam Co Ltd all maintaining pole positions. This is due to the fact that many Vietnamese consumers believe that foreign products offer better quality than local alternatives and thus will pay the higher prices for the perceived higher quality.

RECOVERY RECOVER Y AND OPPORTUNITIES Bounceback expected expected in line with economic recovery and higher personal care standards Skin care is expected to bounce back and show healthy growth rates over the forecast period, mostly thanks to the healthy economic performance expected in Vietnam, alongside higher living standards. According to the General Statistic Office report in December 2020, the Vietnam economy was predicted to record a positive growth rate of 2% by the end of o f 2020 and continue to increase by 6% in 2021, mainly thanks to various niche regulations completed by the government to help the economy recover. These factors will help to increase consumer spending and contribute to the growth rate of skin care over the forecast period. Furthermore, the growing awareness and popularity of skin care products, plus an expected premiumisation trend, will also help boost sales in the category moving forwards.

Investment in e-commerce and digital marketing set to t o continue over forecast period E-commerce is expected to grow strongly over the forecast period, especially so as the government in Vietnam has launched new regulations to boost the sale value of the channel, with a target growth rate of 25% per year for the next five years. Leading companies such as Shiseido Cosmetics Vietnam Co Ltd, L'Oréal Vietnam Co Ltd, and Estée Lauder Vietnam Co Ltd will continue to invest in online platforms, from increased interaction with customers on Facebook or TikTok, to partnerships with e-commerce players such as Sociolla, alongside the ongoing strategy of running livestreams with famous skin care experts and celebrities, in order to enhance brand image.

Passport

92

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Passport

 Anti-agers set to grow strongly due to aging population in the country country  Anti-agers is expected to bounce back strongly and continue to grow over over the forecast period.  According to a research report from the Ministry Ministry of the Bureau of Population and Family Planning in 2020, Vietnam’s elderly population is expected to double from 7% in 2019 to 16% in the next 17 years. As such and due to the higher demand within this category, an increasing number of both international and domestic companies are expected to invest further into launching new anti-aging products to attract customers. Meanwhile, brands such as Shiseido and Estée Lauder will continue to enhance their presence across online platforms, with livestreams from skin care experts, mini games on Facebook, and regular promotions and campaigns.

CATEGORY DATA Table 98

Sales of Skin Care by Category: Value 2015-2020

VND billion

Body Care - Firming/AntiCellulite Body Care -- Premium Firming/AntiCellulite Body Care -- Mass Firming/AntiCellulite Body Care - General Purpose Body Care -- Premium General Purpose Body Care -- Mass General Purpose Body Care Facial Care - Acne Treatments -- Premium Acne Treatments -- Mass Acne Treatments - Face Masks -- Premium Face Masks -- Mass Face Masks - Facial Cleansers -- Liquid/Cream/Gel/Bar Cleansers --- Premium Liquid/ Cream/Gel/Bar Cleansers --- Mass Liquid/Cream/ Gel/Bar Cleansers -- Facial Cleansing Wipes --- Premium Facial Cleansing Wipes --- Mass Facial Cleansing Wipes - Moisturisers And Treatments -- Basic Moisturisers --- Premium Basic Moisturisers

2015

2016

2017

2018

2019

2020

394.1 14.1

439.7 14.9

486.1 15.5

536.2 15.8

587.7 15.6

519.2 14.1

-

-

-

-

-

-

14.1

14.9

15.5

15.8

15.6

14.1

380.1

424.7

470.6

520.4

572.0

505.1

31.4

34.3

37.2

40.1

43.8

40.3

348.6

390.5

433.4

480.2

528.3

464.9

7,159.3 198.9 106.0

7,855.6 226.0 122.0

8,622.5 247.1 132.7

9,505.1 272.5 147.3

10,507.8 301.5 164.9

9,811.3 288.9 155.1

92.9 100.2 41.2 59.0 1,617.2 1,617.2

104.0 114.8 47.4 67.4 1,663.2 1,663.2

114.4 126.8 54.1 72.8 1,702.9 1,702.9

125.3 139.3 61.1 78.2 1,765.0 1,765.0

136.5 153.7 68.4 85.3 1,850.0 1,850.0

133.8 148.8 65.7 83.2 1,756.2 1,756.2

422.9

462.5

500.4

537.9

580.9

493.8

1,194.3

1,200.7

1,202.5

1,227.1

1,269.1

1,262.4

-

-

-

-

-

-

-

-

-

-

-

-

4,704.1

5,266.5

5,903.7

6,625.7

7,437.2

6,860.9

3,206.6 1,963.4

3,579.8 2,172.4

3,998.7 2,450.6

4,464.4 2,769.1

4,980.5 3,143.3

4,493.1 2,766.1

93

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Passport

--- Mass Basic Moisturisers -- Anti-Agers --- Premium Anti-Agers --- Mass Anti-Agers - Lip Care -- Premium Lip Care

1,243.2

1,407.4

1,548.2

1,695.2

1,837.2

1,727.0

1,497.5 1,178.0 319.5 128.4 -

1,686.7 1,325.0 361.7 136.2 -

1,905.0 1,507.8 397.2 147.7 -

2,161.3 1,726.4 434.9 161.0 -

2,456.7 1,985.4 471.3 176.3 -

2,367.9 1,906.0 461.9 186.9 -

-Mass Lip Care - Toners -- Premium Toners -- Mass Toners Hand Care - Premium Hand Care - Mass Hand Care Skin Care Sets/Kits - Premium Skin Care Sets/Kits - Mass Skin Care Sets/ Kits Skin Care

128.4 410.5 273.2 137.3 66.4 20.7 45.6 163.8 27.9

136.2 449.0 295.3 153.7 71.7 21.9 49.8 184.1 34.1

147.7 494.4 321.9 172.4 77.0 23.2 53.8 211.3 47.5

161.0 541.6 352.5 189.0 82.5 24.7 57.8 253.1 58.2

176.3 589.1 387.8 201.3 87.9 26.1 61.8 290.8 65.4

186.9 569.5 372.3 197.3 79.2 21.4 57.8 281.0 61.8

136.0

150.0

163.7

194.9

225.3

219.2

7,783.7

8,551.0

9,396.9

10,377.0

11,474.1

10,690.6

Source:

Table 99

Euromonitor International International from official official statistics, statistics, trade associations, trade press, company research, research, store checks, trade interviews, trade sources

Sales of Skin Care by Category: % Value Growth 2015-2020

% current value growth

Body Care - Firming/Anti-Cellulite Body Care -- Premium Firming/Anti-Cellulite Body Care -- Mass Firming/Anti-Cellulite Body Care - General Purpose Body Care -- Premium General Purpose Body Care -- Mass General Purpose Body Care Facial Care - Acne Treatments -- Premium Acne Treatments -- Mass Acne Treatments - Face Masks -- Premium Face Masks -- Mass Face Masks - Facial Cleansers -- Liquid/Cream/Gel/Bar Cleansers --- Premium Liquid/Cream/Gel/Bar Cleansers --- Mass Liquid/Cream/Gel/Bar Cleansers -- Facial Cleansing Wipes --- Premium Facial Cleansing Wipes --- Mass Facial Cleansing Wipes - Moisturisers And Treatments -- Basic Moisturisers --- Premium Basic Moisturisers --- Mass Basic Moisturisers -- Anti-Agers --- Premium Anti-Agers --- Mass Anti-Agers - Lip Care

2019/20

2015-20 CAGR

2015/20 Total

-11.6 -10.0 -

5.7 0.0 -

31.7 -0.2 -

-10.0 -11.7 -8.0 -12.0 -6.6 -4.2 -6.0 -2.0 -3.1 -4.0 -2.4 -5.1 -5.1 -15.0

0.0 5.9 5.1 5.9 6.5 7.8 7.9 7.6 8.2 9.8 7.1 1.7 1.7 3.1

-0.2 32.9 28.2 33.3 37.0 45.3 46.3 44.1 48.5 59.3 41.0 8.6 8.6 16.8

-0.5 -7.7 -9.8 -12.0 -6.0 -3.6 -4.0 -2.0 6.0

1.1 7.8 7.0 7.1 6.8 9.6 10.1 7.6 7.8

5.7 45.8 40.1 40.9 38.9 58.1 61.8 44.5 45.5

94

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BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

-- Premium Lip Care -- Mass Lip Care - Toners -- Premium Toners -- Mass Toners Hand Care - Premium Hand Care -Skin Mass Hand Care Care Sets/Kits - Premium Skin Care Sets/Kits - Mass Skin Care Sets/Kits Skin Care Source:

6.0 -3.3 -4.0 -2.0 -10.0 -18.0

7.8 6.8 6.4 7.5 3.6 0.6

45.5 38.7 36.3 43.6 19.3 3.2

-6.6 -3.4 -5.5 -2.7 -6.8

4.8 11.4 17.3 10.0 6.6

26.6 71.5 121.9 61.2 37.3

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 100

NBO Company Shares of Skin Care: % Value 2016-2020

% retail value rsp Company Shiseido Cosmetics Vietnam Co Ltd Unilever Vietnam International Co Ltd L'Oréal Vietnam Co Ltd LG Vina Cosmetics Co Ltd Beiersdorf Vietnam Ltd Co Estée Lauder Vietnam Co Ltd  AmorePacific Vietnam JSC Rohto-Mentholatum Vietnam Co Ltd Nu Skin Vietnam Co Ltd Nippon Menard Cosmetic Co Ltd Procter & Gamble Vietnam Ltd Nestlé SA  Amway Vietnam Ltd Kanebo Cosmetics Inc Pierre Fabre SA, Laboratoires Clarins SA Dermalogica Vietnam Co Ltd Dang Duong Comestic Co Ltd Body Shop (Vietnam) Co Ltd, The Oriflame Vietnam Ltd Elizabeth Arden Inc NAOS SAS Kao Vietnam Ltd Dai Viet Huong Trading Manufacturing Co Ltd Unza Vietnam Co Ltd  Aloe Trading Co Ltd Stiefel Laboratories Pte Ltd

2016

2017

2018

2019

2020

17.1

17.5

17.4

17.1

15.6

14.9

13.8

12.7

11.8

12.1

10.5 8.3 5.5 4.1

10.6 8.3 5.7 4.6

10.5 8.4 5.6 4.9

10.3 8.3 5.4 5.0

11.9 8.0 5.9 5.0

2.3 3.1

2.8 3.0

3.9 2.9

4.0 2.8

3.9 3.0

0.6 1.6

0.9 1.6

1.4 1.6

1.9 1.6

2.0 1.7

2.0

1.9

1.7

1.6

1.6

1.2 1.8 1.3 1.0

1.2 1.4 1.3 1.0

1.1 1.3 1.3 1.0

1.1 1.3 1.2 1.0

1.3 1.2 1.2 1.1

1.0 1.0

1.0 1.0

1.0 0.9

1.0 0.9

0.9 0.8

0.8

0.8

0.8

0.7

0.7

0.8

0.8

0.8

0.8

0.7

1.5 0.8 0.5 0.7 0.8

1.9 0.8 0.5 0.6 0.7

1.8 0.7 0.5 0.5 0.6

1.5 0.6 0.5 0.5 0.5

0.6 0.6 0.6 0.6 0.5

0.5 0.5 0.3

0.4 0.4 0.3

0.4 0.4 0.3

0.4 0.3 0.3

0.3 0.3 0.3

95

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BEAUTY AND PERSONAL CARE IN VIETNAM

Thorakao Cosmetics Ltd Johnson & Johnson Vietnam Co Ltd Revlon Inc Others Total Source:

Passport

0.3 0.3

0.2 0.2

0.2 0.2

0.2 0.2

0.2 0.2

0.2 14.5 100.0

0.2 14.5 100.0

0.2 14.9 100.0

0.2 17.0 100.0

0.2 17.0 100.0

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

Table 101

LBN Brand Shares of Skin Care: % Value 2017-2020

% retail value rsp Brand (GBO) Shiseido (Shiseido Co Ltd) Pond's (Unilever Group) Lancôme (L'Oréal Groupe) Nivea (Beiersdorf AG) Estée Lauder (Estée Lauder Cos Inc) O HUI (LG Household & Health Care Ltd) The Face Shop (LG Household & Health Care Ltd) Nu Skin (Nu Skin Enterprises Inc) Clinique (Estée Lauder Cos Inc) Vichy (L'Oréal Groupe) L'Oréal DermoExpertise (L'Oréal Groupe) Nivea Men (Beiersdorf AG) Menard The History of Whoo (LG Household & Health Care Ltd) Olay (Procter & Gamble Co, The) Laneíge (AmorePacific Corp) Sulwhasoo (AmorePacific Corp) Cetaphil (Galderma SA) Kiehl's (L'Oréal Groupe) La Roche-Posay (L'Oréal Groupe)  Avène Kanebo (Kao Corp)

Company (NBO)

2017

2018

2019

2020

Shiseido Cosmetics Vietnam Co Ltd Unilever Vietnam International Co Ltd L'Oréal Vietnam Co Ltd

17.0

17.0

16.8

15.3

11.5

10.6

9.9

10.3

4.4

4.4

4.3

5.2

Beiersdorf Vietnam Ltd Co Estée Lauder Vietnam Co Ltd LG Vina Cosmetics Co Ltd

3.1 2.6

3.0 2.9

3.0 2.9

3.1 3.0

2.8

2.9

3.0

3.0

LG Vina Cosmetics Co Ltd

2.7

2.6

2.5

2.5

Nu Skin Vietnam Co Ltd

0.9

1.4

1.9

2.0

Estée Lauder Vietnam Co Ltd L'Oréal Vietnam Co Ltd

2.0

2.1

2.0

1.9

1.7

1.8

1.7

1.9

L'Oréal Vietnam Co Ltd

2.0

1.8

1.7

1.8

Beiersdorf Vietnam Ltd Co

1.7

1.6

1.6

1.8

Nippon Menard Cosmetic Co Ltd LG Vina Cosmetics Co Ltd

1.6

1.6

1.6

1.7

1.8

1.9

2.0

1.7

Procter & Gamble Vietnam Ltd AmorePacific Vietnam JSC

1.9

1.7

1.6

1.6

1.4

1.6

1.6

1.5

AmorePacific Vietnam JSC

1.2

1.4

1.4

1.4

-

-

1.1

1.3

L'Oréal Vietnam Co Ltd

1.1

1.1

1.1

1.3

L'Oréal Vietnam Co Ltd

1.0

1.0

1.1

1.2

Pierre Fabre SA, Laboratoires Kanebo Cosmetics Inc

1.0

1.0

1.0

1.1

1.3

1.2

1.1

1.1

Nestlé SA

96

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BEAUTY AND PERSONAL CARE IN VIETNAM

Passport

Vaseline Intensive Care (Unilever Group) Lip Ice (Rohto Pharmaceutical Co Ltd) Innisfree (AmorePacific Corp)

Unilever Vietnam International Co Ltd Rohto-Mentholatum Vietnam Co Ltd

1.2

1.2

1.1

1.0

0.9

0.9

0.9

1.0

AmorePacific Vietnam JSC

0.2

0.8

0.9

0.9

Clarins(Rohto  Acnes Pharmaceutical Co Ltd) Hazeline (Unilever Group) Dermalogica (Unilever Group) One Today Cetaphil Others Total

Clarins SA Rohto-Mentholatum Vietnam Co Ltd

1.0 1.0

1.0 0.9

1.0 0.8

0.9 0.9

Unilever Vietnam International Co Ltd Dermalogica Vietnam Co Ltd Dang Duong Comestic Co Ltd Nestlé SA Others Total

1.1

0.9

0.8

0.8

1.0

0.9

0.9

0.8

0.8 1.2 27.1 100.0

0.8 1.1 26.8 100.0

0.7 27.8 100.0

0.7 27.0 100.0

Source:

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 102

LBN Brand Shares of Basic Moisturisers: % Value 2017-2020

% retail value rsp Brand (GBO) Shiseido (Shiseido Co Ltd) Pond's (Unilever Group) Lancôme (L'Oréal Groupe) O HUI (LG Household & Health Care Ltd) Vichy (L'Oréal Groupe) Nu Skin (Nu Skin Enterprises Inc)  Avène Menard Estée Lauder (Estée Lauder Cos Inc) Clinique (Estée Lauder Cos Inc) The History of Whoo (LG Household & Health Care Ltd) Laneíge (AmorePacific Corp) One Today The Face Shop (LG Household & Health Care Ltd) Eucerin (Beiersdorf  AG)  Artistry Pure White

Company (NBO)

2017

2018

2019

2020

Shiseido Cosmetics Vietnam Co Ltd Unilever Vietnam International Co Ltd L'Oréal Vietnam Co Ltd

19.5

19.4

18.8

17.7

18.5

17.0

15.6

16.2

4.6

4.5

4.3

5.2

LG Vina Cosmetics Co Ltd

4.2

4.2

4.3

4.2

L'Oréal Vietnam Co Ltd

2.6

2.5

2.5

2.9

Nu Skin Vietnam Co Ltd

1.4

2.2

2.7

2.7

Pierre Fabre SA, Laboratoires Nippon Menard Cosmetic Co Ltd Estée Lauder Vietnam Co Ltd Estée Lauder Vietnam Co Ltd LG Vina Cosmetics Co Ltd

2.0

2.0

1.9

2.3

2.0

1.9

1.9

2.2

2.1

2.1

2.1

2.2

2.2

2.2

2.1

2.1

2.0

2.2

2.1

1.9

AmorePacific Vietnam JSC

1.7

1.9

1.9

1.8

Dang Duong Comestic Co Ltd LG Vina Cosmetics Co Ltd

1.9 1.9

1.8 1.7

1.6 1.6

1.8 1.6

Beiersdorf Vietnam Ltd Co

1.2

1.2

1.1

1.3

Amway Vietnam Ltd

1.4

1.3

1.3

1.2

97

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BEAUTY AND PERSONAL CARE IN VIETNAM

(Amway Corp) Kanebo (Kao Corp) Kiehl's (L'Oréal Groupe) La Roche-Posay (L'Oréal Groupe) L'Oréal DermoExpertise Groupe) (L'Oréal Clarins Sulwhasoo (AmorePacific Corp) Olay (Procter & Gamble Co, The) Elizabeth Arden (Revlon Inc) Za (Shiseido Co Ltd) Dermalogica (Unilever Group) Lacvert Essance (LG Household & Health Care Ltd) Innisfree (AmorePacific Corp) The Body Shop (Natura&Co) Hazeline (Unilever Group) Others Total Source:

Passport

Kanebo Cosmetics Inc L'Oréal Vietnam Co Ltd

1.3 1.0

1.2 0.9

1.2 0.9

1.2 1.1

L'Oréal Vietnam Co Ltd

0.9

0.9

0.9

1.1

L'Oréal Vietnam Co Ltd

1.2

1.1

1.0

1.1

Clarins SA AmorePacific Vietnam JSC

1.1 0.8

1.1 0.9

1.0 0.9

1.0 0.9

Procter & Gamble Vietnam Ltd Elizabeth Arden Inc

1.1

0.9

0.8

0.8

1.1

1.0

0.8

0.8

Shiseido Cosmetics Vietnam Co Ltd Dermalogica Vietnam Co Ltd LG Vina Cosmetics Co Ltd

1.0

0.9

0.8

0.8

0.9

0.8

0.8

0.7

0.7

0.7

0.6

0.6

AmorePacific Vietnam JSC

0.1

0.6

0.6

0.6

Body Shop (Vietnam) Co Ltd, The Unilever Vietnam International Co Ltd Others Total

0.8

0.7

0.7

0.6

0.7

0.6

0.5

0.5

18.4 100.0

19.5 100.0

22.5 100.0

20.6 100.0

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

Table 103

LBN Brand Shares of Anti-agers: % Value 2017-2020

% retail value rsp Brand (GBO) Shiseido (Shiseido Co Ltd) Lancôme (L'Oréal Groupe) Estée Lauder (Estée Lauder Cos Inc) O HUI (LG Household & Health Care Ltd) The History of Whoo (LG Household & Health Care Ltd) Nu Skin (Nu Skin Enterprises Inc) Olay (Procter & Gamble Co, The) L'Oréal DermoExpertise (L'Oréal Groupe) Menard

Company (NBO)

2017

2018

2019

2020

Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd

26.2

25.7

25.4

22.4

9.5

9.4

9.1

10.6

Estée Lauder Vietnam Co Ltd LG Vina Cosmetics Co Ltd

7.9

8.7

8.8

8.9

3.9

3.9

4.0

4.2

LG Vina Cosmetics Co Ltd

4.5

4.8

5.0

4.1

Nu Skin Vietnam Co Ltd

1.4

2.3

3.4

4.1

Procter & Gamble Vietnam Ltd L'Oréal Vietnam Co Ltd

4.5

4.1

3.7

3.6

4.7

4.1

3.5

3.6

Nippon Menard Cosmetic Co Ltd

3.4

3.4

3.3

3.4

98

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BEAUTY AND PERSONAL CARE IN VIETNAM

Sulwhasoo (AmorePacific Corp) Clinique (Estée Lauder Cos Inc) Pond's (Unilever Group) The Face Shop (LG Household Care Ltd) & Health Laneíge (AmorePacific Corp) Kanebo (Kao Corp)  Artistry Crème (Amway Corp) Vichy (L'Oréal Groupe) Clarins Eversoft (Wipro Ltd) Elizabeth Arden (Revlon Inc) Oriflame (Oriflame Cosmetics SA) Innisfree (AmorePacific Corp) Dermalogica

AmorePacific Vietnam JSC

3.0

3.4

3.5

3.2

Estée Lauder Vietnam Co Ltd Unilever Vietnam International Co Ltd LG Vina Cosmetics Co Ltd

3.3

3.5

3.4

3.2

3.4

3.2

3.0

3.0

2.6

2.4

2.3

2.3

AmorePacific Vietnam JSC

2.0

2.3

2.2

2.0

Kanebo Cosmetics Inc Amway Vietnam Ltd

2.4 1.8

2.2 1.7

2.1 1.6

2.0 1.5

L'Oréal Vietnam Co Ltd

1.3

1.3

1.3

1.4

Clarins SA Unza Vietnam Co Ltd Elizabeth Arden Inc

1.5 1.6 1.2

1.4 1.5 1.1

1.4 1.3 1.0

1.3 1.2 1.0

Oriflame Vietnam Ltd

2.0

1.9

1.5

0.9

AmorePacific Vietnam JSC

0.2

0.8

0.9

0.8

Dermalogica Vietnam Co

0.7

0.7

0.6

0.5

Ltd LG Vina Cosmetics Co Ltd

0.7

0.6

0.6

0.5

Freeman Cosmetics Corp

0.4

0.3

0.3

0.3

Hals Group

0.2

0.2

0.2

0.1

Rohto-Mentholatum Vietnam Co Ltd

0.1

0.1

0.1

0.1

-

-

-

-

-

-

-

-

5.6

5.0

6.6

9.6

100.0

100.0

100.0

100.0

Group) Isa(Unilever Knox (LG Household & Health Care Ltd) Freeman (PH Beauty Labs LLC) L'Occitane (L'Occitane International SA) Hada Labo (Rohto Pharmaceutical Co Ltd)  Avon (Avon Products Inc) Dermalogica (Dermalogica Inc) Elizabeth Arden Others

Avon Cosmetics Vietnam Ltd Dermalogica Vietnam Co Ltd Elizabeth Arden Inc Others

Total

Total

Source:

Passport

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 104

LBN Brand Shares of Firming/Anti-cellulite Body Care: % Value 2017-2020

% retail value rsp Brand (GBO) Nivea Body Firming (Beiersdorf AG)  Avon (Avon Products Inc) Others Total

Company (NBO)

2017

2018

2019

2020

Beiersdorf Vietnam Ltd Co

79.8

74.5

69.8

69.7

-

-

-

-

20.2 100.0

25.5 100.0

30.2 100.0

30.3 100.0

Avon Cosmetics Vietnam Ltd Others Total

99

© Euromonitor International

 

BEAUTY AND PERSONAL CARE IN VIETNAM

Source:

Passport

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 105

LBN Brand Shares of General Purpose Body Care: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

2017

2018

2019

2020

Nivea (Beiersdorf AG) Vaseline Intensive Care (Unilever Group) The Face Shop (LG Household & Health Care Ltd) Olay (Procter & Gamble Co, The) Hazeline (Unilever Group) Oriflame (Oriflame Cosmetics SA) Innisfree (AmorePacific Corp) Clarins The Body Shop

Beiersdorf Vietnam Ltd Co Unilever Vietnam International Co Ltd LG Vina Cosmetics Co Ltd

29.3 22.2

29.7 21.2

29.7 20.1

31.0 20.0

7.8

7.6

7.4

7.7

Procter & Gamble Vietnam Ltd Unilever Vietnam International Co Ltd Oriflame Vietnam Ltd

6.9

6.6

6.4

6.1

4.6

4.4

4.1

4.2

7.8

7.6

6.7

3.0

AmorePacific Vietnam JSC

0.5

2.4

2.8

3.0

Clarins SA Body Shop (Vietnam) Co

2.8 1.9

2.8 1.9

2.9 1.8

2.6 1.8

(Natura&Co) Vichy (L'Oréal Groupe) Enchanteur (Wipro Ltd) Lander Sulwhasoo (AmorePacific Corp) Eucerin (Beiersdorf  AG) Kiehl's (L'Oréal Groupe) Sweet Secret The Face Shop For Men (LG Household & Health Care Ltd) Cetaphil (Galderma SA)

Ltd, The L'Oréal Vietnam Co Ltd

1.7

1.7

1.6

1.7

Unza Vietnam Co Ltd

1.7

1.6

1.4

1.5

Ascendia Brands Inc AmorePacific Vietnam JSC

1.8 1.2

1.7 1.4

1.5 1.4

1.4 1.4

Beiersdorf Vietnam Ltd Co

0.9

1.0

1.0

1.1

L'Oréal Vietnam Co Ltd

0.7

0.7

0.8

0.9

Ascendia Brands Inc LG Vina Cosmetics Co Ltd

0.9 0.4

0.8 0.4

0.7 0.4

0.7 0.3

-

-

0.3

0.3

Roger Gallois

Roger Gallois, Laboratoires Elizabeth Arden Inc

0.3

0.3

0.3

0.3

0.9

0.5

0.2

0.2

Hals Group

0.1

0.1

0.1

0.1

Oriflame Vietnam Ltd

0.1

0.1

0.1

0.0

Nestlé SA Unza Vietnam Co Ltd Avon Cosmetics Vietnam Ltd Body Shop (Vietnam) Co Ltd, The Elizabeth Arden Inc

0.2 0.4 -

0.2 -

-

-

-

-

-

-

-

-

-

-

Elizabeth Arden (Revlon Inc) L'Occitane (L'Occitane International SA) Oriflame Men (Oriflame Cosmetics SA) Cetaphil Eversoft (Wipro Ltd)  Avon (Avon Products Inc) The Body Shop (L'Oréal Groupe) Elizabeth Arden

Nestlé SA

100

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Others Total Source:

Passport

Others Total

4.8 100.0

5.2 100.0

8.4 100.0

10.6 100.0

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 106

LBN Brand Shares of Premium Skin Care: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

2017

2018

2019

2020

Shiseido (Shiseido Co Ltd) Lancôme (L'Oréal Groupe) Estée Lauder (Estée Lauder Cos Inc) O HUI (LG Household & Health Care Ltd) Nu Skin (Nu Skin Enterprises Inc) Clinique (Estée Lauder Cos Inc) Vichy (L'Oréal

Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd

31.5

30.8

29.8

27.8

8.1

7.9

7.6

9.4

Estée Lauder Vietnam Co Ltd LG Vina Cosmetics Co Ltd

4.8

5.2

5.2

5.5

5.3

5.3

5.4

5.4

Nu Skin Vietnam Co Ltd

1.6

2.6

3.4

3.7

Estée Lauder Vietnam Co Ltd L'Oréal Vietnam Co Ltd

3.6

3.8

3.6

3.5

3.2

3.2

3.1

3.5

Groupe) Menard

Nippon Menard Cosmetic Co Ltd LG Vina Cosmetics Co Ltd

3.0

2.9

2.9

3.2

3.3

3.5

3.5

3.1

AmorePacific Vietnam JSC

2.6

2.9

2.8

2.7

AmorePacific Vietnam JSC

2.3

2.5

2.5

2.5

L'Oréal Vietnam Co Ltd

2.0

2.0

2.0

2.3

L'Oréal Vietnam Co Ltd

1.9

1.9

1.9

2.3

Pierre Fabre SA, Laboratoires Kanebo Cosmetics Inc Clarins SA

1.9

1.8

1.8

2.0

2.3 1.8

2.2 1.7

2.0 1.7

2.0 1.6

Dermalogica Vietnam Co Ltd Elizabeth Arden Inc

1.8 1.5

1.7 1.3

1.6 1.1

1.5 1.1

NAOS SAS Amway Vietnam Ltd

1.0 1.1

1.0 1.1

0.9 1.0

1.0 0.9

15.3 100.0

14.7 100.0

16.2 100.0

14.8 100.0

2024

2025

The History of Whoo (LG Household & Health Care Ltd) Laneíge (AmorePacific Corp) Sulwhasoo (AmorePacific Corp) Kiehl's (L'Oréal Groupe) La Roche-Posay (L'Oréal Groupe)  Avène Kanebo (Kao Corp) Clarins Dermalogica (Unilever Group) Elizabeth Arden (Revlon Inc) Bioderma  Artistry Pure White (Amway Corp) Others Total Source:

Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 107

Forecast Sales of Skin Care by Category: Value 2020-2025

VND billion 2020

2021

2022

2023

101

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Passport

Body Care - Firming/AntiCellulite Body Care -- Premium Firming/AntiCellulite Body Care -- Mass Firming/Anti-

519.2 14.1

599.1 15.8

648.8 15.9

693.5 16.0

737.2 16.1

776.9 16.1

-

-

-

-

-

-

14.1

15.8

15.9

16.0

16.1

16.1

CellulitePurpose Body Care - General Body Care -- Premium General Purpose Body Care -- Mass General Purpose Body Care Facial Care - Acne Treatments -- Premium Acne Treatments -- Mass Acne Treatments - Face Masks -- Premium Face Masks -- Mass Face Masks - Facial Cleansers -- Liquid/Cream/Gel/Bar Cleansers

505.1

583.3

632.8

677.5

721.2

760.8

40.3

44.6

51.5

57.0

61.9

66.7

464.9

538.8

581.3

620.5

659.2

694.1

9,811.3 288.9 155.1

11,091.8 339.4 187.2

12,089.0 369.8 205.6

13,154.1 405.8 227.3

14,333.3 447.8 253.6

15,654.1 494.7 284.0

133.8 148.8 65.7 83.2 1,756.2 1,756.2

152.2 166.1 76.1 90.0 1,876.2 1,876.2

164.2 184.4 86.5 97.9 1,933.1 1,933.1

178.5 203.0 95.7 107.3 1,997.9 1,997.9

194.3 222.6 103.9 118.7 2,070.6 2,070.6

210.7 244.2 111.8 132.4 2,150.4 2,150.4

493.8

596.1

625.9

659.1

695.9

736.0

1,262.4

1,280.1

1,307.2

1,338.8

1,374.8

1,414.4

-

-

-

-

-

-

-

-

-

-

-

-

6,860.9

7,884.7

8,715.0

9,592.6

10,559.4

11,642.9

4,493.1 2,766.1

5,185.2 3,183.8

5,729.1 3,511.8

6,271.8 3,883.7

6,838.8 4,313.0

7,457.8 4,810.6

1,727.0

2,001.4

2,217.3

2,388.1

2,525.8

2,647.2

2,367.9 1,906.0

2,699.5 2,208.9

2,986.0 2,468.4

3,320.8 2,777.2

3,720.6 3,151.0

4,185.1 3,590.3

461.9 186.9 186.9 569.5 372.3 197.3 79.2 21.4 57.8 281.0 61.8

490.7 198.6 198.6 626.8 413.4 213.4 91.0 26.9 64.2 307.0 65.7

517.6 212.3 212.3 674.3 446.1 228.2 97.7 28.5 69.2 334.7 70.8

543.5 228.7 228.7 726.1 484.7 241.4 102.8 29.6 73.2 363.7 77.0

569.7 248.5 248.5 784.3 531.3 253.0 107.1 30.4 76.7 393.1 84.4

594.8 271.7 271.7 850.2 587.5 262.7 109.9 31.0 79.0 419.8 93.3

219.2

241.3

263.8

286.7

308.7

326.5

10,690.6

12,088.8

13,170.1

14,314.0

15,570.8

16,960.8

--- Cream/Gel/Bar Premium Liquid/Cleansers --- Mass Liquid/Cream/ Gel/Bar Cleansers -- Facial Cleansing Wipes --- Premium Facial Cleansing Wipes --- Mass Facial Cleansing Wipes - Moisturisers And Treatments -- Basic Moisturisers --- Premium Basic Moisturisers --- Mass Basic Moisturisers -- Anti-Agers --- Premium Anti-Agers --Mass - Lip CareAnti-Agers -- Premium Lip Care -- Mass Lip Care - Toners -- Premium Toners -- Mass Toners Hand Care - Premium Hand Care - Mass Hand Care Skin Care Sets/Kits - Premium Skin Care Sets/Kits - Mass Skin Care Sets/ Kits Skin Care

102

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Source:

Passport

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Table 108

Forecast Sales of Skin Care by Category: % Value Growth 2020-2025

% constant value growth 2020/2021

2020-25 CAGR

2020/25 Total

Body Care - Firming/Anti-Cellulite Body Care -- Premium Firming/Anti-Cellulite Body Care -- Mass Firming/Anti-Cellulite Body Care - General Purpose Body Care -- Premium General Purpose Body Care -- Mass General Purpose Body Care Facial Care - Acne Treatments -- Premium Acne Treatments -- Mass Acne Treatments - Face Masks -- Premium Face Masks -- Mass Face Masks - Facial Cleansers

15.4 12.0 -

8.4 2.7 -

49.6 14.4 -

12.0 15.5 10.7 15.9 13.1 17.5 20.7 13.8 11.6 15.9 8.2 6.8

2.7 8.5 10.6 8.3 9.8 11.4 12.9 9.5 10.4 11.2 9.7 4.1

14.4 50.6 65.6 49.3 59.6 71.3 83.2 57.5 64.1 70.3 59.2 22.4

-- Liquid/Cream/Gel/Bar Cleansers --- Premium Liquid/Cream/Gel/Bar Cleansers --- Mass Liquid/Cream/Gel/Bar Cleansers -- Facial Cleansing Wipes --- Premium Facial Cleansing Wipes --- Mass Facial Cleansing Wipes - Moisturisers And Treatments -- Basic Moisturisers --- Premium Basic Moisturisers --- Mass Basic Moisturisers -- Anti-Agers --- Premium Anti-Agers --- Mass Anti-Agers - Lip Care -- Premium Lip Care -- Mass Lip Care - Toners

6.8 20.7

4.1 8.3

22.4 49.0

1.4 14.9 15.4 15.1 15.9 14.0 15.9 6.2 6.2 6.2 10.1

2.3 11.2 10.7 11.7 8.9 12.1 13.5 5.2 7.8 7.8 8.3

12.0 69.7 66.0 73.9 53.3 76.7 88.4 28.8 45.4 45.4 49.3

-- Premium Toners -- Mass Toners Hand Care - Premium Hand Care - Mass Hand Care Skin Care Sets/Kits - Premium Skin Care Sets/Kits - Mass Skin Care Sets/Kits Skin Care

11.1 8.2 15.0 25.5 11.1 9.2 6.2 10.1 13.1

9.6 5.9 6.8 7.7 6.4 8.4 8.6 8.3 9.7

57.8 33.2 38.9 44.9 36.7 49.4 51.0 49.0 58.7

Source:

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

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SUN CARE IN VIETNAM - CATEGORY  ANALYSIS KEY DATA FINDINGS   Sun care hit hard by people spending less time outdoors and declines in tourism due to COVID-19

▪

  Sun care sees 13% current value decline in 2020, to reach VND135.8 billion

▪

  Sun care sees 20% volume decline in 2020, to reach 600,000 units; overall category unit prices are not noted

▪

  Rohto-Mentholatum Vietnam Co Ltd maintains its lead in sun care c are in 2020, with 19% company value share

▪

  Sun care is expected to see 12% current value CAGR (8% constant 2020 value) over the forecast period, to reach VND239.6 billion in 2025

▪

2020 IMPACT Sun care hit hard by people spending less time outdoors and declines in tourism due to COVID-19 The event of COVID-19 had a negative impact on sun care, due to people spending less time outdoors during the time of the pandemic and thus not requiring the same levels of sun care products overall. The decline in tourism due to pandemic restrictions placed even further downwards pressure on the category, with consumers refraining from visiting beaches for holidays. This all resulted in sun care seeing one of the steepest declines in both value and volume in 2020, showing the second-worst performance after fragrances across all beauty and personal care categories, with all sub-categories in sun care showing significant losses. In order to try and make up for lost los t sales, players became more innovative with their digital marketing within sun care too. In sun care, leading player Rohto-Mentholatum Vietnam Co Ltd embraced the trend for Facebook mini games, thus to engage and interact with customers. c ustomers. The player used its popular Sunplay brand to create a game called “Let’s Find UV Tone Up Girl!” in  April 2020. Brand Vichy Capital Soleil (from (from L'Oréal Vietnam Co Ltd) also collaborated with with Guardian, in May 2020, to create a livestream dedicated to the correct ways of taking care of skin during summers and dry seasons.

Trend for colour cosmetics and skin care with added sun protection continues The trend for colour cosmetics and skin care with added sun protection continued in 2020, with a higher number of consumers preferring to purchase such products due to their dualbenefit convenience. As such, this trend also places downwards pressure on standalone sun care products. The trend began during the review period, when there was a merger between sun protection with colour cosmetics and facial skin care in response to rising awareness of the dangers of sun exposure. This can be seen clearly in BB/CC cream, foundation and anti-agers. anti -agers. Indeed, a number of new, innovative colour cosmetics and facial skin care products have been launched

Passport

104

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in Vietnam. MAC and Shiseido, for example, launched BB/CC cream and foundation with low SPF15-30, which is suitable for avoiding skin dryness while offering some sun protection. Demand for such multifunctional products has increased strongly in the last few years because of their convenience, with this merging having a negative impact on growth within sun care. Due to its convenience, consumers are willing to spend more on colour cosmetics with added sun protection functions. Although this trend might lower growth within sun care over the forecast period, it’s impact will be limited as a large number of people do not use cosmetics use  cosmetics in Vietnam compared to neighbouring countries like the Philippines, Indonesia and Thailand. Over the forecast period, more innovative products with sun protection functionality are expected to enter the marketplace in line with Vietnamese consumers’ consum ers’ higher standards when looking for colour cosmetics and facial skin care. As both categories are predicted to increase strongly over the forecast period, these factors could limit growth within sun care in both value and volume terms.

Rohto-Mentholatum maintains lead thanks to myriad logistical strengths and ongoing developments to meet consumer trends Rohto-Mentholatum Vietnam Co Ltd maintained its lead in sun care in 2020, thanks to the popularity of its Sunplay brand, alongside the player’s wide distribution di stribution network, strong financial capacity and dynamic marketing. Besides these strengths, the company is also focusing on developing new products to respond to higher demand from Vietnamese consumers. Indeed, a new product named Skin Aqua Tone Up UV Essence with SPF50+ PA was launched in 2019 and was introduced to brighten skin tone with blue-pink pigments to neutralise yellow cast. International brands such as Rohto-Mentholatum Vietnam, Kao Vietnam and LG Vina Cosmetics continue to dominate sales, with the presence of local brands remaining very limited. The reputation of these foreign brands represents a strong barrier to the entry of local players due to a lack of financial capacity. However, competition is expected to intensify over the coming years in line with the arrival of new international companies in response to strong growth potential. Over the review period, more consumers will look to purchase premium brands due to higher living standards and the gradual rise in average incomes. These consumers usually live in main cities such as Hanoi and Ho Chi Minh. In the future, premium players will continue to experience healthy growth in both value and volume terms as the Vietnamese economy is expected to continue improving.

RECOVERY RECOVER Y AND OPPORTUNITIES Recovery of sun care in line with post-pandemic freedom of movement once again Sun care is expected to bounce back strongly in 2020-2021 and continue to show healthy growth over the forecast period. Recovery of the category will be in line with post-pandemic freedom of movement once again, especially so with regards to a rebound in tourism and consumers returning to beaches and going travelling again.

Premiumisation trend expected, due to perceived higher quality of premium products Over the forecast period, a higher number of consumers – consumers  – especially  especially female consumers – consumers – will  will be willing to spend more on premium brands, due to higher living standards and a gradual increase in the average salary of Vietnamese consumers. These consumers are usually living in

Passport

105

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Passport

main cities such as Hanoi and Ho Chi Minh. In addition, female consumers are more willing to spend on premium products for better protection for their skin, since they believe premium products provide better skin care and protection under the sun, which boosts demand for premium products overall.

Favourable conditions for international trade will lead to higher number of imports It is expected that small trading companies in Vietnam will import sun care products from overseas in order to sell them on e-commerce platforms such as Tiki or Lazada, thus catering to strong consumer demand for sophisticated imported products. This is a favourable environment for imports, due to the strong economic outlook in Vietnam alongside a number n umber of fair trade agreements (FTAs) for international trade.

CATEGORY DATA Table 109

Sales of Sun Care by Category: Value 2015-2020

VND billion

 Adult Sun Care - Aftersun -- Premium Aftersun -- Mass Aftersun - Self-Tanning -- Premium Self-Tanning -- Mass Self-Tanning - Sun Protection -- Premium Sun Protection -- Mass Sun Protection Baby and Child-specific Sun Care Sun Care Source:

2015

2016

2017

2018

2019

2020

81.7 13.1 7.3 5.9 68.6 11.7 56.9 11.6

94.1 14.6 8.3 6.3 79.5 13.0 66.5 12.7

109.6 16.0 9.2 6.8 93.5 14.3 79.3 13.6

124.5 17.3 9.9 7.4 107.2 16.0 91.2 14.5

141.2 18.6 10.6 8.0 122.5 18.6 103.9 15.2

125.1 17.2 9.6 7.6 107.9 16.5 91.5 10.7

93.3

106.8

123.1

138.9

156.4

135.8

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 110

Sales of Sun Care by Category: % Value Growth 2015-2020

% current value growth

 Adult Sun Care - Aftersun -- Premium Aftersun -- Mass Aftersun - Self-Tanning -- Premium Self-Tanning -- Mass Self-Tanning - Sun Protection -- Premium Sun Protection -- Mass Sun Protection Baby and Child-specific Sun Care Sun Care

2019/20

2015-20 CAGR

2015/20 Total

-11.4 -7.9 -10.0 -5.0 -11.9 -11.4 -12.0 -30.0 -13.2

8.9 5.5 5.6 5.3 9.5 7.2 9.9 -1.6 7.8

53.1 30.7 31.6 29.5 57.3 41.4 60.6 -7.9 45.5

106

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Source:

Passport

Euromonitor International International from official official statistics, statistics, trade associations, trade press, company research, research, store checks, trade interviews, trade sources

Table 111

NBO Company Shares of Sun Care: % Value 2016-2020

% retail value rsp Company

2016

2017

2018

2019

2020

Rohto-Mentholatum Vietnam Co Ltd Kao Vietnam Ltd LG Vina Cosmetics Co Ltd Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd Beiersdorf Vietnam Ltd Co  AmorePacific Vietnam JSC Oriflame Vietnam Ltd Body Shop (Vietnam) Co Ltd, The Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Pierre Fabre SA,

17.3

17.9

18.4

18.7

19.4

13.5 11.8 4.6

13.9 11.3 4.4

14.0 10.8 6.1

14.0 10.2 7.7

14.8 10.3 7.8

7.6 11.3 0.2 4.3 2.9

7.4 8.3 0.7 7.1 2.8

7.2 7.2 3.5 6.8 2.7

6.9 6.6 3.9 5.7 2.5

7.1 6.6 4.1 3.3 2.5

3.1

3.0

2.8

2.6

1.8

1.5

1.5

1.4

1.4

1.6

1.6 0.9 0.5

1.6 0.8 0.5

1.4 0.8 0.4

1.3 0.7 0.4

1.3 0.8 0.4

-

-

-

-

-

18.9 100.0

18.7 100.0

16.3 100.0

17.5 100.0

18.1 100.0

Laboratoires Revlon Inc ISIS Pharma France SAS Dermalogica Vietnam Co Ltd  Avon Cosmetics Vietnam Ltd Others Total Source:

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 112

LBN Brand Shares of Sun Care: % Value 2017-2020

% retail value rsp Brand (GBO) Sunplay (Rohto Pharmaceutical Co Ltd) Bioré (Kao Corp) The Face Shop (LG Household & Health Care Ltd) Innisfree (AmorePacific Corp) Shiseido (Shiseido Co Ltd) Nivea (Beiersdorf AG) Garnier Ambre Solaire (L'Oréal Groupe)  Anessa (Shiseido Co

Company (NBO)

2017

2018

2019

2020

Rohto-Mentholatum Vietnam Co Ltd

17.9

18.4

18.7

19.4

Kao Vietnam Ltd LG Vina Cosmetics Co Ltd

13.9 11.3

14.0 10.8

14.0 10.2

14.8 10.3

AmorePacific Vietnam JSC

0.7

3.5

3.9

4.1

Shiseido Cosmetics Vietnam Co Ltd Beiersdorf Vietnam Ltd Co L'Oréal Vietnam Co Ltd

4.4

4.3

4.2

4.1

4.2 4.2

3.9 4.0

3.7 3.7

3.9 3.8

-

1.8

3.5

3.6

Shiseido Cosmetics

107

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Passport

Ltd) Oriflame (Oriflame Cosmetics SA) Vichy Capital Soleil (L'Oréal Groupe) The Body Shop

Vietnam Co Ltd Oriflame Vietnam Ltd

7.1

6.8

5.7

3.3

L'Oréal Vietnam Co Ltd

3.2

3.2

3.2

3.3

Body Shop (Vietnam) Co

2.8

2.7

2.5

2.5

(Natura&Co) Bübchen (Katjes Group)

Ltd, The Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Pierre Fabre SA, Laboratoires Beiersdorf Vietnam Ltd Co

-

-

-

1.8

1.5

1.4

1.4

1.6

2.9

2.2

1.8

1.5

Revlon Inc ISIS Pharma France SAS Beiersdorf Vietnam Ltd Co

1.6 0.8 0.6

1.4 0.8 0.6

1.3 0.7 0.6

1.3 0.8 0.7

Beiersdorf Vietnam Ltd Co

0.6

0.5

0.5

0.6

Dermalogica Vietnam Co Ltd Bübchen-Werk Ewald Hermes Pharmazeutische

0.5

0.4

0.4

0.4

-

-

2.6

-

3.0

2.8

-

-

0.0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

18.7 100.0

16.3 100.0

17.5 100.0

18.1 100.0

 Avène Nivea Sun for Kids (Beiersdorf AG)  Absolutes Isis Pharma Nivea Sun (Beiersdorf AG) Eucerin (Beiersdorf  AG) Dermalogica (Unilever Group) Bübchen (Galderma SA)

Bübchen (Nestlé SA)

Sunshield (LG Household & Health Care Ltd)  Avon (Avon Products Inc) The Body Shop (L'Oréal Groupe) Dermalogica (Dermalogica Inc) Others Total Source:

Fabrik GmbH Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH LG Vina Cosmetics Co Ltd

Avon Cosmetics Vietnam Ltd Body Shop (Vietnam) Co Ltd, The Dermalogica Vietnam Co Ltd Others Total

Euromonitor International International from official official statistics, statistics, trade associations, trade press, press, company research, store checks, trade interviews, trade sources

Table 113

LBN Brand Shares of Premium Adult Sun Care: % Value 2017-2020

% retail value rsp Brand (GBO) Shiseido (Shiseido Co Ltd)  Anessa (Shiseido Co Ltd) Vichy Capital Soleil (L'Oréal Groupe)  Avène Isis Pharma Dermalogica

Company (NBO)

2017

2018

2019

2020

Shiseido Cosmetics Vietnam Co Ltd Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd

23.3

23.1

22.5

21.5

-

9.6

18.8

19.0

16.9

17.3

17.0

17.3

7.7

7.6

7.4

8.4

4.4 2.6

4.2 2.3

3.8 2.1

4.2 2.3

Pierre Fabre SA, Laboratoires ISIS Pharma France SAS Dermalogica Vietnam Co

108

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(Unilever Group) Dermalogica (Dermalogica Inc) Others Total Source:

Passport

Ltd Dermalogica Vietnam Co Ltd Others Total

-

-

-

-

45.2 100.0

35.8 100.0

28.4 100.0

27.2 100.0

Euromonitor International International from official statistics, statistics, trade associations, trade press, company research, research, store checks, trade interviews, trade sources

Table 114

Forecast Sales of Sun Care by Category: Value 2020-2025

VND billion

 Adult Sun Care - Aftersun -- Premium Aftersun -- Mass Aftersun - Self-Tanning -- Premium Self-Tanning -- Mass Self-Tanning - Sun Protection -- Premium Sun Protection -- Mass Sun Protection Baby Child-specific Sunand Care Sun Care Source:

2020

2021

2022

2023

2024

2025

125.1 17.2 9.6 7.6 107.9 16.5 91.5

132.6 18.8 10.7 8.1 113.9 16.7 97.2

142.0 19.5 10.9 8.6 122.5 17.7 104.8

156.0 20.0 11.0 9.0 136.0 19.1 116.9

168.3 20.5 11.1 9.5 147.8 20.7 127.0

179.4 21.1 11.1 9.9 158.3 22.7 135.6

10.7

15.9

16.4

17.0

17.8

18.8

135.8

148.6

158.3

173.0

186.1

198.2

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

Table 115

Forecast Sales of Sun Care by Category: % Value Growth 2020-2025

% constant value growth

 Adult Sun Care - Aftersun -- Premium Aftersun -- Mass Aftersun - Self-Tanning -- Premium Self-Tanning -- Mass Self-Tanning - Sun Protection -- Premium Sun Protection -- Mass Sun Protection Baby and Child-specific Sun Care Sun Care Source:

2020/2021

2020-25 CAGR

2020/25 Total

6.0 9.2 11.5 6.2 5.5 1.4 6.2 49.7 9.4

7.5 4.2 3.1 5.4 8.0 6.6 8.2 12.1 7.9

43.4 22.5 16.4 30.2 46.7 37.8 48.3 76.8 46.0

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources

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PREMIUM BEAUTY AND PERSONAL CARE IN VIETNAM - CATEGORY  ANALYSIS KEY DATA FINDINGS   Premium beauty and personal care sees declines due to heightened price-sensitivity as an impact from COVID-19

▪

  Premium beauty and personal care sees 9% current value decline in 2020, to reach VND10.7 trillion

▪

  Premium bath and shower shows the strongest value growth in 2020, at 14%; whereas premium other lip products shows the steepest decline at -34%; overall category volume data and unit prices are not noted

▪

  Shiseido Cosmetics Vietnam Co Ltd maintains its lead in premium beauty and personal care in 2020, with 21% company value share

▪

  Premium beauty and personal care is expected to see 16% current value CAGR (11%

▪

constant 2020 value) over the forecast period, to reach VND22 trillion in 2025

2020 IMPACT Higher price-sensitivity leads to declines in premium products, in the short-term at least Premium beauty and personal care saw declines in 2020, due to many consumers switching out of the premium segment and towards mass beauty and personal care. This trend arose from higher levels of price sensitivity due to the financial impacts from COVID-19, with an estimated 31.8 million people in the country having been negatively financially affected (according to the General Office of Vietnam, September 2020). As seen in mass beauty and personal care, bath and shower products performed the best due to their more essential nature, whereas lip products saw the steepest declines due to the wearing of face masks and, thus, lip make-up products becoming redundant.  A further challenge to premium beauty and personal care came came from the fact that shopping malls were closed in April through to July 2020, with shopping malls being a main channel for premium beauty and personal care sales. Although beauty care stores were still allowed to open, many consumers preferred to refrain from physical shopping as a precaution and switched to the e-commerce channel instead. Therefore, a number of premium brand stores, such as O HUI (LG Vina Cosmetics Co Ltd), Vichy (L'Oréal Vietnam Co Ltd) and Make Up For Ever, were temporarily or even permanently closed in 2020. However, thanks to the success of the Vietnamese government in managing the event of COVID-19 and associated financial impacts, premium beauty and personal care started to recover in the latter half of 2020. Overall, however, significant declines were still noted due to consumers becoming more price sensitive, spending less on goods, and focusing more on saving.

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Lazada tipped as the most popular e-commerce e -commerce platform for premium brands Players who fared the best in 2020 were those fast and agile enough to embrace e-commerce and enhance their online offerings. Online retailers such as Tiki and Lazada became main channels for premium beauty and personal care players during the year, with brands launching a variety of promotions in order to attract customers – customers  – for  for example, offering up-to-50% discounts, thus making premium products more competitive with the mass segment. Leading premium player Shiseido Cosmetics Vietnam Co Ltd officially started to sell its products on Lazada during the time of COVID-19, with the platform being the most popular for premium brands. Estée Lauder and O HUI are also available through Lazada, with the majority of the platform’s customers being of a target age and economic group to suit such premium brands.

Shiseido maintains top place thanks to dynamic digital marketing such as social media live streams Shiseido Cosmetics Vietnam Co Ltd maintained its lead in premium beauty and personal care in 2020. This is thanks to its top namesake brand and largely due to its strength within skin care, where it offers various product types with multiple functions. Over the forecast period, the company is expected to see healthy growth, mainly thanks to its strong brand reputation and huge efforts to develop new colour cosmetics. Moreover, the company also aims to keep increasing its interaction with customers by creating events and other opportunities for people to come and learn learn about their skin, as well as the benefits of Shiseido’s products. The company’s success can also be attributed to its strong investment in dynamic marketing, brand reputation and wide distribution. Since entering Vietnam at the end of 2012, Shisedo has paid strong attention to brand-building and expanding its distribution, mainly in independent retail stores. As a result, Shiseido enjoys a high level of trust and popularity among Vietnamese consumers. However, the company is experiencing growing competition from other premium ranges which are expanding to main cities such as Hanoi, Ho Chi Minh and Da Nang. Moreover, competition is heating up via e-commerce channels, with an increase in distribution via Lazada, Tiki and Shopee, which is supported by enhanced digital marketing. Shiseido is a strong player in this area, with Estée Lauder, Lancôme and O HUI also active on such s uch platforms. Livestreaming on social networks such as Facebook and TikTok has become a popular method which companies use to advertise products, as well as increasing levels of customer interaction. For example, Shiseido runs live streams with various skin care experts and celebrities, with tutorials and product promotions and offers.

RECOVERY RECOVER Y AND OPPORTUNITIES Strong GDP and industry growth opportunities set to boost premium products over forecast period  As Vietnam has successfully controlled the COVID-19 pandemic and associated associated financial impacts so well, the country is tipped to be one of the strongest within the ASEAN region with a forecast of 6% GDP in 2021. It is expected there will be more international companies entering the category because of this, creating a large number of new jobs in the country. These factors will help recovery and increase consumer spending, thus contributing to the growth rate of premium beauty and personal care over the forecast period.

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Ongoing growth in e-commerce and beauty specialist retailers set to support and stimulate sales E-commerce will continue to boom over the forecast period, with double-digit value sales in the channel expected. Online platforms have become an effective way for premium companies to reach more consumers, due to the convenience of the channel and the attraction of special offers and discounts of up-to-50%. In addition to the ongoing growth of e -commerce, beauty specialist retailers are also becoming more popular in Vietnam, with an increasing number of new players appearing such as Beauty Box, Beauty Garden, Nuty, and more. This will also help to support sales in premium beauty and personal care over the forecast period.

Competition to heat up over forecast f orecast period, thanks to myriad benefits for new international players Premium beauty and personal care is expected to become more competitive over the forecast period, with this being notable for both new and existing players. This is because, firstly, various free trade agreements (FTAs) which were signed with developed countries such as Thailand, China, Australia and New Zealand in the review period, will attract a higher number of international companies due to the up-to-0% tariff reduction. Secondly, as Vietnam has successfully controlled the COVID-19 pandemic and economic impacts, the country has great potential within the ASEAN region with a forecast GDP of 6% in 2021. Therefore, in order to hold a competitive advantage, premium brands will need to focus on their digital marketing and expand their distribution networks, particularly so through e-commerce channels and beauty specialist retailers.

CATEGORY DATA Table 116

Sales of Premium Beauty and Personal Care by Category: Value 2015-2020

VND billion

Premium Baby and Childspecific Products Premium Bath and Shower Premium Colour Cosmetics - Premium Eye Make-Up -- Premium Facial Make-Up Premium Lip Products - Premium Nail Products - Premium Colour Cosmetics Sets/Kits Premium Deodorants Premium Fragrances - Premium Men's Fragrances - Premium Women's Fragrances - Premium Unisex Fragrances - Premium Fragrance Sets/Kits Premium Hair Care Premium Skin Care - Premium Body Care

2015

2016

2017

2018

2019

2020

-

-

-

-

-

-

72.2 1,104.2 182.4

82.8 1,299.1 202.5

96.1 1,516.9 223.7

106.6 1,761.3 246.8

117.6 2,058.3 270.3

134.5 1,864.9 233.1

426.1 493.3 2.3

510.2 583.2 3.2

598.9 690.1 4.2

670.7 838.6 5.3

766.5 1,015.3 6.2

708.2 918.6 4.9

82.1 1,303.2 399.0

96.7 1,488.4 454.9

116.7 1,692.8 509.5

133.9 1,927.2 560.4

152.4 2,201.1 617.6

159.5 1,839.7 494.1

886.9

1,009.3

1,150.7

1,323.2

1,528.4

1,299.1

2.0

2.0

2.1

2.1

2.2

1.9

15.2

22.2

30.6

41.4

53.0

44.7

515.3 4,064.8 31.4

566.6 4,514.8 34.3

622.8 5,075.3 37.2

686.0 5,717.4 40.1

760.4 6,466.0 43.8

803.0 5,882.3 40.3

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- Premium Facial Care - Premium Hand Care - Premium Skin Care Sets/Kits Premium Adult Sun Care - Premium Aftersun - Premium Self-Tanning

3,984.8 20.7 27.9

4,424.6 21.9 34.1

4,967.4 23.2 47.5

5,594.3 24.7 58.2

6,330.7 26.1 65.4

5,758.8 21.4 61.8

18.9 7.3 -

21.3 8.3 -

23.5 9.2 -

25.9 9.9 -

29.2 10.6 -

26.0 9.6 -

- Premium Sun Protection Premium Beauty and Personal Care

11.7 7,160.6

13.0 8,069.7

14.3 9,144.1

16.0 10,358.2

18.6 11,785.0

16.5 10,709.9

Source: Note:

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources Premium beauty and personal care sales are additionally included within baby and child-specific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care.

Table 117 2015-2020

Sales of Premium Beauty and Personal Care by Category: % Value Growth

% current value growth

Premium Baby and Child-specific Products Premium Bath and Shower Premium Colour Cosmetics - Premium Eye Make-Up - Premium Facial Make-Up - Premium Lip Products - Premium Nail Products - Premium Colour Cosmetics Sets/Kits Premium Deodorants Premium Fragrances - Premium Men's Fragrances - Premium Women's Fragrances - Premium Unisex Fragrances - Premium Fragrance Sets/Kits Premium Hair Care Premium Skin Care - Premium Body Care - Premium Facial Care - Premium Hand Care - Premium Skin Care Sets/Kits Premium Adult Sun Care - Premium Aftersun - Premium Self-Tanning - Premium Sun Protection Premium Beauty and Personal Care Source: Note:

2019/20

2015-20 CAGR

2015/20 Total

14.3 -9.4 -13.8 -7.6 -9.5 -20.0 4.7 -16.4 -20.0 -15.0 -15.0 -15.7 5.6 -9.0 -8.0 -9.0 -18.0 -5.5 -10.9 -10.0 -11.4 -9.1

13.2 11.1 5.0 10.7 13.2 16.3 14.2 7.1 4.4 7.9 -1.1 24.0 9.3 7.7 5.1 7.6 0.6 17.3 6.6 5.6 7.2 8.4

86.3 68.9 27.8 66.2 86.2 112.4 94.3 41.2 23.8 46.5 -5.5 193.6 55.8 44.7 28.2 44.5 3.2 121.9 37.7 31.6 41.4 49.6

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources Premium beauty and personal care sales are additionally included within baby and child-specific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care.

Table 118 2020

NBO Company Shares of Premium Beauty and Personal Care: % Value 2016-

% retail value rsp Company

2016

2017

2018

2019

2020

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Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd Estée Lauder Vietnam Co Ltd LG Vina Cosmetics Co Ltd

24.2

24.1

23.3

22.2

21.0

13.4 10.3

13.2 10.9

13.2 11.2

13.0 11.0

15.2 10.9

5.7

5.6

5.7

5.7

5.5

 AmorePacific Vietnam JSC Nu Skin Vietnam Co Ltd Chanel SA Coty Inc Nippon Menard Cosmetic Co Ltd  Amway Vietnam Ltd Kanebo Cosmetics Inc Inter Parfums Inc Pierre Fabre SA, Laboratoires Clarins SA Christian Dior SA, Parfums Dermalogica Vietnam Co Ltd Salvatore Ferragamo SpA Elizabeth Arden Inc

2.9 0.9 2.3 2.7 1.8

3.4 1.2 2.4 2.4 1.8

3.7 2.0 2.5 2.4 1.7

3.7 2.5 2.6 2.4 1.7

3.6 2.8 2.6 2.3 1.9

2.5 1.5 1.2 1.1

1.8 1.5 1.2 1.1

1.7 1.4 1.2 1.0

1.6 1.3 1.2 1.0

1.5 1.3 1.2 1.1

1.3 1.0

1.2 1.0

1.2 1.0

1.1 1.0

1.1 1.0

1.0

1.0

1.0

0.9

0.8

0.9 1.0

0.9 1.0

0.9 0.9

0.9 0.7

0.8 0.8

Mascolo Ltd NAOS SAS Euroitalia Srl Giorgio Armani SpA John Paul Mitchell Systems Inc Creative Nature Group Calvin Klein Cosmetics Co Givenchy SA, Parfums Make Up For Ever Co Ltd Lacoste SA Hugo Boss AG Kenzo Parfums SA Others Total

0.7 0.5 0.6 0.5 0.5

0.7 0.5 0.6 0.5 0.5

0.6 0.5 0.6 0.5 0.4

0.6 0.5 0.6 0.6 0.4

0.7 0.6 0.6 0.5 0.5

0.6 0.4 0.4 0.6 0.4 0.2 0.5 18.3 100.0

0.6 0.4 0.4 0.5 0.4 0.2 0.2 18.8 100.0

0.5 0.4 0.4 0.4 0.4 0.2 0.2 18.9 100.0

0.5 0.4 0.4 0.3 0.3 0.2 0.2 20.5 100.0

0.5 0.4 0.4 0.3 0.3 0.2 0.2 19.7 100.0

Source:

Euromonitor International International from official official statistics, statistics, trade association associations, s, trade press, company company research, research, store checks, trade interviews, trade sources

Table 119

LBN Brand Shares of Premium Beauty and Personal Care: % Value 2017-2020

% retail value rsp Brand (GBO) Shiseido (Shiseido Co Ltd) Lancôme (L'Oréal Groupe) O HUI (LG Household & Health Care Ltd) Estée Lauder (Estée Lauder Cos Inc) L'Oréal Professionnel (L'Oréal Groupe)

Company (NBO)

2017

2018

2019

2020

Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd

21.7

20.8

19.8

18.6

5.6

5.5

5.4

6.3

LG Vina Cosmetics Co Ltd

3.4

3.4

3.4

3.5

Estée Lauder Vietnam Co Ltd L'Oréal Vietnam Co Ltd

3.2

3.4

3.3

3.4

2.6

2.6

2.7

3.3

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Mac (Estée Lauder Cos Inc) Nu Skin (Nu Skin Enterprises Inc) Clinique (Estée Lauder Cos Inc) Chanel

Estée Lauder Vietnam Co Ltd Nu Skin Vietnam Co Ltd

2.6

2.7

2.8

2.8

1.2

2.0

2.5

2.8

Estée Lauder Vietnam Co Ltd Chanel SA

2.7

2.8

2.6

2.6

2.4

2.5

2.6

2.6

Laneíge (AmorePacific Corp) Vichy (L'Oréal Groupe) Menard

AmorePacific Vietnam JSC

1.8

2.0

2.0

1.9

L'Oréal Vietnam Co Ltd

1.8

1.8

1.7

1.9

Nippon Menard Cosmetic Co Ltd LG Vina Cosmetics Co Ltd

1.8

1.7

1.7

1.9

1.8

1.9

1.9

1.7

AmorePacific Vietnam JSC

1.5

1.6

1.6

1.6

Estée Lauder Vietnam Co Ltd Kanebo Cosmetics Inc L'Oréal Vietnam Co Ltd

1.5

1.5

1.5

1.4

1.5 1.1

1.4 1.1

1.3 1.1

1.3 1.3

L'Oréal Vietnam Co Ltd

1.1

1.0

1.0

1.2

Shiseido Cosmetics Vietnam Co Ltd L'Oréal Vietnam Co Ltd

1.2

1.2

1.2

1.2

1.0

1.1

1.1

1.2

Pierre Fabre SA, Laboratoires Coty Inc Clarins SA Christian Dior SA, Parfums

1.1

1.0

1.0

1.1

1.1 1.2 1.0

1.1 1.2 1.0

1.1 1.1 1.0

1.1 1.1 1.0

Dermalogica Vietnam Co Ltd Shiseido Cosmetics Vietnam Co Ltd Salvatore Ferragamo SpA Elizabeth Arden Inc

1.0

1.0

0.9

0.8

0.8

0.8

0.8

0.8

0.9 1.0

0.9 0.9

0.9 0.7

0.8 0.8

0.7 0.7 29.1 100.0

0.6 0.7 28.9 100.0

0.6 0.7 30.1 100.0

0.7 0.6 28.9 100.0

The History of Whoo (LG Household & Health Care Ltd) Sulwhasoo (AmorePacific Corp) DKNY (Estée Lauder Cos Inc) Kanebo (Kao Corp) Kiehl's (L'Oréal Groupe) La Roche-Posay (L'Oréal Groupe) Issey Miyake (Shiseido Co Ltd) Shu Uemura (L'Oréal Groupe)  Avène Davidoff Clarins Dior (LVMH Moët Hennessy Louis Vuitton SA) Dermalogica (Unilever Group) Jean Paul Gaultier (Puig SL) Salvatore Ferragamo Elizabeth Arden (Revlon Inc) TIGI (Unilever Group) Coach Others Total Source:

Mascolo Ltd Inter Parfums Inc Others Total

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 120 2020-2025

Forecast Sales of Premium Beauty and Personal Care by Category: Value

VND billion

Premium Baby and Childspecific Products Premium Bath and Shower

2020

2021

2022

2023

2024

2025

-

-

-

-

-

-

134.5

149.4

170.4

186.0

201.6

216.4

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Premium Colour Cosmetics - Premium Eye Make-Up - Premium Facial Make-Up - Premium Lip Products - Premium Nail Products - Premium Colour Cosmetics Sets/Kits

1,864.9 233.1 708.2 918.6 4.9

2,260.2 276.7 818.4 1,159.5 5.5

2,529.2 300.2 904.5 1,318.3 6.2

2,801.6 318.3 986.2 1,490.2 6.9

3,089.0 334.3 1,069.3 1,677.8 7.6

3,388.7 347.9 1,153.1 1,879.5 8.2

Premium Deodorants Premium Fragrances - Premium Men's Fragrances - Premium Women's Fragrances - Premium Unisex Fragrances - Premium Fragrance Sets/Kits Premium Hair Care Premium Skin Care - Premium Body Care - Premium Facial Care - Premium Hand Care - Premium Skin Care Sets/Kits Premium Adult Sun Care

159.5 1,839.7 494.1

172.0 1,979.9 548.7

187.1 2,229.7 623.7

201.9 2,458.3 695.8

217.0 2,671.5 769.4

232.2 2,843.8 828.5

1,299.1

1,380.1

1,548.9

1,698.0

1,828.5

1,934.0

1.9

2.0

2.2

2.4

2.6

2.7

44.7

49.1

54.9

62.1

71.0

78.5

803.0 5,882.3 40.3 5,758.8 21.4 61.8

864.9 6,802.6 44.6 6,665.5 26.9 65.7

935.7 7,495.1 51.5 7,344.3 28.5 70.8

1,014.1 8,291.3 57.0 8,127.8 29.6 77.0

1,101.7 9,225.4 61.9 9,048.7 30.4 84.4

1,199.9 10,311.2 66.7 10,120.2 31.0 93.3

26.0

27.4

28.6

30.1

31.8

33.9

- Premium Aftersun - Premium Self-Tanning - Premium Sun Protection Premium Beauty and Personal Care

9.6 16.5 10,709.9

10.7 16.7 12,256.3

10.9 17.7 13,575.9

11.0 19.1 14,983.2

11.1 20.7 16,538.1

11.1 22.7 18,226.1

Source: Note:

Euromonitor International International from trade associations associations,, trade press, company company research, research, trade interviews, trade sources Premium beauty and personal care sales are additionally included within baby and child-specific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care.

Table 121 Forecast Sales of Premium Beauty and Personal Care by Category: % Value Growth 2020-2025 % constant value growth

Premium Baby and Child-specific Products Premium Bath and Shower Premium Colour Cosmetics - Premium Eye Make-Up - Premium Facial Make-Up - Premium Lip Products - Premium Nail Products - Premium Colour Cosmetics Sets/Kits Premium Deodorants Premium Fragrances - Premium Men's Fragrances - Premium Women's Fragrances - Premium Unisex Fragrances - Premium Fragrance Sets/Kits Premium Hair Care Premium Skin Care - Premium Body Care

2020/2021

2020-25 CAGR

2020/25 Total

11.1 21.2 18.7 15.6 26.2 11.1 7.8 7.6 11.1 6.2 6.2 9.9 7.7 15.6 10.7

10.0 12.7 8.3 10.2 15.4 10.7 7.8 9.1 10.9 8.3 7.7 12.0 8.4 11.9 10.6

60.9 81.7 49.3 62.8 104.6 66.2 45.5 54.6 67.7 48.9 45.0 75.9 49.4 75.3 65.6

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- Premium Facial Care - Premium Hand Care - Premium Skin Care Sets/Kits Premium Adult Sun Care - Premium Aftersun - Premium Self-Tanning - Premium Sun Protection

15.7 25.5 6.2 5.1 11.5 1.4

11.9 7.7 8.6 5.4 3.1 6.6

75.7 44.9 51.0 30.0 16.4 37.8

Premium Beauty and Personal Care

14.4

11.2

70.2

Source: Note:

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources Premium beauty and personal care sales are additionally included within baby and child-specific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care.

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MASS BEAUTY AND PERSONAL CARE IN VIETNAM - CATEGORY  ANALYSIS KEY DATA FINDINGS   Mass beauty and personal care sees small boost as price-sensitive consumers switch away from premium offerings due to financial impacts of COVID-19

▪

  Mass beauty and personal care sees 2% current value growth in 2020, to reach VND30.5 trillion

▪

  Mass bath and shower shows the strongest value growth in 2020, at 10%; whereas mass other lip products shows the steepest decline at -23%; overall category volume data and unit prices are not noted

▪

  Unilever Vietnam International Co Ltd maintains its lead in mass beauty and personal care in 2020, with 29% company value share

▪

  Mass beauty and personal care is expected to see 9% current value CAGR (5% constant

▪

2020 value) over the forecast period, to reach VND47.3 trillion in 2025

2020 IMPACT Mass beauty and personal care sees small boost as price-sensitive price -sensitive consumers switch away from premium offerings  According to the General Office of Vietnam, in September September 2020, there were 31.8 million people in the country, aged 15 and over, who were negatively affected by the event of COVID19. This includes those who had lost their jobs, had to take time off work, reduce their working hours and, thus, reduce their incomes. As a result, consumers started to economise and switch away from spending on luxury goods, bucking the trend seen in the last couple of years. Hence there was a switch from premium beauty and personal care products to mass beauty and personal care products. That said, almost all of the sub -categories saw negative figure declines in 2020, with the exceptions being mass bath and shower, mass baby and child-specific products, mass deodorants and mass hair care. This is because such products are deemed to be more of an essential nature, whereas cosmetic products have been seen a s less essential during times of social restrictions leading to fewer grooming occasions. Furthermore, mass lip products was seeing the steepest declines in 2020 due to the wearing of face masks rendering lip make-up irrelevant. It is, however, expected that all sub-categories will make a strong bounceback and there will be a return to premium offerings over the forecast period, thanks to the significant efforts of the government in controlling the pandemic and assisting the recovery of the economy in the country.

E-commerce booms as leading super-app Grab launches super-fast home delivery options Despite supermarkets, hypermarkets and convenience shops all being permitted to open during the nationwide social distancing measures in Vietnam, there was still a strong switch to

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online channels in 2020. Many consumers and especially those living in big cities such as Hanoi, Ho Chi Minh and Danang, preferred to stay at home and order products via e -commerce platforms, mobile applications (mobile e-commerce) and even social media platforms such as Facebook. As such, e-commerce boomed and became an effective channel for companies to reach higher numbers of customers. For example, the leading Southeast Asia super-app Grab, launched its new GrabMart service, enabling customers to purchase goods such as packaged p ackaged food, homecare, and beauty and personal care products, for home delivery within a matter of hours.

Unilever maintains top place, as players focus on digital marketing over new product development Unilever Vietnam International Co Ltd maintained its lead in mass beauty and personal care in 2020, thanks to the player holding the top four brands in the category, namely Clear, Sunsilk, Lifebuoy and Dove, among others. The player’s strength comes from its i ts dynamic marketing and wide distribution network across Vietnam, alongside its ongoing innovations and the launch of new products, for example those containing natural ingredients and additional functions, such as those with detox or pollen prevention properties. In 2020, Unilever and other players such as Saigon Cosmetics Corp mainly focused on developing and launching new products such as hand sanitiser and liquid soap, due to the demand for such items during the time of COVID-19. For other sub-categories, however, there has been little to no product innovation, which also goes to explain why there have been declines across multiple categories in mass beauty and personal care. Instead of new product development, players such as Saigon Cosmetics, Thorakao Cosmetics Ltd, and MOI Cosmetics Co Ltd, have been placing their attention on digital marketing through social networks such as Facebook, alongside offering discounts to further attract custom. Moreover, such manufacturers have also been focusing on boosting boost ing sales through online retailers including Lazada, Tiki and Shopee.

RECOVERY RECOVER Y AND OPPORTUNITIES Bounceback expected, expected, with competition from premium segment to heat up again Mass beauty and personal care is expected to bounce back and return to historic norms over the forecast period, with competition from the premium segment expected to enhance competition as consumer spending power recovers. Players are expected to focus on continuous promotional and marketing activities, particularly through online channels from ecommerce to social media platforms, in order to keep their brands front of mind for consumers and maintain sales.

Strong GDP will attract international companies to large cities, whilst domestic players export and expand sub-urban sub -urban networks  As Vietnam has successfully controlled the COVID-19 pandemic and associated associated financial impacts so well, the country is tipped to be one of the strongest within the ASEAN region with a forecast of 6% GDP in 2021. It is expected there will be more international companies entering the category because of this, especially from South Korea, Thailand and Japan. However, it will be more challenging for both new and existing players to compete, and large cities such as Hanoi and Ho Chi Minh will be the first target areas for new brands due to their large populations and high living standards. Meanwhile, local companies such as Thorakao and

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Saigon will continue to focus on exporting and expanding their distribution areas through suburban and rural areas.

Growth in e-commerce set to continue, as players ramp up their online offerings E-commerce is expected to remain increasingly popular over the forecast period, as Vietnamese consumers have become used to shopping online and wish to maintain the habit post-pandemic due to its convenience. Therefore, companies such as the leading Unilever, plus Procter & Gamble Vietnam Ltd and AmorePacific Vietnam JSC, are expected to focus on enhancing their e-commerce platforms and launch promotional campaigns, such as up-to-20% off, or free gifts in order to attract customers.

CATEGORY DATA Table 122

Sales of Mass Beauty and Personal Care by Category: Value 2015-2020

VND billion

Mass Baby and Childspecific Products Mass Bath and Shower Mass Colour Cosmetics - Mass Eye Make-Up - Mass Facial Make-Up - Mass Lip Products - Mass Nail Products - Mass Colour Cosmetics Sets/Kits Mass Deodorants Mass Fragrances - Mass Men's Fragrances - Mass Women's Fragrances - Mass Unisex Fragrances - Mass Fragrance Sets/ Kits Mass Hair Care Mass Skin Care - Mass Body Care - Mass Facial Care - Mass Hand Care - Mass Skin Care Sets/ Kits Mass Adult Sun Care - Mass Aftersun - Mass Self-Tanning - Mass Sun Protection Mass Beauty and Personal Care Source: Note:

2015

2016

2017

2018

2019

2020

1,094.5

1,226.8

1,337.2

1,406.9

1,499.9

1,580.4

2,815.3 1,110.9 230.2 469.2 315.5 79.1 17.0

3,101.9 1,265.4 257.0 549.1 349.1 88.6 21.7

3,461.6 1,434.2 283.1 637.4 384.9 99.1 29.8

3,699.2 1,603.5 311.2 721.6 423.3 110.8 36.5

3,938.5 1,801.0 338.7 808.9 486.6 124.4 42.4

4,347.3 1,667.5 326.5 759.9 429.5 111.7 39.8

1,143.6 490.9 198.1 291.2 1.6

1,325.2 538.8 218.9 317.6 2.2

1,575.2 601.7 238.9 359.9 3.0

1,779.4 660.3 260.4 395.9 4.0

1,993.6 701.8 280.9 415.8 5.1

2,087.3 580.9 247.2 329.0 4.7

12,228.1 3,718.9

13,052.3 4,036.2

13,726.5 4,321.6

14,268.3 4,659.5

14,969.5 5,008.1

15,317.2 4,808.3

362.7 3,174.6 45.6 136.0

405.4 3,431.0 49.8 150.0

449.0 3,655.1 53.8 163.7

496.1 3,910.8 57.8 194.9

543.9 4,177.0 61.8 225.3

478.9 4,052.4 57.8 219.2

62.8 5.9 56.9 22,665.1

72.8 6.3 66.5 24,619.4

86.1 6.8 79.3 26,544.3

98.5 7.4 91.2 28,175.6

111.9 8.0 103.9 30,024.3

99.1 7.6 91.5 30,487.9

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources Mass beauty and personal care sales are additionally included within baby and child-specific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care.

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Table 123 2020

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Sales of Mass Beauty and Personal Care by Category: % Value Growth 2015-

% current value growth

Mass Baby and Child-specific Products Mass Bath and Shower Mass Colour Cosmetics - Mass Eye Make-Up - Mass Facial Make-Up - Mass Lip Products - Mass Nail Products - Mass Colour Cosmetics Sets/Kits Mass Deodorants Mass Fragrances - Mass Men's Fragrances - Mass Women's Fragrances - Mass Unisex Fragrances - Mass Fragrance Sets/Kits Mass Hair Care Mass Skin Care - Mass Body Care - Mass Facial Care - Mass Hand Care - Mass Skin Care Sets/Kits Mass Adult Sun Care - Mass Aftersun - Mass Self-Tanning - Mass Sun Protection Mass Beauty and Personal Care Source: Note:

2019/20

2015-20 CAGR

2015/20 Total

5.4 10.4 -7.4 -3.6 -6.1 -11.7 -10.2 -6.0 4.7 -17.2 -12.0 -20.9 -7.1 2.3 -4.0 -11.9 -3.0 -6.6 -2.7 -11.5 -5.0 -12.0 1.5

7.6 9.1 8.5 7.2 10.1 6.4 7.1 18.6 12.8 3.4 4.5 2.5 24.3 4.6 5.3 5.7 5.0 4.8 10.0 9.5 5.3 9.9 6.1

44.4 54.4 50.1 41.9 62.0 36.1 41.2 134.4 82.5 18.3 24.7 13.0 196.8 25.3 29.3 32.0 27.7 26.6 61.2 57.7 29.5 60.6 34.5

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources Mass beauty and personal care sales are additionally included within baby and child-specific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care.

Table 124

NBO Company Shares of Mass Beauty and Personal Care: % Value 2016-2020

% retail value rsp Company Unilever Vietnam International Co Ltd Procter & Gamble Vietnam Ltd Beiersdorf Vietnam Ltd Co Unza Vietnam Co Ltd International Consumer Products Co Ltd LG Vina Cosmetics Co Ltd L'Oréal Vietnam Co Ltd Sao Thai Duong Cosmetics JSC Rohto-Mentholatum Vietnam Co Ltd Hoa Linh Pharma Co Ltd Saigon Cosmetics Corp Dai Viet Huong Trading Manufacturing Co Ltd

2016

2017

2018

2019

2020

31.5

30.1

28.7

28.1

28.7

8.5

7.9

7.3

6.9

6.9

4.4 5.7 4.5

4.8 5.4 4.3

5.2 5.2 4.2

5.5 5.0 4.1

5.7 5.1 3.9

3.3 2.0 1.3

3.4 2.1 1.1

3.4 2.2 1.2

3.4 2.2 1.3

3.2 2.0 1.3

1.2

1.2

1.2

1.2

1.2

0.5 0.9 1.0

0.8 0.9 0.9

0.9 0.9 0.9

0.9 1.0 0.8

1.0 0.8 0.8

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 AmorePacific Vietnam JSC Johnson & Johnson Vietnam Co Ltd Sanofi-Aventis Vietnam Co Ltd Revlon Inc Oriflame Vietnam Ltd

0.0 1.0

0.1 0.9

0.7 0.8

0.9 0.8

0.8 0.8

0.3

0.5

0.6

0.6

0.6

0.6 1.5

0.6 1.9

0.6 1.9

0.6 1.6

0.6 0.6

Hoyu Corp Body Shop (Vietnam) Co Ltd, The Nestlé SA Coty Inc Henkel Vietnam Co Ltd Viet My Group Pigeon Corp Shiseido Cosmetics Vietnam Co Ltd Kao Vietnam Ltd Viet My Hoa Phong Co Ltd Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH Dang Duong Comestic Co Ltd MOI Cosmetics Co Ltd

0.5 0.5

0.5 0.5

0.5 0.6

0.5 0.6

0.5 0.5

0.4 0.4 0.4 0.6 0.3 0.4

0.4 0.5 0.4 0.5 0.3 0.4

0.4 0.5 0.4 0.4 0.3 0.4

0.4 0.5 0.3 0.4 0.3 0.4

0.5 0.4 0.4 0.4 0.4 0.3

0.4 0.3 0.3

0.4 0.3 0.3

0.3 0.3 0.3

0.3 0.3 0.3

0.3 0.3 0.3

0.3

0.3

0.3

0.3

0.3

-

-

0.1

0.2

0.2

26.7 100.0

28.0 100.0

29.3 100.0

30.2 100.0

31.4 100.0

Others Total Source:

Euromonitor International International from official statistics, statistics, trade association associations, s, trade press, press, company research, store checks, trade interviews, trade sources

Table 125

LBN Brand Shares of Mass Beauty and Personal Care: % Value 2017-2020

% retail value rsp Brand (GBO)

Company (NBO)

Clear (Unilever Group) Sunsilk (Unilever Group) Lifebuoy (Unilever Group) Dove (Unilever Group) X-Men (Marico Ltd) Pond's (Unilever Group) Nivea (Beiersdorf AG) Enchanteur (Wipro Ltd) Romano (Wipro Ltd) Pantene (Procter & Gamble Co, The) Head & Shoulders (Procter & Gamble Co, The) The Face Shop (LG Household & Health Care Ltd)

2017

2018

2019

2020

Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd

6.5

6.1

6.0

6.2

5.3

5.1

5.0

4.9

4.2

4.0

3.9

4.6

Unilever Vietnam International Co Ltd International Consumer Products Co Ltd Unilever Vietnam International Co Ltd Beiersdorf Vietnam Ltd Co Unza Vietnam Co Ltd

4.9

4.5

4.3

4.2

4.3

4.2

4.1

3.9

4.1

4.0

3.9

3.7

2.5 2.6

2.7 2.4

2.9 2.4

3.0 2.5

Unza Vietnam Co Ltd Procter & Gamble Vietnam Ltd Procter & Gamble Vietnam Ltd

2.5 2.5

2.4 2.3

2.3 2.2

2.3 2.1

2.2

2.2

2.1

2.1

LG Vina Cosmetics Co Ltd

2.2

2.2

2.3

2.1

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Clear Men (Unilever Group) Rejoice (Procter & Gamble Co, The) Thai Duong Nivea Men Deodorant (Beiersdorf AG) Nivea Men (Beiersdorf AG) Da Huong Maybelline New York (L'Oréal Groupe) TRESemmé (Unilever Group) Hazeline (Unilever Group) Innisfree (AmorePacific Corp) Double Rich (LG Household & Health Care Ltd) L'Oréal DermoExpertise (L'Oréal Groupe) E100 Johnson's Baby (Johnson & Johnson Inc) Olay (Procter & Gamble Co, The) Oriflame (Oriflame Cosmetics SA) Bigen (Hoyu Co Ltd) Revlon Others Total Source:

Passport

Unilever Vietnam International Co Ltd Procter & Gamble Vietnam Ltd Sao Thai Duong Cosmetics JSC Beiersdorf Vietnam Ltd Co

2.1

2.0

1.9

2.0

2.3

1.9

1.8

1.7

1.1

1.2

1.3

1.3

1.0

1.1

1.2

1.2

Beiersdorf Vietnam Ltd Co

1.0

1.0

1.1

1.1

Hoa Linh Pharma Co Ltd L'Oréal Vietnam Co Ltd

0.8 1.0

0.9 1.1

0.9 1.2

1.0 1.0

Unilever Vietnam International Co Ltd Unilever Vietnam International Co Ltd AmorePacific Vietnam JSC

0.6

0.7

0.8

0.8

0.9

0.8

0.8

0.8

0.1

0.7

0.9

0.8

LG Vina Cosmetics Co Ltd

0.7

0.7

0.7

0.7

L'Oréal Vietnam Co Ltd

0.7

0.7

0.6

0.6

Dai Viet Huong Trading Manufacturing Co Ltd Johnson & Johnson Vietnam Co Ltd

0.6

0.6

0.6

0.6

0.6

0.6

0.6

0.6

Procter & Gamble Vietnam Ltd Oriflame Vietnam Ltd

0.7

0.6

0.6

0.6

1.8

1.9

1.6

0.5

0.5 0.5 39.0 100.0

0.5 0.5 40.2 100.0

0.5 0.6 41.1 100.0

0.5 0.5 42.0 100.0

Hoyu Corp Revlon Inc Others Total

Euromonitor International International from official official statistics, statistics, trade associations, trade press, press, company research, store checks, trade interviews, trade sources

Table 126 2025

Forecast Sales of Mass Beauty and Personal Care by Category: Value 2020-

VND billion

Mass Baby and Childspecific Products Mass Bath and Shower Mass Colour Cosmetics - Mass Eye Make-Up - Mass Facial Make-Up - Mass Lip Products - Mass Nail Products - Mass Colour Cosmetics Sets/Kits Mass Deodorants Mass Fragrances

2020

2021

2022

2023

2024

2025

1,580.4

1,659.0

1,753.8

1,862.7

1,964.1

2,061.7

4,347.3 1,667.5 326.5 759.9 429.5 111.7 39.8

4,669.5 1,862.3 351.1 836.2 499.9 131.9 43.1

4,992.9 1,984.8 371.1 899.0 523.5 143.5 47.7

5,284.5 2,096.9 389.0 957.4 544.0 154.7 51.9

5,557.8 2,202.8 404.3 1,014.7 562.8 165.6 55.4

5,794.7 2,303.1 417.9 1,070.3 579.8 176.6 58.6

2,087.3 580.9

2,250.7 672.9

2,430.0 731.8

2,610.1 779.7

2,796.6 823.4

2,983.5 864.4

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- Mass Men's Fragrances - Mass Women's Fragrances - Mass Unisex Fragrances - Mass Fragrance Sets/ Kits Mass Hair Care Mass Skin Care - Mass Body Care - Mass Facial Care - Mass Hand Care - Mass Skin Care Sets/ Kits Mass Adult Sun Care - Mass Aftersun - Mass Self-Tanning - Mass Sun Protection Mass Beauty and Personal Care Source: Note:

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247.2 329.0 4.7

281.7 386.2 5.1

298.5 427.8 5.5

312.9 460.8 6.1

324.9 491.8 6.7

335.8 521.1 7.5

15,317.2 4,808.3

15,799.1 5,286.3

16,342.1 5,675.0

16,948.0 6,022.7

17,599.3 6,345.4

18,287.9 6,649.6

478.9 4,052.4 57.8 219.2

554.5 4,426.3 64.2 241.3

597.2 4,744.7 69.2 263.8

636.5 5,026.3 73.2 286.7

675.3 5,284.6 76.7 308.7

710.2 5,533.9 79.0 326.5

99.1 7.6 91.5 30,487.9

105.2 8.1 97.2 32,305.1

113.4 8.6 104.8 34,023.9

125.9 9.0 116.9 35,730.5

136.5 9.5 127.0 37,425.9

145.5 9.9 135.6 39,090.4

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources Mass beauty and personal care sales are additionally included within baby and child-specifi child-specific c products, products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care.

Table 127 Forecast Sales of Mass Beauty and Personal Care by Category: % Value Growth 2020-2025 % constant value growth

Mass Baby and Child-specific Products Mass Bath and Shower Mass Colour Cosmetics - Mass Eye Make-Up - Mass Facial Make-Up - Mass Lip Products - Mass Nail Products - Mass Colour Cosmetics Sets/Kits Mass Deodorants Mass Fragrances - Mass Men's Fragrances - Mass Women's Fragrances - Mass Unisex Fragrances - Mass Fragrance Sets/Kits Mass Hair Care Mass Skin Care - Mass Body Care - Mass Facial Care - Mass Hand Care - Mass Skin Care Sets/Kits Mass Adult Sun Care - Mass Aftersun - Mass Self-Tanning - Mass Sun Protection Mass Beauty and Personal Care Source: Note:

2020/2021

2020-25 CAGR

2020/25 Total

5.0 7.4 11.7 7.5 10.0 16.4 18.1 8.2 7.8 15.8 14.0 17.4 8.2 3.1 9.9 15.8 9.2 11.1 10.1 6.2 6.2 6.2 6.0

5.5 5.9 6.7 5.1 7.1 6.2 9.6 8.0 7.4 8.3 6.3 9.6 9.7 3.6 6.7 8.2 6.4 6.4 8.3 8.0 5.4 8.2 5.1

30.5 33.3 38.1 28.0 40.8 35.0 58.1 47.0 42.9 48.8 35.9 58.4 59.2 19.4 38.3 48.3 36.6 36.7 49.0 46.9 30.2 48.3 28.2

Euromonitor International International from trade associations, trade press, company research, research, trade interviews, trade sources Mass beauty and personal care sales are additionally included within baby and child-specific products, bath and shower, colour cosmetics, deodorants, fragrances, hair care, sets/kits, skin care and sun care.

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