Vietnam Lipsticks Market Overview, 2029

Vietnam’s cosmetic industry has been experiencing dynamic growth over the past decade, and among its many segments, the lipstick sector stands out as a particularly vibrant and evolving market. Driven by increasing disposable incomes, a growing interest in beauty trends, and the influence of social media, the lipstick industry in Vietnam is undergoing significant transformation. The Vietnamese lipstick market is part of a broader beauty and personal care industry that has seen impressive growth. The Vietnamese lipstick market is characterized by a mix of local and international brands. International brands, including global giants like L'Oréal, Maybelline, and MAC, have established a strong presence. However, local brands such as 3CE Vietnam and Missha are also gaining traction by catering to local preferences and offering products that are often more affordable. Korean beauty products, including lipsticks, have seen a surge in popularity in Vietnam. The K-beauty trend has significantly influenced Vietnamese consumers, who are drawn to the innovative formulations, stylish packaging, and diverse color ranges offered by Korean brands. There is a growing preference for natural and organic lipsticks as consumers become more health-conscious and environmentally aware. Brands that emphasize eco-friendly ingredients and sustainable packaging are gaining favor among Vietnamese consumers. According to the research report "Vietnam Lip Sticks Market Overview, 2029," published by Bonafide Research, the Vietnam lip sticks market is expected to reach a market size of more than USD 84.22 Million by 2029. Vietnam’s economic growth has resulted in higher disposable incomes, which has boosted consumer spending on beauty and personal care products. As the middle class expands, more consumers are willing to invest in premium and luxury lipstick brands. With a large population of young adults and teenagers, there is a strong demand for trendy and affordable cosmetic products. This demographic is particularly responsive to new trends and brand innovations, driving the growth of the lipstick market. Social media platforms like Instagram, TikTok, and Facebook have become major channels for beauty trends and product recommendations. Influencers and beauty vloggers play a crucial role in shaping consumer preferences and driving sales in the lipstick segment. Greater access to information and exposure to global beauty trends have heightened consumer awareness and knowledge. This has led to a more discerning customer base that seeks quality and value in their cosmetic purchases. There is potential for growth in niche segments, such as high-end luxury lipsticks and products targeting specific skin types or concerns. Exploring these segments can provide new avenues for brand expansion. Incorporating new technologies and formulations, such as long-lasting, hydrating, and multifunctional lipsticks, can attract consumers looking for advanced cosmetic solutions. Brands that emphasize sustainability and eco-friendly practices are likely to resonate with the growing number of environmentally conscious consumers. Investing in sustainable packaging and ethical sourcing can enhance brand appeal. Collaborating with local influencers, fashion designers, and beauty experts can help brands establish a stronger connection with Vietnamese consumers and boost their market presence.

The matte lipstick segment has gained significant traction, reflecting the global trend towards long-lasting, non-shiny finishes that offer a sophisticated and modern look. Matte lipsticks in Vietnam are favored for their ability to provide a bold, high-impact color that stays put throughout the day, making them a popular choice among consumers seeking durability and a chic appearance. On the other hand, glossy lipsticks continue to hold appeal for those who prefer a more vibrant and luminous finish, adding a touch of shine that enhances the lips' natural fullness and creates a youthful, dewy look. Lip powders, a relatively newer entrant, are increasingly capturing attention for their unique texture and lightweight feel. These products offer a soft-focus effect with buildable color, combining the benefits of traditional lipsticks with a feather-light, powdery finish that appeals to those seeking versatility and comfort. Additionally, the 'Others' category encompasses a variety of innovative formats and formulations, including lip balms with tint, lip stains, and dual-purpose products, reflecting the market's growing demand for multifunctional and customizable beauty solutions. Stick lipsticks remain a staple in the Vietnamese market, valued for their convenience, portability, and classic appeal. These traditional formulations offer a variety of finishes, from matte to glossy, and are favored for their ease of application and wide range of shades. Liquid lipsticks have also become increasingly popular due to their innovative formulas that provide intense color payoff and long-lasting wear. Often featuring matte or satin finishes, liquid lipsticks offer a high-impact, vibrant look and are appreciated for their ability to stay put throughout the day without frequent touch-ups. Their lightweight, fluid texture allows for precise application and buildable coverage, catering to both bold and subtle looks. Lipstick palettes, though less traditional, are gaining traction for their versatility and customization options. These palettes, which often include multiple shades and finishes, allow users to mix and match colors, creating personalized looks and experimenting with different styles. This format appeals to beauty enthusiasts who enjoy the creative freedom of customizing their lip color while also benefiting from the convenience of having multiple shades in one compact package. Online retailers have become a major force, driven by the surge in e-commerce and the growing preference for convenient shopping experiences. Platforms like Lazada, Shopee, and Tiki provide a vast array of lipstick brands and formulations, offering consumers the ability to browse, compare, and purchase products from the comfort of their homes. The ease of access to global and local brands through these online channels has significantly influenced consumer behavior and expanded market reach. Supermarkets and hypermarkets also play a crucial role, serving as accessible locations where consumers can find a broad selection of lipstick brands alongside other daily essentials. Chains like Co.opmart and Big C cater to mass-market needs, offering competitive prices and frequent promotions that appeal to budget-conscious shoppers. Specialty stores, including beauty boutiques and department store counters, offer a more curated and personalized shopping experience. These stores provide consumers with opportunities to explore high-end and niche lipstick brands, receive expert advice, and experience the products firsthand, often through testers and samples. Additionally, the Others category encompasses diverse retail formats such as beauty salons, pop-up shops, and direct sales, which contribute to the industry's vibrancy by offering unique and often localized shopping experiences.

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Manmayi Raval

Research Consultant

Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Lipstick market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type • Matte • Glossy • Lip Powder • Others

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By Form • Stick • Liquid • Palette By Distribution Channel • Online Retailer • Supermarket/Hypermarket • Specialty store • Others The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Lipstick industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.