French clean beauty brand Caudalie is gearing up to expand its presence in Asia with new entries into India and Vietnam on the back of what it belives is growing demand for effective and clean skin care.
Beauty brands looking to tapping into the growing Vietnam market may have more opportunities following the government’s announcement that it plans to focus on developing its e-commerce sector in the wake of the novel coronavirus (COVID-19) outbreak.
The first four weeks of the novel coronavirus (COVID-19) outbreak saw double-digit growth in Vietnam’s personal care market and one expert believes it will continue rising well after the pandemic eases.
Trade Map of the International Trade Center (ITC) and the World Bank (WB) reveals that the value of imported cosmetics entering the Vietnam market has more than doubled from below $500 mn (€469 mn) in 2011 to over $1.1 bn (€1.03 bn) in 2016.
Natural speciality fine ingredients business, Frutarom, has agreed to acquire Vietnamese Western Flavors and plans to build a new flavours plant in Ho Chi Minh City, Vietnam to help expand the business throughout the country and the wider APAC region.
As international cosmetic giants continue to hold their own amidst fierce competition on the Vietnamese market, domestic brands are struggling to fund campaigns and are disappearing from the market as a result.