Towards the end of review period, men’s grooming in Vietnam started to experience a slowdown in growth as the market became more mature. The key purchasers of men’s grooming in Vietnam are usually young people living in major cities across the country like Hanoi and Ho Chi Minh.
Men’s deodorants recorded the strongest (double-digit) growth in sales value in 2018, whilst most categories started to experience slower growth compared to that seen over the review period. It is mainly because there was a merging between fragrance, deodorant and skin care recorded by the end of 2018.
Over the forecast period, men’s grooming is predicted see slower value growth compared to that seen over the review period, mainly because the category has become so mature. However, the CAGR is still expected to be relatively strong along with continued improvement in the economy and higher needs of male consumers to improve their appearance as well as to show off their status in society.
In 2018, International Consumers Products continued to hold the leading value share within men’s grooming with its leading brand X-Men. X-Men has been in Vietnam for a long time and most Vietnamese consumers consider it a reliable brand.
Similar to other categories within beauty and personal care, international brands outperformed domestic brands in all aspects and retained their leading positions. International players such as International Consumers Products, Unilever Vietnam International and Unza Vietnam dominated men’s grooming in Vietnam with popular brands named X-Men, Axe and Romano, respectively, leaving little room for domestic players to grow.
Over the forecast period, international companies can still be expected to record stronger presence compared to local players, but local players are projected to gain more consumer attention as local players continuously improve their product quality to enhance consumers’ trust and confidence. Moreover, with the Vietnamese government’s support, local players will have a particularly good opportunity to increase their value shares in men’s deodorants.
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This industry report originates from Passport, our Beauty and Personal Care market research database.