Professional Hair Care Products Market in Vietnam is estimated to reach $70 Million Mark By 2020
According to the report “Vietnam Professional Hair Care Market by Categories (Coloring, Perming & Straightening, Shampoo & Conditioning & Styling); Sales Channel (Back Bar and Take Home) & by Company (2015 - 2020)” according to a recent study from IndustryARC professional hair care product market in Vietnam is estimated to grow at a CAGR of 7% to reach $70m by 2020
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Professional hair care products are used by professionals/stylists for various hair services in the salon. These products are sold over the salon counter and also through retail stores such as specialty beauty stores, pharmacy stores, online and others. The global professional hair care products market is segmented on the basis of services provided in salons such as coloring, shampoo & conditioners, perming & straightening and styling. The professional hair care product market in Vietnam is estimated to grow at a CAGR of 7% to reach $70m by 2020.
Service sector currently accounts for 44% of the Vietnam’s GDP and is estimated to rise and account for 50% of GDP by 2020. This will also increase the number of people employed in the service sector, thereby driving the market for professional grooming services including hair products. Increasing awareness about the benefits of using professional hair products and rising per capita income will drive the market for professional hair products in Vietnam.
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Perming and straightening products segment account for the highest share in the Vietnam’s professional hair products market and it is also to witness the highest growth rate through 2015-2020. Hair coloring market is the second largest segment. Hair salon clients in Vietnam prefer straightening and perming services due to the influence of Korean pop culture. Many local producers such as Kanac Company, Kella and Lavo Corporation exist in the straightening and perming products market owing to the popularity of the service in Vietnam.
Following are the top 5 players/companies offering professional hair care products in Vietnam:
Lavo Corporation is a domestic manufacturer which dominates the market in Vietnam. Its professional product line includes brands such as x-pros, Lavox, m-pros, Leder professional and Rewell professional. L'Oreal Group, Kao Corporation, Davines and Kanac Company are some of the popular hair products companies in the market.
Companies such as Goldwell, Davines and Schwarzkopf Professional and Well professional operate through distributors. Other than L’Oreal Group none of the major companies have established subsidiaries in Vietnam. Creative Nature Group is a master distributor for brands such as La Biosthetique, Davines, Moroccan Oil and TIGI. In the coming years, many of the companies plan to expand their presence in Vietnam as the market offers lucrative growth opportunities for manufacturers.
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Browse Related Reports:
· Myanmar Professional Hair Care Market by Categories (Coloring, Perming & Straightening, Shampoo & Conditioning & Styling); Sales Channel (Back Bar and Take Home) & by Company (2015 - 2020) http://industryarc.com/Report/7401/myanmar-professional-hair-care-market-report.html
· China Professional Hair Care Market by Categories (Coloring, Perming & Straightening, Shampoo & Conditioning & Styling); Sales Channel (Back Bar and Take Home) & by Company (2015 - 2020) http://industryarc.com/Report/7400/china-professional-hair-care-market-report.html