Between 2013 and 2023, the import of hair preparations into Vietnam showed significant growth, with values rising from $31.867 million to $83.709 million. This increase represents a sustained upward trend, albeit with varying year-on-year growth rates. Notably, the highest annual increase occurred in 2017 (57.53%) while several other years experienced more moderate growth. Despite a few declines, such as in 2015 (-3.38%) and 2018 (-5.65%), the compounded annual growth rate (CAGR) over the last five years up to 2023 stood at 4.85%. As of 2023, the import value was $83.709 million.
For the future, from 2024 to 2028, the market is expected to maintain an upward trajectory, reaching $99.652 million by 2028. This implies a forecasted five-year CAGR of 2.75%, highlighting a more tempered but continued expansion. The anticipated overall growth rate from 2024 to 2028 is 14.51%.
Future trends to watch for include:
- Increasing consumer demand for diverse hair preparation products, driven by evolving beauty and personal care standards.
- The impact of global supply chain disruptions on import volumes and costs.
- Potential market saturation and the influence of local production on import dependency.
- Technological innovations in hair care products and their market acceptance in Vietnam.
