The development of domestic vegan cosmetics in Vietnamese market : factors that help domestic vegan cosmetic brands reach Vietnamese customers

Abstract

The cosmetics industry is a very developed and competitive industry in the world. Not to mention the highly developed cosmetic markets such as Japan, Korea, Europe, America, Vietnam was considered a potential market with outstanding development. The trend of using natural products, not tested on animals, among young people has been gradually changing. Aware of this trend toward sustainability and with innovation, constant research and development, Vietnamese cosmetics brands were born to meet the demands of Vietnamese skin. Moreover, manufacturers are also investing more in research and developing of high-quality vegan products due to increasing consumer demand.

The thesis was based on research, using quantitive methods to collect data and consumer behavior information about the needs and reasons for moving forward vegan products by implementing a questionnaire. The analysis’s findings showed the development of the vegan cosmetics niche in Vietnam, how businesses could reach out and bring Vietnamese vegan cosmetic brands closer to customers . Moreover, the survey was related to factors that affect customers’ purchasing decisions, especially how the branding of Vietnamese vegan cosmetic brands affect the above decisions.

The research had shown that the potential for developing Vietnamese vegan cosmetic industry was huge. The Vietnamese market would not only be a consumer market but also a place where more and more vegan cosmetic products with domestic brands would be born. Due to the abundance and value of natural raw resources found in Vietnam. The thesis consisted of six sections. There is an introduction to the definition of cosmetics as well as animal testing-free and vegan cosmetics. The third chapter discussed the definition, special features, sustainability and how branding in the Vietnamese market differs from branding in general. Vietnamese vegan cosmetics market, its prospects and difficulties, especially the elements influencing customer purchase decisions were covered in chapter four. The aim of this thesis was to learn about the factors that allowed local vegan cosmetic brands reach clients and to critically analyze the growth of vegan cosmetics in Vietnam. This would help the brands promote their strengths, preserve their position in the highly competitive domestic market and reach out to the rest of the world.