Latvia’s cosmetics market – 160 million euros
Latvia’s cosmetics market is worth approximately EUR 160 million. Similar to Europe, skin and hair care products are the most popular ones. The smallest market proportion is occupied by decorative cosmetics, according to data from Latvian Cosmetic Manufacturers Association (LCMA).
Cosmetic realization volumes continue increasing in all channels. The most rapid increase has been noticed for e-commerce. «The cosmetics industry, like many others, is gradually opening up more to online sales. Sales of cosmetics on the internet in Latvia have grown by more than 40% in the past year. We expect growth to remain somewhere around 20%,» says LCMA chairperson Ieva Plaude-Rēlingere.
The size of Latvia’s cosmetics market, considering demographic trends, has not changed much in the past several years. It is not expected to develop rapidly in the future. Because of that, leading Latvian cosmetics producers put a much larger emphasis on export markets, where 85% of their products are realized. «Competition is very steep in the cosmetics market, especially in the mainstream segment. Because of this reason, our producers are not represented sufficiently. Focus is put on certain niche segments,» says Plaude-Rēlingere.