Latvia’s cos­met­ics mar­ket – 160 mil­lion eu­ros

Baltic News Network - - News -

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.

Zane Bitere /LETA

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