Latvia: Market for Beauty, Make-Up And Skin Care Preparations 2024

Market Size for Beauty, Make-Up And Skin Care Preparations in Latvia

The Latvian market for beauty, make-up and skin care preparations stood at $X in 2022, flattening at the previous year. Overall, consumption recorded a strong expansion. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Beauty, Make-Up And Skin Care Preparations in Latvia

In value terms, production of beauty, make-up and skin care preparations rose markedly to $X in 2022 estimated in export price. Over the period under review, production saw a resilient increase. The pace of growth appeared the most rapid in 2014 with an increase of 94%. Production of peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Beauty, Make-Up And Skin Care Preparations

Exports from Latvia

In 2022, shipments abroad of beauty, make-up and skin care preparations decreased by -27.3% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when exports increased by 36%. Over the period under review, the exports of reached the peak figure at X tons in 2021, and then shrank notably in the following year.

In value terms, exports of beauty, make-up and skin care preparations reduced markedly to $X in 2022. Overall, exports, however, continue to indicate a resilient increase. The growth pace was the most rapid in 2014 with an increase of 33%. Over the period under review, the exports of hit record highs at $X in 2021, and then declined sharply in the following year.

Exports by Country

Lithuania (X tons), Estonia (X tons) and Poland (X tons) were the main destinations of exports of beauty, make-up and skin care preparations from Latvia, with a combined 44% share of total exports. China, Italy, Germany, Russia, Spain, Romania, France, Hungary, Saudi Arabia and the United Arab Emirates lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +64.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Estonia ($X) and Germany ($X) were the largest markets for beauty, make-up and skin care preparations exported from Latvia worldwide, together comprising 44% of total exports. France, Spain, Poland, Russia, China, Italy, Romania, Saudi Arabia, Hungary and the United Arab Emirates lagged somewhat behind, together accounting for a further 27%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +58.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for beauty, make-up and skin care preparations amounted to $X per ton, with a decrease of -8.5% against the previous year. Overall, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for beauty, make-up and skin care preparations decreased by +0.4% against 2020 indices. The most prominent rate of growth was recorded in 2016 an increase of 43%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+12.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Beauty, Make-Up And Skin Care Preparations

Imports into Latvia

In 2022, supplies from abroad of beauty, make-up and skin care preparations decreased by -15.5% to X tons, falling for the second year in a row after four years of growth. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 26%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of beauty, make-up and skin care preparations declined markedly to $X in 2022. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 30% against the previous year. Over the period under review, imports of attained the maximum at $X in 2021, and then dropped significantly in the following year.

Imports by Country

In 2022, Poland (X tons) constituted the largest beauty, make-up and skin care preparations supplier to Latvia, with a 28% share of total imports. Moreover, imports of beauty, make-up and skin care preparations from Poland exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Lithuania (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland stood at +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+57.5% per year) and Lithuania (+5.5% per year).

In value terms, France ($X), Poland ($X) and Lithuania ($X) were the largest beauty, make-up and skin care preparations suppliers to Latvia, together accounting for 55% of total imports. Germany, China, Estonia, Russia, the Netherlands, Italy, South Korea, Spain, the United Arab Emirates and Ukraine lagged somewhat behind, together accounting for a further 34%.

Among the main suppliers, South Korea, with a CAGR of +52.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for beauty, make-up and skin care preparations amounted to $X per ton, reducing by -2.2% against the previous year. Overall, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for beauty, make-up and skin care preparations increased by +15.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 18% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+22.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform