Latvia: Cosmetics Market 2024

Cosmetics Market Size in Latvia

The Latvian cosmetics market skyrocketed to $X in 2022, picking up by X% against the previous year. In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is likely to see steady growth in years to come.

Cosmetics Production in Latvia

In value terms, cosmetics production declined to $X in 2022 estimated in export price. In general, production enjoyed a prominent increase. The growth pace was the most rapid in 2016 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Cosmetics Exports

Exports from Latvia

In 2022, after five years of growth, there was significant decline in shipments abroad of cosmetics, when their volume decreased by X% to X tons. Over the period under review, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, cosmetics exports shrank to $X in 2022. Overall, exports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2021, and then reduced in the following year.

Exports by Country

Russia (X tons), Lithuania (X tons) and Estonia (X tons) were the main destinations of cosmetics exports from Latvia, with a combined X% share of total exports. Poland, the Czech Republic, Italy, Spain, Germany, China, Romania, France and Hungary lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cosmetics exported from Latvia were Russia ($X), Lithuania ($X) and the Czech Republic ($X), with a combined X% share of total exports.

In terms of the main countries of destination, the Czech Republic, with a CAGR of X%, 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

The average cosmetics export price stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cosmetics export price increased by X% against 2020 indices. The growth pace was the most rapid in 2016 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then dropped modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Hungary ($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 the Czech Republic (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cosmetics Imports

Imports into Latvia

In 2022, purchases abroad of cosmetics decreased by X% to X tons, falling for the second year in a row after four years of growth. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, cosmetics imports rose to $X in 2022. Overall, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

Poland (X tons), Germany (X tons) and China (X tons) were the main suppliers of cosmetics imports to Latvia, together accounting for X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cosmetics suppliers to Latvia were France ($X), Poland ($X) and Germany ($X), with a combined X% share of total imports. Lithuania, Spain, Estonia, Russia, China, Italy, the Netherlands, the Czech Republic, the United Arab Emirates and Ukraine lagged somewhat behind, together comprising a further X%.

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers 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 cosmetics import price amounted to $X per ton, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: 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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform