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Beauty & Personal Care - Latvia

Latvia
  • The Beauty & Personal Care market in Latvia is projected to generate a revenue of US$242.30m in 2024.
  • This market is anticipated to experience an annual growth rate of 1.11% (CAGR 2024-2029).
  • The largest segment within this market is Personal Care, which is estimated to have a market volume of US$107.90m in 2024.
  • In comparison to other countries, United States leads in revenue generation, with an expected revenue of US$100bn in 2024.
  • When considering the population size, in Latvia is expected to generate per person revenues of US$133.90 in 2024.
  • Furthermore, online sales are projected to contribute 24.9% of the total revenue in the Beauty & Personal Care market by 2024.
  • Despite its small size, Latvia has a booming beauty and personal care market, with a strong preference for natural and organic products.

Definition:

The Beauty & Personal Care market refers to consumer goods for cosmetics and body care. This market includes various categories such as cosmetics, skin care, personal care, fragrances and beauty tech. Excluded categories are beauty services, such as hairdressers, and professional products. Products that primarily serve medical purposes are also excluded here but are shown as part of the OTC Pharmaceuticals market. All shown sales values refer to the retail value and include sales taxes.

Structure:

The market consists of 5 different segments:

  • The Cosmetics cover face cosmetics, lip cosmetics, eye cosmetics, nails, and natural cosmetics.
  • The Skin Care covers face skin care, body care, sun protecting products, baby & child and natural skin care.
  • The Hair Care covers shower & bath, oral care, deodorants, shaving, natural and personal care.
  • The Fragrances cover the consumer market for perfume and Eau de Toilette and any fragrances that cover normal body odor.
  • The Beauty tech covers the development and application of digital tools and devices that aim to enhance beauty-related experiences, improve skincare routines, and provide personalized beauty solutions.

Additional Information:

The market comprises revenue, average revenue per capita, sales channel. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). For more information on the displayed data, click the info button on the right side of each box.

In-Scope

  • Decorative cosmetics
  • Skin care
  • Personal care
  • Hair care and styling products
  • Perfume and eaux de toilette

Out-Of-Scope

  • Professional products & services
  • Electronic personal care products (hair dryers, shavers)
Beauty & Personal Care

Beauty & Personal Care

Related markets:
Beauty & Personal Care: market data & analysis - Cover

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Beauty & Personal Care: market data & analysis

Study Details
    methodology

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    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Beauty & Personal Care market is thriving and one of the fastest growing consumer markets, driven in particular by the Cosmetics and Skin Care segments. The main reason for this strong growth is the generational shift with young consumers entering the market. At the same time, this change is reinforced by social media, internationality, and eCommerce, which have a lasting effect on buying behavior when it comes to beauty products. Trends from all over the world are spreading and changing the daily beauty and care routine.

    Sales Channels

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Nov 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

    Additional notes:

    The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Cosmetics market in Europe - statistics & facts

    The evolving consumer demand and product innovations keep on driving the growth of global cosmetics market. In recent years, revenues experienced significant growth, and forecasts indicate that this upward trend is set to continue. The market was in fact projected to be worth about 129 billion U.S dollars by 2029. As of 2023, North Asia and North America together were the leading geographic zones in the cosmetic market, each making up nearly 30 percent of the global market, followed by Europe with a share of 24 percent. Generally, the cosmetic market can be broken down into five main categories: skin care, hair care, make-up, perfumes, and hygiene products.
    More data on the topic
    Share of skin care products in the global cosmetics market
    40%
    Market value of skincare in Europe
    27.7bn EUR
    Consumption value of cosmetics and personal care in Europe
    95.7bn EUR

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