Since the financial crisis, premium beauty and personal care has been recording strong annual sales growth in current value terms. This was the case throughout the review period, prior to the pandemic, as consistent increases in consumer purchasing power and greater awareness of the benefits and advantages of premium products underpinned a significant widening of the core consumer audience for these products.
The strongest declines in retail current value sales in 2020 were observed in premium adult sun care, premium fragrances, premium colour cosmetics and premium hair care. These categories are seen by many consumers as the least essential of all beauty and personal care items.
Major multinational players L’Oréal and Coty remained the only players with a double-digit retail value share in premium beauty and personal care in 2021. L’Oréal Baltic offers a wide portfolio of international brands across premium beauty and personal care categories in Latvia, including Lancôme, Biotherm, Vichy, L'Oréal Professionnel, La Roche-Posay and Shu Uemura, as well as the fragrance brands Giorgio Armani, Diesel, Cacharel and Viktor & Rolf.
Premium beauty and personal care immediately returned to recording positive current value growth in 2021, with this expected to continue over the forecast period. Premium products also resumed the process of gradually gaining share from mass products in 2021, which will also continue over the forecast period.
The categories hit hardest by COVID-19, premium fragrances, colour cosmetics, hair care and adult sun care, registered some of the fastest retail value growth rates in 2021. While strong growth rates are likely to be favoured by the sharp declines experienced in 2020, the return to work, study, social and beauty and personal care norms will spur the need for and use of these products.
Before COVID-19, premium beauty and personal care products were not widely purchased via e-commerce. Consumers of expensive brands liked to visit a physical store to see and try products before purchasing, with the shopping trip a part of the allure for some when choosing premium beauty and personal care items.
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Understand the latest market trends and future growth opportunities for the Premium Beauty and Personal Care industry in Latvia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Premium Beauty and Personal Care
This is the aggregation of premium colour cosmetics, fragrances, deodorants, skin care, sun care, baby and child-specific products, bath and shower and hair care.See All of Our Definitions
This report originates from Passport, our Premium Beauty and Personal Care research and analysis database.
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