Premium Beauty and Personal Care in Latvia

PRE-COVID-19 PERFORMANCE

Sales benefit from an increasingly sophisticated and affluent urban consumer base

Towards the end of the review period, strong sales growth was recorded in premium beauty and personal care. Dynamic growth was recorded in the category again in 2019 as consistent increases in consumer purchasing power and higher awareness of the benefits and advantages of premium products underpinned a significant widening of the core consumer audience for these products.

L’Oréal and Coty maintain their leading positions despite losing share in 2019

Major multinational players L’Oréal and Coty remained the leading players in the pragmatic category of premium beauty and personal care in Latvia in 2019, with these two companies comfortably positioned well ahead of the chasing packed. Coty has a strong presence in premium hair care with the leading brand Wella Professionals and third leading brand Londa Professional, although its stronghold is premium fragrances, where it is by far the leading player due to its ownership of numerous very strong brands.

Local companies are present in premium beauty and personal care

Local manufacturers maintained a small but noteworthy presence in premium beauty and personal care in 2019. The leading local player in the category is Stenders SIA, which is present in several premium categories with a broad portfolio of products based on natural ingredients.

2020 AND BEYOND

COVID-19 impact

Sales of premium beauty and personal care are now expected to decline by 11% in 2020 in 2019 constant value terms in light of the impact of COVID-19.

Affected products within premium beauty and personal care

The strongest sales declines are expected to have been seen in premium adult sun care, premium fragrances, premium colour cosmetics and premium hair care. These are among the categories of products that are seen as the least essential of all beauty and personal care items.

Recovery and opportunities

Moderate positive sales growth is expected to be seen in premium beauty and personal care over the forecast period. Although sales are likely to remain under pressure during the first half of the forecast period due to the economic recession that is expected to flow from the COVID-19 situation, the generally positive background trends that saw demand for premium beauty and personal care products increased steadily over the review period are expected to remain in effect.

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