Between 2013 and 2023, Latvia’s hair lacquer market saw fluctuations in its per capita value. Initially, the market experienced modest growth, reaching a peak in 2015. However, since 2016, there has been a consistent decline, with the value standing at $1.51 in 2023. This reflects a clear downward trend over the last decade.
Year-on-year, the market saw a decline in growth from 2022 to 2023 by approximately 0.7%. In terms of a five-year compound annual growth rate (CAGR), the market has witnessed a negative average growth rate, indicating a sustained contraction.
For future trends, industry players should consider the impact of evolving consumer preferences, potential new product innovations, and shifts towards more eco-friendly options that could revitalize market demand and influence growth patterns in the upcoming years.
