Silico Cosmetics Wholesaler
Silico deals with dealership in Cosmetics industry. We provide cosmetics products in wholesale price to the retailers around Kolkata.
The global cosmetics market size was valued at USD 262.21 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. One of the key factors driving the market expansion during the forecast period is the widespread increase in the adoption of skincare and personal care products along with the rise in the global aging population. Rising fashion trends and considerable product innovation in hair color and other skincare product formulations and packaging all contribute to the market's expansion. Yet over the projection period, the adverse consequences of routine use of cosmetic goods due to the inclusion of dangerous chemicals are anticipated to limit market expansion.
The Covid-19 epidemic resulted in a decrease in cosmetic product sales revenue for the key market players, which had subsequent effects. As an example, L'Oréal S.A. estimated that the COVID-19 pandemic-related tough environment caused net sales to decline by roughly 7.0% in fiscal 2020. Nonetheless, the global cosmetics industry is anticipated to rebound and have significant growth in the future as a result of restarted activities, sales, commerce, and manufacturing around the world.
A considerable increase in brand recognition and the influence of cosmetic items through social platforms are anticipated to drive growth during the forecast period. The growing consumer preference for natural products, combined with increased knowledge of natural ingredients-based cosmetics and their impact on the body continue to drive the market expansion. The industry is experiencing considerable expansion as a result of the aging population since older consumers are increasingly using anti-aging treatments and hair dye to change the color of their hair.
A significant opportunity for the market is expected to emerge in the near future as a result of the global trend toward organic cosmetics goods. Consumer preference for organic cosmetics over products with chemical bases is supported by growing knowledge about these goods and their beneficial effects on the skin, which is further fueling the market expansion.
Celebrities and millennials continue to favor fragrance products, which is expected to contribute to the market's expansion over the forecast period. The future market potential will also be greatly influenced by cosmetic manufacturers' increasing innovation and product development.
Over the forecast period, another motivating factor is the rising awareness of skincare cosmetics products and their beneficial effects on the skin. Moreover, growing financial independence among women and increasing beauty awareness among men are important factors influencing the demand for cosmetics items over the predicted period.
Product Insights
Based on the product, the global cosmetics industry is further classified into skincare, haircare, makeup, fragrance, and others (hygiene and personal care products). Among these, the skincare segment contributed to a larger market share of more than 38% in 2022. The significant trend toward skincare cosmetics such as face cream, powder, and sunscreens lotions due to wide availability in different varieties is a major factor that contributes to its largest market share. Moreover, the significant popularity of personalized skincare products among developed economies such as the US, U.K., and others further contributed to the segmental growth. Moreover, the availability ofskin care products with active ingredients that have healing and nurturing properties further supported the growth of the market.
The hair care segment is expected to grow with a significant CAGR of 3.9% from 2023 to 2030 in terms of revenue. The significant rise in the fashion trends of changing hair colors with proper hair cosmetics across the globe is one of the major factors that propel the market growth during the forecast period. Therefore, the ease of the application of hair color cosmetics is further projected to grow significantly in the upcoming years. Moreover, the significant rise in hair fall and scalp-related issues among people across the globe is further projected to contribute to the growing demand for hair care products over the forecast period.