Nail Polish Market Expands at 9.5% CAGR, Led by North America's Growth | Maximize Market Research

Nail Polish Market: Growth, Trends and Forecast, 2024 – 2030

The global Nail Polish Market Size is booming, projected to rise from USD 14.13 billion in 2023 to USD 26.68 billion by 2030, at a CAGR of 9.5%. With growing fashion consciousness, the rise in the level of disposable income, and the increasing awareness of personal grooming and self-care, the global market is witnessing this growth. Nail polish is no more a cosmetic accessory but an integral part of the personal care routine of an individual and impacts demand among several consumer segments. The following article will discuss the drivers for market growth, major trends, challenges as well as future market opportunities.

Nail Polish Market Insights by Major Drivers

Increasing Knowledge About Grooming And Personal Care

Consumers interest in their look and personal care regime have left them with a higher desire for products that improve their grooming. Nail care has gained popularity amongst both men and women, creating higher demand for quality nail polish products. Nail polish has become a necessary element of everyday beauty routines and is, therefore, driving market expansion.

Influence of Fashion Trends

Nail polish is now a fashion accessory, and every brand now introducing new collection in terms of season. Nail care trends are hugely impacted by fashion influencers, social media platforms, and celebrities. Bold decorative nail art and limited-time nail polish collections are reported to lure and keep interest among younger consumers.

Growing Acceptance of Fashion Trends in Nail Care

Growing popularity of nail art and the acceptance of innovative and adventurous nail art designs have driven demand for a diverse array of nail polish products such as matte, glitter, and gel polish. Consumers are becoming more adventurous in trying new colors and finishes as fashion evolves, which creates these products as a need.

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Growth in E-commerce

The explosion of e-commerce has completely changed the nail polish market, and so many more consumers have grown accustomed to shopping for nail polish and related products via the internet. The convenience of online shopping, a larger product offering, effortless price comparison, and the opportunity to access global brands makes it appealing to consumers. As a direct result, a much wider net can in fact be cast around nail polish brands, especially in developing corners of the world.

Celeb Promotions And Collabor ‘(Tears)

Influenced by a slew of celebrity collaborations with major fashion houses, the nail-accent pieces were a key part of the nail polish market. Celebrities (Rihanna, Kylie Jenner, Kendall Jenner, etc.) have brought nail care exclusively to the market with their products, increasing demand from consumers. Such collabs usually include upbeat colours, along with almost exclusive collections, which tends to attract a universal crowd.

Market Segmentation

The global market for nail polish is segmented based on product type, sales channel and finish type. It provides valuable insights into major growth segments and consumers preferences.

By Product Type

Liquid Nail Polish: The demand for liquid nail polish segment is likely to be the largest in the market. This is due to its ease of application, availability of different colors, and affordability. Liquid nail polish remains the go-to for the day-to-day — versatile and comes in endless shades.

A Gelly Polish: Gelly polish is becoming popular because of the longevity, shine, and durability of the polish; it will not chip. Although it does tend to cost a little more, consumers are on the lookout for long-lasting, quality products — hence the rise in the gel polish market. The rise in usage for nail care services at salons as well as professional nail care also assists the market growth.

By Sales Channel

Supermarkets and Hypermarkets: Supermarkets and hypermarkets account for a significant share of nail polish sales. It provides convenience and allows the customers to browse multiple brands under one roof. The competitive prices and promotions offered at supermarkets and hypermarkets also attract a large portion of consumers.

Specialty Stores and E-commerce: As consumers seek specific beauty products related to health trends and ease of online shopping, specialty stores, and e-commerce are on the rise. Booming platforms like Amazon, Sephora and Ulta, have opened the flood gates for nail polish-less people to find out about their possible new favorite polish line they had never even heard of before and get their paws on them (not a pun) in a jiffy—exclusive brands and sets even.

By Finish Type

Glossy Nail Polish: Glossy also remains a consumer staple, providing consumers a high-gloss shine that looks good on the nails. If you are looking for an elegant and even shiny look, then this finish is suitable for you.

Matte Finish: A matte finish has become a big trend due to its unique, non-shiny look that has found favor with consumers in search of something different. Matte nail polish can be bold and modern.

Glitter Nail Polish: Glitter finish has a celebratory feel and is a favorite during holidays, parties, and other special events. Glitter nail polish usually has particles in different sizes to create a texturizing effect on the surface of the nail as well as an effect of sparkle.

Satin Nail Polish– Satin finishes are a middle ground between glossy and matte, providing a semi-glossy appearance without the full gloss of traditional finishes. In fact, this type of nail polish is becoming fashionable because of the attractive, beautiful, and classy look it provides.

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Regional Insights

North America

U.S. is one of the largest markets for nail polish, as the demand for beauty and personal care products in North America is rising rapidly. A rising inclination for DIY nail care & nail art drives the market growth. Increased role of social media and celebrities further propels consumers in the region to make purchase decisions.

Europe

Nail polish has a key market in Europe, especially in France, Germany and the U.K. Nail care is an integral element of beauty culture in Europe and an expanding market with demand for both affordable and luxury nail products. We see how in Europe; market of consumers who prefer people who are more eco-conscious, plant-based, etc., is becoming a lot bigger, especially for natural, cruelty-free, vegan nail polish.

Asia-Pacific

Nail Polish Market in Asia Pacific Region to Continue Its Lead with Highest Growth Rate In addition, countries such as China, India, Japan, and South Korea have increasing disposable income and spending on beauty products. The gender-neutral trend of youth towards nail care for self-expression has propelled the nail polish market in this region. The emergence of beauty-loving consumers in these nations translates into lucrative growth potential for global nail polish brands as well as the local nail polish brands.

Challenges and Opportunities

Health Concerns

An increased awareness of the health concerns that have been linked to some of the organic ingredients within conventional polish, such as toluene, formaldehyde and dibutyl phthalate, presents another challenge to the nail polish market. However with consumers becoming aware of these ingredients there is also a demand for nail polishes which are free from toxins and made from natural ingredients.

Competition

Nail polish is an extremely competitive space with many brands competing with similar products at various price points. In a crowded marketplace, brands must focus on differentiating their products in terms of quality, innovation or sustainability.

Potential for Greener Products

With consumers increasingly aware of how sustainability affects them, brands have the opportunity to fill the void for eco-friendly, cruelty-free, and vegan nail polish products. As part of the sustainability wave coming to beauty, we expect this segment to continue to grow.

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Conclusion

The global nail polish market will continue to increase, driven by consumer interest for innovative, high-quality products that are in line with the latest fashion trends. The market is also expanding due to the rise in sustainable practice and the trend of DIY nail care, as well as the growing incidence of e-commerce. The market is not without its challenges including those rooted in health and market competition, but there are also solid opportunities in the category to develop innovative brands that can rise to meet this increasing demand for sustainable, natural and customized solutions in nail polish. With the continuous innovation in the market, nail polish market is expected to be one the ever evolving and highly competitive industry.

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