February 25, 2024
Nail Care Market

Nail Care Market Is Estimated To Witness High Growth Owing To Increased Adoption and Product Innovation

The Nail Care Market is estimated to be valued at US$ 21.08 Billion in 2022 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Nail care products refers to a range of manicure and pedicure products used for nail treatment, protection, styling and decoration. Key products include nail polish or nail lacquer, nail strengtheners, nail polish removers, cuticle conditioners and oils, and nail art supplies among others. Nail polishes are the most widely used products for coloring, styling and decorating nails. Innovation in terms of polish formulas that promise longer wear, chip resistance and easy application have been driving adoption. Moreover, nail art adoption has also increased driven by innovations allowing intricate and creative nail designs.

Market Dynamics:
Increased adoption of nail art: Innovation in nail art supplies and techniques have made advanced nail art designs accessible to the masses, driving adoption. Products allowing 3D nail art, nail vinyls for unique prints, nail LED lamps for precise designs are witnessing increased demand.
Product innovation driving customer loyalty: Continuous innovation by key players through long-wear, chip resistant and easy-clean formulas is helping influence customer purchase decisions and loyalty. Sustainable or clean label products are also gaining traction. Innovation in nail strengtheners and treatments catering to damaged nails are also witnessing increased uptake.

SWOT Analysis

Strength: Nail Care market has strong distribution network. Growing demand for nail art and premium nail products. Innovation in nail care products like UV gels and nail strengtheners.

Weakness: Nail care products have short shelf life. Frequent new product launches require heavy investments. Exposure to harsh chemicals can cause health issues with prolonged use.

Opportunity: Growing middle class and working women population spur demand. Rising interest of men in grooming presents new opportunity. Developing regions like Asia Pacific to offer growth opportunities.

Threats: Economic slowdowns can impact discretionary spending on beauty products. Stiff competition from local and private label brands. Changing consumer preferences and focus on natural products.

Key Takeaways

Global Nail Care Market Demand is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing demand for nail services and premium nail products Western countries like the US and Europe dominated due to high discretionary spending and fashion consciousness. However, Asia Pacific is emerging as the fastest growing market, led by China, India, and other Southeast Asian countries where demand is driven by expanding middle class, urbanization, and increasing per capita incomes.

Regional analysis Regional analysis North America dominates the global nail care market currently owing to high disposable incomes and strong distribution networks of leading players in the US and Canada. Asia Pacific is poised to witness the highest growth over the forecast period with China, Japan, and India emerging as lucrative markets. This can be attributed to growing expenditure on personal grooming in developing countries of the region.

Key players Key players operating in the Nail Care market are OPI, Essie, ORLY, China Glaze, Kiko Milano, Rimmel, Shiseido, CND, Art of Beauty, Zoya, Sally Hansen, Revlon, L’Oreal Paris, Nails Inc., Maybelline, Chanel, Dior, Tom Ford, YSL, Lancôme.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it