by The global nail care market comprises several product types including nail polish, nail polish remover, nail strengthener, nail files, and others. Nail polish is widely used to enhance the appearance of fingernails or toenails. It is available in a wide range of formulas including matte, shimmer, metallic, glitter, cream, and gel. Nail polish is made of pigments, solvents, film formers, and plasticizers. Important raw materials used in nail polish include nitrocellulose, camphor, plasticizers, pigments, and solvents. Nail files and nail clippers are used to shape and maintain the nails. Nail strengtheners help strengthen the nails from inside by nourishing them.
The global Nail Care Market is estimated to be valued at Us$ 21.08 Bn in 2023 and is expected to exhibit a CAGR Of 5.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights. The global nail care market growth can be attributed to the increasing consumer spending on personal care and beauty products.
Market Dynamics:
Increasing Consumer Spending on Personal Care and Beauty Products: Consumer inclination towards self-grooming and self-care has increased significantly in the past decade. Consumers are willing to spend more on personal care and beauty products to enhance physical appearance. Nail care products are widely used to beautify and style nails, which is boosting the nail care market growth. According to a survey, women’s personal care and beauty product spending has increased by 8% since 2012. Rising consumer expenditure on nail care products is expected to drive the market growth over the forecast period.
Changing Fashion Trends: Fashion and beauty trends are constantly evolving. Colors and patterns used in nail paints keep changing with new seasonal trends emerging every year. Innovation and new product launches in terms of shades, textures, and formulations attract consumer interest. Nail art has gained wide popularity with people experimenting with styles like geometric designs, floral prints, water marble, etc. Stylish nails have become a fashion statement. Changing fashion trends encourage more frequent repurchases of nail care products, fueling the market growth.
Segment Analysis
The global Nail Care market can be segmented into nail polish, nail treatments, nail accessories, and others. Among these, the nail polish segment dominates the global market. This is attributed to the rising demand for different nail colors and nail art designs among consumers. Nail polish offers a wide range of colors, textures, finishes, and shades for consumers to choose from.
PEST Analysis
Political: There are no major regulations limiting the growth of the Nail care market. Cosmetics are not heavily regulated.
Economic: Rising disposable incomes globally have increased spending on personal care products. Higher economic growth in developing nations is boosting nail care product sales.
Social: Changing social trends such as the acceptance of nail art and fashion have increased the demand for nail care items. Social media has influenced nail designs and color trends.
Technological: Manufacturers are focusing on product innovation to attract more customers. Technologies assist in the launch of long-lasting, chip-resistant nail polishes.
Key Takeaways
The Global Nail Care Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the global Nail Care market due to rising beauty awareness.Key players operating in the Nail care market are Stempeutics Research Pvt. Ltd., Medipost Co. Ltd., Nipro Corporation, Dendreon Pharmaceuticals LLC, Organogenesis Inc., Novartis AG, Vericel Corporation, Allogene Therapeutics Inc., Gilead Sciences Inc. (Kite Pharma Inc.), and Takeda Pharmaceutical Company Limited (TiGenix), among others.
Regional analysis
North America is expected to hold the major share in the global Nail Care market. This is majorly attributed to rapid economic growth and rising disposable income of consumers in the region which allows them to spend more on personal care products. Changing fashion trends are also compelling North American consumers to opt for premium nail care products for styling their nails. Moreover, intensive marketing strategies by major players have made nail care an essential part of daily grooming routine for individuals.
Key players
Key players operating in the Nail care market are Stempeutics Research Pvt. Ltd., Medipost Co. Ltd., Nipro Corporation, Dendreon Pharmaceuticals LLC, Organogenesis Inc., Novartis AG, Vericel Corporation, Allogene Therapeutics Inc., Gilead Sciences Inc. (Kite Pharma Inc.), and Takeda Pharmaceutical Company Limited (TiGenix), among others.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
