Nail Polish Market Growth & Trends
The global nail polish market is expected to reach USD 25.8 billion by 2030, registering at a CAGR of 6.8% during the forecast period, according to a new report by Grand View Research, Inc. Natural and non-toxic nail polish are gaining traction among a growing number of consumers, driven by the rising environmental awareness globally. The use of organically produced ingredients in the formulation of nail polish is likely to surge in the upcoming years. This, in turn, is anticipated to fuel the market growth during the forecast period.
Nail polish is available in a wide variety of types and colors to suit the requirements of a varied set of consumers. The demand for nail polish with natural ingredients is increasing rapidly owing to their various benefits to the nails, such as protecting nails because of the exclusion of harmful chemicals from it, further propelling their demand in the market. The regular nail polish segment accounted for the highest market share of the global revenue in 2021. Growing nail art trends, mainly among millennial groups, have risen the demand for nail polish in the market.
The e-commerce segment is expected to register the fastest CAGR from the year 2022 to 2030. This is due to the rising consumer spending, growing population, and wide availability of products. In addition, introducing mobile shopping apps for nail polish such as Amazon, Nykaa, and others, along with the availability of safe & convenient payment gateways, are contributing to the growth of the online retail industry.
In the year 2021, Asia-Pacific accounted for the lion’s market share in the nail polish market and is also expected to be the fastest-growing market during the forecast period. This is due to the rising number of nail art salons and celebrity influence in the countries like India, South Korea, Japan, and others. Moreover, some Asian countries like Indonesia and Vietnam are experiencing an increasing middle to elite income class in recent years.
This, in turn, is likely to offer immense opportunities for the economy and premium nail cosmetics, including nail polish to enter the market of these countries. Additionally, In the year 2020, Indonesia was one of the biggest importers among the Southeast Asian countries, and Vietnam was the fifth biggest importer among the Southeast Asian countries. Thus, these countries are expected to be a high potential target market in the upcoming years.
Request a free sample copy or view report summary: Nail Polish Market Report
Nail Polish Market Report Highlights
The gels nail polish segment is projected to register the fastest growth with a CAGR of 8.0% from 2022 to 2030. The benefits offered by gel nail polish over regular nail polish such as durability, fast-drying, and the glossy look it provides the nails are expected to boost the demand for gel nail polish during the forecast years
The e-commerce segment is expected to grow the fastest at a CAGR of 9.0% from 2022 to 2030. The increasing availability of a wide range of nail polish from different brands, free delivery, and seasonal discount on e-commerce platforms such as Nykaa, and Amazon are among the major reasons driving the segment
Asia Pacific has accounted for the highest market share of 7.8% in the global revenue in 2021. Asian consumers, most notably in China, India, Japan, ASEAN are increasingly inclining toward nail cosmetics including nail polish, which in turn is fueling the growth of the market
List of Key Players in the Global Nail Polish Market
Unilever
Estée Lauder
Shiseido
Revlon
Sally Hansen
Wella Operations US LLC (O.P.I.)
Cosnova GmbH (Essence)
NOTE Cosmetique
L’Oréal S.A.
Coty Inc.
Comments