June 17, 2024
Nail Care Market

The Nail Care Market is primed for growth through enhanced user experience

Nail care products are widely used to enhance and beautify nails. They include nail polish, nail paints, nail strengtheners, nail polish removers, cuticle care products, and other nail enhancement treatments. Nail care products improve the appearance of nails, protect them from infections, and add an aesthetic appeal. Rising demand for nail styling or enhancing aesthetics among both men and women is driving significant growth in the nail care market.

The Global Nail Care Market is estimated to be valued at US$ 24.29 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Nail Care market are Metro AG, Kroger Company, Carrefour SA, Tesco PLC, Wal-Mart Stores, Inc., Costco Wholesale Corporation, Unilever PLC, Amway, Reckitt Benckiser Group plc, Pepsi Co, Inc., Procter & Gamble, L€TMOreal Group, Nestle S.A. These key players are focusing on offering innovative products and expanding their distribution channels globally.

The growing demand for Nail Care Market Trends and enhancement treatments among the young population is fueling the growth of the nail care market. Increasing beauty consciousness and social media influence are encouraging people to experiment with their nail designs.

The market is witnessing high growth in developing regions due to rapid urbanization, rising disposable incomes, and growing awareness about personal grooming. The increasing influence of western culture is also driving the adoption of nail care products in Asia Pacific and Middle Eastern countries.

Market key trends

The increasing popularity of DIY nail products is one of the key trends in the nail care market. Manufacturers are launching DIY gel polish kits, DIY press-on nails, and other nail art products that can be done at home. This Allows consumers to get salon-quality nail designs and treatments without visiting nail studios. DIY nail products are affordable and convenient to use, witnessing high demand among young working professionals and students. This emerging trend is positively impacting the revenues of nail care brands.

Porter’s Analysis

Threat of new entrants: Low capital requirement and availability of knowledge about nail care products has increased the threat of new entrants. However, strong presence of existing players and availability of numerous branded products has limited the threat to some extent.

Bargaining power of buyers: Availability of numerous branded and generic nail care products has increased the bargaining power of buyers. Buyers can easily switch to substitute products based on pricing and quality.

Bargaining power of suppliers: Suppliers of raw materials like nail polish, nail strengthener, etc have low bargaining power due to availability of substitute materials. However, suppliers of some specialty items possess higher bargaining power.

Threat of new substitutes: Products of neighboring categories like skincare can act as substitutes based on functional benefits. However, high customer loyalty for established brands has reduced the threat.

Competitive rivalry: Strong competition exists among major players to gain market share. Companies often launch new products and engage in promotional activities to attract customers.

Geographical Regions: North America currently accounts for the major share of the global nail care market value owing to high product awareness and growing fashion industry.

The Asia Pacific region is expected to witness the fastest growth during the forecast period. Increasing living standards, rising working woman population and growing influence of western beauty trends are driving the demand in developing countries like India and China.

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