May 21, 2024
Nail Care Market

Nail Care Market Is Estimated To Witness High Growth Owing To Rising Popularity Of Nail Art

The nail care market consists of various nail art and treatment products such as nail polish, nail color, nail treatment, and others. Nail polishes and colors are increasingly being used by both men and women to decorate and beautify their fingernails and toenails. Growing preference for personalized nail art designs along with rising beauty consciousness among individuals is fueling the sales of nail polishes and colors worldwide. Furthermore, growing use of social media platforms has made different nail art designs easily accessible to people, thereby encouraging experimentation with nails. 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 2030.

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′Oreal Group, Nestle S.A. The key players are focusing on developing innovative product ranges and launching new nail colors and polishes catering to the personalized preferences of individuals.

The growing promotion and ideas sharing of innovative nail art designs on social media and videos have created substantial opportunities for nail studs, stickers and other accessories businesses. Furthermore, the increasing popularity of nail art as a small business venture has opened up opportunities for professionals and entrepreneurs to start their nail art studios.

Technological advancements have led to the development of long-lasting, smudge-proof and chip-free nail polishes using advanced formulae. Innovation in nail painting tools such as nail paint brushes and colors in innovative shapes such as flowers and glitter further fuel the growth of the nail care market.

Market Drivers
The rising working women population opting for Nail Care Market Demand  products to maintain professional appearances along with growing fashion consciousness are some of the key drivers boosting demand for nail care products. Furthermore, the increasing disposable income levels have encouraged consumers to regularly use premium nail colors and polishes for different occasions, thereby propelling market growth. In addition, aggressive promotional activities by key players to launch new attractive product ranges according to changing consumer preferences will continue to drive the nail care market growth.

Current Challenges in the Nail Care Market

The nail care market is currently facing challenges due to rising inflation and economic uncertainties around the world. Consumers are becoming more budget conscious and shifting towards affordable or mass nail care products. Supply chain disruptions due to the Ukraine war and lockdowns in China have also impacted the production and distribution of nail care products. Skilled labor shortages and increasing raw material prices are putting pressure on margins of nail care companies. Unpredictable weather patterns are negatively impacting the agricultural supply of some key ingredients like plant oils, vitamins, and minerals used in nail care formulations. With growing eco-consciousness, emerging regulations around more sustainable product formulations and packaging also pose compliance challenges for existing product portfolios in the nail care market.

SWOT Analysis

Strength: Wide variety of nail care products available catering to different consumer needs and occasions. Weakness: Dependency on discretionary spending makes market vulnerable to economic cycles. Opportunity: Growing demand for professional nail services and men’s nail care segment. Threats: Intense competition and pricing pressures from private label brands retailing at lower price points.

Geographical Regions

North America currently accounts for the largest share of the global Nail Care Market valued at around US$ 8 Bn in 2024. Rising working women population and increasing demand for luxury nail services in major countries like the US and Canada is driving the North American nail care industry. Western and Central Europe is the second largest regional market supported by widespread professional nail salons across major countries like Germany, France, Italy and UK. Growing fashion consciousness among women also boosts the European nail care sector.

Fastest Growing Geographical Region

The Asia Pacific region, excluding Japan, is expected to be the fastest growing market for nail care products during the forecast period from 2024 to 2030, with a projected CAGR of over 9%. Rapid urbanization, rising disposable incomes, increasing beauty awareness among younger population are fueling the uptake of premium as well as mass nail care products in developing economies like India and Vietnam. Proliferation of nail salons and growing demand for nail art and manicures/pedicures are major demand drivers in Asia Pacific. Large untapped opportunities also exist in second and third tier cities in developing Asian countries, offering potential for strong future growth.

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