The nail care market comprises products such as nail polish, nail color, nail accessories, nail strengtheners, and nail treatment creams. Nail care products provide an aesthetic glow and healthy look to nails. With the rise in beauty consciousness, demand for these products has significantly increased. Consumers prefer using nail care products such as nail polishes, nail polish removers, and nail paints which can be easily applied at home to enhance their beauty. This ease of application and fashionable range of nail colors is driving substantial market growth. 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 Global Nail Care market Growth 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., IBM Corporation, Accenture plc, Atos SE, Hewlett €“ Packard Company, PTC, Inc., Centric Software, Dassault Systemes S.A., Autodesk, Inc. Gerber Scientific, Inc., SAP SE, and Oracle Corporation. Consumers are now demanding natural, organic and eco-friendly nail care products which has opened opportunities for natural and herbal brand launches. North America and Europe currently dominate the market. However, Asia Pacific region is anticipated to witness highest growth owing to growing working women population and increasing disposable incomes in countries such as China and India.
Key opportunities in the nail care market comprise new product launches catering to diverse fashion trends and focused marketing campaigns targeting millennials. Major players are expanding their operations globally especially in developing regions of Asia Pacific and Latin America where penetration of nail care products is increasing. Manufacturers are launching budget-friendly nail care ranges to tap the potential of price-sensitive consumers in these regions.
Market Drivers
The growing consciousness among working women about professional looks and personal care is a major driver for the nail care market. Regular usage of nail care products helps enhance the aesthetics and grooming of hands and nails. Rising fashion trends involving unique nail designs and colors further propels the consumption of nail polishes, strengtheners, and complimentary products. Expanding online distribution channels increase the accessibility of these products, supporting market revenues.
Market Restrain
Volatility in raw material prices impacts the overall production cost of nail care products. Concerns regarding usage of chemical ingredients in nail polishes such as formaldehyde, toluene, and dibutyl phthalate (DBP) can restrain market growth. Strict regulations and restrictions imposed by regulatory bodies in some countries on the inclusion of such agents acts as a challenge for manufacturers.
Segment Analysis
The nail care market can be segmented into nail polish, nail color, nail art stickers, nail filler & treatments, nail strengthener, and others. Among these, nail polish dominates the market with the highest market share. Nail polish segment is dominating as people prefer using nail polish for beautifying and decorating their nails on a regular basis. Changing fashion trends and availability of wide range of nail polish shades by various brands drive the growth of this segment.
The nail color segment is expected to gain market share in coming years. Growing popularity of bright and unique nail colors especially among young generations favors the growth of this segment. Additionally, nail art stickers segment will witness notable growth owing to rising trend of nail art designs among women.
Global Analysis
Regionally, North America holds the largest share in the nail care market followed by Europe. Higher awareness regarding personal grooming and fashion trends especially in the US and Canada boosts the market growth in North America. Easy availability of various nail care products through large retail chains further support market expansion in the region.
Asia Pacific is expected to grow at the fastest pace during the forecast period. Improving spending power, increasing influence of western beauty standards, and rising working women population promote the Asian nail care market. Moreover, aggressive marketing strategies by key players and emergence of local brands catering to cost-sensitive customers in countries like China and India will significantly contribute to the regional market growth.
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