Global Nail Polish Market Size, Share & Trends Analysis Report, By Product (Liquid Nail Polish, Gel Nail Polish, and Other), By Finish (Glossy, Matte, Glitter, Satin, and Other Finishes), By Distribution Channel (Hypermarkets And Supermarkets, Specialty Stores, and E-commerce), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Sep 2023
- Report ID: 17935
- Number of Pages: 247
- Format:
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Report Overview
The Global Nail Polish Market size is expected to be worth around USD 27 Billion by 2032 from USD 11.07 Billion in 2022, growing at a CAGR of 8.80% during the forecast period from 2023 to 2032.
Nail polish is used to beautify the nails of fingers and toes. The ease of availability of nail polish of different brands and colors in the market has led to the expansion of this industry in terms of sales. In 2021, 52 million of its total users expressed an interest in nail polish, with 25-34% of users aged 25-34 years, followed by 35-44% and 18-24 yrs. Celebrity endorsements for personal care and beauty products, such as nail polish, are likely to resonate well with young consumers.
Millennials who spend a great deal of time online are highly attracted by product launches, celebrity endorsements, and trending online articles. This, in turn, is anticipated to foster market expansion during the forecast period.
Driving Factors
Fashion and Trends: Nail polish is often seen as a fashion accessory, and the latest nail trends and colors can influence consumer demand. When new fashion trends emerge – such as the rise of bold and vibrant hues – it may lead to an increase in sales for certain types of nail polish.
Personal Grooming: Nail polish has become an expression of personal grooming and self-expression. People enjoy expressing their personalities through different colors and finishes to show off their style. With the growing interest in personal grooming and self-care, the nail polish market has experienced tremendous growth.
Social Media and Influencers: Social media has become a major driving force in the nail polish market. Beauty influencers and bloggers regularly showcase new nail polish colors and trends on their platforms, which in turn influences consumer demand. Thanks to platforms like Instagram and TikTok, there has been an uptick in consumer awareness of and interest in nail polish products.
Occasions and Festivals: Nail polish is often worn to complement special occasions and festivals. People may match their nail polish to their outfits for weddings, holidays, or other celebrations. As these events become increasingly popular, demand for nail polish products may increase accordingly.
Product Innovation: Nail polish manufacturers are continually creating and introducing new products to the market, such as new finishes, colors, and formulations that cater to changing consumer preferences and needs. This innovation has the potential to spur interest and demand for nail polish among consumers.
Restraining Factors
Health Concerns: Nail polish contains chemicals such as formaldehyde, toluene, and dibutyl phthalate (DBP), which have the potential to harm health. With increasing awareness about these potential hazards among consumers, many now opt for natural and organic nail polishes instead.
Price Sensitivity: Nail polish is a discretionary purchase that is susceptible to fluctuations in consumer spending patterns. During uncertain economic periods, consumers may become more price-sensitive and seek out cheaper alternatives or forgo purchasing altogether.
Competition: The nail polish market is highly competitive, with both established and emerging players competing for market share. New entrants may find it challenging to take on established brands with established reputations and loyal customer bases.
Limited Color Options: Although nail polish colors are plentiful in the market, some consumers may feel limited by their selection due to a lack of innovation or creativity from manufacturers or an inability to keep up with shifting consumer preferences.
Growth Opportunities
Rising Demand for Vegan and Cruelty-Free Products: As consumer awareness and demand for vegan and cruelty-free goods grows, manufacturers have an excellent opportunity to develop and market nail polishes that align with their values and beliefs. This presents brands with an opportunity to stand out from their competitors.
Technological Advancements: Technological advancements have made it simpler for manufacturers to create new and innovative nail polish formulations that are long-lasting, quick-drying, and chip-resistant. These developments can improve the quality of nail polish while giving consumers more choices and convenience.
Growing Popularity of Nail Art: The growing popularity of nail art has driven up demand for nail polish and related products, such as tools and accessories. This presents manufacturers with an opportunity to expand their product lineups and appeal to a broader audience.
Increasing Focus on Personal Grooming: With the growing emphasis on personal grooming, the nail polish market has the potential to expand as consumers strive to express their individuality through their nails. This presents manufacturers with an opportunity to capitalize on this growing trend and develop products that cater to consumers’ evolving needs and preferences.
Expansion into New Markets: Nail polish manufacturers can explore and expand their reach beyond their current customer base through partnerships, collaborations, and strategic marketing initiatives that target specific demographics and regions.
Latest Trends
With the growing demand for eco-friendly products, nail polish formulations that are sustainable and non-toxic have emerged. Consumers seek products free from hazardous chemicals that are packaged in environmentally friendly or recyclable materials. Bold, vibrant shades and glittery finishes are currently trending in the nail polish market.
Customers are experimenting with bright and daring shades to make a statement and express their individuality. Nail art continues to be a trend in the nail polish market, with consumers seeking unique and creative ways to decorate their nails. This has led to an uptick in nail art kits and tools that enable people to achieve salon-quality designs from home. Gel nail polish has become increasingly popular for customers seeking long-lasting and chip-resistant nail color.
This trend has resulted in the development of formulations that can be applied at home without needing UV lamps for easy application. Personalized nail polish is becoming increasingly popular, allowing consumers to create unique shades by mixing different colors and finishes. Brands are responding by offering customization options in response to consumers’ growing desire for unique and personalized items.
Product Type Analysis
By the product type analysis, the liquid polish segment dominates the market with 54% market share.
By product type, the nail polish market is further segmented into liquid, gel, and others. Due to the convenience and vibrant colors, liquid products are expected to dominate the market share during the forecast period. Due to consumers’ reluctance to switch away from gel-based alternatives, liquid products will continue to hold a major share of this space.
The convenience of application and low cost, along with the manufacturer’s wide color choices are expected to propel demand during the forecast period. Furthermore, the growing fashion and cosmetics industry, driven by rising consumer interest in beauty items, will be another major driver of market expansion during this time. These factors collectively are propelling growth within the liquid polish segment globally over the forecast period.
Finishes Analysis
According to the finishes analysis, the glossy segment dominates the market with a 26% market share.
Glossy nail polish is the classic and most common type of polish. It provides a shiny, professional appearance and can be worn for special occasions or to add some vibrant color to an outfit. Glossy finishes come in an array of shades from bright and bold shades to pastels and neutrals. Matte nail polish has seen a recent surge in popularity due to its matte, and velvety finish. This matte look is often associated with sophistication and chic style, ideal for women who prefer subtle cosmetics.
Shimmer nail polish comes in an array of colors, from metallic shades to pastel hues. Metallic nail polish gives off a shiny, reflective appearance which can be used for adding an air of glamour and sophistication to an outfit. Metallic nail polish comes in gold, silver, and bronze hues.
Distribution Channel Analysis
According to the distribution channel analysis, the specialty stores segment dominates the market with 38% market share.
By distribution channel, the nail polish market is further segmented into supermarkets & hypermarkets, Independent stores, specialty stores, and E-commerce. In 2022, specialty stores made the largest contribution to global retail with an impressive CAGR of 38%.
These businesses and manufacturers prioritize offering natural and chemical-free options that excite customer interest and give them the option of selecting from numerous brands before making a purchase. Additionally, specialty stores provide customers with the opportunity to choose products based on type, shade, and color preferences. Store associates also assist customers in selecting the correct item while imparting product knowledge, thus driving market growth through this segment. Hypermarkets and supermarkets are becoming increasingly popular due to the variety of products they offer – from beauty items to personal care essentials – all under one roof.
Stored according to category and with price labels visible, supermarkets and hypermarkets tend to cover a larger area and offer an extensive selection of goods under one roof. Furthermore, these stores are usually conveniently situated near residential areas for easy access to items like nail polish as well as other necessities.
Key Market Segments:
Based on Product Type
- Liquid
- Gel
- Other Product
Based On Finishes
- Glossy
- Matte
- Glitter
- Satin
- Other Finishes
Based on the Distribution Channel
- Supermarket and Hypermarkets
- Independent Stores
- Specialty Stores
- E-Commerce
COVID-19 Impact Analysis
The pandemic caused major disruptions in the global supply chain, leading to shortages of raw materials and packaging materials essential for nail polish production. Due to the pandemic, nail polish production and distribution were affected, leading to delays in product launches and reduced availability of certain items. As consumers have become more health-conscious and seek safer, natural alternatives, manufacturers have had no choice but to adjust accordingly.
Consumer preferences have shifted towards non-toxic and natural nail polish formulations due to the pandemic’s impact on physical stores; many were unable or unwilling to visit physical locations for purchase. This has contributed to an acceleration in e-commerce sales as people sought alternative means of purchase. Nail polish online sales have seen a meteoric rise, prompting brands to invest in digital marketing and e-commerce platforms to stay abreast of changing consumer preferences. Due to the pandemic-induced closure of nail salons, nail polish sales experienced a major downturn.
Customers were unable to obtain professional nail services and thus needed to buy products like polish as well as related items like nail art kits and tools at discounted prices. Despite the hardships caused by the pandemic, several new nail polish products were released during this time. Companies capitalized on increased demand for at-home beauty treatments and created innovative items like gel nail polish kits that could be applied conveniently at home.
Regional Analysis
According to the regional analysis, Asia Pacific dominates the market with a 38% market share.
This can be attributed to the growing number of working women populations in countries such as China and India, who are increasingly investing in nail care fashion trends. As a result, nail polish sales have seen an uptick. Furthermore, India’s rapidly increasing young population is expected to provide numerous growth prospects over the coming years.
The growing trend towards naturally manufactured products, particularly in countries like the UK and Germany, is expected to drive demand for these goods. Furthermore, the growing preference for vegan products among consumers in Europe, particularly countries like the UK and Germany, is predicted to offer lucrative opportunities for growth in this space during the forecast period. Consumers in countries such as the U.S. and Canada are willing to pay a higher price for an attractive appearance, driving the growth of this region’s market.
The Middle East is forecast to be the second fastest-growing regional segment during the forecast period. This can be attributed to the increasing number of affluent consumers in countries like South Africa, UAE, and beyond who are willing to spend on cosmetics – including nail cosmetics. This trend promises immense opportunities for the nail cosmetics market growth in terms of value sales.
Key Regions and Countries Covered in this Report:
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
The natural products market is composed of both international and domestic players. Key market players employ strategies such as collaborations, innovation, and new product launches in retail outlets to expand their product portfolio offerings in this space.
Market Key Players:
- Estée Lauder
- Shiseido
- Revlon
- Sally Hansen
- Wella Operations US LLC (O.P.I.)
- Cosnova GmbH (Essence)
- NOTE Cosmetique
- L’Oréal S.A.
- Other Key Players
Recent Developments:
- In June 2021, Estee Lauder Companies seed-funded Faculty, a nail polish brand for males. Their formulas were vegan and cruelty-free as well as free from several commonly used chemicals commonly found in nail polish recipes.
- In March 2023, Sally Hansen joined forces with Peeps Brand to release a limited-edition nail polish collection featuring seven shades that replicate sugar-coated marshmallow treats. The Sally Hansen Insta-Dri X Peeps Collection offers customers an authentic marshmallow experience at home.
- In January 2022, beauty brand “Colorbar” introduced their vegan nail lacquer/nail polish line with 128 shades available on the market.
Report Scope:
Report Features Description Market Value (2022) USD 11.07 Bn Forecast Revenue (2032) USD 27 Bn CAGR (2023-2032) 8.8% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Product Type, By Finishes, By Distribution Channel Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Unilever; The Estée Lauder Companies Inc.; Shiseido; Revlon;Sally Hansen; Wella Operations US LLC (O.P.I.);L’Oréal S.A. ; Cosnova GmbH (Essence); NOTE Cosmetique; Coty Inc. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the size of the Nail Polish market in 2021?The Nail Polish market size was US$ 13,800.0 million in 2021.
What is the projected CAGR at which the Nail Polish market is expected to grow at?The Nail Polish market is expected to grow at a CAGR of 6.1% (2023-2032).
List the segments encompassed in this report on the Nail Polish market?Market.US has segmented the Nail Polish market by geography (North America, Europe, APAC, South America, and the Middle East and Africa). By Product, the market has been segmented into Gel Nail Polish, Regular Nail Polish, and Others. By Distribution Channel, the market has been further divided into Hypermarkets & Supermarkets, E-commerce, Specialty Stores, and Others.
List the key industry players in the Nail Polish market?Unilever, Shiseido, Estee Lauder, Sally Hansen, Revlon, Cosnova GmbH (Essence), American International Industries, Essie Cosmetics, Ltd., Coty, Inc., Creative Nail Design, Inc., Alessandro International, CNC International, Orly International, NARS Cosmetics, Inc., Wella Operations US LLC (O.P.I.), L’Oréal S.A., and Other Key Players engaged in the Nail Polish market.
Which region is more appealing for vendors employed in the Nail Polish market?The Asia Pacific accounted for the highest revenue share of 38.6%. Therefore, the Nail Polish industry in the Asia Pacific is expected to garner significant business opportunities over the forecast period.
Name the key areas of business for Nail Polish?The U.S., Germany, UK, China, India, Brazil, and South Africa are key areas of operation for the Nail Polish Market.
Which segment accounts for the greatest market share in the Nail Polish industry?With respect to the Nail Polish industry, vendors can expect to leverage greater prospective business opportunities through the regular nail polish segment, as this area of interest accounts for the largest market share.
- The Estée Lauder Companies, Inc. Company Profile
- Shiseido
- Revlon
- Sally Hansen
- Wella Operations US LLC (O.P.I.)
- Cosnova GmbH (Essence)
- NOTE Cosmetique
- L'Oréal S.A.
- Other Key Players
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