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Nail Care Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global nail care products market was valued at USD 9.4 billion in 2022 and is projected to expand at a CAGR of 5.3% from 2023 to 2030. The growing emphasis on personal appearance and the increasing use of nail care products among the youth are some of the key factors driving the market. Furthermore, the rising awareness concerning nail health and the growing demand for natural and vegan products are providing an impetus to the market.
The increasing demand for the convenience of home manicure and pedicure services is expected to drive the market. For instance, in December 2021, Squire, the leading online barbering and grooming platform in the UK, launched a new home manicure and pedicure service. The service enables customers to book a professional manicurist or pedicurist to their home or workplace.
The emergence of innovative nail care products has been a recent trend in the market. For instance, in August 2021, Sally Hansen launched a new nail care product range based on advanced technology. The range consists of products such as multi-care nail polish, nail strengthener, and nail-color changing topcoat. Furthermore, the increasing focus on product innovation is expected to fuel the market growth.
The growing penetration of the internet and the increasing usage of the e-commerce platform is propelling the demand for the market. The e-commerce platform offers convenience and ease of access to a variety of nail care products, which is boosting the online sales of these products. Furthermore, social media platforms are being used as a medium for marketing these products, which is further driving the market.
Furthermore, the increasing preference for vegan products is expected to bolster the market growth. The growing demand for vegan products is due to their health benefits and low environmental impact. For instance, in November 2021, ORLY International, a leading manufacturer of nail care products, launched a vegan, cruelty-free nail care line called VEGAN EXPLOSION. The product line consists of non-toxic, vegan-friendly, and cruelty-free nail care products.
Product Insights
The nail polishes segment held the largest market share in 2020. According to an article published by Statista, in January 2020, the global nail polish market was estimated to be valued at over USD 8.3 billion. Increasing interest among females regarding nail care and rising fashion trends have been driving the demand for nail polishes. Furthermore, increasing availability of fashion colors, rising demand for natural ingredients, and the growth of various international and local brands offering nail care products are some of the other factors driving the market.
The nail art segment is expected to register the fastest CAGR of 6.3% over the forecast period. Increasing demand for nail art designs, growing enthusiasm for nail art among teenagers, and rising availability of nail art products are some of the key factors driving the growth of the market. According to an article published by Nail Art Gear in May 2019, nail art has become a highly sought-after fashion trend among women, and the popularity of nail art is increasing in the male segment as well. Furthermore, increasing investment by companies in the R&D of nail art products and rising awareness regarding nail art are some of the other factors propelling the market growth.
Distribution Channel Insights
The majority of the market share in 2022 was captured by the offline segment, accounting for over 67.9% of the market. Consumers prefer to purchase the products in physical stores due to the personal experience they get while shopping. Furthermore, customers are able to look at the quality of the product and the ingredients used, which is not possible when shopping online. The availability of a wide range of products and the presence of trained staff in offline stores to help customers choose the right product according to their needs also contributes to the growth of the segment.
The online segment is anticipated to expand at the highest CAGR of 10.7% over the forecast period. This is attributed to the rising penetration of the internet, increasing presence of e-commerce platforms, and the convenience of online shopping. Furthermore, the availability of a wide range of products online, along with discounts and offers, has further increased the preference for online shopping. For instance, in January 2021, Amazon.com launched a new section for nail care products, offering a wide range of products from leading brands.
Type Insights
The mass segment accounted for the largest revenue share of 68.3% in the year 2022. The increasing demand for affordable nail care products in developing countries, such as India and China, is driving the growth of the mass segment. The growing number of young consumers in the region is further boosting the demand for mass nail care products. Furthermore, the presence of major players such as L’Oreal S.A., Kao Corporation, and Revlon Inc. in the mass nail care market is enhancing the product portfolio and making the products more accessible to the customers.
The premium segment is projected to expand at the highest CAGR of 10.2% over the forecast period. The increasing inclination of consumers towards natural and organic products is likely to drive the segment. Moreover, the rising popularity of professional brands such as OPI and CND, which are available in salons and spas, is also a key factor for the growth of the premium segment. Furthermore, the increasing demand for luxury nail care products among customers is also expected to fuel the market in the forecasted period.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 33.6% in 2022. The presence of a large population of fashion-conscious individuals in the region is a key factor driving the market. Moreover, the presence of prominent players, such as L’Oréal, Coty, and Unilever, is further expected to facilitate the growth of the market. For instance, in January 2021, L’Oréal launched a new gel-polish range named Color Riche La Laque Gel Nail Polish.
Asia Pacific is expected to witness the fastest growth in the coming years. An increase in the demand for nail care products, owing to the presence of a large population and the rising development of online retail channels in the region, is expected to drive the regional market growth. For instance, in July 2021, Zilingo, an e-commerce platform, launched a new range of nail care products, including gel-polish, nail colour and nail oil, in countries such as India, Singapore, and Thailand.
Financial Projections
In this part of the nail care products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your nail care products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a nail care products business comes from the sale of nail care products such as nail polishes, acrylics, and other supplies. Here you will find a list with a description of each of these services and other possible sources of profit such as online sales, retail stores, and direct sales.
Projecting Expenses
In this section, all the regular expenses related to keeping the nail care products business running will be described. The list of operating expenses includes rent, wages, costs of materials, shipping fees, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the nail care products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In May 2022, OPI Products Inc. launched the Nail Lacquer Collection, a line of long-lasting polishes.
– In June 2022, Sally Hansen Inc. launched the Complete Salon Manicure line of nail polishes, which provide a no-chip and high-shine finish.
– In August 2022, Revlon Inc. launched the ColorStay Gel Envy line of nail polishes, which provide a quick-drying and long-lasting finish.
Some of the prominent players in the nail care products market include:
– OPI Products Inc.
– Sally Hansen Inc.
– Revlon Inc.
– Orly International Inc.
– Nailene Products Inc.
– Nailtiques
– Butter London LLC
– China Glaze
– No7 Laboratories
– Nailtek
Global Nail Care Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global nail care products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Nail Polish
– Nail Treatment
– Nail Art & Accessories
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the growth potential of the global nail care products market?
[A]: The global nail care products market is expected to register a CAGR of 8.9% during the forecast period (2021-2026). The increasing demand for professional nail care products and the growing inclination towards artificial nails are some of the factors driving the market growth.
[Q]: What are the key trends in the nail care products market?
[A]: The nail care products market is driven by the growing popularity of nail art, the increasing demand for multifunctional products, the growing popularity of natural and organic ingredients, and the increasing demand for vegan-friendly products.
[Q]: Who are the leading players in the nail care products market?
[A]: The leading players in the nail care products market include OPI Products, Inc., CND (Creative Nail Design, Inc.), Revlon, Inc., L’Oréal S.A., Kao Corporation, Oriflame Cosmetics SA, Shiseido Co. Ltd., Sally Hansen, Inc., and The Estée Lauder Companies Inc.
[Q]: What are the key strategies adopted by the players in the nail care products market?
[A]: The key strategies adopted by the players in the nail care products market include product innovation and launches, partnerships, mergers and acquisitions, and geographic expansion.
[Q]: What are the key opportunities in the nail care products market?
[A]: The key opportunities in the nail care products market include the emergence of new product categories, the development of new technologies, and the rising demand for professional nail care services.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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