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Nail Polish Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global nail polish products market was valued at USD 21.5 billion in 2022 and is projected to grow at a CAGR of 7.5% from 2023 to 2030. The market is witnessing a high demand from consumers for nail color that matches their daily outfits. Moreover, the growing trend of nail art is also fueling the growth of the market. In addition, the increasing number of women working in the corporate world is also driving the demand for nail polish products.
The market is segmented on the basis of type, application, and region. The market is segmented into the traditional nail polish market, the gel nail polish market, and the acrylic nail polish market. The traditional nail polish market is further divided into the base coat market, the top coat market, and the colorant market. The base coat market is segmented into the clear coat market and the opacifier market. The top coat market is segmented into the nitrocellulose top coat market and the acrylic top coat market. The colorant market is segmented into the UV colorant market, the LED colorant market, and the heat-sensitive colorant market. The gel nail polish market is segmented into the UV gel nail polish market and the LED gel nail polish market. The acrylic nail polish market is segmented into the UV acrylic nail polish market and the LED acrylic nail polish market.
The regional segmentation of the market is North America, Europe, Asia-Pacific, and South America. The North American market is the largest market and is expected to grow at the highest CAGR. The Asia-Pacific market is expected to grow at the highest CAGR. The European market is expected to grow at the highest CAGR. The South American market is expected to grow at the lowest CAGR.
The key players in the global nail polish market are BASF SE, Clariant AG, Dior Group, Inc., L’Oreal SA, and Revlon, Inc. These companies are dominating the market with a market share of around 50%.
Product Insights
The nail polish market is projected to grow at a CAGR of 5.1% from 2018 to 2022, according to a report by MarketsandMarkets. This growth is attributed to the increasing demand for nail polish products among women, who are increasingly looking for ways to improve their appearance. Furthermore, the growing trend of nail art is also contributing to the market growth.
The nail polish market is dominated by the global Players. The top three Players accounted for a share of around 72.5% in the global market in 2018. The Players are China Glaze, L’Oreal, and Sally Hansen. These Players are expected to maintain their market leadership position in the global nail polish market over the forecast period.
Distribution Channel Insights
The retail channel is expected to account for the majority of sales in 2022. This is due to the increasing inclination of consumers towards buying nail polish products in retail stores. Many women prefer to buy nail polish products in retail stores as they feel that the products are of better quality and they are able to compare different brands. Moreover, retail stores also offer a wide range of colors and styles of nail polish products, which appeal to a wider audience.
The online channel is expected to grow at a higher CAGR of 14.5% over the forecast period. This is due to the increasing inclination of consumers towards buying nail polish products online. Many women prefer to buy nail polish products online as they feel that the products are of better quality and they are able to compare different brands. Moreover, online stores also offer a wide range of colors and styles of nail polish products, which appeal to a wider audience.
Type Insights
The nail polish products market is expected to grow at a CAGR of 5.8% during the forecast period. This growth can be attributed to the increasing popularity of nail art and the increasing spending on beauty products among women. Moreover, the increasing trend of gel nails is also expected to drive the market.
The premium segment is anticipated to grow at the highest CAGR of 10.5% over the forecast period. This growth can be attributed to the increasing spending on beauty products among women. Moreover, the increasing trend of gel nails is also expected to drive the market.
Regional Insights
Asia Pacific is expected to dominate the market with a revenue share of over 39% in 2022. This growth can be attributed to the increasing awareness about nail care among consumers, as well as the increasing demand for nail products among women. Players in this market include major brands such as L’Oréal, Revlon, and Estée Lauder. In September 2021, L’Oréal Singapore announced the launch of its new nail lacquer, Tres Chic.
North America is expected to witness the second-fastest growth in the coming years. Rising demand on account of the rising metrosexual culture in the region is expected to drive the growth of the market. North America is home to prominent players, such as L’Oréal, Revlon, and Estée Lauder, who manufacture luxury and high-quality products, which is further expected to increase product visibility among consumers. In April 2022, L’Oréal Singapore announced the launch of its new nail lacquer, Tres Chic.
Financial Projections
In this part of the nail polish 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 polish products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a nail polish products business comes from sales of the products. Here you will find a list with a description of each of them and other possible sources of profit such as licensing, advertising, and sponsorship.
Projecting Expenses
In this section, all the regular expenses related to keeping the nail polish products business running will be described. The list of operating expenses includes salaries, marketing, shipping, and other costs associated with the sale of the products.
Key companies & market share insights
Some of the key companies operating in the nail polish 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 September 2022, CoverGirl launched a new line of nail polishes called “Skimmable.”
– In September 2022, Essence launched a new line of nail polishes called “Gleam.”
– In October 2022, L’Oréal launched a new line of nail polishes called “Pure Magic.”
Some of the prominent players in the nail polish market include:
– Maybelline New York
– CoverGirl
– Essie
– L’Oréal
– essence
– OPI
– Nails Inc.
– Zoya
Global Nail Polish 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 polish products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Nail Polish
– Top Coats
– Base Coats
– Glossy Nail Lacquers
– UV Nail Lacquers
– Artificial Nails
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Department Stores
– Drug Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
– Natural
– Artificial
4. 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 Potential of Product Innovation?
[A]: Due to changing consumer preferences, product innovation is a key factor in driving the nail polish products market. Consumers are increasingly opting for innovative products such as water-based, peel-off, and long-lasting formulas, as well as products that offer unique finishes, such as glitter, metallic, and matte. Furthermore, the introduction of 3D nail art and nail art accessories is expected to fuel market growth.
[Q]: Who are the Key Players in the Nail Polish Products Market?
[A]: Major players in the global nail polish products market include Revlon, Inc., Coty, Inc., L’Oréal S.A., Shiseido Company, Ltd., The Estée Lauder Companies, Inc., Orly International, Inc., OPI Products, Inc., and Deborah Group S.p.A.
[Q]: What are the factors driving the nail polish products market?
[A]: Factors such as the growing demand for innovative and long-lasting products and increasing trend of women opting for nail art and nail accessories are expected to drive the growth of the global nail polish products market. Furthermore, the growing awareness about the harmful effects of chemical ingredients used in nail polish is expected to further drive the growth of the market.
[Q]: Which Region Offers the Largest Opportunity for Sales of Nail Polish Products?
[A]: North America is expected to offer the greatest opportunities for the sales of nail polish products due to the increasing demand for premium and luxury products in the region. Furthermore, the growing trend of nail art and nail accessories is expected to contribute to the growth of the market in the region.
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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