The global nail care products market size was gauged at USD 23.41 billion in 2023. The market is projected to grow from 24.55 billion in 2024 to USD 36.26 billion by 2032, exhibiting a CAGR of 4.99% during the forecast period. The rising working population in several towns and cities, growing awareness regarding need for maintaining nail hygiene are the key factors contributing to market augmentation. This information is provided by Fortune Business Insights, in its report titled, “Nail Care Products Market, 2024-2032.”
Information Source: https://www.fortunebusinessinsights.com/nail-care-market-106149
Top Companies Covered in the Nail Care Products Market:
- Miniluxe, Inc. (U.S.)
- L’oréal S.A. (France)
- The Estée Lauder Companies Inc. (U.S.)
- Shiseido Company, Limited (Japan)
- NOTE Cosmetique (Turkey)
- ChinaGlaze.com Inc. (China)
- CND (U.S.)
- ORLY International, Inc. (U.S.)
- Cassina S.p.A (Italy)
- BWX Ltd (U.S.)
Segmentation:
Nail Polish Segment to Hold Major Share Due to Rising Number of Professional Salons Offering Nail Care Services
According to product type, the market is divided into nail polish, top & base coats, nail polish remover, cuticle care and others. Among these, the nail polish segment captured majority of the nail car products market share in 2022. The growing number of professional salons offering nail care services and nail treatments are attributing to segment growth. Furthermore, the rising availability of chemical free and vegan products available in the market is contributing to segment expansion.
Offline Segment to Dominate Owing to Rising Number of Physical Stores of Renowned Brands
Based on distribution channel, the global market is split into online and offline. Among these, the offline segment dominated the market in 2022 owing to the rising number of physical outlets of established companies such as Loreal S.A., The Estée Lauder Companies Inc., and others. The offline segment is growing significantly as it offers a personalized experience to consumers. They can check the quality of products before buying. Moreover, growing urbanization and soaring disposable income is also supporting segment expansion.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides an exhaustive overview of the global market inclusive of latest trends, market drivers, restraining factors, and recent developments. The market is studied at both micro and macro levels by dividing it into segments and regions. Market share held, growth rate, and valuation estimates of each region and segment are also given in the document. Furthermore, the impact of COVID-19 is also studied to enable industry stakeholders to make informed decisions.
Drivers and Restraints:
Rising Expenditure on Beauty and Wellness Products to Aid Market Augmentation
Growing expenditure on beauty and wellness products, increasing popularity of wellness tourism, and changing perceptions regarding personal care are the factors aiding nail care products market growth. Surging product demand from millennials and growth of hospitality sector will further boost market proliferation. Moreover, the emergence of salons and spas offering manicures, pedicures, nail art, gel polish, acrylics and other nail care services will also facilitate market augmentation.
On the other hand, concerns regarding the harmful effects of chemicals such as dibutyl phthalate, formaldehyde, and toluene used in manufacturing nail care products will hamper market growth in the forecast timeframe.
Regional Insights:
Asia Pacific to Dominate Backed by Rising Number of Working Women
Asia Pacific held majority of the nail care products market share in 2022 owing to surging demand for beauty products due to rising consciousness regarding appearance especially among working women. Rising income levels of populace and increased influence of western culture are some other factors aiding market expansion in this region.
Europe market is anticipated to grow significantly in the forthcoming years due to increasing efforts by companies to improve customer reach and strengthen their social and digital presence. Moreover, surging demand for organic nail care products owing to rising concerns regarding the harmful effects of traditional cosmetics are contributing to regional market growth.
Competitive Landscape:
Product Launches by Leading Companies to Aid Market Augmentation
Leading players often participate in strategic undertakings such as collaborations, mergers and acquisitions, partnerships, and product launches to enlarge revenue share. For instance, in September 2021, Creative Nail Design, Inc. launched a holiday collection that includes shades such as silk slip dress, glitter sneakers, signature lipstick, white button downs, statement earrings, and high-waisted jeans. The availability of a wide variety of shades will help boost product demand and revenue generation for the company.
