Nail Polish Market Size, Share, Growth, And Industry Analysis, By Type (Organic Solvent Based Nail Polish, Water Based Nail Polish), By Application (Nail Art Institutions, Individuals, Others), Regional Forecast to 2028

Updated On: 13 March 2023

Report Overview

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The global nail polish market size was USD 12.91 billion in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with nail polish experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 23 billion in 2028, exhibiting a CAGR of 8.5% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

The increased interest and demand in nail art and nail care items among consumers, particularly millennials, is one of the main factors driving nail polish market growth. Furthermore, nail art and nail extensions are increasingly becoming an important part of pampering among millennials. This, in turn, is anticipated to increase nail polish product demand over the forecast period. Moreover, the emergence of polish containing healthy materials that are not harmful and contain less chemical content is expected to boost future demand and manufacturing for polish.

COVID-19 Impact: Interruption in Supply Chains to Decline Market Share

The recent COVID-19 outbreak has hampered the expansion of nail polish market share. The pandemic has interrupted the products of manufacturing facilities by disrupting the distribution network of suppliers of raw materials. Because of social distancing and stay-at-home policies, polish sales have declined both online and offline. Furthermore, trade restrictions placed by several countries around the world have had a significant impact on transportation and logistics amenities all over the world. As a result, overall polish expansion is hampered.

Latest Trends

"Growing Internet Penetration to Intensify Market Magnification "

Growing internet penetration among consumers, as well as targeted marketing by businesses to approach all customer touchpoints, are expected to drive the growth of this segment. The industry adaptation of polish is boosted by the ease of access and substantial deals and discounts provided by online platforms. As a result, product sales via the digital platform are anticipated to enhance overall the market share over the forecasted period.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into organic solvent-based nail polish, water-based nail polish

Organic solvent-based nail polish is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into nail art institutions, individualsothers

Nail art institutions is the leading part of the application segment

Driving Factors

"Accessibility of Gloss Nail Polish to Boost Market Share "

From 2022 to 2030, gel polish category is expected to grow at the fastest CAGR. These products contain more ingredients than normal one. The growing demand in terms of revenue sales has been boosted by the widespread accessibility of gloss polish inside the industry, as well as its capacity to offer a long-lasting shiny appearance and dry quickly. Furthermore, the other product category comprises poly-gel, dip powder, acrylic, and purified lac polish. Because of the benefits they provide, these kinds of polishes have become popular among consumers. Poly-gel polish, for example, is long-lasting and may last up to 21 days with proper maintenance.

"Celebrity Endorsement to Aid Market Forwarding "

Dip powder is among the most popular powdered polishes. It can last for up to 4 weeks. Dip powder is thus sturdier and more long-lasting as compared to other polish, and it is gaining popularity among consumers. Moreover, celebrity endorsements of sustainable personal care and beauty products, such as polish, are anticipated to reconnect well with younger customers. Millennials who spend countless hours online have a strong preference for trending articles online, new products, and celebrity endorsements.  As a result, enormous possibilities for nail polish market are likely during the projected timeframe.

Restraining Factors

"Increased Damage to Nail Plate to Deplete Market Advancement "

The removal of gel polish could be damaging to the nails. Soaking in acetone is followed by assertive buffing, stripping, and chipping of polish, can damage the nail plate. Long-term use of gel polish can cause serious fragility and dehydration of the nails and acts as a barrier in the nail polish market.

Regional Insights

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"Nail Care Trends to Foster Market Growth in Asia Pacific and Europe "

Asia Pacific helped contribute to the global market in 2021 and is anticipated to be the strongest growing regional segment during the projected timeline. This is because of the increasing number of working females in countries like China and India, as well as their renewed concentration in expenditure on nail care trends, which is fueling the requirement for polish. Furthermore, a country like India's growing young population is anticipated to provide enormous opportunities for growth in the forecast years.

From 2022 to 2030, Europe is predicted to expand at a higher CAGR. The consumer preference for naturally manufactured items is expected to increase sales of the polish product, particularly in countries such as the United Kingdom and Germany. Furthermore, the growing consumer preference for vegan products in this region, particularly in this region, is expected to provide lucrative prospects for the expansion of vegan items during the predicted timeframe.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• OPI (U.S.)
• Maybelline (U.S.)
• Dior (France)
• CHANEL (U.K.)
• ORLY (U.S.)
• Butter London (U.S.)
• Kiko (India)
• Nails Inc (U.K.)
• Revlon (U.S.)
• Sally Hansen (U.S.)
• Rimmel (U.K.)
• CND (U.S.)
• COSMAY (U.S.)
• Essie (U.S.)
• ZOTOS ACCENT (U.S.)
• L’OREAL (France)
• ANNA SUI (U.S.)
• Bobbi Brown (U.S.)
• Nars (U.S.)
• MISSHA (South Korea)
• China Glaze (Taiwan)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.