PUBLISHER: The Business Research Company | PRODUCT CODE: 1436518
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436518
Nail polish is a colored and thick lacquer or enamel liquid applied to the fingernails or toenails to enhance their appearance and add a glossy finish. Its primary purposes are to color the nails and provide a protective barrier, preventing them from becoming flaky, dry, or susceptible to breakage. Beyond its cosmetic function, nail polish serves as a decorative element, contributing to the overall aesthetics of well-manicured nails.
The primary products in the nail polish market include gel, matte, pearl, and other variations. Gel nail polish stands out as a special formula that is cured under ultraviolet lamps for a durable finish. Distribution channels for these products encompass supermarkets, hypermarkets, online platforms, traditional stores, exclusive beauty specialist stores, and various other channels. The diverse end-users of nail polish products include both males and females, reflecting the broad appeal and usage across different segments of the population.
The nail polish market research report is one of a series of new reports from The Business Research Company that provides nail polish market statistics, including nail polish industry global market size, regional shares, competitors with a nail polish market share, detailed nail polish market segments, market trends and opportunities, and any further data you may need to thrive in the nail polish industry. This nail polish market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The nail polish market size has grown rapidly in recent years. It will grow from $12.9 billion in 2023 to $14.48 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth observed during the historical period can be attributed to fashion and beauty trends, celebrity endorsements and influences, social and cultural influences, advertising and media influence, as well as the integration of seasonal and occasional themes.
The nail polish market size is expected to see rapid growth in the next few years. It will grow to $22.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The anticipated growth in the forecast period can be attributed to investments in research and development, global market penetration, the implementation of digital marketing strategies, a focus on sustainability and eco-friendly products, and alignment with consumer preferences and trends. Major trends expected during this period include the evolution of retail and distribution strategies, increasing demands for vegan and cruelty-free products, the influence of fashion and runway trends, a surge in personalization and customization, and innovations in formulas and ingredients.
The expanding global population of working women is anticipated to drive the growth of the nail polish market. Working women, defined as those who are employed outside the home and earn a salary, wages, or other income through regular employment, represent a significant demographic. Nail polishes contribute to the professional appearance of working women, providing them with vibrant, elegant looks and a sense of perfection. As per data from the US Bureau of Labor Statistics, in the United States, women constituted nearly half (47.0%) of the labor force in 2021. This substantial presence of working women in the workforce is a key factor propelling the growth of the nail polish market.
The anticipated growth of the nail polish market is closely tied to the increasing expansion of the e-commerce industry. E-commerce, which involves the online buying and selling of goods and services, offers a convenient platform for consumers to access a diverse range of nail polish products over the internet or other electronic networks. This global reach enables customers to explore various brands, colors, and formulations from the comfort of their homes. E-commerce platforms facilitate easy product comparison, access to reviews, and convenient purchasing options, contributing to the growth of the nail polish market by providing a seamless and diverse shopping experience. As reported by the United States Department of Commerce in May 2021, in the first quarter of 2021, US e-commerce sales experienced a substantial 39% increase compared to the same period in 2020. Thus, the expanding e-commerce industry stands as a significant driver behind the growth of the nail polish market.
Breathable technologies have emerged as a significant trend in the nail polish market, with major companies actively incorporating such innovations into their product offerings to enhance their market position. A notable example is Orly, a UK-based nail care brand, which introduced its "Island Hopping" line of breathable nail polish in March 2022. This summer collection, known for being vegan, cruelty-free, and halal-certified, consists of six distinctive vacation colors. What sets it apart is its utilization of breathable technology - it is the first professional treatment and color nail polish to employ a brush with 600 bristles, creating a permeable formula. This 1-step manicure leverages modern oxygen technology to maintain hydration balance in the nails, actively encouraging nail development and extending the longevity of the polish. This strategic incorporation of breathable technologies reflects a broader trend within the industry, aligning with consumer preferences for innovative and health-conscious nail care solutions.
Major companies in the nail polish market are increasingly focusing on strategic collaborations to provide enhanced and reliable services to their customers. Strategic collaboration involves mutually beneficial partnerships between independent entities working together to achieve shared goals aligned with their individual strategic objectives. A noteworthy example occurred in June 2022, when Velveeta, a US-based food company, announced a partnership with Nails Inc., a UK-based nail polish company. In this collaboration, Velveeta and Nails Inc. jointly launched a distinctive and playful nail polish collection named "Pinkies Out Polish." This limited-edition collection is part of Velveeta's creative platform, La Dolce Velveeta, which encourages individuals to embrace a life of bold and unrestrained pleasure. The partnership with Nails Inc. introduces a cheese-scented nail polish duo in shades Finger Food and La Dolce Velveeta, accompanied by irresistible nail stickers branded as That's La Dolce Velveeta. The creamy shades are formulated using Nails Inc.'s long-wear formula and a patented wide-hugging brush, ensuring a flawless application for a smooth finish. This collaboration exemplifies how strategic partnerships can lead to innovative and unique product offerings that resonate with consumer preferences.
In December 2021, Purplle, an online beauty platform based in India that specializes in offering a wide range of beauty products including nail polish and makeup, successfully acquired Faces Canada, a cosmetics and skincare brand, for an undisclosed sum. This strategic acquisition is geared towards reinforcing Purplle's core values, augmenting its available resources, and expanding its reach into untapped markets within the country. The integration of Faces Canada into Purplle's portfolio is expected to enhance the online beauty platform's ability to deliver an enriched and personalized beauty experience to its customers. Faces Canada, headquartered in Canada, is recognized for its diverse range of beauty products, including nail polish and lipstick, making it a valuable addition to Purplle's offerings.
Major companies operating in the nail polish market report are L'Oreal Pvt. Ltd., Prestige Cosmetics Corp., The Estee Lauder Companies, Sephora USA Inc., Shiseido Co. Ltd., Unilever India Exports Limited, Coty Inc., Sally Hansen Inc., Wella Operations US LLC, Revlon Inc., Kiko SpA, OPI Products Inc., Markwins Beauty Brands Inc., China Glaze Co. Ltd., INGLOT SP. Z O.O., Butter London LLC, Orly International Inc., Colorbar Cosmetics Pvt. Ltd., NARS Cosmetics Inc., Barry M Cosmetics Ltd., Deborah Lippmann collection LLC, Smith & Cult LLC, Kinetics Cosmetics Inc., Mavala International SA, Ella+Mila Inc., Ciate London Ltd., Floss Gloss Ltd., Art of Beauty Company Inc., Jessica Cosmetics International Inc., JINsoon Hand & Foot Spa Inc.
North America was the largest region in the nail polish market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nail polish market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the nail polish market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The nail polish market consists of sales of glitter nail polish, chrome nail polish and French manicure. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Nail Polish Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on nail polish market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for nail polish ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The nail polish market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.