June 18, 2024
Nail Care Market

Nail Care Market Poised to Grow Considerably due to Rising Adoption of UV Light Curing Technology

The global nail care market is one of the fastest growing beauty segments. Nail care products such as nail polish, nail color, nail treatment, and nail accessories are widely used to decorate and protect nails. Rising fashion consciousness among individuals of all ages is one of the key factors driving the demand for nail care products. The market offers a wide range of nail polishes in diverse styles, designs, shades and finishes to cater to evolving fashion trends. Moreover, technological advancements such as introduction of UV light curing nail polishes that dry quickly on application have boosted the popularity of nail polishes.

The Global nail care market is estimated to be valued at US$ 24.29 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the nail care market are Metro AG, Kroger Company, Carrefour SA, Tesco PLC, Wal-Mart Stores, Inc., Costco Wholesale Corporation, Unilever PLC, Amway, Reckitt Benckiser Group plc, Pepsi Co, Inc., Procter & Gamble, L€TMOreal Group, Nestle S.A. Key players are focusing on expansion plans and new product development to gain a larger market share. Growing consumer awareness about Nail Care Market Trends and hygiene has led to an increase in nail salons as well as do-it-yourself kits and devices which present significant growth opportunities. With the rising popularity of gel nail polishes and UV lights, manufacturers are innovating products with the latest technologies for speedy drying and durable wear.

Market Drivers:

Growing working women population coupled with rising disposable incomes have increased consumer spending on personal grooming and beauty products in general which drives demand for nail care products. Changing fashion trends encourage women to experiment with nail colors and designs which act as a key driver for regular nail improvements and purchases. In addition, aggressive marketing strategies by leading players through celebrity endorsements and product bundling helps raise brand awareness and stimulate sales.

Current Challenges in Nail Care Market

The nail care market is facing several challenges currently which can hamper its growth potential. Availability of low-cost counterfeit products is one of the major challenges. This reduces demand for premium branded products and affects revenues of established players. Secondly, rising raw material costs put pressure on profit margins of manufacturers. Frequent changes in fashion and trends also means newer product launches on a regular basis which increases expenditure on research and development. Moreover, strict government regulations regarding use of certain chemicals can disrupt supply chains. International trade policies and volatility also introduce uncertainties. Overall, companies need to address these issues through continuous innovation and by offering superior quality at competitive prices to thrive in this competitive market space.

SWOT Analysis

Strength: Wide product portfolio and strong brand image of major players give them an edge.
Weakness: High dependency on discretionary spending makes demand volatile.

Opportunity: Growing focus on self-grooming and rising disposable incomes in developing nations will drive future growth.

Threats: Increasing popularity of DIY nail kits poses threat to salon business and organized retail players.

Geographical Regions with High Market Concentration

North America currently accounts for the largest share in the nail care market in terms of value estimated at over 30% of the global market in 2024. This can be attributed to high per capita spending and frequent new product launches catering to changing trends. Europe is another major region driven by beauty and fashion consciousness among consumers.

Fastest Growing Geographical Region

Asia Pacific is projected to be the fastest growing region during the forecast period due to rising spend on personal care items among the expanding middle class population in countries like China, India and other Southeast Asian nations. Growing number of nail salons and rising exposure to global trends through digital media and social platforms is accelerating the market growth.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.