April 12, 2024
Nail Care Market

Nail Care Market Witnesses Growth due to Advancements in Nail Art Products

Nail care products such as nail polish, base coat, top coat, nail strengthener, and cuticle oil are used to protect, strengthen, and beautify nails. With the increase in disposable income and rise in beauty consciousness, people are adopting premium nail care products for grooming their nails through nail art products. Due to the emerging trends of nail art and nail decoration, there is an increasing demand for nail enamel, basecoat, topcoat, strengtheners, and other nail care products. The Global nail care market is driven by rising need for personal grooming and advancements in nail art trends.

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 from 2024 to 2031.
Key Takeaways

Key players operating in the Global Nail Care market Growth 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. With increasing demand for luxury nail care brands and products, new entrants are emerging in organic and vegan nail care categories which is opening new growth opportunities. Advancements in nail art tools and technologies have made nail art designs easier and more creative. Application specific nail polish ranges, 3D nail printing, nail stamping kits are gaining popularity.

Market Drivers

The global nail care market is driven by the rising working population and increasing disposable income. Growing fashion and beauty consciousness among people coupled with social media influence is fueling the demand for premium nail care products with innovative fragrances and packaging. Moreover, the rising number of nail bars and salons promoting different types of nail art is propelling the growth of the nail care market. Wide availability of nail care products through e-commerce platforms and brick & mortar stores make these products highly accessible which is driving the marketgrowth.

Current challenges in the nail care market:
The nail care market is facing several challenges such as increasing price of raw materials, rising labor costs, and growing environmental regulations. Stringent laws on the usage of certain chemicals used in nail polishes and lacquers have adversely impacted the production process for many players. Also, volatile demand trends make demand forecasting difficult leading to issues related to inventory management and supply chain logistics.

SWOT Analysis
Strength: Wide variety of products available for nails such as polish, extensions, artificial nails etc. catering to all types of consumer needs and preferences. Weaknesses: Overdependence on seasonal demand and fashion trends which leads to uncertainty. Thin profit margins due to intense competition.
Opportunities: Growing male participation and rise of nail art culture opens up new avenues of growth. Emergence of organic and natural nail care ranges meeting sustainability demands. Threats: Easy availability of low-cost Chinese imports poses pricing pressure. Shift to other hand/foot care categories like feet scrubs can divert consumer spending.

Geographical regions with major market share: Currently, North America dominates the global nail care market with the largest share both in terms of production and consumption. The regions of Western Europe and Asia Pacific excluding Japan are other major markets concentrated for nail care products.

Fastest growing region: The Asia Pacific region excluding Japan is expected to witness the highest growth in the nail care market during the forecast period. The increasing fashion consciousness among women coupled with rising disposable incomes in developing economies like India and Vietnam is propelling the market growth in Asia Pacific.

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