July 21, 2024
Nail Care Market

Nail Care Market is Estimated To Witness High Growth Owing To Increasing Adoption of Nail Art & Manicures

The Nail Care Market is estimated to be valued at US$ 21.08 Billion in 2022 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Nail care products include nail polish, nail color, nail enamel, nail strengthener, and nail accessories. These enhance the appearance of fingernails and toenails. Nail polish and nail color provide a protective layer on nails and allow expressing creativity through different shades and designs. They prevent nails from discoloration, damage, and breakage.

Market key trends:

The increasing trend of nail art and manicures, especially among young women, is driving the demand for nail care products. Nail art involves decorative designs, patterns, 3D appliques, and stoneworks created on fingernails using products such as polish, decals, stickers, and other accessories. It allows self-expression and beautification of nails. This has led to increased spending on nail studios and salons for professional manicures and designs. The rising working women population with greater purchasing power and inclination towards grooming and styling has also fueled the market growth. Advances in formulation technology have resulted in long-lasting, smudge-proof, and chip-resistant nail polishes

Porter’s Analysis
Threat of new entrants: Low capital requirements and strong brand loyalty allows new companies to enter the market easily. However, established brands dominate shelf space in stores.
Bargaining power of buyers: Buyers have significant bargaining power due to availability of multiple brands. They can switch between brands easily based on pricing and promotions.
Bargaining power of suppliers: Major suppliers for nail care products include chemical manufacturers and packaging providers. They have moderate bargaining power due to availability of substitute suppliers.
Threat of new substitutes: Threat of new substitutes is moderate as nail art trends keep changing with new designs, materials and tools gaining popularity.
Competitive rivalry: High due to presence of many international and local brands competing on the basis of product innovation, pricing and promotions.

SWOT Analysis
Strengths: Wide product range and numerous new launches cater to evolving consumer needs and trends. Strong brand loyalty of major players provides competitive edge.
Weaknesses: Seasonal demand leads to inventory risk. Overdependence on few markets exposes brands to economic fluctuations.
Opportunities: Expanding salon industry and rise of nail art culture drives growth. Emerging markets yet to be tapped fully present new opportunities.
Threats: Shift towards natural and organic products poses challenges. Restrictions on certain chemicals impact formulations.

Key Takeaways
Global Nail Care Market Demand is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing focus on personal grooming and beauty routines.

North America currently dominates the global nail care industry, with the US being the major revenue generator. However, Asia Pacific is likely to witness the fastest growth owing to rising disposable incomes, growing aesthetics industry and significant presence of key players in the region.

Key players operating in the nail care market are OPI, Essie, ORLY, China Glaze, Kiko Milano, Rimmel, Shiseido, CND, Art of Beauty, Zoya, Sally Hansen, Revlon, L’Oreal Paris, Nails Inc., Maybelline, Chanel, Dior, Tom Ford, YSL, and LancĂ´me. These players are focused on launching innovative products and leveraging digital marketing strategy to reach maximum customers.

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