Nail Care Market is Anticipated to Witness High Growth Owing to Increasing Beauty Consciousness Among Consumers
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Nail Care Market |
The
nail care market comprises products such as nail polish, nail color, nail
accessories, nail strengtheners, and nail treatment creams. Nail care products
provide an aesthetic glow and healthy look to nails. With the rise in beauty
consciousness, demand for these products has significantly increased. Consumers
prefer using nail care products such as nail polishes, nail polish removers,
and nail paints which can be easily applied at home to enhance their beauty.
This ease of application and fashionable range of nail colors is driving substantial
market growth. 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 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,
L€TMOreal Group, Nestle S.A., IBM Corporation, Accenture plc, Atos SE, Hewlett
€“ Packard Company, PTC, Inc., Centric Software, Dassault Systemes S.A.,
Autodesk, Inc. Gerber Scientific, Inc., SAP SE, and Oracle Corporation. Consumers
are now demanding natural, organic and eco-friendly nail care products which
has opened opportunities for natural and herbal brand launches. North America
and Europe currently dominate the market. However, Asia Pacific region is
anticipated to witness highest growth owing to growing working women population
and increasing disposable incomes in countries such as China and India.
Key opportunities in the nail care market comprise new product launches
catering to diverse fashion trends and focused marketing campaigns targeting
millennials. Major players are expanding their operations globally especially
in developing regions of Asia Pacific and Latin America where penetration of
nail care products is increasing. Manufacturers are launching budget-friendly nail
care ranges to tap the potential of price-sensitive consumers in these regions.
Market Drivers
The growing consciousness among working women about professional looks and
personal care is a major driver for the nail care market. Regular usage of nail
care products helps enhance the aesthetics and grooming of hands and nails.
Rising fashion trends involving unique nail designs and colors further propels
the consumption of nail polishes, strengtheners, and complimentary products.
Expanding online distribution channels increase the accessibility of these
products, supporting market revenues.
Market Restrain
Volatility in raw material prices impacts the overall production cost of nail
care products. Concerns regarding usage of chemical ingredients in nail polishes
such as formaldehyde, toluene, and dibutyl phthalate (DBP) can restrain market
growth. Strict regulations and restrictions imposed by regulatory bodies in
some countries on the inclusion of such agents acts as a challenge for
manufacturers.
Segment
Analysis
The nail care market can be segmented into nail polish, nail color, nail art
stickers, nail filler & treatments, nail strengthener, and others. Among
these, nail polish dominates the market with the highest market share. Nail
polish segment is dominating as people prefer using nail polish for beautifying
and decorating their nails on a regular basis. Changing fashion trends and
availability of wide range of nail polish shades by various brands drive the
growth of this segment.
The nail color segment is expected to gain market share in coming years.
Growing popularity of bright and unique nail colors especially among young
generations favors the growth of this segment. Additionally, nail art stickers
segment will witness notable growth owing to rising trend of nail art designs
among women.
Global Analysis
Regionally, North America holds the largest share in the nail care market
followed by Europe. Higher awareness regarding personal grooming and fashion
trends especially in the US and Canada boosts the market growth in North
America. Easy availability of various nail care products through large retail
chains further support market expansion in the region.
Asia Pacific is expected to grow at the fastest pace during the forecast
period. Improving spending power, increasing influence of western beauty
standards, and rising working women population promote the Asian nail care
market. Moreover, aggressive marketing strategies by key players and emergence
of local brands catering to cost-sensitive customers in countries like China
and India will significantly contribute to the regional market growth.
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