Global Nailpolish Market - 2022-2029

Global Nailpolish Market - 2022-2029

Market Overview

The global nailpolish market valued USD XX million in 2021 and is forecast to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029)

Nailpolish is the liquid used for painting fingernails and toenails. It is also known as nail varnish, nail lacquer, nail enamel and fingernail polish. It comes in a small bottle with a small brush for application. Nail polish is available in different types such as basic, acrylic, breathable, poly gel, dip powder and shellac. Acetone is used for the production of nailpolish. Rising number of working women and their demand for nailpolish help to grow the nailpolish market.

Market Dynamics:

Growing population of working women together with increasing awareness about grooming among consumers

Many working women in cities and small towns use nailpolish for fashion purposes. Women working in corporates give importance to cosmetics use. Rising beauty awareness through the beauty magazines and news articles coupled with increasing brand awareness of nailpolish is likely to increase consumers' demand for nailpolish. Availability of various brands of nailpolish in different colours and attractive packaging on both online and offline media helps attract consumers towards buying nailpolish. Nail polish is available at a low price with a wide colour range, which helps raise the demand for nailpolish from all categories, from girls to aged women. Also, the rising demand for organic nailpolish and new developments from key players helps to raise demand for the nailpolish market.

Moreover, increasing disposal income has led to increasing expenditure on personal care and cosmetic product. The rising number of nail salons and the nail arts trend help grow the demand for nailpolish. Now a day’s, gel nailpolish is trending, and the application of gel nailpolish remains for a long time, increasing the consumer's demand for nailpolish. Availability of quick-dry, nontoxic, vegan nailpolish helps to attract consumers toward nailpolish.

However, rising health concerns, owing to the use of harmful chemicals in manufacturing nail polish are likely to have hamper growth of global nail polish market in the near future. Nail polish contains toxic and hazardous chemical ingredients such as toluene and dibutyl phthalate, which can adversely affect human health. The health risks associated with nail polish range from issues with reproductive health to chronic health problems such as cancer.

Market Segmentation:

Liquid segment held largest market revenue share in the year 2021

Liquid nailpolish has been a cultural staple. Liquid nailpolish puts a thin layer on nails. It is easy to apply and remove as per mood change. Attractive packaging of liquid nailpolish attracts consumers to buy. Liquid nailpolish is made up of nitrocellulose. Liquid nailpolish has less price as compared to gel. Cost-effectiveness is one of the key factors for the largest market share.

On the other hand, gel nailpolish is expected to grow with a CAGR of XX% during the forecast period. Gel nailpolish is also known as shellac polish. Gel nailpolish is easily applied to nails, and they are long-lasting. They take less time to settle on nails. It is one of the trending types of nailpolish. Salon manicure is a type of gel nailpolish which is very popular and used for long wear without the harsh application and removal of a cured gel. Increasing popularity for the gel nailpolish is expected to drive the market growth.

By distribution channel, E-commerce is projected to hold the highest CAGR during the forecast period because consumers can have more options and more products to choose from than the retail store. Also, an increasing adaption of smartphones is a driving factor in pushing e-commerce to the next level. Additionally, discounts on e-commerce platforms like Amazon, Woo Commerce, Shopify, Magneto, and others are attracting more customers and driving more sales than retail stores.

Geographical Penetration:

Asia Pacific is expected to dominate the global nailpolish market in the year 2021

The rising number of working women populations in countries such as Japan, China and India and their rising interest in spending on nail care fashion trends and nailpolish is fueling the demand for nailpolish. For instance, according to World Bank, in Japan, the female labor force was 43.11% of the total labor force in 2016 and it increased to 43.61 % in 2018. The number of spas and salons has witnessed rapid growth in the region, and these setups offer specialized nail care services. A significantly higher population base in the region and extensive R&D activities to introduce new nailpolish are adding to the market expansion in the region.

Europe is expected to witness a CAGR of XX% from 2022 to 2029. The inclination of consumers towards naturally manufactured products is expected to propel the demand for the product, especially in countries like UK and Germany. Moreover, the inclination of consumers towards vegan products in this region, majorly in countries like the UK and Germany, is anticipated to offer lucrative opportunities for the growth of vegan products during the forecast period.

Competitive Landscape:

The nailpolish market is fragmented. Some of the major key players operating in the nailpolish market include Revlon, Essie and L'Oreal among others. Major key players focus on manufacturing the best quality of nailpolish that could attract consumers to increase sales and propel the market's growth. Companies are increasingly undertaking the merger and acquisition strategy to utilize their respective key strengths. For instance, in February 2021, Nail polish brand Essie became the latest company to launch a virtual try-on option, partnering with Modiface to allow customers to see how nailpolish shades look on their hands before buying. Essie and Modiface are both companies owned by L'Oreal. In August 2021, OPI, one of the leading players in the market, recently launched its natural, non-GMO, and vegan nail polish. According to the Facebook ads targeting, in the year 2021, 52 million of its total users showed interest in nail polish. The majority of the audiences fall under the age group of 25-34 yrs.

COVID-19 Impact: Negative impact on the global nailpolish market

The recent outbreak of COVID-19 has negatively impacted the growth of the nail polish industry. The pandemic has disrupted the production facilities' products by disturbing the supply chain of the raw material suppliers. The nail polish sales declined through online and offline channels due to social distancing and stay-home policies. Moreover, the trade restrictions imposed by several countries globally have significantly affected the logistics and transportation facilities all across the globe. This, in turn, hinders overall market expansion.

Why Purchase the Report?
• Understand the current market scenario and viability of global nailpolish market over the forecast period
• Visualize the composition of the global nailpolish market in terms of product, finishing, distribution channel to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Excel data sheet with valuable data points of the global nailpolish market – Regional and Country level segmentation
• Product mapping in excel for the key products of all major market players
• Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global nailpolish market report would provide an access to approximately 69 market data tables, 64 figures and 180 pages

Target Audience:
• Cosmetic Products Manufacturers
• Import and Export Companies
• Industry Investors
• Education & Research Institutes
• Research Professionals