Global Nail Polish Market Report and Forecast 2023-2028

Global Nail Polish Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global nail polish market reached a value of USD 13.4 billion in 2022. Aided by the growing demand for beauty and grooming products and the expanding applications of nail polish in various segments, the market is projected to further grow at a CAGR of 9.35% between 2023 and 2028 to reach a value of USD 22.72 billion by 2028.

Nail polish is a lacquer applied to the human fingernails or toenails to decorate and protect the nail plates. Often part of manicures and pedicures, nail polish has evolved significantly, with modern formulations providing a plethora of colour and texture options and even treatment-enriched varieties promoting nail health. Apart from cosmetic enhancement, nail polish also offers protective benefits, including preventing nails from breaking or splitting.

The global nail polish market growth is driven primarily by the increasing consumer preference for beauty and grooming products. As awareness of personal appearance and self-presentation grows, there has been a significant shift towards products like nail polish that add to one's aesthetic appeal. The rise of nail art as a trend and form of self-expression has further boosted the demand for nail polishes in diverse colours, finishes, and textures.

Moreover, the expanding applications of nail polish in various industries play a vital role in propelling nail polish market development. The fashion industry, for instance, frequently utilises nail polish to complete or complement their designs and styles, making it an essential part of fashion shows and photoshoots. Additionally, the film and television industry often use nail polish as part of character development and visual storytelling.

The advent of specialised nail polish formulations, such as those enriched with vitamins and minerals to strengthen nails or quick-drying variants, has further contributed to the market's growth. Nail polish formulations that are three-free (free of toluene, dibutyl phthalate, and formaldehyde) or five-free (also excluding formaldehyde resin and camphor) cater to consumers seeking safer, less toxic beauty options.

Furthermore, the booming online retail sector has had a positive impact on the nail polish market demand. E-commerce platforms offer a wide variety of products from different brands, often at discounted prices. They also provide reviews and ratings, helping consumers make informed purchasing decisions.

The rising popularity of DIY (do-it-yourself) nail art, spurred by tutorial videos on social media platforms, has created additional demand for various types of nail polish, including base coats, topcoats, and a myriad of colours. This trend has made nail polish an essential item in many consumers' home beauty kits.

Lastly, nail salons and other beauty service establishments form a significant part of the nail polish market expansion. The increasing number of these establishments worldwide, offering services like manicures, pedicures, and nail art, has led to consistent demand for nail polish.

Market Segmentation

The market can be divided based on product, finish, distribution channel, and region.

Market Breakup by Product

• Liquid
• Gel

Market Breakup by Finish

• Glossy
• Matte
• Glitter
• Satin
• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Multi Branded Retail Stores
• Exclusive Retail Stores
• Online
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global nail polish companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Revlon Consumer Products LLC
• L'Oréal S.A.
• Chanel S.A.
• Christian Dior SE
• Coty Inc.
• Giorgio Armani S.p.A
• The Estée Lauder Companies
• Unilever plc
• Oriflame Cosmetics AG
• Sally Hansen, Inc.
• Cosnova GmbH
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.