Global Nail Polish Market to Reach US$28.3 Billion by 2030
The global market for Nail Polish estimated at US$15.0 Billion in the year 2023, is expected to reach US$28.3 Billion by 2030, growing at a CAGR of 9.5% over the analysis period 2023-2030. Liquid Nail Polish, one of the segments analyzed in the report, is expected to record a 9.3% CAGR and reach US$24.5 Billion by the end of the analysis period. Growth in the Gel Nail Polish segment is estimated at 10.9% CAGR over the analysis period.
The U.S. Market is Estimated at US$3.9 Billion While China is Forecast to Grow at 12.6% CAGR
The Nail Polish market in the U.S. is estimated at US$3.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.4 Billion by the year 2030 trailing a CAGR of 12.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 6.3% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.1% CAGR.
Global Nail Polish Market - Key Trends and Drivers Summarized
How Is the Nail Polish Market Developing?
The global nail polish market has been experiencing robust growth, driven by increasing consumer interest in beauty and personal care, coupled with the expanding influence of social media on fashion trends. Nail polish, available in a variety of colors and finishes such as matte, gloss, glitter, and metallic, serves as a popular cosmetic product for enhancing the aesthetic appeal of nails. The market is highly dynamic, with new product launches, including long-lasting, quick-drying, and eco-friendly formulations. Additionally, the advent of nail art and do-it-yourself (DIY) manicure kits has expanded the market`s reach among younger consumers who seek trendy and creative nail designs.
What Are the Key Trends Shaping the Nail Polish Market?
The nail polish market is seeing several significant trends, such as the shift towards organic and non-toxic formulations. With rising consumer awareness about the potential health risks associated with certain chemicals like formaldehyde, toluene, and dibutyl phthalate (DBP), there is an increasing demand for "5-free" or "10-free" nail polishes that exclude these harmful ingredients. Another emerging trend is the popularity of gel-based nail polishes that offer longer wear and a salon-like finish. Additionally, the demand for customized and personalized nail polish shades is rising, with companies offering color-matching services. The growth of e-commerce platforms has also facilitated wider product availability and consumer access to niche brands.
What Are the Market Segments Driving Growth?
Product types include traditional nail polishes, gel nail polishes, and nail treatments. While traditional nail polish continues to dominate, gel nail polish is rapidly gaining market share due to its long-lasting properties and glossy finish. Distribution channels include offline stores like beauty salons, hypermarkets, and specialty retail stores, as well as online platforms that cater to the growing trend of direct-to-consumer sales. North America and Europe represent the largest markets, driven by a high level of consumer awareness and spending on beauty products, while the Asia-Pacific region is witnessing rapid growth due to rising disposable incomes and the increasing adoption of Western beauty trends.
What Factors Are Driving the Growth in the Nail Polish Market?
The growth in the nail polish market is driven by several factors, including the increasing focus on personal grooming and beauty, particularly among younger demographics. The rising trend of at-home nail care, coupled with the growing popularity of nail art and DIY manicure kits, is boosting product demand. Additionally, the shift towards sustainable and non-toxic nail care solutions is attracting health-conscious consumers. The influence of social media and beauty influencers in popularizing nail art trends is further driving market growth. New product innovations, such as long-lasting gel-based formulations and eco-friendly nail polishes, are also contributing to the expanding market landscape.
Select Competitors (Total 22 Featured) -Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook