Nail Polish Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Germany, India, UK - Size and Forecast 2024-2028

Nail Polish Market Size 2024-2028 

The nail polish market size is forecast to increase by USD 3.98 billion at a CAGR of 4.67% between 2023 and 2028. The market is experiencing significant growth, driven by various trends and challenges. Consumer engagement on social media platforms is a major factor fueling market expansion, as individuals share their nail art creations and inspire others to try new looks. Additionally, the rise of e-commerce has led to an increase in online sales of nail polish, making it more convenient for consumers to purchase their favorite shades. However, the market also faces challenges, including the availability of counterfeit nail polish, which can negatively impact brand reputation and consumer trust. Furthermore, to stay competitive, companies must focus on product innovation, brand differentiation, and maintaining the quality and safety of their offerings. By addressing these trends and challenges, the market is poised for continued growth.

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The market is a significant segment of the global beauty industry, witnessing continuous growth and innovation. This market caters to consumers seeking to enhance their appearance and express their style through various nail art techniques and trends. One of the key demographics driving the market is millennials. This generation values self-expression and is willing to invest in high-quality, long-lasting nail products. They are drawn to on-trend shades, gel couture finishes, and unique textures. Gel couture and specialty finishes, such as matte, glitter, and holographic, are increasingly popular choices for consumers.

These alternatives to traditional nail polish cater to consumers who desire long-lasting, salon-quality nails at home. Walgreens and other specialty beauty stores remain key retailers in the market, offering a wide range of brands and product categories. Consumers can find both mainstream and niche brands, catering to various preferences and budgets.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Distribution Channel
  • Specialty stores
  • Hypermarkets and supermarkets
  • E-commerce
• Product
  • Regular nail polish
  • Gel nail polish
  • Others
• Geography
  • APAC
    • China
    • India
  • Europe
    • Germany
    • UK
  • North America
    • US
  • South America
  • Middle East and Africa

By Distribution Channel Insights

The specialty stores segment is estimated to witness significant growth during the forecast period. The market is primarily driven by sales through offline distribution channels, with specialty stores being the largest revenue contributor. Specialty stores' popularity continues to increase due to their focus on beauty and personal care products. To cater to this trend, manufacturers allocate substantial marketing, advertising, and promotion budgets to boost product and brand visibility. These retailers often host workshops, events, and demonstrations, attracting customers seeking new techniques and trends for both toenails and fingernails.

Furthermore, chemicals, solvents, and film formers are essential components of nail polish. Plant-based sugars are increasingly being used as alternatives to traditional chemicals, contributing to the market's growth. In recent years, the e-commerce sector has gained traction, influencing how consumers purchase nail polish. Despite this shift, offline retail channels remain the dominant sales platform for nail polish, accounting for a substantial volume (Million units) in sales. Manufacturers continue to invest in these channels to maintain their market presence and reach a broader customer base.

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The specialty stores segment was valued at USD 5.12 million in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market has witnessed significant growth over the past decade. Factors such as increasing disposable income, urbanization, and a growing appreciation for fashion and personal grooming have fueled the demand for nail polish products in the region. Gel and hybrid nail polish have gained popularity in the APAC market due to their long-lasting and chip-resistant properties. Consumers in the region prefer eco-friendly and non-toxic nail polish options, reflecting a broader trend towards clean color cosmetic products.

Furthermore, E-commerce platforms have played a pivotal role in the expansion of the market in APAC, offering customers a convenient platform to explore a wide range of colors and finishes. In addition to nail polish, the APAC market for related beauty products, such as LED lamps for at-home gel nail applications and air drying, skin care products, perfumes, hair color, and luxury goods, is also expected to grow. Mergers and acquisitions among key players and strategic expansion plans are expected to shape the competitive landscape of the APAC market. Brands are focusing on innovation and product differentiation to cater to the diverse preferences of consumers in the region.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Market Driver

Consumer engagement on social media is the key driver of the market. Nail polish has witnessed significant popularity among millennials, thanks to social media platforms and influencers. Their tutorials and how-to guides on application techniques and unique designs inspire millions of followers, fueling demand for specific nail polish brands and colors. Consumers are drawn to these brands for their innovative colors and designs, leading to increased sales. Additionally, alternatives like Press-on nails and Fantastic Services offer convenience for those who prefer not to apply nail polish themselves.

Furthermore, social media's impact on the market is undeniable. Influencers and nail artists serve as trendsetters, driving consumer interest and demand. The future looks bright for this industry, with continued innovation and consumer interest.

Market Trends

Increased online sales of nail polish is the upcoming trend in the market. Nail polish sales have experienced significant growth in the online market, as consumers increasingly turn to e-commerce for the convenience of shopping from home or on the go. Online platforms provide detailed product information, including ingredient lists and customer reviews, enabling shoppers to make informed decisions on their preferred and suitable nail polish choices.

Furthermore, retailers offer competitive pricing through discounts, promotions, and bundle deals, further attracting customers. The COVID-19 pandemic has accelerated this trend, as safety concerns and lockdowns have driven consumers to shop online for beauty products, including nail polish, instead of visiting physical stores.

Market Challenge

Availability of counterfeit nail polish is a key challenge affecting the market growth. In the dynamic world of specialty beauty stores, the market faces a significant challenge with the prevalence of counterfeit products. Despite intellectual property (IP) rights held by established companies, the issue persists, affecting sales volumes. Counterfeit nail polish poses health risks to consumers due to the presence of harmful chemicals such as Formaldehyde, Toluene, and Dibutyl phthalate.

Furthermore, these chemicals are often used in unregistered local production, which caters to price-conscious consumers who are less brand-focused. The market is highly fragmented, with numerous players. Pinterest and beauty influencers play a crucial role in shaping consumer preferences. Nail artists also contribute to the market's growth by showcasing unique designs and trends. To ensure consumer safety and brand protection, companies need to maintain transparency and adhere to industry regulations.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Unilever PLC: The company offers nail polish under its brands China Glaze, EzFlow, ibd, and more.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• American International Industries
• Chanel Ltd.
• Christian Dior SE
• Colorbar Cosmetics Pvt. Ltd.
• Cosmetic Industries Inc.
• cosnova GmbH
• Coty Inc.
• Delia Cosmetics Sp. z o. o
• Faces Canada
• FIABILA SAS
• LOreal SA
• Lotus Herbals Pvt. Ltd.
• Note Cosmetics France SARL
• Nykaa Fashion Pvt. Ltd.
• Oriflame Cosmetics S.A.
• Revlon Inc.
• Shiseido Co. Ltd.
• The Estee Lauder Companies
• Unilever PLC
• Wella International Operations Switzerland Sarl

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is witnessing significant growth, particularly among millennials who are increasingly embracing trends such as gel couture and press-on nails.  Pinterest and beauty influencers are driving consumer demand for unique shades and finishes, from glossy and matte to glitter and satin. Chemicals and solvents such as formaldehyde, toluene, and dibutyl phthalate remain common ingredients in traditional nail polishes, but there is a growing trend towards non-toxic, organic, vegan, and GMO-free alternatives.

Furthermore, the market is segmented into acrylic, gel, dip powder, and liquid segments, with gel and dip powder gaining popularity due to their durability and low-maintenance appeal. Toenails and fingernails are the primary focus, but there is also growing demand for nail plates, accessories, and specialized tools like nail polish robots and press-on nail strips. Mergers, acquisitions, and expansion plans are common strategies for market leaders, with companies investing in LED lamps, air drying technology, and skin care products to offer a complete beauty solution. The market is also witnessing the emergence of water-based nail polish and plant-based alternatives, as well as collaborations with brands for exclusive retail offerings.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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