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The Nail Polish Market size is forecast to increase by USD 3.62 billion, at a CAGR of 4.46% between 2022 and 2027. The market has experienced substantial growth, with social media platforms, particularly Instagram, playing a pivotal role in popularizing nail art and extensions. Millions of consumers, particularly millennials, are inspired by beauty influencers and nail artists on Instagram, TikTok, YouTube, and Pinterest. These influencers promote specific brands and products, providing tutorials and educational resources on application techniques and trends. Consumer preferences lean towards natural ingredients and reduced chemical content in formulas. Beauty trends include high shine finishes, chip-free wear, and professional gel nails. Brands like Essie, Gel polish, and traditional polish manufacturers collaborate with influencers and celebrities to create unique colors and scents, such as Almond and Chocolate-scented nail polishes.
Moreover, additional offerings in the market include press-on nails, artificial nails, and doorstep salon services from providers like Urban Company, Primp In-Home, Fantastic Services, and Ruhee. Food industry manufacturers have even entered the market with collaborations, such as Magnum ice cream's limited-edition nail polish. Consumers can also access these offerings through online platforms and mobile apps, contributing to the market's growth stage. Additionally, beauty brands like CVS, Walgreens, KISS, and Dashing Diva cater to the demand for various offerings. The market continues to evolve, with innovations in formulas, consumer education, and collaborations driving growth.
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The market caters to the grooming preferences of consumers, particularly Millennials, with a focus on trendy offerings such as Nail art & extensions. Brands are responding to consumer preferences for Natural ingredients and reducing Chemical content in their Formulas. Beauty trends favor Chip-free wear, High shine finishes, and Professional gel nail applications. Essie, a leading brand, offers a 2-step system for Gel nail polish, ensuring long-lasting wear. Traditional polish continues to be popular, but collaborations with Food industry manufacturers and Celebrity nail artists have added excitement. Almond and Chocolate-scented nail polishes are among the latest innovations. Press-on nails and Artificial nails are alternatives for those seeking instant results. Retailers like CVS, Walgreens, KISS, and Dashing Diva stock a wide range of options, while Service providers offer professional applications.
Increased online sales of nail polish are an emerging trend shaping the market growth. The market for nail polish has experienced significant growth due to the increasing number of consumers, particularly millennials, opting for online shopping. Online platforms offer the convenience of browsing and purchasing nail polish from home, providing detailed product information, including ingredient lists and customer reviews. Nail art and extensions, grooming essentials, and beauty trends continue to influence consumer preferences. Natural ingredients and formulas are increasingly popular, while chemical content remains a consideration. Brands like Essie, Gel nail polish, and Traditional polish dominate the market, with collaborations with food industry manufacturers and celebrity nail artists adding appeal. Online retailers offer discounts, promotions, and bundle deals, making become more accessible.
However, during the COVID-19 pandemic, safety concerns and lockdowns led to a surge in online shopping, with CVS, Walgreens, KISS, Dashing Diva, and other service providers offering doorstep salon services and mobile apps. Market growth includes innovations like 2-step systems, chip-free wear, high shine, and professional gel nail services. Urban Company, Primp In-Home, Fantastic Services, and Ruhee are among the service providers leading the market. Online platforms continue to expand, offering a wide range of colors, from Almond and Chocolate-scented nail polishes to Press-on nails and Artificial nails. The expanded penetration of nail polish on online channels will have a favorable influence on the growth of the global market during the forecast period.
Availability of counterfeit nail polish is a significant challenge hindering the market growth. In the global market, consumers, particularly millennials, exhibit a growing interest in nail art and extensions as part of their grooming routine. Beauty trends favor natural ingredients and a concern about the chemical content in formulas. Brands like Essie and gel nail polish continue to dominate the market, offering chip-free wear, high shine, and professional application. However, the prevalence of counterfeit nail polish, difficult to distinguish from genuine products, poses a challenge. Unregistered firms produce local products, appealing to price-conscious consumers. Beauty brands collaborate with food industry manufacturers to release unique scents, such as Almond or Chocolate-scented nail polishes.
Moreover, service providers offer doorstep salon services through mobile apps, including Urban Company, Primp In-Home, Fantastic Services, and Ruhee. Online platforms like CVS, Walgreens, KISS, Dashing Diva, and others expand market reach. The market is at a growth stage, with innovations like a 2-step system and collaboration with celebrity nail artists driving demand. The presence of such counterfeits adversely impacts the sales and pricing strategy of established players in the global market, which may impede the market growth during the forecast period.
The speciality stores segment is estimated to witness significant growth during the forecast period. Nail polish is predominantly sold through offline distribution channels, which include specialty stores and these retail models contribute greatly to revenue generation in the global market. The growing popularity of beauty and personal care specialist retail stores is the major reason behind this. Also,the retail format of specialty stores is the largest income generator in the offline segment.
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The specialty stores were the largest segment and were valued at USD 4.94 billion in 2017. To increase product and brand visibility, manufacturers depend largely on such retail outlets and plan marketing, advertising, and promotion budgets. In addition, the growth of e-commerce and online beauty retailers has also impacted how customers purchase such products. Retailers, including specialty stores, constantly adapt to these transformations by improving their online presence and offering both in-store and online shopping options to cater to a broader customer base. Due to such factors, the sale through specialty stores is high, which is anticipated to positively influence the growth of the segment as well as the global market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The APAC market has witnessed significant growth in the last decade, driven by rising disposable incomes, urbanization, and a growing emphasis on fashion and personal hygiene. Major brands like OPI, Essie, and Revlon are expanding their presence in APAC countries to capitalize on this trend. In response to consumer preferences, gel and hybrid have gained popularity due to their long-lasting and chip-resistant qualities. Harmful chemicals such as formaldehyde, toluene, and dibutyl phthalate have become a concern, leading to increased research and development for non-GMO, vegan nail polish options. Brands like Sally Hansen offer PETA-certified and non-toxic certified alternatives. E-commerce platforms have been instrumental in the market's expansion, providing a diverse selection of colors and finishes, while specialty beauty stores cater to the growing demand for eco-friendly and non-toxic polish options. Thus, the demand is anticipated to increase in the region, thereby fueling the growth of the regional market during the forecast period.
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.
The market research and growth research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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.
The market growth and forecasting research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
In the Consumers, Millennials, and Markets, the use of polish has gained significant traction. Nail polish brands and manufacturers, such as Chemical and Consumer Products, Formulas, and Beauty, offer a wide range of options for consumers. These include various colors, finishes, and textures, such as matte, glossy, and metallic. Grooming are essential aspects of personal appearance, and the trending colors and styles influence consumer preferences. For instance, Pantone's Color of the Year, Very Peri, has been a popular choice for many brands. Moreover, the increasing popularity of DIY nail art and the availability of affordable nail polish options have contributed to the market's growth. Brands like Cult Beauty and Urban Outfitters offer a diverse selection of brands, catering to various consumer needs.
Additionally, the rise of e-commerce platforms and social media influencers has made it easier for consumers to discover and purchase products. Brands like Essie, OPI, and Sally Hansen have a strong online presence and collaborate with influencers to promote their products. Ingredients like Dashings of Ash and Diving into the Deep are essential for creating long-lasting and chip-resistant nail polish formulas. With the increasing demand for vegan and cruelty-free products, many brands are focusing on using natural and organic ingredients. In conclusion, the market is a dynamic and evolving industry, driven by consumer preferences, trends, and innovations. Brands that can cater to these changing demands and offer high-quality, affordable, and eco-friendly products are likely to succeed.
Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.46% |
Market growth 2023-2027 |
USD 3.62 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.26 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 40% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Unilever PLC, The Estee Lauder Companies, Revlon Inc., Coty Inc., Wella International Operations Switzerland Sarl, cosnova GmbH, Note Cosmetics France SARL, LOreal SA, Delia Cosmetics Sp. z o. o, FIABILA SAS , Shiseido Co. Ltd., American International Industries, Cosmetic Industries Inc., Chanel Ltd., Nykaa Fashion Pvt. Ltd., Oriflame Cosmetics S.A., Lotus Herbals Pvt. Ltd., Colorbar Cosmetics Pvt. Ltd., Faces Canada, and Christian Dior SE |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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