June 16, 2024
Nail Care Market

Nail Care Market Estimated to Witness High Growth Owing to Increasing Demand for Nail Art Products

Nail care products involve nail polish, nail color, nail accessories, nail strengtheners and nail treatment. Nail polish accessories and nail art products are increasingly becoming popular among youngsters and working professionals. The rising passion for grooming among women have bolstered the demand for nail polish and nail art accessories such as nail stickers, jewels and nail wraps. The increasing need for personal grooming and aesthetics has accelerated the growth of the nail care market.

The Global Nail Care Market is estimated to be valued at US$ 24.29 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Nail Care market are Metro AG, Kroger Company, Carrefour SA, Tesco PLC, Wal-Mart Stores, Inc., Costco Wholesale Corporation, Unilever PLC, Amway, Reckitt Benckiser Group plc, Pepsi Co, Inc., Procter & Gamble, L’Oreal Group, Nestle S.A. Key opportunities in the market include launch of new products like nail stickers, nail wraps and peel off base coats. The rising Nail Care Market Trends services in salons and spas also presents an opportunity for market growth. With the increasing trend of fashion and aesthetics, the demand for nail care products is surging in developing regions of Asia Pacific and Latin America. This provides scope for major players to expand globally.

Market drivers

The growing fashion consciousness among the younger population is a key driver for the nail care market. Social media influence and promotion of nail artists on digital platforms havepropelled trends like acrylic nails, gel nails and nail art designs. The increasing disposable income coupled with growing beauty obsession is also fueling market growth. The rising proliferation of nail salons and professional nail services have further boosted product demand. Moreover, product innovation led by leading brands in terms of technology, design and ingredients is attracting more consumers.

PEST Analysis

Political: Government regulations regarding formulation and usage of nail care products. Regulations related to health and safety standards.

Economic: Increased disposable incomes driving higher spending on personal care products. Fluctuations in raw material prices affect production costs.

Social: Growing beauty and grooming culture influencing demand for nail care products. Social media promoting latest nail art trends.

Technological: Advancements in ingredients and formulations enhancing product effectiveness. Development of natural and vegan products catering to ethical preferences. Digital marketing platforms promoting new products.

Currently, the nail care market in terms of value is most concentrated in North America and Europe. North America accounts for the largest share due to high spending power and innovative product offerings in the US and Canada. Europe is another major regional market driven by premium mass brands and cultural emphasis on beauty routines in countries like France, Germany and Italy.

The Asia Pacific region is projected to be the fastest growing market for nail care during the forecast period. Rapid urbanization, rising expatriate lifestyles and increasing young population with high disposable incomes are fueling significant growth in countries like China, India and Southeast Asian nations. Evolving fashion trends and celebrity endorsements are also promoting greater adoption of nail care accessories and cosmetic procedures in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.