February 22, 2024
Nail Care Market

The Growing Demand for Nail Care Products Drives the Nail Care Market

The global nail care market is growing due to the rising demand for nail care products such as nail polish, nail polish remover, nail strengtheners, and treatments. Nail care products are widely used for grooming and enhancing the look of nails. These products are available in various colors, styles, formulas to meet consumer needs. The market offers a diverse range of nail polishes including regular, gel, acrylic, and UV cured polishes. The gel and acrylic polishes provide long lasting polish that lasts for weeks without chipping. Nail treatments help nourish nails and prevent breakage. Nail strengtheners make nails stronger and healthier.

The global Nail Care Market is estimated to be valued at US$ 21.08 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the nail care market is the growing popularity of gel and acrylic nail services. These services provide long lasting nail polish that stays on for 2-3 weeks without chipping. The COVID-19 pandemic boosted the demand for these services as people preferred to avoid frequent salon visits. DIY gel nail kits are also gaining traction allowing people to get salon-quality manicures at home.
Another trend is the rise of nail art and customized nail designs. Nail art involves creative designs, styles, shapes, 3D elements applied on natural or artificial nails. It has become a style statement drawing people from different age groups. Nail studios offer bespoke designs specific to events, occasions, themes to meet fun and fashion requirements of consumers. This evolving niche within the nail industry is propelling the market growth.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the nail care market is moderate. Existing players have established brand names and distribution networks. However, the barriers to entry are relatively low as nail care products have standardized manufacturing processes.

Bargaining power of buyers: The bargaining power of buyers in the nail care market is high. Buyers have a variety of product options available from different brands. They can choose from nail polishes, treatments, accessories, and more.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. While there are many raw material suppliers, the industry players are integrated across the value chain to control costs.

Threat of new substitutes: The threat of substitutes is low in the nail care market. There are no direct substitutes for nail care products that provide similar aesthetic, functional benefits.

Competitive rivalry: The competitive rivalry in the nail care industry is high owing to the presence of numerous global and regional players. Companies compete based on product features, innovation, marketing, and pricing.

Key Takeaways
Global Nail Care Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: North America accounted for the largest share of the global nail care market in 2024. However, the Asia Pacific region is expected to grow at the fastest pace during the forecast period due to growing disposable incomes and increasing focus on appearances.

Key players: 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€TMOreal Group, Nestle S.A., IBM Corporation, Accenture plc, Atos SE, Hewlett €“ Packard Company, PTC, Inc., Centric Software, Dassault Systemes S.A., Autodesk, Inc. Gerber Scientific, Inc., SAP SE, and Oracle Corporation. Unilever PLC leads the global nail care market owing to its diverse nail care product portfolio across premium and mass categories.

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