Nail Polish Market Size to Reach USD 27 billion by 2032 – Rise with Steller CAGR 8.8%

Prudour Private Limited

Updated · May 31, 2023

Nail Polish Market Size to Reach USD 27 billion by 2032 – Rise with Steller CAGR 8.8%

Market Overview

Published Via 11Press : The nail polish market is a highly competitive segment of the beauty industry. It includes a wide range of products, including traditional nail polishes, gel and shellac polishes, and even custom-made nail art designs. The market has evolved over the years to cater to changing consumer trends and preferences.

The nail polish market was valued at USD 11.07 billion in 2022. Between 2023 and It is expected to reach USD 27 billion by 2032, this market is estimated to register a CAGR of 8.8%.

One of the key drivers of growth in the nail polish market is innovation. Companies are constantly introducing new formulas that offer better coverage, longer wear time and unique finishes such as glitter or neon shades. Social media has also played a significant role in driving demand for new trends in nail art.

Another important trend in the nail polish market is environmental sustainability. Consumers are increasingly seeking out products that are free from harmful chemicals such as formaldehyde and phthalates, as well as those that use eco-friendly packaging materials.

Overall, the nail polish market remains a vibrant and dynamic segment of the cosmetic industry with numerous opportunities for growth and innovation. As consumer preferences continue to evolve, companies will need to remain agile and responsive to stay ahead of the competition.

To get more information on the regional analysis of this market, Request a sample: https://market.us/report/nail-polish-market/request-sample/

Key Takeaway

  • At 54% market share, liquid polish products were identified as one of the most sought-after product types by consumers based on type analysis.
  • According to analyses of finishes, the glossy category has the greatest market share with 26% market penetration.
  • Distribution Channel Analysis Based on the analysis, specialist stores represent 38% of the market share.
  • 2022 was the year Asia-Pacific became the leading region in terms of revenue with 38% market share; while Europe expectedly displayed the highest compound annual compounding growth.
  • North America is projected to experience faster expansion than any other region due to low prices and increasing medical clinics and hospitals, among many other reasons.

Regional Snapshot

  • North America: In North America, the nail polish market has seen constant growth. Some of the major players in this region consist of established brands as well as new indie labels. The trends in nail polish are often influenced by fashion and beauty trends and are based on trends in nail art and seasonal colors. There is also a focus on nails and care, as well as the need for durable, non-chip-resistant formulations.
  • Europe: Europe is a major marketplace for Polish with nations like the United Kingdom, France, Germany as well as Italy as major players. Recently there's an increase in environmentally friendly and sustainable options for nail polish. People from Europe are also enticed by the quality and top-of-the-line brands that have modern formulas and fashionable shades.
  • Asia-Pacific: The Asia-Pacific region is seeing significant growth in the market for nail polish. The countries of China, Japan, South Korea and India are major market players in this region. Nail art and distinctive design nail art are extremely sought-after across Asia and driving need for a variety of shades and designs. Additionally, the growth of beauty and social media influencers has also contributed to the expansion of this market.
  • Latin America: Latin America has a thriving market for nail polish which includes Brazil, Mexico, and Argentina as the main contributors. It is famous for its vivid and striking shades. Nail care products, such as top coats and base coats are highly sought-after. These brands are affordable and offer a broad customer base and offer different colors and finishes.
  • Middle East and Africa: The nail polish market within the Middle East and Africa is increasing quickly. There is a demand for durable water-permeable, certified halal, and halal-certified nail polishes that are compatible with religious and cultural requirements. Premium and luxury nail polish brands are gaining recognition in markets with high incomes as well as more budget-friendly alternatives are accessible to satisfy the larger consumer market.

Drivers

  • Growing Fashion and Beauty Consciousness: Increasing fashion and beauty consciousness among consumers, especially among the younger generation, is driving the demand for nail polish. Consumers are seeking new and trendy colors, finishes, and textures to match their personal style and follow the latest fashion trends.
  • Social Media and Beauty Influencers: The rise of social media platforms and beauty influencers has significantly influenced the nail polish market. Platforms like Instagram, YouTube, and TikTok showcase various nail art designs, tutorials, and product recommendations, fueling consumer interest and driving sales.
  • Product Innovation and Customization: Nail polish brands are continuously innovating and launching new products with unique features and formulations. This includes long-lasting formulas, quick-drying options, gel-like finishes, and nail treatments that enhance nail health. Customization options such as DIY nail kits and personalized shades also attract consumers.

Restraints

  • Presence of Harmful Chemicals: Some traditional nail polish formulations contain harmful chemicals like formaldehyde, toluene, and dibutyl phthalate (DBP). Increasing awareness about the potential health risks associated with these chemicals has led to a shift in consumer preferences towards safer and more eco-friendly alternatives.
  • Competition from Nail Enhancements: The popularity of nail enhancements like gel manicures, acrylic nails, and nail extensions poses a challenge to the nail polish market. These options offer longer-lasting results and durability compared to traditional nail polish, impacting its market share.

Opportunities

  • Growing Demand for Natural and Organic Products: The increasing consumer focus on natural and organic products presents an opportunity for nail polish brands to develop eco-friendly and non-toxic formulations. Launching nail polishes that are free from harmful chemicals and made with sustainable ingredients can attract environmentally conscious consumers.
  • Expansion in Emerging Markets: Emerging markets, particularly in Asia-Pacific and Latin America, offer significant growth opportunities for the nail polish market. Rising disposable incomes, urbanization, and changing consumer lifestyles in these regions contribute to the growing demand for personal care products, including nail polish.

Challenges

  • Shifting Consumer Preferences: Consumer preferences and trends in the beauty industry can change rapidly. Nail polish brands need to stay updated with the latest fashion trends, colors, and finishes to meet evolving consumer demands and preferences.
  • Regulatory Compliance: Nail polish manufacturers need to comply with various regulations and safety standards related to ingredients, labeling, and packaging. Meeting these regulatory requirements can be challenging and may involve additional costs.
  • Supply Chain Disruptions: The nail polish market, like many other industries, can face supply chain disruptions due to factors such as raw material shortages, transportation issues, and geopolitical events. Such disruptions can impact the production, distribution, and availability of products.

Make an inquiry before picking up this report @ https://market.us/report/nail-polish-market/#inquiry

Top Key Players

  • Estée Lauder
  • Shiseido
  • Revlon
  • Sally Hansen
  • Wella Operations US LLC (O.P.I.)
  • Cosnova GmbH (Essence)
  • NOTE Cosmetique
  • L’Oréal S.A.
  • Other Key Players

Market Segments

Based on Product Type

  • Liquid
  • Gel
  • Other Product

Based On Finishes

  • Glossy
  • Matte
  • Glitter
  • Satin
  • Other Finishes

Based on Distribution Channel

  • Supermarket and Hypermarkets
  • Independent Stores
  • Specialty Stores
  • E-Commerce

Top Impacting Factors

  • Fashion and Beauty Trends: The nail polish market is heavily influenced by fashion and beauty trends. Consumer preferences for colors, finishes, and nail art designs are driven by the latest fashion trends showcased on runways, red carpets, and social media platforms. Keeping up with these trends and offering relevant products is crucial for success in the market.
  • Consumer Awareness and Demand for Safer Products: There is a growing consumer awareness regarding the potential health risks associated with certain chemicals used in nail polish formulations. This has led to an increased demand for safer alternatives, such as 5-free, 7-free, or even 10-free nail polishes that are free from harmful chemicals like formaldehyde, toluene, DBP, camphor, and formaldehyde resin.
  • Rise of Nail Art and Customization: Nail art and customization have gained immense popularity in recent years. Consumers are seeking unique nail designs, including intricate patterns, textures, and embellishments. Nail polish brands that offer a wide range of colors, finishes, and tools to support nail art and customization have a competitive edge in the market.
  • Influence of Social Media and Beauty Influencers: Social media platforms, particularly Instagram, YouTube, and TikTok, have become powerful channels for beauty influencers to showcase their nail polish collections, nail art designs, and tutorials. The recommendations and endorsements of these influencers have a significant impact on consumer purchasing decisions, driving trends and creating viral product sensations.
  • Shift towards Sustainable and Eco-friendly Products: There is an increasing demand for sustainable and eco-friendly nail polish options. Consumers are seeking products that are cruelty-free, vegan, and made with non-toxic and environmentally friendly ingredients. Nail polish brands that prioritize sustainability in their formulations, packaging, and manufacturing processes have a competitive advantage.

Future Trends in the Market

  1. Clean and Non-Toxic Formulations: The demand for clean and non-toxic nail polish formulations is expected to continue growing. Consumers are increasingly conscious of the ingredients used in beauty products and seek nail polishes that are free from harmful chemicals like formaldehyde, toluene, and DBP. Brands that offer safer and more sustainable options will gain traction in the market.
  2. Sustainable Packaging: Sustainability will become a key focus for nail polish brands. There will be a shift towards eco-friendly packaging materials, such as recyclable or biodegradable options. Brands will also explore innovative packaging designs that reduce waste and environmental impact.
  3. Nail Care and Health-Enhancing Formulas: Nail polish products that offer nail care benefits will gain popularity. Consumers are becoming more aware of the importance of nail health and will seek nail polishes enriched with ingredients like vitamins, proteins, and oils to nourish and strengthen their nails.
  4. Customization and Nail Art: Nail art and customization will continue to be a significant trend in the nail polish market. Brands will offer a wide range of colors, finishes, and textures to enable consumers to create unique nail designs and express their individuality. Nail art tools, kits, and accessories will also witness growth.
  5. Innovative Formulations and Finishes: Brands will focus on developing innovative formulations and finishes to differentiate themselves in the market. This may include long-lasting formulas, quick-drying options, gel-like finishes, holographic effects, glow-in-the-dark polishes, and textured finishes like matte, metallic, or chrome.

Recent Developments

  • In June 2021, Estee Lauder Companies seed-funded Faculty, a nail polish brand for males. Their formulas were vegan and cruelty-free as well as free from several commonly used chemicals commonly found in nail polish recipes.
  • In March 2023, Sally Hansen joined forces with Peeps Brand to release a limited-edition nail polish collection featuring seven shades that replicate sugar-coated marshmallow treats. The Sally Hansen Insta-Dri X Peeps Collection offers customers an authentic marshmallow experience at home.
  • In January 2022, beauty brand “Colorbar” introduced their vegan nail lacquer/nail polish line with 128 shades available on the market.

Report Scope

Report Attribute Details
The market size value in 2022 USD 11.07 Bn
Revenue Forecast by 2032 USD 27 Bn
Growth Rate CAGR Of 8.8%
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
Historical Years 2017-2022
Base Year 2022
Estimated Year 2023
Short-Term Projection Year 2028
Long-Term Projected Year 2032

Frequently Asked Questions 

Q: What is the current size of the nail polish Market?

A: The Global nail polish Market size is USD 11.07 Billion in 2022.

Q: What is the projected growth rate for the nail polish Market?

A: The nail polish Market is expected to grow at a CAGR of 8.8% from 2023 to 2032.

Q: What are some of the key players in the nail polish Market?

A: Some of the key players in the nail polish market include Estée Lauder, Shiseido, Revlon, Sally Hansen, Wella Operations US LLC (O.P.I.), Cosnova GmbH (Essence), NOTE Cosmetique, L’Oréal S.A., Other Key Players

Contact:

Global Business Development Team – Market.us

Market.us (Powered by Prudour Pvt. Ltd.)

Send Email: [email protected]

Address: 420 Lexington Avenue, Suite 300 New York City, NY 10170, United States

Tel: +1 718 618 4351

Website: https://market.us

Content has been published via 11press. for more details please contact at [email protected]

  • News
  • Prudour Private Limited
    Prudour Private Limited

    The team behind market.us, marketresearch.biz, market.biz and more. Our purpose is to keep our customers ahead of the game with regard to the markets. They may fluctuate up or down, but we will help you to stay ahead of the curve in these market fluctuations. Our consistent growth and ability to deliver in-depth analyses and market insight has engaged genuine market players. They have faith in us to offer the data and information they require to make balanced and decisive marketing decisions.

    Read next