Global Nail Care Products Market to Witness Moderate Growth: Projected growing at the CAGR of 2.3 % by 2027

Published | 29 September 2021

Global nail care product market is driven by the increasing popularity of eco-friendly nail care products and global fashion trends among consumers. Additionally, healthy customer engagement via digital platforms is expected to boost the market's growth.

A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that global nail care products market was worth USD 9.8 Billion in the year 2020. According to the report, the market is estimated to grow at a CAGR of 2.3 %, earning revenue of around USD 11.5 Billion by the end of 2027. Nail care refers to the care of fingernails and toenails. The lack of proper nail care can lead to several problems, including the accumulation of bacteria and other contagious organisms under the nails. The global nail care product market is driven by the increasing popularity of eco-friendly products and global fashion trends among consumers. Additionally, healthy customer engagement via digital platforms is expected to boost the market's growth. However, the market will be hindered by counterfeit nail care products, growing health awareness among consumers, and regulatory compliances pertaining to product composition, labeling, and packaging.

Burgeoning Nail Care Brands Driving Market Growth

Creative brands are playing a strong role in supporting the creativity boom. New brands come into the market each day with a new idea about becoming or staying beautiful. Entrepreneurial activity is thriving in the beauty sector. Many retailers are supporting these new brands. Every day, bigger beauty companies are buying smaller companies for much higher prices, which leads to more creative innovation. Additionally, consumers, mainly women, usually explore beauty trends on a frequent basis. They enjoy finding new products and new brands that positively contribute to the growth of the nail care industry.

Availability of Non-toxic Nail Care Solutions is Propelling the Market Forward

The nail care market nowadays offers many non-toxic products. Many serious diseases such as skin infections, nail brittleness, and cancer are caused by toxic chemicals in nail care products, increasing consumer and manufacturer concern. Thus, people prefer natural and non-toxic nail care solutions to save and maintain healthy, beautiful nails. Nail care products market growth is largely driven by a wide range of products launched by vendors. Some of them include Amazon.com, Rakuten Commerce, Nykaa.com.

Restraint

Increasing concern of consumers in terms of harmful chemicals such as formaldehyde resin and camphor using by many key players in the beauty products that can cause dermatitis, nausea, dizziness and headache. Nail colors that are natural and low in chemicals are in great demand as consumers become aware of the increasing concern over nail damage from regular polishing, along with other health concerns. Consequently, this may lead to the discontinuation of the products by the customers, which in turn negatively impacts the growth of the nail care product market.

Impact of COVID-19 in the industry

As a result of COVID-19, the global economy has been hit in three major ways: direct impact on demand and production, disruption of supply chains and markets, and financial impact on firms and financial markets. During COVID-19, almost every country declared a nationwide lockdown, which prevented people from attending any indoor events due to quarantine requirements. Due to this, the nail care products market growth has slowed, leading to fears among consumers, loss of confidence in businesses, and future uncertainty. These are the reasons affecting the growth of the nail care products market.

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Nail Polish Segment Occupies the Largest Share of the Global Nail Care Products Market

The Nail Polish segment is expected to hold the largest share of the market during the forecast period. Women's nail care has been a significant part of high fashion for decades. Nail polish is widely available, which is one of the main reasons why consumers are drawn to it. One can also find a wide selection of nail colors at a range of prices, ranging from very low to very high. A number of fashion trends are also observed among young consumers in the global nail care market, including nail art and nail extension, which is likely to drive the market during the forecast period.

North America region is expected to witness significant growth in the market during the forecast period

Based on regions, the global nail care products market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The dominant region is North America, and it is the leading region in terms of revenue. North America is likely to register lucrative profits over the forecast period due to the presence of many key players and the recurring launch of new products. Brazil has become the biggest contributor to the industry after the U.S.A. Furthermore, Asian countries such as India and China are likely to post high growth in the coming years due to the high demand for gel nail polish and bright nail polish colors.

Competitive Landscape

The key players in the global nail care products market are Revlon, L’Oreal, Channel, COTY, China, Glaze, Unilever, Oriflame, PandG, Amway, Avon Products, Inc. and other key manufacturers. Manufacturers are utilizing new formulations extensively to create innovative products. Products can be differentiated mainly based on the ingredients and colors used in their manufacture.

Do not miss the business opportunity of the global nail care products market. Consult our analysts to gain crucial insights, and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global nail care products market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global nail care products market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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