Nail Polish Market Research, Key Players, Analysis And Forecast 2030: Grand View Research Inc.

Posted by Mrudula Anil Karmarkar on October 20th, 2023

San Francisco, 20 Oct 2023: The Report Nail Polish Market Size, Share & Trends Analysis Report By Product (Regular Nail Polish, Gel Nail Polish), By Distribution Channel (Hypermarkets And Supermarkets, Specialty Stores, E-commerce), By Region, And Segment Forecasts, 2023 – 2030

The global nail polish market size is expected to reach USD 25.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2023 to 2030. Natural and non-toxic nail polishes are gaining traction among a growing number of consumers, driven by the rising environmental awareness globally. The use of organically produced ingredients in the formulation of nail polish is likely to surge in the upcoming years. This in turn is anticipated to fuel the market growth during the forecast period.

Nail polish is available in a wide variety of types and colors to suit the requirements of a varied set of consumers. The demand for nail polish with natural ingredients is increasing rapidly owing to their various benefits to the nails, such as protecting nails because of the exclusion of harmful chemicals from it, further propelling their demand in the market. The regular nail polish segment accounted for the highest market share in the global revenue in 2021. Growing nail art trends, mainly among millennial groups, have risen the demand for nail polish in the market.

The e-commerce segment is expected to register the fastest CAGR from the year 2023 to 2030. E-commerce retail sales are expected to witness substantial gains in the coming years on account of rising consumer spending, growing population, and wide availability of products. In addition, the introduction of mobile shopping apps for nail polish such as Amazon, Nykaa, and others along with the availability of safe and convenient payment gateways are contributing to the growth of the online retail industry.

In the year 2022, Asia-Pacific is accounted for the lion market share in the nail polish market and is also expected to be the fastest growing market during the forecast period. This is attributable to the rising number of nail art salons as well as celebrity influence in the countries like India, South Korea, Japan, and others. Moreover, some Asian countries like Indonesia and Vietnam are experiencing an increasing middle to elite income class in recent years.

Asian countries, particularly South Korea and Japan, are known for their innovative and high-quality cosmetic products, which have gained popularity not just in their own domestic markets, but also around the world. According to World’s Top Exports, in 2021 South Korea, Singapore, and Japan were among the top five biggest exporters of skincare goods and beauty cosmetics. The combination of culture, technological advancements, government support, and the popularity of K-Beauty and J-Beauty has contributed to the success of Asian countries in exporting cosmetics.

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Nail Polish Market Report Highlights

• The gel nail polish segment is projected to register the fastest growth during the forecast period with a CAGR of 8.0% from 2023 to 2030. The benefits offered by gel nail polish over regular nail polish such as durability, fast drying, and the glossy look it provides the nails is expected to boost the demand for gel nail polish during the forecast years
• During the forecast period, the e-commerce segment is expected to expand at the fastest CAGR of 9.0% from 2023 to 2030. The increasing availability of a wide range of nail polish of different brands, free delivery, and seasonal discount on e-commerce platforms such as Nykaa, and Amazon are among the major reasons driving the segment
• Asia Pacific has accounted for the highest market share of about 39.3% in the global revenue in 2022. Asian consumers, most notably in China, India, Japan, ASEAN are increasingly inclining towards nail cosmetics including nail polish which in turn is fueling the growth of the market

The recent outbreak of COVID-19 has negatively impacted the growth of the nail polish industry. The pandemic has disrupted the production facilities' products by disturbing the supply chain of the raw material suppliers. The sales of nail polish got affected through both online and offline channels due to social distancing and stay-home policies. Moreover, the trade restrictions imposed by several countries globally have significantly affected the logistics and transportation facilities all across the globe, thus, hampering the growth of the overall market.

Nail Polish Market Report Scope

List of Key Players of Nail Polish Market

• Unilever
• Estée Lauder
• Shiseido
• Revlon
• Sally Hansen
• Wella Operations US LLC (O.P.I.)
• Cosnova GmbH (Essence)
• NOTE Cosmetique
• L'Oréal S.A.
• Coty Inc.