The global Nail Care Market is estimated to be valued at US$ 21.08 Billion in 2022 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The nail care market has witnessed significant growth over the past few years owing to increased focus on personal grooming and beauty among consumers. Nail care products such as nail polish, nail color, nail treatment, and nail accessories help beautify, style, protect and care for fingernails and toenails. Nail polish is one of the most popular nail care products. It is available in a wide range of styles, designs, formulations and colors to match various fashion trends and occasions. Growing working women population and increased disposable income have boosted consumer spending on premium nail care brands and services.
Market key trends:
One of the key trends witnessed in the global nail care market is the growing popularity of gel nail polishes. Gel nail polishes use UV/LED light to instantly dry and harden the nail color. They last much longer than traditional nail polishes as they don't chip or fade easily. They are increasingly being preferred for their durability and prolonged wear. Rising adoption of nail art and customized nail designs is another major trend shaping the market. Players are launching innovative nail art products and tools that offer new design and customization possibilities to tap the growing demand. Growing focus on men's grooming has also opened growth opportunity for men's nail care products.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the nail care market is moderate as it requires significant capital investment to establish manufacturing facilities and distribution channels. However, acquiring existing smaller companies remains an attractive option for new players.
Bargaining power of buyers: The bargaining power of buyers is high considering the availability of a wide range of nail care products from numerous domestic and international brands. Buyers can easily switch to substitutes if brands do not satisfy their demands and needs.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of suppliers for various raw materials used in the production of nail care products such as nail polishes, lacquers, and enamels.
Threat of new substitutes: The threat of new substitutes is moderate as alternatives such as nail art supplies offer unique experiences to customers. However, regular nail care items remain the widely adopted and affordable option.
Competitive rivalry: Intense competition exists among established players to gain market share through product differentiation, advertising, and competitive pricing.
Key Takeaways
Global Nail Care Market Demand is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing disposable income levels and rising beauty consciousness among consumers.
The Asia Pacific region dominated the nail care market in 2021 with a share of more than 35%, led by India and China. Rapid urbanization, growing cosmetics industry and rising middle-class population propel the demand in the region. North America and Europe hold significant shares and are expected to grow steadily during the forecast period.
Key players operating in the nail care market include OPI, Essie, ORLY, China Glaze, Kiko Milano, Rimmel, Shiseido, CND, Art of Beauty, Zoya, Sally Hansen, Revlon, L'Oreal Paris, Nails Inc., Maybelline, Chanel, Dior, Tom Ford, YSL, and Lancôme. These players are focusing on launching innovative products with advanced features and attractive packaging for gaining more customers and increasing their market share.
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