The nail care market comprises of various nail care products which are used for grooming, beautifying and maintaining health of nails. Products such as nail polish, nail paint removers, nail strengtheners, cuticle conditioners, nail treatments are used to style, color, protect and nourish nails. With growing beauty and fashion consciousness, adoption of nail art and nail care practices have increased especially among millennial population globally. Advancements in nail care products with ingredient focused formulations have made it easier for users to care for their nails at home.
The Global Nail Care Market is estimated to be valued at US$ 24.29 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Nail Care market Growth 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. With the growing popularity of nail art, demand for nail care products has increased significantly over the years. Millennials are actively experimenting with nail designs and colors driving the demand further. To tap the growing demand, key players are focusing on innovative product launches with advanced formulations and convenient usage.
Growing demand for nail art from millennials globally has fuelled the market growth. Celebrity endorsements and popularity of nail art on social media platforms have encouraged many youngsters to keep up with latest trends. Furthermore, rising disposable income and growing beauty consciousness is propelling the demand for premium nail care products especially in developing regions.
Owing to high demand, companies are expanding their footprint globally. Major players have increased their investments in emerging economies of Asia Pacific and Middle East & Africa. Easier availability through online platforms and retail stores has made products accessible to customers worldwide. Furthermore, companies are focused on catering to needs of diverse customers by offering customized products, shades and formulas.
Market Key Trends
The increasing popularity of vegan and cruelty-free nail care products is one of the key trends being witnessed in the market. With growing preference of customers towards sustainable personal care products, companies have launched various ranges of nail polishes, strengtheners and related accessories which are formulated without ingredients originated from animals. Furthermore, innovative product offerings such as gel nail polishes, magnetic nail polishes and 3D effect nail polishes have gained traction among young tech-savvy customers globally. Such advanced products are driving immense buzz on digital and social media platforms also influencing the purchase decisions.
Porter’s Analysis
Threat of new entrants: Low setup costs and lack of differentiation keeps threat of new entrants high. Bargaining power of buyers: Large retailers can negotiate lower prices from manufacturers and influence the product range. Bargaining power of suppliers: Main raw materials like chemicals are commodity products available from numerous global suppliers diminishing their influence. Threat of new substitutes: Substitute products from professional salons pose a threat. Competitive rivalry: High as the market is fragmented with many regional and private label brands vying for market share.
Geographically, the nail care market in North America is currently the largest, valued at around US$ 7 Bn in 2024 due to high per capita beauty spending. However, the Asia Pacific region excluding Japan is projected to be the fastest growing market at a CAGR of over 10% during the forecast period. Rising spend on personal grooming and influence of western beauty trends are driving nail care market growth in India and other developing Asian countries.
Porter’s Analysis
Threat of new entrants: Low setup costs and lack of differentiation keeps threat of new entrants high in the nail care market. Bargaining power of buyers: Large retailers can negotiate lower prices from manufacturers and influence the product range. Bargaining power of suppliers: Main raw materials like chemicals are commodity products available from numerous global suppliers diminishing their influence. Threat of new substitutes: Substitute products and services from professional salons pose a threat to do-it-yourself nail care products. Competitive rivalry: Competition is high as the market is fragmented with many regional and private label brands vying for a share of the market.
Geographically, North America currently accounts for the largest share of the global nail care market, valued at around US$ 7 Billion in 2024. This is attributed to high per capita beauty spending in the region. However, the Asia Pacific market is poised to record the fastest growth during the forecast period of 2024-2031, expanding at a CAGR exceeding 10%. Rising disposable incomes and influence of western beauty trends are drivingincreasing demand for nail care products in developing Asian countries such as India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.