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

Report Overview

The global nail polish market size was valued at USD 15.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. One of the primary factors driving market expansion is the growing interest in nail art and care products among consumers, especially millennials. Additionally, nail art & extensions are becoming an integral part of grooming among the millennials. This in turn is expected to boost the demand for the product during the forecast period. Furthermore, the introduction of nail polish with natural ingredients, which are non-toxic and have lesser chemical content is anticipated to bolster the demand for nail polish in the future.

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 is used to decorate the nails of the toes or fingers. The easy availability of various brands, colors, and types in the market through various distribution channels including specialty stores, supermarkets, hypermarkets, and others has contributed to driving the growth of the nail polish market in terms of value sales. In addition to this rising number of working women population is likely to offer immense opportunities for the market growth during the forecast period.

Increasing investments in research and development, coupled with the rising trend of natural ingredients, have encouraged manufacturers to launch new products. For instance, in August 2021, OPI, one of the leading players in the market recently launched its natural, non- GMO, and vegan nail polish in the market. According to the Facebook ads targeting, in the year 2021, 52 million of its total users showed interest in nail polish, out of which the majority of the audiences fall under the age group between 25-34 yrs. followed by the other age category of 18-24 yrs. and 35-44 yrs.

Growing celebrity involvement in the promotion of sustainable beauty and personal care products including nail polish is expected to resonate well with young consumers. Millennials who spend a lot of time on the internet have a high inclination towards trending online articles, product launches, and celebrity endorsements. Thereby, this, in turn, is likely to offer immense opportunities for the growth of the market during the forecast period.

Product Insights

The regular nail polish segment accounted for the highest market share of more than 45% in the global market in 2022. This is attributable to its easy application and availability of a wide range of colors in the market. The low price of regular nail polish over other available types has propelled its demand in the market contributing towards the overall market growth.

The gel nail polish segment is anticipated to expand at the fastest CAGR of 8.0% from 2023 to 2030. These products are more concentrated than regular nail polish. The easy availability of gel nail polish in the market along with its ability to provide a long-lasting glossy finish easily gets dry, has bolstered the market growth in terms of value sales.

Moreover, by product, the others segment includes dip powder, polygel, acrylic, and shellac nail polish. These types of nail polish are becoming trending among the consumers owing to the benefit offered by them. For instance, poly gel nail polish is long-lasting and can stay up to 21 days with maintenance.

Additionally, dip powder is one of the trending nail polishes which comes in powdered form. It can last up to 3 to 4 weeks. Thus, dip powder is more durable and long-lasting than any other nail polish which is gaining traction among consumers. However, the high price of dip powder products is likely to restrict the growth of the market in terms of value sales.

Distribution Channel Insights

The specialty stores made the largest contribution to the global market of over 36% in 2022. These stores have been focusing on offering natural and chemical-free categories set up to pique customer interest and offer them a facility to choose from numerous brands before making a purchase. Moreover, in specialty stores, consumers have the advantage of scanning types, shades & colors as per their choice. Additionally, the presence of store associates for helping customers to select the right product and provide product knowledge boosts the growth of the market through this segment.

Additionally, hypermarkets and supermarkets are also gaining high popularity owing to the availability of a wide range of products, including, beauty products, personal care products, groceries, and others under a single roof. These products are placed on shelves as per their category with placards displaying the detail and prices. Moreover, supermarkets and hypermarkets are generally spanning over a large area and display a wide variety of products under a single roof. Moreover, these stores are especially located near the residential areas for convenience and easy accessibility of products including nail polish and others.

The e-commerce channel is projected to register a CAGR of 9.0% from 2023 to 2030. Rising internet penetration amongst consumers and target marketing done by companies to reach all customer touchpoints are likely to fuel the growth of this segment. Easy accessibility and heavy discounts and offers provided by online platforms boost the adoption of nail polish in the market. Thus, the sales of the product through the online platform is expected to boost the growth of the overall market during the forecast period.

Regional Insights

Asia Pacific made the largest contribution in the global market of over 39.0% in 2022 and is also expected to be the fastest growing regional segment during the forecast period. This is attributable to the rising number of working women population in countries such as China and India and their rising interest in spending on nail care fashion trends is fueling the demand for nail polish. Moreover, the rising young population in a country like India is expected to offer immense opportunities for growth over the forecast years.

Europe is expected to witness a CAGR of 5.4% from 2023 to 2030. The inclination of consumers towards naturally manufactured products is expected to propel the demand for the product, especially in countries like UK and Germany. Moreover, the inclination of consumers towards vegan products in this region majorly in countries like the UK and Germany is anticipated to offer lucrative opportunities for the growth of vegan products during the forecast period.

North America is expected to witness a CAGR of 6.7% from 2023 to 2030. Consumers in the countries such as U.S. and Canada are willing to pay a high price for a more appealing appearance. This in turn is driving the growth of the market in this region. The Middle East is expected to be the second fastest growing regional segment during the forecast period. This is attributable to the rising number of affluent consumers in countries like South Africa, UAE, and others who are willing to spend on cosmetics including nail cosmetics.is likely to offer immense opportunities for the market growth in terms of value sales.

Key Companies & Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies such as collaborations, innovation and new product launches in retails about natural products to enhance their portfolio offering in the market.

• In June 2021, Estee Lauder Companies seed funded Faculty, a nail polish brand for males. The brand entered the market with vegan and cruelty-free nail polish formulas, moreover they were free of several commonly used chemicals usually used in nail polish formulations

• In March 2023, Sally Hansen partnered with Peeps Brand, a marshmallow candy company to launch limited-edition collection of nail polishes. The Sally Hansen Insta-Dri X Peeps Collection features seven new shades with a sugar texture that resembles a sugar coated marshmallow treat

• In Jan 2022, the beauty brand ‘Colorbar’ recently launched its vegan nail lacquer/nail polish with 128 shades in the market

Some of the key players in the nail polish market include:

• 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.

Nail Polish Market Report Scope

Global Nail Polish Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global nail polish market report on the basis of product, distribution channel, and region.

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Regular Nail Polish

  • Gel Nail Polish

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Hypermarkets & Supermarkets

  • Specialty Stores

  • E-commerce

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa