07.04.23
The nail care products market size is forecast to increase by $6.7 billion from 2022 to 2027, at a CAGR of 5.01%, according to the recent market study by Technavio.
The growth of the market will be driven by the availability of non-toxic solutions for nail care, the expansion of the distribution network and growing customer engagement through digital media platforms.
Technavio has extensively analyzed 15 major vendors, including American International Industries; Amorepacific Corp.; Amway Corp.; Beiersdorf AG; Brandloft Ltd.; Chanel Ltd.; Coty Inc.; Edgewell Personal Care Co.; LOreal SA; LVMH Moet Hennessy Louis Vuitton SE; Nails.INC Ltd.; Natura and Co Holding SA; Olive and June LLC; Oriflame Holding AG; Revlon Inc.; Shiseido Co. Ltd.; The Estee Lauder Co. Inc.; Unilever PLC; and The Procter and Gamble Co.
Vendor offerings include American International Industries; Amorepacific Corp.; and Amway Corp.
The market share growth by the nail polish segment will be significant during the forecast period. In this category, vendors are launching new product lines. As most customers choose quick-dry qualities in gel-like polishes and long-wear nail lacquers, manufacturers launch various collections on a seasonal basis with an emphasis on glossy and long-lasting nail paints.
Compared to their counterparts, vendors that offer trendy nail polish colors and shades are expected to register higher sales. Some of these shades include creamy blue, soft red, royal dark teal, milk chocolate, and glossy fuchsia. For instance, Coty Inc. offers the milk chocolate shade of nail polish. Similarly, LOreal SA offers Royal Dark Teal nail polish shade. Such product offerings are anticipated to boost the sales of nail care products during the forecast period.
'Non-Toxic' Solutions Drive Market
The availability of "non-toxic" solutions for nail care is driving the nail care products market growth. Customers have been increasingly concerned about the health of their nails, which has led them to use nontoxic and natural solutions. The use of harmful chemicals in nail products can lead to health issues such as cancer, nail brittleness, yellowness on nails and skin infections.
Therefore, companies such as Karma Organic Spa, ZOYA, and Essie offer nail polishes that are non-toxic chemicals such as toluene, formaldehyde, and dibutyl phthalate (DBP). Some manufacture emphasis delivering non-toxic and organic solutions to attract health-conscious consumers.
Factors Driving Market Growth
The growing adoption of home salon services is an emerging trend influencing the nail care products market growth. Over the last decade, the number of app-based salon service providers has expanded. Further, these services offer at-home grooming services.
There are various home salon service providers are there in the market. For instance, Housejoy offers home salon services, including nail care, overall grooming, and spa services, in India.
Such offerings expand the volume consumption of nail care products such as nail polish removers, nail massage creams, and new nail polish shades. Thus, personalized home salon services are anticipated to help the growth of the market during the forecast period.