The 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 refers to products such as nail color cosmetics, nail treatment, and nail accessories used for styling, strengthening and protecting the nails. Main products in this market include nail polish, nail color removers, nail strengthener, nail treatment, nail accessories such as nail polish bottle, brushes and nail Polish thinner. Growing fashion consciousness and rising demand for expressive nails among young population in emerging economies is driving demand for unique nail polish shades and other nail accessories. In addition, growing use of organic and vegan nail care products owing to increasing awareness regarding use of harsh chemical ingredients is supporting market growth. Market Dynamics: Increasing adoption of 5G technology is expected to drive the nail care market during the forecast period. With high-speed internet connectivity through 5G, users can stream videos on nail art tips and techniques from YouTube or other online sources on their mobile phones. This has made nail art more accessible to the masses and increased interest in creative nail styles. Secondly, growing live video commerce is enabling nail care brands to launch new collection via live videos and demonstrations. Beauty lovers can shop in real-time while watching nail artists showcase products. This has boosted online shopping and brand discoverability and engaged wider audience beyond traditional channels. Moreover, augmented reality and virtual try-on features available through 5G allowed shoppers to visualize nail colors and designs digitally before purchase, thereby increasing customer satisfaction. Segment Analysis The nail care market can be segmented into nail polish, nail color, nail accessories, and others. The nail polish segment dominates the market and holds around 50% share owing to its growing popularity among women and men for nail art designs and fashion trends. Consumers prefer buying nail polishes having attributes like fast drying, chip resistant and long lasting properties. PEST Analysis Political: Stringent regulations regarding usage of toxic chemicals like formaldehyde, toluene, dibutyl phthalate in nail paints can impact the market growth. Economic: Increasing disposable income and spending on personal grooming products favor market growth. However, economic slowdowns affect the non-essential spends on nail care products. Social: Growing interest of young consumers towards nail art, nail designs and trying new trends drives the demand. Also, acceptance of men using nail paints will further boost market growth. Technological: Innovations in formulations providing attributes like quick dry, chip-free and long-lasting finish are popular among consumers. Usage of organic, vegan and cruelty-free ingredients is a noticeable technological trend. 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 demand for nail art designs among millennials and generation Z. The market size for nail care was valued at US$ 21.08 billion in 2022. Regional analysis indicates that North America dominates the global nail care market owing to growing usage of nail art designs as fashion trends. Asia Pacific shows high growth potential due to rising expatriates culture and per capita spends on personal grooming in countries like India and China. Key players operating in the nail care market are 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, Lancôme. The key players are focused on launching new nail colors, enriched with ingredients that moisturize nails and have long lasting color finish. Read More- https://www.newsstatix.com/nail-care-market-share-analysis-and-future-outlook/
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