The global nail care market comprises products such as nail polish, nail polish remover, nail strengtheners, nail files, and other accessories that are used for the beautification and health of nails. Nail care products are used to color, style, reshape, and strengthen the nails for aesthetic appeal. The growing attention of consumers towards self-grooming and stylistic looks has significantly boosted the demand for nail care products in recent years. Consumers are increasingly experimenting with innovative and trendy nail color designs, decorations, and looks.
The global Nail Care Market is estimated to be valued at Us$ 21.08 Bn in 2023 and is expected to exhibit a CAGR Of 5.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising consumer awareness about nail care products and nail disorders is a key driver fueling the growth of the nail care market. Consumers are becoming more conscious about the health and appearance of their nails and are regularly using nail care products to enhance nail strength and prevent infections. According to studies, a rising number of consumers aged 18-35 years are becoming keen users of nail colors and accessories for personality expression and creativity. Moreover, growing product innovations in terms of natural and organic ingredients, long-lasting and chip-resistant formulations, trendy shades, and ergonomic packaging are encouraging the adoption of nail care products worldwide. However, stringent regulations regarding toxic ingredients may hamper market growth during the forecast period.
SWOT Analysis
Strength: The nail care market has witnessed steady growth in recent years owing to the rising awareness regarding personal grooming and hygiene. Increasing disposable incomes in developing countries have also boosted consumer spending on nail care products. Furthermore, ongoing product innovations with nail enamels, treatments, and instruments catering to specific needs have extended the market size.
Weakness: Low brand awareness in rural areas and lack of skilled professionals providing quality nail care services in smaller towns pose challenges to market penetration. Certain nail care chemicals can cause skin irritation, necessitating the need for natural and hypoallergenic alternatives. Moreover, fluctuations in raw material prices influence overall production costs.
Opportunity: Rising number of nail salons and the growing popularity of parlor services, especially among young working women and teenagers, offer significant opportunities. Boom in e-commerce and effective digital marketing strategies have augmented the sales of nail care products online. Moreover, increasing male focus on grooming and styling is opening new avenues.
Threats: Threat of counterfeit nail care products available at lower costs can undermine reputed brands. Furthermore, alternatives like henna and Arabic mehndi impact sales to some extent. The fluctuating economic conditions, fluctuating disposable incomes, and competitive pricing also act as threats.
Key Takeaways
The Global Nail Care Market Demand is expected to witness high growth over the forecast period driven by increasing fashion consciousness. The Asia Pacific region currently dominates the market owing to large population base, improving living standards, and rising urbanization in major countries like China and India. Rapid establishment of nail studios and parlor chains have boosted the demand. Moreover, fashion and beauty influencers promoting nail art on social media platforms are escalating adoption among youth.
The Asia Pacific region is estimated to continue dominating the global nail care market, accounting for over 35% value share by 2030. Rapid economic development, growing middle-class consumer base, and rising influence of Western beauty trends in major Asia Pacific countries offer immense opportunities. Furthermore, availability of international nail care brands as well as growth of domestic brands catering to local trends will further augment the huge market demand.
Key players operating in the nail care market are Stempeutics Research Pvt. Ltd., Medipost Co. Ltd., Nipro Corporation, Dendreon Pharmaceuticals LLC, Organogenesis Inc., Novartis AG, Vericel Corporation, Allogene Therapeutics Inc., Gilead Sciences Inc. (Kite Pharma Inc.), and Takeda Pharmaceutical Company Limited (TiGenix), among others. These companies have strong global presence and focus on expanding their businesses through product launches, collaborations, and mergers & acquisitions.
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