San Francisco, 12 March 2024: The Report Nail Polish Market Size, Share & Trends Analysis Report By Product (Regular Nail Polish, UV Gel Nail Polish, Dip Powder, Acrylic), By Distribution Channel (Supermarkets & Hypermarkets, Salons & Spas), By Region, And Segment Forecasts, 2024 - 2030

The global nail polish market size is anticipated to reach USD 25.82 billion by 2030 and is projected to expand at a CAGR of 6.9% during the forecast period, according to a new report by Grand View Research, Inc.

The growing demand for nail care products is a significant driver for the growth of the market. As consumers increasingly prioritize self-care and personal grooming, there is a rising interest in maintaining well-manicured nails. The growing awareness of the importance of nail health, the influence of nail trends on social media, and the demand for aesthetically appealing nails have led to a surge in demand for nail care products, including nail polishes.

Furthermore, the growing popularity of DIY beauty tutorials on platforms like Pinterest is projected to create potential growth opportunities for the market to cater to the demand for at-home beauty solutions.

Ciaté, a U.K.-based brand, has experienced a remarkable 300% year-over-year increase in nail polish sales in 2020, according to its founder, Charlotte Knight. Initially established as a nail polish brand in 2009 before expanding into makeup in 2015, nail polish accounted for only 5% of the brand's global sales. However, in the first quarter of 2020, nail polish sales surged to 35% of the brand’s global sales. The growing interest in DIY nail artistry will boost nail polish sales.

A greater number of women are participating in public events and social gatherings, which is one of the major factors boosting the demand for various types of designer and texture-based nail polish. Well-groomed and lacquered nails not only make the hands look enticing but also reflect the amount of care and attention given to the body.

Moreover, in the past, men wearing nail polish was not considered the norm. However, with the changing trends and consumer opinions, men are also painting their nails, not just as a statement but also as a fun fashion detail. Popular celebrities such as Johnny Depp, Brad Pitt, Harry Styles, Zac Efron, and others have used nail polish, increasing the popularity of the product over the last decade.

Key players use strategies such as acquisitions that allow players to quickly expand market share, enhance product portfolios, and access new customer segments. They enable companies to tap into established brands and technologies, accelerating growth and competitiveness in an evolving industry. In August 2023, L’Oréal Groupe closed its acquisition of Australian premium cosmetics brand Aesop from the Brazilian group Natura & Co.

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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.

Nail Polish Market Report Highlights

• The UV gel nail polish segment is expected to witness substantial growth over the forecast period. The benefits offered by gel nail polish over regular nail polish such as durability, fast drying, and the glossy look it provides the nails is expected to boost the demand for gel nail polish during the forecast years
• The multi pack nail polish segment is expected to witness substantial growth over the forecast period from 2024 to 2030. The increasing availability of a wide range of nail polish of different brands, free delivery, and seasonal discounts on e-commerce platforms such as Nykaa, and Amazon are among the major reasons driving the segment
• Asia Pacific has accounted for the highest market share in the global revenue in 2023. Asian consumers, most notably in China, India, Japan, ASEAN are increasingly inclining towards nail cosmetics including nail polish which in turn is fueling the growth of the market

The market is experiencing growth, driven by innovations in formulas that cater to evolving consumer preferences and beauty trends. The industry is witnessing a surge in dazzling colors, with vibrant and bold hues, subtle pastels, and metallic finishes remaining a top priority for consumers. These diverse color options provide consumers with a wide array of choices for self-expression.

Many brands are now focusing on long-wearing formulas that resist chipping and peeling. Gel nail polish, for instance, provides a durable and glossy finish that lasts longer than traditional polish. For instance, Essie, a nail salon expert in the U.S., offers Gel Couture, a sophisticated nail polish collection that mimics the look of gel nails without requiring a lamp or curing. The 2-step system includes 42 new colors and a proprietary topcoat, delivering up to 14 days of chip-free wear, high shine, and a professional gel nail appearance. The easy-to-apply system is suitable for both at-home and salon use, and removal is as simple as regular polish, requiring no soaking.

Collaborations between food industry manufacturers and beauty brands, as well as partnerships with celebrity nail artists, are driving the growth of the market. In June 2022, Magnum ice cream collaborated with Nails.Inc and celebrity nail artist Mei Kawajiri to launch three trendy nail art designs inspired by the new Duet Bars. The ice cream brand, known for premium ingredients and innovative products, introduced indulgent flavors like Almond, Chocolate, and Cookie. The six chocolate-scented nail polishes reflect Duet Bars' chocolate layering and allow consumers to recreate the designs at home by purchasing polishes on Nails.Inc's website.

The growing demand for substitutes such as press-on nails is attributed to the superior quality and convenience of artificial nails, as well as the wide variety of designs, lengths, and styles they offer compared to traditional nail polish. Major retailers such as CVS and Walgreens have observed a significant spike in demand for artificial nails and have expanded their product offerings in response. Brands like KISS and Dashing Diva have seen substantial growth and are meeting the increasing consumer demand for artificial nails with innovative designs and high-quality products. The growth in demand for artificial nails is likely to suppress the demand for traditional nail polishes.

Nail Polish Market Report Scope

An increasing number of such service providers and mobile apps offering doorstep salon services are expected to drive market growth during the forecast period. Various doorstep salon service providers such as Urban Company in India, Primp In-Home in the U.S., Fantastic Services in the U.K., Ruhee in the UAE, and many more have been promoting nail art & nail care services. These service providers use particular brands of nail polish that they have tie-ups with, increasing product adoption. A key observation in the buying behavior of consumers is that they prefer purchasing these products from online platforms due to the availability of different brands as well as added advantages such as price-specification comparison and virtual try-ons. In addition, online discounts are likely to drive product demand in the near future.

List of Key Players in Nail Polish Market

• Coty, Inc.
• L'Oreal Groupe
• Revlon Consumer Products LLC
• Estee Lauder Companies, Inc.
• Shiseido Co., Ltd.
• Unilever
• Wella International Operations Switzerland Sàrl (O.P.I.)
• ZOYA Nail Polish (Art of Beauty Inc.)
• butter LONDON
• Ella+Mila, Inc.