The global nail care products market size was valued at USD 22.34 billion in 2022. The market is projected to grow from USD 23.41 billion in 2023 to USD 32.84 billion by 2030, exhibiting a CAGR of 4.95% during the forecast period. Rising efforts by leading manufacturers to expand their digital presence, build brand equity, and improve consumer engagement will propel market growth in the forecast timeframe. Furthermore, nail care brands are focussing on promotional activities to build product demand and brand loyalty thus facilitating market augmentation. This information is provided by Fortune Business Insights, in its report titled, “Nail Care Products Market, 2023-2030.”
COVID-19 Impacts:
Implementation of Stringent Lockdowns and Social Distancing Norms Hindered Market Growth Amid the Pandemic
The rising incidences of COVID-19 in several economies resulted in the implementation of nationwide lockdowns to control the outbreak. This, in turn, affected manufacturing facilities negatively. They were completely or partially closed due to the unavailability of labour and raw materials. Furthermore, import and export activities were also disturbed which hampered market proliferation amid the pandemic. The demand for nail care products fell significantly as people were at home mostly and physical stores were closed.
Fortune Business Insights™ lists out all the nail care market companies that are presently striving to reduce the impact of the Covid-19 pandemic on the market:
- Miniluxe, Inc. (U.S.)
- L'oréal S.A. (France)
- The Estée Lauder Companies Inc. (U.S.)
- Shiseido Company, Limited (Japan)
- NOTE Cosmetique (Turkey)
- ChinaGlaze.com Inc. (China)
- CND (U.S.)
- ORLY International, Inc. (U.S.)
- Cassina S.p.A (Italy)
- BWX Ltd (U.S.)
Report Coverage:
The report provides an exhaustive overview of the global market inclusive of the latest trends, market drivers, restraining factors, and recent developments. The market is studied at both micro and macro levels by dividing it into segments and regions. Market share held growth rate, and valuation estimates of each region and segment are also given in the document. Furthermore, the impact of COVID-19 is also studied to enable industry stakeholders to make informed decisions.
Drivers and Restraints:
Rising Expenditure on Beauty and Wellness Products to Aid Market Augmentation
Growing expenditure on beauty and wellness products, increasing popularity of wellness tourism, and changing perceptions regarding personal care are the factors aiding nail care products market growth. Surging product demand from millennials and the growth of the hospitality sector will further boost market proliferation. Moreover, the emergence of salons and spas offering manicures, pedicures, nail art, gel polish, acrylics, and other nail care services will also facilitate market augmentation.
On the other hand, concerns regarding the harmful effects of chemicals such as dibutyl phthalate, formaldehyde, and toluene used in manufacturing nail care products will hamper market growth in the forecast timeframe.
Regional Insights:
Asia Pacific to Dominate Backed by Rising Number of Working Women
Asia Pacific held the majority of the nail care products market share in 2022 owing to surging demand for beauty products due to rising consciousness regarding appearance especially among working women. Rising income levels of the populace and the increased influence of Western culture are some other factors aiding market expansion in this region.
The Europe market is anticipated to grow significantly in the forthcoming years due to increasing efforts by companies to improve customer reach and strengthen their social and digital presence. Moreover, surging demand for organic nail care products owing to rising concerns regarding the harmful effects of traditional cosmetics are contributing to regional market growth.
Competitive Landscape:
Product Launches by Leading Companies to Aid Market Augmentation
Leading players often participate in strategic undertakings such as collaborations, mergers and acquisitions, partnerships, and product launches to enlarge revenue share. For instance, in September 2021, Creative Nail Design, Inc. launched a holiday collection that includes shades such as silk slip dresses, glitter sneakers, signature lipstick, white button-downs, statement earrings, and high-waisted jeans. The availability of a wide variety of shades will help boost product demand and revenue generation for the company.
Key Industry Development:
August 2022: Chanel launched a new range of nude nail polishes. The range includes 12 new nail polish colors split into two undertones rosy and golden. Each nail polish is priced at USD 31.03.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/nail-care-market-106149
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