The global nail polish market is expected to reach US$15.55bn by 2024, according to Grand View Research.
The US-based company’s latest report on the nail polish market predicts that it will grow at a CAGR of 9.5 percent over the next seven years largely due to the “growing popularity of nail designs among the young population”.
The market, which was estimated to be worth US$6.89 billion in 2015, is expected to be the fastest growing colour cosmetics segment in the forecast period.
“Women in the 18-24 age-group tend to spend more time shopping nail polish at retail stores and experimenting with new trends, while also indulging in manicures and nail spas more frequently in comparison to older consumers,” said the report.
“The consumption is driven by changing behavioural patterns (such as increased frequency in changing nail designs) and lifestyles.
“[In addition] growing awareness about beauty trends and rising brand consciousness among women is expected to further augment nail polish demand.”
Key findings in the report include:
Liquid polish has the largest segment of the market (over 89 percent in 2015) and is expected to continue to have the largest market share for the next seven years with a CAGR of 9.4 percent “owing to consumer reluctance to shift to gel-based substitutes”. Demand is driven, and will continue to be driven, by liquid polish’s easy application, low cost and wide colour range
Gel polish has a much smaller share of the market but is expected to be the fastest growing segment from 2016 to 2024with a CAGR of 10.5 percent. According to the report, the demand for gel polish is driven by its increasing affordability and its ability to provide a long lasting glossy finish but its “product penetration is expected to remain low owing to high cost”.
The US market is growing due to women’s increased interest in “grooming their nails and the introduction of several new products” including “unique finishes such as glitter, magnetic, sequins, and metallic”. “Nail art and extensions have become an important component of grooming among the millennials. Overall demand s expected to grow rapidly over the forecast period due “to the introduction of nail paints with natural contents and reduced chemical content”.
Europe is expected to witness a CAGR of 9.1 percent from 2016 to 2024 owing to a rapid expansion by industry participants in the region.
Latin America is experiencing rapidly growing demand for nail polish due to “increasing disposable consumer income, rising consciousness among women regarding their appearance, the increasing popularity of nail art and the continent’s thriving fashion industry”.
Asia Pacific is the second-fastest growing region with an expected CAGR of 10.2 percent from 2016 to 2024 due “to a large youth population, growing demand in emerging economies such as China, India, Indonesia and Thailand, and a rise in the number of spas and salons providing nail services”.