Global Nail Polish Market Overview
The key driver impacting the nail polish market is the rising nail salons providing professional services. For instance, As per the ULCA labor center Study report (2018), In U.S, alone there are 23,745 nail salons in the United States, and National data sources estimate there are between 126,300 and 212,519 nail salon workers. Furthermore, total revenue for nail salons in 2015 reached $4.4 billion, up 15% from the previous year. In the coming years, employment in the industry is anticipated to grow by 13%. Moreover, an increase in the emphasis on nail care and usage of multi-color enamels on finger and toenails by consumers contributes to nail polish market demand in the coming years.
According to Value Market Research, the global Nail polish market size was valued at about USD 8500 million in 2020 and is estimated to grow at a CAGR of around 10% during the forecast period 2021 to 2027.
The rising popularity of fashion events and the growth in awareness about growing among women are likely to augment the demand in the forecast period. However, strict regulations imposed by the government may hamper the market in the long run. Also, the high cost of gel polish is negatively impacting the market. Nevertheless, the current industry trends, such as the new product development and collaborations between manufacturers and salons, are expected to offer several beneficial market opportunities to the key players.
The Nail polish market is vast, with many local and global players. The Nail polish market is extensive, with many regional and international players. The prominent market leaders follow several strategies to improve their market status, such as extending product portfolio, acquisitions, contracts, acquisitions, amalgamation, acquisitions, product upgrades to mount their market share across the globe. The prominent players studied in the report include China Glaze, Odontorium Products, Inc., Revlon, L'Oréal Paris, Essie, and Sally Hansen.
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In this research report, the nail polish market is segmented by product and region.
Analysis by Product:
By product, the report is categorized into Liquid nail polish and gel nail polish. The liquid nail polish segment dominates the product segment with over 89% in the forecast period. It is due to the trouble-free application and availability of an extensive range of colors at various price ranges and consumer unwillingness to shift to gel-based substitutes. Also, the expanding fashion and cosmetics industry due to escalating consumer demand for beauty products contributes to the high growth of the liquid nail polish segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Nail polish market, the Europe region dominates globally with a 60% market share in the forecast period. It is due to the growing marketing and brand awareness campaigns conducted by industry participants and the increasing popularity of nail art in the region. Also, fashion capitals such as London, Paris, and Milan are driving the regional market growth. Moreover, the rising consumer disposable income and high consciousness among women concerning their appearance contribute to tremendous market growth across Europe.
Market Segmentation covered in the Report:
By Product
- Liquid Nail Polish
- Gel Nail Polish
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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