The global nail polish market is expected to reach USD 15.55 billion by 2024, growing at a CAGR of 9.5%, according to a new report by Grand View Research, Inc. The growing popularity of nail designs among the young population is likely to fuel the demand over the forecast period.
Nail products including enamel/varnish/lacquer is expected to be the fastest growing color cosmetics segment on account of the development of innovative textures and effects. The number of professional salons providing nail care services is increasing rapidly. New product development and collaborations between manufacturers and salons are expected to have a positive impact on market growth. The demand for liquid enamel is estimated to grow at a steady pace owing to behavioral attributes such as changing designs frequently and rising beauty awareness.
The consumption of liquid nail polish is high in Europe due to the presence of fashion capitals such as Paris, London, and Milan. In Latin America, long and polished nails have become a trend among the young girls, with Brazil being the biggest consumer owing to the thriving fashion industry. Increasing consumer disposable income, rising consciousness among women regarding their appearance, and popularity of nail art are expected to have a positive impact on demand over the next eight years.
Further key findings from the report suggest:
- Gel polish accounted for a share of 10.1% in 2015 and is expected to witness considerable growth over the coming years owing to rising demand for long lasting nail paints
- Liquid polish segment is anticipated to grow at a CAGR of 9.4% from 2016 to 2024 due to affordability and availability of numerous colors
- Europe is expected to witness a CAGR of 9.1% from 2016 to 2024 owing to rapid expansion by industry participants in the region
- Asia Pacific is the second-fastest growing region with a CAGR of 10.2% from 2016 to 2024 owing to the presence of a large number of the youth population
- The market is highly fragmented owing to the presence of a large number of small and large manufacturers
- Product differentiation on the basis of color shades is being practiced by a large number of industry participants