The global nail care market is expected to grow rapidly for the next ten years

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The global nail care market is expected to grow rapidly for the next ten years

2023-12-09

The global nail care market is expected to grow at a significant CAGR [1] from 2022 to 2031 according to a recent study by Transparency Market Research (TMR). Product innovation, growing interest from mature and older ages, and increased influence of the entertainment media across the world are among the main growth drivers.

The global nail care market - which was valued at USD 10.9 billion in 2021 - is estimated to reach USD 23.1 billion by the end of 2031, according to a study by Transparency Market Research (TMR). According to the market research firm, the global sales of nail care products (nail colours, nail care products, accessories) are likely to develop at a CAGR of 8.0% during the forecast period, from 2022 to 2031.

In terms of products, the nail colour segment represents the most significant part of the nail care market. In this segment, the liquid nail colour sub-segment holds the largest market share and is followed by gel nail colour. This trend is projected to continue throughout the forecast period. Nevertheless, the nail treatment segment is likely to grow at a faster pace than the overall market.

Global market growth

Sales are expected to grow in all geographic zones as women around the globe are becoming more independent and are investing a significant portion of their disposable income in grooming and beauty products.

In 2021, Asia Pacific accounted for the major share of the global nail care market, followed by North America. The region is prognosticated to maintain its leading position in the nail care market throughout the forecast period, owing to many factors including a surge in the adoption of advanced technologies in different nail care products such as nail varnishes with special effects and bold colours, or long-lasting traditional manicures.

Similarly, the increase in the use of latest finishes including glitter polishes, matte top coats, and magnetic nail polish in several developing nations including China and India is bolstering the Asia Pacific nail care market, note analysts at TMR.

Growing exposure to social media

In addition to the surge in the interest about the nail care among the global population, TMR also points out the growing importance of social media exposure across the globe as a key growth driver in the nail care market.

Indeed, according to TMR, women’s increased exposure to beauty enthusiasts and influencers through social media is boosting the interest for nail care across all demographics.

While younger nail care consumers are more likely to wear nail paint to express their personality and keep up with current trends, older consumers are increasingly interested in products with nail care benefits. Companies in the nail care market are therefore increasing R&D efforts in order to provide next-gen products that can moisturize, strengthen, and make nails smoother. Some key players are also investing heavily in order to develop products that are specifically intended for the older population, add the authors of the report.

Natural nail care trend

However, rising concerns regarding the components in certain nail products is the main impediment to the category growth, note TMR analysts. Camphor, toluene, formaldehyde, and di-butyl phthalate, for instance, are pointed out as possible sources of side-effects or health problems. As a consequence, consumers are increasingly looking for more natural solutions but are not ready to make compromise on product functionality.

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