The Global Nail Care Market Growth Accelerated By Increased Consumer Awareness
Nail care products including nail polish, nail polish remover, nail strengthener and nail color improves the aesthetic appearance of nails and protects it from external damage. Rise in beauty consciousness among individuals has boosted the demand for nail care products.
The global Nail Care Market is estimated to be valued at Us$ 21.08 Bn in 2023 and is expected to exhibit a CAGR Of 5.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of nail care market is accelerated by increased consumer awareness about nail health and nail designs. Consumers are more aware about nail diseases and importance of strengthening weak nails. They are also keen to experiment with trendy nail colors and designs offered by market players. Nail studios organizing workshops on nail art and trends have boosted the culture of nail paintings. Social media further aids the inspiration for different designs. Increased social media engagements and workshops have made nail care a style statement. This has propelled the demand for innovative nail products, thereby driving the growth of nail care market over the forecast period.
Segment Analysis
The global nail care market is dominated by the nail polish and nail color cosmetics sub-segment. Nail color cosmetics account for over 60% of the global market share due to rising preference for vibrant nail colors and innovative nail designs among both women and men across the world. There has been growing demand for long-lasting, chip resistant nail polish without the usage of harsh chemicals. This has resulted in numerous product launches catering to consumer need for convenient usage and maintenance of nail colors.
Key Takeaways
The Global Nail Care Market Demand is expected to witness high growth over the forecast period supported by rising fashion consciousness and increased disposable incomes in emerging economies. Continuous introduction of vegan, organic and cruelty-free nail products is also fueling the market expansion.
Regional analysis:
The Asia Pacific region currently accounts for the largest share in the global nail care market owing to booming cosmetics industry in China, India and other ASEAN countries. Growing middle class population and rapid urbanization in the region has increased the demand for premium nail care products. North America is another major market driven by heavy social media influence and celebrity endorsement of new nail trends especially in the United States.
Key players:
Key players operating in the nail care market include Stempeutics Research Pvt. Ltd., Medipost Co. Ltd., Nipro Corporation, Organogenesis Inc., Novartis AG, Vericel Corporation, Allogene Therapeutics Inc., Gilead Sciences Inc. (Kite Pharma Inc.), and Takeda Pharmaceutical Company Limited (TiGenix), among others. Strategic partnerships and new product launches catering to the preferences of young population will help these companies strengthen their market position.
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