Nail Polish Market Projected to Reach US$ 27 Bn by 2032; Due to Rising Fashion Trends - Study

According to, the nail polish market is currently showcasing bold and vibrant shades with a glittery finish, and there's an increased demand for environmentally friendly and non-toxic formulations. Consumers are looking for eco-friendly packaging solutions that are free of harmful chemicals.

New York, April 27, 2023 (GLOBE NEWSWIRE) -- predicts that the Nail Polish market will attain a registered CAGR of 8.8% from 2023 to 2032, leading to a market size of over USD 27 billion by 2032, compared to USD 11.07 billion in 2022. Celebrity endorsements for personal care and beauty products like nail polish are likely to resonate well with young consumers since millennials who spend a considerable amount of time online are highly attracted by product launches, celebrity endorsements, and trending online articles. This is expected to fuel market expansion during the forecast period.

nail polish market

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Key Takeaway:

  • By the product type analysis, the liquid polish segment dominates the market with 54% market share.
  • By the finishes analysis, the glossy segment dominates the market with a 26% market share.
  • By the distribution channel analysis, the specialty stores segment dominates the market with 38% market share.
  • In 2022, Asia Pacific dominated the market with the highest revenue share of 38%.
  • Europe is anticipated to have the highest CAGR among all the regions.
  • North America is expected to grow at a greater pace owing to affordable prices, increasing medical tourism, as well as hospitals and clinics, among others factors.

Factors affecting the growth of the Nail Polish Market

  • Fashion Trends: Nail polish is an integral component of the fashion industry, and its popularity fluctuates according to current trends. The growth of this sector is driven by new colors, patterns, and textures that appeal to consumers, evolving tastes, and preferences.
  • Consumer Awareness: As consumers become more and more aware of the harmful chemicals used in some nail polish products, they are demanding safer alternatives. Companies offering non-toxic, eco-friendly, and vegan-friendly items have seen a burgeoning market share in this space.
  • Social Media: Platforms such as Instagram, TikTok, and Pinterest have played an essential role in the promotion of nail polish. Beauty influencers and bloggers showcase new products and provide tutorials that encourage consumers to try different colors and designs.
  • Technological Advancements: Technological progress has enabled the creation of new and improved nail polish formulas, such as gel or long-lasting polishes that provide customers with greater wear time and durability.

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Market Trends

With the growing demand for eco-friendly products, nail polish formulations that are sustainable and non-toxic have emerged. Consumers seek products free from hazardous chemicals that are packaged in environmentally friendly or recyclable materials. Bold, vibrant shades and glittery finishes are currently trending in the nail polish market. Customers are experimenting with bright and daring shades to make a statement and express their individuality. Nail art continues to be a trend in the nail polish market, with consumers seeking unique and creative ways to decorate their nails. This has led to an uptick in nail art kits and tools that enable people to achieve salon-quality designs from home. Gel nail polish has become increasingly popular for customers seeking long-lasting and chip-resistant nail color. This trend has resulted in the development of formulations that can be applied at home without needing UV lamps for easy application. Personalized nail polish is becoming increasingly popular, allowing consumers to create unique shades by mixing different colors and finishes. Brands are responding by offering customization options in response to consumers' growing desire for unique and personalized items.

Market Growth

Factors driving growth in the nail polish market include increasing at-home manicures, expansion of beauty and personal care businesses, as well as new product introductions. Furthermore, social media influencer marketing has contributed to driving demand for nail polish products. It's worth noting that the COVID-19 pandemic has had an effect on nail polish sales, with many consumers turning to at-home beauty treatments in place of salon services. This trend is expected to persist even when salons reopen, potentially contributing further to growth in this space.

Regional Analysis

Regionally, Asia Pacific dominates the market with a 38% share. This can be attributed to the growing number of working women populations in countries like China and India who are increasingly investing in nail care fashion trends. As a result, nail polish sales have seen an uptick. Additionally, India's rapidly increasing young population is anticipated to offer numerous growth prospects over the coming years. Furthermore, an increasingly strong trend towards naturally manufactured goods - particularly in countries like the UK and Germany - is anticipated to fuel demand for such items. Furthermore, the growing preference for vegan products among consumers in Europe - particularly countries like the UK and Germany - is anticipated to provide lucrative growth prospects in this space during the forecast period.

Consumers in countries such as the U.S. and Canada are willing to pay more for an attractive appearance, fuelling the growth of this region's market. The Middle East is forecast to be the second fastest-growing regional segment during this forecast period. This can be attributed to the growing number of affluent consumers in countries like South Africa and the UAE who are willing to spend on cosmetics - including nail cosmetics. This trend offers immense growth prospects for the nail cosmetics market in terms of value sales.

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Scope of the Report

Report AttributeDetails
Market Value (2022)USD 11.07 billion
Market Size (2032)USD 27 billion
CAGR (from 2023 to 2032)8.8%
Asia Pacific Revenue Share38%
Historic Period2016 to 2022
Base Year2022
Forecast Year2023 to 2032

Market Drivers

  • Fashion and Trends: Nail polish is often seen as a fashion accessory, so when new nail trends and colors emerge it may lead to an increase in sales for certain types of polish.
  • Personal Grooming: Nail polish has become an expression of personal grooming and self-expression. People enjoy showing off their style through different colors and finishes to show off their individuality. With the growing interest in personal grooming and self-care, the nail polish market has seen tremendous growth.
  • Social Media and Influencers: Social media has become a major driving force in the nail polish market. Beauty influencers and bloggers showcase new nail polish colors and trends on their platforms, which in turn impacts consumer demand. Thanks to platforms like Instagram and TikTok, there has been an uptick in consumer awareness of and interest in nail polish products.
  • Occasions and Festivals: Nail polish is often worn to add a festive touch to special occasions and festivals. People may match their nail polish with outfits for weddings, holidays, or other celebrations. As these events become increasingly popular, demand for nail polish products may increase accordingly.
  • Product Innovation: Nail polish manufacturers are continually creating and introducing new products to the market, such as different finishes, colors, and formulations that cater to changing consumer preferences and needs. This innovation has the potential to excite interest in and demand for nail polish among consumers.

Market Restraints

  • Health Concerns: Nail polish contains chemicals such as formaldehyde, toluene, and dibutyl phthalate (DBP), which have the potential for harming health. With increasing awareness among consumers about these potential hazards, many now opt for natural or organic nail polishes instead.
  • Price Sensitivity: Nail polish is a discretionary purchase that is susceptible to fluctuations in consumer spending patterns. During uncertain economic periods, consumers may become more price sensitive and seek out cheaper alternatives or forgo purchasing altogether.
  • Competition: The nail polish market is highly competitive, with both established and emerging players competing for market share. New entrants may find it challenging to take on established brands with established reputations and loyal customer bases.
  • Limited Colour Options: Although nail polish colors are abundant on the market, some consumers may feel limited by their selection due to a lack of innovation or creativity from manufacturers or an inability to keep up with shifting consumer preferences.

Market Opportunities

  • Rising Demand for Vegan and Cruelty-Free Products: As consumer awareness and demand for vegan and cruelty-free goods grows, manufacturers have an excellent opportunity to develop and market nail polishes that reflect their values and beliefs. This provides brands with a chance to stand out from their competitors.
  • Technological Advancements: Technological advancements have enabled manufacturers to create nail polish formulations that are long-lasting, quick-drying, and chip resistant. These developments not only enhance the quality of nail polish but also give consumers more choices and convenience.
  • Growing Popularity of Nail Art: The growing popularity of nail art has spurred demand for nail polish and related products such as tools and accessories. This allows manufacturers to expand their product lines and appeal to a wider audience.
  • With the Growing Focus on Personal Grooming: As consumers increasingly express their individuality through their nails, the nail polish market has the potential to expand as manufacturers attempt to meet these evolving needs and preferences.
  • Expansion into New Markets: Nail polish manufacturers can extend their reach beyond their current customer base through partnerships, collaborations, and strategic marketing initiatives that target specific demographics and regions.

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Report Segmentation of the Nail Polish Market

Product Type Insight

Due to their convenience and vibrant colors, liquid products are expected to dominate the market share during the forecast period. With consumers' reluctance to switch away from gel-based alternatives, the liquid polish will continue to hold a major share in this space. Its ease of application, low cost, as well as manufacturer's wide color selection, should propel demand during this time. Furthermore, growth within the fashion & cosmetics industry due to rising consumer interest in beauty items will also fuel expansion within the Liquid Polish segment globally over this timeframe.

Finishes Insight

Analyzing the finishes market share, the glossy segment commands a dominant 26% share. Glossy nail polish is the classic and most common type of polish. It provides a shiny, professional appearance and can be worn for special occasions or to add vibrant color to an outfit. Glossy finishes come in various shades from bright and bold hues to pastels and neutrals. Matte nail polish has seen a recent surge in popularity due to its matte, velvety finish. This sophisticated style can be ideal for women who prefer subtle cosmetics. Shimmer nail polish comes in various shades from metallic hues to pastel hues. Metallic nail polish gives off a shiny reflective appearance which can be used to add an air of glamour and sophistication to an outfit; metallic nail polish comes in gold, silver, and bronze hues.

Distribution Channel Insight

In 2022, specialty stores made the largest contribution to global retail with an impressive 38%. These establishments prioritize providing natural and chemical-free options that pique customer interest and allow them to select from numerous brands before making a purchase. Specialty stores give customers the unique ability to select products based on type, shade, and color preferences. Store associates also assist customers in selecting the correct item while sharing product knowledge, thus driving market growth through this segment. Hypermarkets and supermarkets are becoming more and more popular due to the wide selection of items they provide - from beauty items to personal care essentials - all under one roof. Supermarkets and hypermarkets typically cover a larger area with clearly labeled categories of goods under one roof, offering an expansive selection of goods at competitive prices. Furthermore, these stores are usually situated close to residential areas for convenient access to necessities like nail polish.

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Market Segmentation

Based on Product Type

  • Liquid
  • Gel
  • Other Product

Based On Finishes

  • Glossy
  • Matte
  • Glitter
  • Satin
  • Other Finishes

Based on Distribution Channel

  • Supermarket and Hypermarkets
  • Independent Stores
  • Specialty Stores
  • E-Commerce

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

The natural products market is composed of both international and domestic players. Key market players employ strategies such as collaborations, innovation, and new product launches in retail outlets to expand their product portfolio offerings in this space.

  • Estée Lauder
  • Shiseido
  • Revlon
  • Sally Hansen
  • Wella Operations US LLC (O.P.I.)
  • Cosnova GmbH (Essence)
  • NOTE Cosmetique
  • L'Oréal S.A.
  • Other Key Players

Recent Development of the Nail Polish Market

  • In June 2021, Estee Lauder Companies seed-funded Faculty, a nail polish brand for males. Their formulas were vegan and cruelty-free as well as free from several commonly used chemicals commonly found in nail polish recipes.
  • In March 2023, Sally Hansen joined forces with Peeps Brand to release a limited-edition nail polish collection featuring seven shades that replicate sugar-coated marshmallow treats. The Sally Hansen Insta-Dri X Peeps Collection offers customers an authentic marshmallow experience at home.
  • In January 2022, beauty brand "Colorbar" introduced their vegan nail lacquer/nail polish line with 128 shades available on the market.

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