The global nail polish market is anticipated to expand at a promising rate from 2021 to 2031 (forecast period). The growing female population is a major aspect projected to increase the demand for nail polish around the world. Customers choose nail polish depending on their preferred nail art. Consumers' increased emphasis on nail care and the use of multi-color enamels on their fingers and toenails are projected to stimulate demand for nail polish in the future years. Moreover, factors such as the growing popularity of fashion events and women's increased awareness of grooming are also encouraging the use of nail polish.
Key players operating in the global nail polish market are OPI, CHANEL, Maybelline, L’OREAL, Dior, ORLY, Sally Hansen, Butter London, Kiko, Nails Inc, Revlon, Rimmel, CND, Bobbi Brown, COSMAY, Essie, MISSHA, ZOTOS ACCENT, ANNA SUI, Nars, and China Glaze
Market participants are developing a variety of new products in order to boost their market position. For example, in October 2021, J.Hannah collaborated with The Metropolitan Museum of Art to develop a collection of polishes based on the museum's new exhibition, 'Surrealism Beyond Borders.' Inspired by the Costume Institute's 'About Time' exhibition, the new collection includes black, pearl, and sparkly metallic colors.
High awareness of beauty trends through beauty magazines and articles, combined with increased brand awareness, is expected to boost the global nail polish market. Moreover, increasing disposable income levels and rapid urbanization is projected to bolster the global nail polish market growth. Furthermore, increased public awareness of e-commerce platforms and an expanding female population around the world is anticipated to contribute to the global nail polish market growth. Additionally, growing awareness of nail care fashion trends due to celebrity endorsements is expected to have a beneficial impact on the global nail polish market growth.
The liquid nail polish segment is anticipated to witness significant growth in the global nail polish market during the forecast period. The ease of application and extensive choice of colors provided by manufacturers are expected to drive segment growth. Moreover, the low price of liquid nail polish in comparison to gel-based nail polish is likely to boost the liquid nail polish segment during the forecast period.
The nail polish market in Latin America is expected to grow during the forecast period. The burgeoning fashion industry in Latin America is projected to contribute to the increasing demand for nail polish. Moreover, the demand for nail polish is expected to rise due to an increasing population and changing lifestyles. Furthermore, strong marketing and brand awareness efforts carried out by market players in the region are likely to boost the nail polish market in Latin America.
The Asia Pacific nail polish market is projected to experience considerable growth during the forecast period. Increasing demand in developing nations such as India, China, Thailand, and Indonesia is expected to boost the regional market growth. Moreover, the growing number of spas and salons offering specialized nail services is projected to propel the regional market during the forecast period. Furthermore, the region's high population and significant R&D for product innovation by enterprises are likely to strengthen market growth. In addition, marketing efforts and a spike in the number of retail stores are likely to drive market growth over the forecast period.
Europe is anticipated to contribute significantly to the nail polish market. The region's adoption of new fashion trends is expected to fuel the demand for these products. Moreover, numerous fashion houses in France and Italy are projected to drive the regional market during the forecast period.