Nail Polish Market Size

Nail Polish Market size was valued at around USD 9.5 Billion in 2023 and is estimated to register a CAGR of around 6.2% between 2024 & 2032. Social media platforms like Instagram, TikTok, and Pinterest play a significant role in driving nail polish trends and consumer purchasing decisions. Beauty influencers and nail artists showcase new products, colors, and designs, leading to increased visibility and demand, which in turn drives market demand.

The market growth is hampering owing to health risks associated with certain chemicals commonly found in nail polish formulations, such as formaldehyde, toluene, and dibutyl phthalate (DBP), which has led some consumers suffer from fungal infections, cracked skins, and irritated eyes, thus it will restraints market progress.

Nail Polish Market Trends

Growing consumer preference for nail polish products formulated without harmful chemicals such as formaldehyde, toluene, and DBP. Brands offering "clean" and "non-toxic" nail polish formulations are gaining traction as consumers prioritize safer beauty products. Environmental awareness website The Roundup reports that 78% of consumers feel that sustainability is important, and 55% of those same shoppers said they would pay more for eco-friendly brands, thus it will anticipate market demand.

Nail Polish Market Analysis

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Based on the product type, the market is segmented into regular, gel, acrylic, Polygel, dip powder, among others. In 2023, the acrylic segment accounted for revenue of around USD 3.5 Billion in the year 2023 and is expected to reach USD 6.2 billion by 2032. Beauty salons and nail spas offering acrylic nail services play a significant role in driving demand for acrylic nail polish. As more salons incorporate acrylic nail enhancements into their service offerings, consumers have easier access to these treatments, leading to increased adoption. Acrylic nail polish offers ample opportunities for customization and personalization, allowing individuals to express their unique style and preferences, which in turn drives business landscape.

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Based on consumer group the nail polish market is segmented into men, women, and kids. In 2023, the women segment emerged as the dominant, commanding a market share of around 88% and expected to reach 89% by 2032. Nail polish is often considered a fashion accessory and a way to express personal style. Trends in nail art such as French tips & twists, gradient nails, animal print, and color preferences influence consumer demand, with new shades and designs continually emerging in the market, thus it drives business development.

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The North America nail polish market is expected to reach for revenue of around USD 5.4 Billion by 2032. The market has benefited from the growing emphasis on self-care and wellness among consumers in North America. Many people view nail care and manicures as a form of self-expression and relaxation, leading to increased demand for nail polish products and nail salon services.

The market experiences seasonal and holiday-driven demand spikes, with consumers in North America seeking specific colors and themes to celebrate occasions such as Halloween, Christmas, Valentine's Day, and summer vacations. Nail polish brands capitalize on these trends by releasing limited-edition collections and themed nail polish sets.

Nail Polish Market Share

The nail polish industry is moderately fragmented with several regional players across the globe. In 2023, dominant market players, including Shiseido Co., Ltd., Coty, Inc., L’Oreal Group, Unilever Group, Revlon, Estee Lauder, Procter & Gamble, and LVMH. These companies often leverage their existing distribution networks and resources to penetrate the market. These industry leaders are actively engaged in strategic initiatives such as mergers & acquisitions, facility expansions, and partnerships to broaden their product portfolios, reach a wider customer base, and strengthen their market presence.

Nail Polish Market Companies

Major players operating in the nail polish industry are:

• China Glaze
• Coty, Inc.
• Deborah Lippmann
• Essie
• Estee Lauder
• ILNP
• L’Oreal Group
• LVMH
• OPI Infinite Shine
• Orly
• Procter & Gamble
• Revlon
• Sally Hansen
• Shiseido Co., Ltd.
• Unilever Group
  

Nail Polish Market News

• In October 2023, L’Oréal announced a minority investment in Shinehigh Innovation, a leading biotech firm in China, aiming for a lasting collaboration to develop eco-friendly beauty solutions. Founded in 2017 by Prof. Jiaheng Zhang, Shinehigh specializes in cutting-edge supramolecular chemistry. This partnership allows L'Oréal to overcome challenges in raw materials and innovate formulations for skin, hair, and scalp care, enhancing benefits for consumers.
  
• In April 2023, Givaudan, a global leader in Fragrance & Beauty, finalized the acquisition of a significant cosmetic ingredients portfolio from Amyris, Inc. Amyris, a leading biotechnology company, focuses on sustainable consumption across various markets. The collaboration aims to utilize Amyris’ technology platform to develop top-performing bio-fermented ingredients for beauty products.
  
• In March 2022, L'Oréal announced a new investment in Geno, a biotech firm focused on sustainable beauty ingredients, alongside Unilever and Kao. This investment, through L'Oréal's BOLD venture fund, aims to develop eco-friendly ingredients from living organisms. Leveraging Geno's expertise, L’Oréal plans to replace traditional ingredients with bio-based alternatives, particularly those from plant-based sugars, across its product line, advancing its goal of eco-designed products with renewable ingredients.
  

The nail polish market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) Volume (Million units) from 2018 to 2032, for the following segments:

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Market, By Product Type

• Regular
• Gel
• Acrylic
• Polygel
• Dip Powder
• Others (Builder Gel, Hard Gel Nail Polish, etc)

Market, By Price Range

• Low (Up to $25)
• Medium ($25 - $50)
• High (Above $50)

Market, By Consumer Group

• Men
• Women
• Kids

Market, By Distribution Channel

• Online
  • E-Commerce
  • Company Website 
• Offline
  • Supermarkets/Hypermarkets
  • Specialty Beauty Retailers
  • Other retail stores

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Malaysia
  • Indonesia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA