Nail Polish Market Growth Trajectory Through 2024-2033

Uday Kiran

Nail Polish Market Growth Trajectory Through 2024-2033

The Nail Polish Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Nail Polish Global Market Report 2024, The nail polish market size has grown rapidly in recent years. It will grow from $12.9 billion in 2023 to $14.48 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to fashion and beauty trends, celebrity endorsements and influences, social and cultural influences, advertising and media influence, seasonal and occasional themes.

The nail polish market size is expected to see rapid growth in the next few years. It will grow to $22.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to R&D investment, global market penetration, digital marketing strategies, sustainability and eco-friendly products, consumer preferences and trends. Major trends in the forecast period include retail and distribution strategies, vegan and cruelty-free demands, fashion and runway influence, personalization and customization, innovations in formulas and ingredients.

The increasing working women population worldwide is expected to propel the growth of the nail polish market. Working women refer to a woman, who works outside the home for a living and earns a salary, wages, or other income through regular employment. Nail polishes help working women by giving them a vibrant and elegant look and perfection. For instance, according to the US Bureau of Labor Statistics, in the United States, women were nearly half (47.0%) of the labor force in 2021. Therefore, the increasing working women population worldwide is driving the growth of the nail polish market.

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The mail polish market covered in this report is segmented –

1) By Product Type: Gel, Matte, Pearl, Other Products

2) By Distribution Channel: Supermarkets/Hypermarkets, Online Channels, Traditional Stores, Exclusive Beauty Specialist Stores, Other Channels

3) By End Use: Male, Female

Major companies operating in the nail polish market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in June 2022, Velveeta, a US-based food company, announced a partnership with Nails Inc., a UK-based nail polish company. VELVEETA in collaboration with Nails Inc. launched a unique and playful nail polish collection named Pinkies Out Polish. This limited-edition collection is a part of VELVEETA's creative platform, La Dolce Velveeta, which encourages individuals to embrace a life of bold and unrestrained pleasure. The partnership with Nails.INC features a cheese-scented nail polish duo in shades Finger Food and La Dolce Velveeta, along with That’s La Dolce Velveeta irresistible nail stickers. The creamy shades are formulated using Nails. Inc.’s long wear formula and a patented wide hugging brush, offering a flawless application for a smooth finish.

The nail polish market report table of contents includes: