According to a The Business Research Company’s report, the nail polish market is seeing a huge growth, growing at 12.% from USD 12. 9 billion in 2023 to USD 14.48 billion in 2024 mainly due to beauty and fashion trends along with seasonal themes, ads, and social and cultural trends. By 2026, this expansion is slated to be 11.6% CAGR taking it to $ 22.47 billion.
The projected growth rate would be driven by more R&D investments, sustainability trends, global market penetration, changing consumer preferences, and digital marketing strategies. The report states that the major trends would be more focus on retail strategies, fashion influences, innovations in formulations, and increased demand for vegan and cruelty-free products. Even the rise of working women is a major contributor as they want to look their best and spend a sizable amount on it. As per the U.S. Bureau of Labor Statistics, 47% of the working population in the US in 2021 was women.
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The main brands fueling this demand are L’Oreal India Pvt Ltd.,Sephora USA Inc., Shiseido Co Ltd., Unilever India Exports Limited, Prestige Cosmetics Corp, The Estee Lauder Companies, Coty Inc., Wella Operations US LLC, Sally Hansen Inc., Revlon Inc., Markwins Beauty Brands Inc., Kiko SpA, OPI Products Inc., China Glaze Co Ltd., Orly International Inc., Colorbar Cosmetics Pvt Ltd., and many others.
The report highlighted some interesting trends in the nail polish market such as emergence of breathable technologies with brands coming up with products that improve nail health. For instance, in March 2022, Orly, a British nail care brand, launched “Island Hopping,” a breathable nail polish range that uses vegan, cruelty-free ingredients. They used a novel brush design with 600 bristles that lets the polish permeate and at the same time maintain the hydration of the nails.
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In terms of demographics, North America saw the maximum growth in 2023 with Asia-Pacific expected to become the fastest growing market by 2028.
