Technavio report says home salon segment will fuel the growth in nail care market at CAGR of 5.01 per cent over next five years worldwide.
The nail care products market is projected to experience a growth of US$ 6,775.51 million from 2022 to 2027. The market will progress at a CAGR of 5.01 per cent during the forecast period. The rising adoption of home salon services is a key trend influencing the growth of the nail care products market. The number of vendors offering app-based salon services providing at-home grooming services has increased over the last decade. There are various salon service providers in the market that offers customised grooming services at home.
For instance, in India, Housejoy offers at-home salon services, such as nail care, overall grooming, and spa services. Such at-home grooming services accelerate the volume consumption of the nail care products. Products like nail polish removers, nail massage creams, and new nail polish shades. Therefore, the market is expected to be supported by the rising adoption of home salon services. That along with personalised grooming services during the forecast period.
Major challenges in nail care product industry
The availability of counterfeit nail care products is a major challenge that may impede the nail care products market growth. The existence of counterfeit nail care products in distinct categories, such as nail polishes, nail polish removers, artificial nails and accessories, and other nail accessories affects the sales volume of genuine brands and causes health concerns. It is also difficult to differentiate counterfeit products from genuine brands. Hence, counterfeit products sold at low prices to attract price-sensitive customers affect the pricing strategies of major market players.
The market share growth by the nail polish segment will be significant for market growth during the forecast period. Consumers prefer quick-dry features in gel-like polishes and long-wear nail lacquers. Colours preferred are creamy blue, soft red, royal dark teal, milk chocolate, and glossy fuchsia. Manufacturers launch different collections on a seasonal basis and focus on glossy and long-lasting nail paints. Vendors who offer trendy nail polish colours and shades are expected to register higher sales compared to their counterparts. Hence, such product offerings are expected to increase the sales of nail care products during the forecast period.
Geographic Overview
APAC is estimated to account for 42 per cent of the global market growth during the forecast period. The region has some of the top brands such as Shiseido, Estee Lauder, L’Oréal and Revlon, which have a considerable presence in various countries of the region. Nail art and the use of artificial nails and accessories are trends that further attracted many vendors to this region. Hence. the growing demand for new and improved products is also expected to fuel the growth of the nail care products market in APAC during the forecast period.
The UV nail gel market has the potential to grow by US$ 25.00 million during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 7.38 per cent. The growing need for sustainable UV nail gels has resulted in the development of UV nail gels made from organic or bio-based materials.
The artificial nails market size is expected to increase by US$ 265.25 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.59 per cent. The growing adoption of nail art is notably driving the artificial nails market growth.
