Nail Polish Market Latest Innovations And Challenges By 2030

Nail Polish Market Summary

The global nail polish market size was estimated at USD 16.23 billion in 2023 and is projected to reach USD 25.82 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2030. One of the primary factors driving market expansion is the growing interest in nail art and care products among consumers, especially millennials who are drawn to new beauty trends and self-expression through vibrant nail designs.

Additionally, nail art and extensions are becoming an integral part of grooming among millennials as they increasingly experiment with professional manicures, gel finishes, and creative patterns. This in turn is expected to boost the demand for the product during the forecast period. Furthermore, the introduction of nail polish formulations that incorporate natural ingredients, are non-toxic, and contain reduced levels of harmful chemicals is anticipated to further bolster demand. Rising consumer awareness regarding safety and sustainability in beauty products is encouraging manufacturers to innovate and offer eco-friendly alternatives to traditional nail lacquers.

Key Market Trends & Insights

• Asia Pacific dominated the market with a share of around 38% in 2023 due to a large young population, growing beauty consciousness, and rapid expansion of cosmetic retail channels.
• Middle East and Africa is expected to witness the fastest CAGR during the forecast period as urbanization and disposable income continue to rise in the region.
• Based on product, the regular nail polish segment dominated the market with a revenue share of around 47% in 2023, owing to its affordability, wide color variety, and easy accessibility.
• Based on distribution channel, the specialty beauty stores segment dominated the market with a revenue share of around 35% in 2023, supported by the availability of premium brands and personalized beauty services.

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Market Size & Forecast

• 2023 Market Size: USD 16.23 Billion
• 2030 Projected Market Size: USD 25.82 Billion
• CAGR (2024-2030): 6.9%
• Asia Pacific: Largest market in 2023
• Middle East & Africa: Fastest growing market

Key Companies & Market Share Insights

Coty Inc. is a major player in the market as it is known to be the manufacturer, designer, distributor, and retailer of fragrances, cosmetics, skincare, nail care, and hair care products. The company sells a wide range of products under 77 brands, which are segmented into Coty Luxury and Coty Consumer Beauty. The company offers a plant-based nail polish collection through its brand “Sally Hansen”.

butter LONDON is one of the emerging players that offers innovative products and formulations that are not harmful, such as color repertoire for eyes, lip & face, using the same ingenious carcinogen-free Crafted with Care approach to formulations. The company offers products for nails, eyes, lips, face, and body.

Key Players

• Coty, Inc.
• L'Oreal Groupe
• Revlon Consumer Products LLC
• Estee Lauder Companies, Inc.
• Shiseido Co., Ltd.
• Unilever
• Wella International Operations Switzerland Sàrl (O.P.I.)
• ZOYA Nail Polish (Art of Beauty Inc.)
• butter LONDON
• Ella+Mila, Inc.

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Conclusion

In conclusion, the global nail polish market is expanding as consumer interest in beauty trends, personal grooming, and creative self-expression continues to rise. The influence of social media, fashion influencers, and nail professionals is further shaping demand for innovative nail products with unique textures, colors, and long-lasting effects. Growing preference for non-toxic and naturally formulated nail polishes is also supporting market growth, encouraging companies to focus on product safety and sustainability. With Asia Pacific leading in consumption and the Middle East and Africa emerging as a fast-growing regional market, the industry is expected to witness strong opportunities driven by lifestyle changes, brand diversification, and retail expansion in the coming years.