Nail Polish is a lacquer used to decorate both fingernails and toenails. It is also used to protect the nail plates. Nail Polish is made using various chemical compositions such as pearls, resins, pigments, plasticizers, film formers, solvents, and thickening agents (such as stearalkonium hectorite) to bind other ingredients. It is available in multiple colors. The increase in the female population has boosted the demand for nail polish worldwide. Customers are choosing nail polish based on their choice of nail art.
The increasing population of working women and growing awareness among consumers about grooming is driving the growth of the cosmetic industry, which in turn is driving the nail polish market growth. In 2019, Nail polish generated sales of around US$ 552.51 million, accounting for around 40% of the nail products in the United States. Moreover, the increasing number of nail salons and increasing disposable income is another factor, which may lead to the market growth. Increased disposable income leads to increased spending on personal care & cosmetic products. According to Statista, in 2019, the per capita disposable income in the United States was US$ 45,579. Thus, with rising disposable income, the demand for nail salons is expected to increase in the near years.
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However, due to growing health concerns, the use of harmful chemicals in the manufacturing of nail polish may hamper the nail polish market growth. Nail polish contains hazardous and toxic chemical ingredients such as dibutyl phthalate and toluene, which can adversely affect human health. Health risks, such as chronic health problems, reproductive health issues, etc., are associated with nail polish products. It is mandatory for cosmetic manufacturers (under section 740.1) to put a warning on the product about possible health hazards that can result from using a product, according to the United States Food and Drug Administration (FDA). Moreover, a label should contain a list of ingredients used in that product.
In terms of geography, the nail polish market can be divided into six regions, such as North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific is expected to continue its dominance due to the increasing population of working women, which in turn increases the demand for nail polish products in the region. Key players operating in the market are adopting various strategies such as new product launches or business expansion to broaden their product portfolio, as well as market presence. For instance, in December 2019, Kay Beauty forayed into nail products and launched its first nail varnish collection with around 36 shades. Moreover, in October 2019, Hello Kitty and OPI launched a new limited-edition collection in India with around 25 shades.
