Youth have made nail art and extensions a big part of their grooming routine. Because of the development of nail paints with natural ingredients and lower chemical content, demand is predicted to increase fast throughout the forecast period.
Salons that offer professional services are fast increasing in number. Over the projection period, market expansion will be driven by an increase in the number of such service providers, as well as an increase in the number of mobile-based apps delivering doorstep salon services.
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In 2015, Nail Polish Market was the most popular segment, accounting for nearly 89.0 percent of total sales. The ease of application and availability of a wide range of colours are driving demand. Due to consumer reluctance to switch to gel-based replacements, liquid products are likely to account for the biggest market share over the projection period.
The ease of application and low cost, combined with the manufacturers' vast colour variety, are expected to drive demand over the projected period. Furthermore, increased consumer demand for beauty products is likely to drive market expansion in the next years, resulting in a booming fashion and cosmetics industry.
Nail Polish Market is one of the newest items that has gotten a lot of buzz. With a CAGR of 10.5 percent from 2016 to 2024, it is predicted to be the fastest growing segment. The ability to produce a long-lasting glossy finish is driving demand. Gel is becoming increasingly popular, particularly in industrialised regions such as North America and Europe.
Gel nail polishes are predicted to be one of the primary drivers driving market expansion due to its affordability and durability. However, due to the expensive cost, product adoption is projected to remain modest.
Regional Perspectives
The fast-growing demand for nail polish in Latin America is due to the region's burgeoning fashion industry. Over the projection period, demand is expected to rise due to a growing population and changing lifestyles. Increased marketing and brand awareness activities by industry participants in the region are likely to boost growth even more.
Revlon, Inc., L'Oreal S.A., Fiabila SAS, NARS Cosmetics, Inc., Essie Cosmetics, Ltd., Coty, Inc., American International Industries, Christian Dior SE, and Chanel S.A. are major competitors in the global nail polish market.
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