Consumer engagement on social media is driving the Nail Polish Market
Technavio analyzes that the Nail Polish Market is expected to grow at a CAGR of 4.67% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3.98 billion.There are various factors that contribute to the growth of the market. The nail polish market has witnessed a significant surge in consumer engagement on social media platforms. Brands are leveraging social media to connect with their audience, showcase new collections, and offer exclusive deals. Consumers, in turn, are using social media to discover new trends, share their nail art creations, and engage with their favorite brands. This digital interaction not only enhances brand loyalty but also drives sales and growth in the nail polish industry.
The global nail polish market primarily relies on offline distribution channels for revenue generation, with specialty stores being the largest contributors. These retail models, including beauty and personal care specialist stores, are crucial for manufacturers such as Revlon and Estee Lauder. Specialty stores offer unique value through nail art workshops, events, and product demonstrations, attracting a customer base interested in innovative techniques and trends. Despite the rise of e-commerce and online retailers, offline channels continue to dominate the market due to their ability to provide a tactile and experiential shopping experience. Manufacturers strategically allocate marketing, advertising, and promotion budgets to increase product and brand visibility within these retail outlets.
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Nail Polish Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Nail Polish Market caters to millennials with trends like Gel Couture and Press-on nails. Brands like Magnum ice cream's Mei Kawajiri join the fray. Walgreens, Primp In-Home, Fantastic Services, and specialty beauty stores stock various polish types. Pinterest and beauty influencers drive consumer choices. Nail artists use acrylics, Polygel, and dip powder, while men focus on toenails. Chemicals like formaldehyde, toluene, and dibutyl phthalate are under scrutiny in The Roundup. The Acrylic segment dominates, with solvents, film formers, resins, and plasticisers essential components.
The global personal care products market, encompassing sectors such as cosmetics, perfumes, masks, sex toys, hair wigs and extensions, polarized sunglasses, and nail polish, experiences growth due to rising disposable income levels. Millennials, a significant consumer demographic, demonstrate a strong affinity for premium offerings, with brands like Gel Couture and Mei Kawajiri gaining popularity. Retailers like Walgreens and e-commerce platforms such as Primp In-Home and Fantastic Services cater to this demand. Innovative products, such as long-lasting gel polishes and press-on nails, further fuel market expansion. According to Technavio, the global household and personal care products market size is determined by the consolidated revenue generated by manufacturers in this sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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