Nail polish sector set to grow by over 9%

We know that nail polish is a firm favourite when it comes to beauty. Gel polish accounted for a 10% share of nail polish sales in 2015, and the global nail polish market is predicted to be worth USD 15.55 billion by 2024.

Research carried out by Grand View Research, Inc. reveals that the growing popularity of nail designs among the younger population is likely to fuel the demand over the forecast period. This is in addition to the development of innovative textures and effects.

The consumption of liquid nail polish is high in Europe due to the presence of fashion capitals such as Paris, London and Milan, says the report.

In Latin America, long and polished nails have become a trend among younger females, with Brazil being the biggest consumer owing to its thriving fashion industry.

Increasing consumer disposable income, rising consciousness among women regarding their appearance, and popularity of nail art are expected to have a positive impact on demand over the next eight years.

Further key findings from the report suggest:

• The liquid polish segment is anticipated to grow at a compound annual growth rate (CAGR) of 9.4% from 2016 to 2024 due to affordability and availability of numerous colours
• Europe is expected to witness a CAGR of 9.1% from 2016 to 2024 owing to rapid expansion by industry participants in the region
• Asia Pacific is the second-fastest growing region with a CAGR of 10.2% from 2016 to 2024 owing to the presence of a large number of the youth population
• The market is highly fragmented owing to the presence of a large number of small and large manufacturers
• Product differentiation on the basis of colour shades is being practiced by a large number of industry participants

Read the Nail Polish Market Analysis By Product (Liquid, Gel), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), By Country, And Segment Forecasts, 2013 – 2024 report in full at https://www.reportlinker.com/p05214643