Nail care market to reach $23.1 billion by 2031
The global nail care market value is expected to reach $23.1 billion by 2031, progressing at a compound annual growth rate of 8%, according to Transparency Market Research.
The market in the Asia Pacific region is anticipated to maintain its leading position, driven by a surge in the adoption of advanced technologies in different nail care products including special effects, bold colours, soak-off gels and long-lasting traditional manicures.
The popularity of manicures and pedicures is one of the key factors driving growth in the global nail care market, as they typically cause minimum damage to nail beds.
However, TMR said that gel manicures or extensions are still gaining "immense impetus" on recent years. This is expected to drive sales growth in the market, with the polish-like appearance of acrylic boosting the popularity of gel manicures.
Nail care companies are focussing on innovations in colour cosmetics to cater to the rising demand from the older female population.
In addition, TMR highlights the rising demand for nail moisturisers and nail cleansers, specifically among elderly consumers as their nails become more brittle with ageing. Companies are increasing R&D to help provide next-gen products that can moisturise, strengthen and make nails smooth.
TMR also emphasised that evolving digital technology and social media trends around the globe are expected to drive notable growth avenues in the nail care market during the forecasted period.