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Unveiling the Hottest Trends in Nail Polish for 2024
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According to The Business Research Company's, The nail polish market size has grown rapidly in recent years. It will grow from $12.9 billion in 2023 to $14.48 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to fashion and beauty trends, celebrity endorsements and influences, social and cultural influences, advertising and media influence, seasonal and occasional themes.
The nail polish market size is expected to see rapid growth in the next few years. It will grow to $22.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to R&D investment, global market penetration, digital marketing strategies, sustainability and eco-friendly products, consumer preferences and trends. Major trends in the forecast period include retail and distribution strategies, vegan and cruelty-free demands, fashion and runway influence, personalization and customization, innovations in formulas and ingredients.
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Market Drivers and Trends:
The increasing working women population worldwide is expected to propel the growth of the nail polish market. Working women refer to a woman, who works outside the home for a living and earns a salary, wages, or other income through regular employment. Nail polishes help working women by giving them a vibrant and elegant look and perfection. For instance, according to the US Bureau of Labor Statistics, in the United States, women were nearly half (47.0%) of the labor force in 2021. Therefore, the increasing working women population worldwide is driving the growth of the nail polish market.
Breathable technologies are a key trend in the nail polish market. Major companies operating in nail polish are developing products with breathable technologies to strengthen their position in the market. In March 2022, Orly, a UK-based nail care brand, released """"Island Hopping"""", a summer breathable line of nail polish. It is vegan, cruelty-free, and halal-certified. The collection features six distinctive vacation colors and is the first professional treatment and color nail polish to use a brush with 600 bristles to create a formula that is permeable. The 1-step manicure uses modern oxygen technology to maintain hydration balance in the nails, encouraging nail development and extending wear.
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Major Key Players of the Market:
L'Oreal India Pvt Ltd., Prestige Cosmetics Corp, The Estee Lauder Companies, Sephora USA Inc., Shiseido Co Ltd., Unilever India Exports Limited, Coty Inc., Sally Hansen Inc., Wella Operations US LLC, Revlon Inc., Kiko SpA, OPI Products Inc., Markwins Beauty Brands Inc., China Glaze Co Ltd., INGLOT SP. Z O.O., Butter London LLC, Orly International Inc., Colorbar Cosmetics Pvt Ltd., NARS Cosmetics Inc., Barry M Cosmetics Ltd., Deborah Lippmann collection LLC, Smith & Cult LLC, Kinetics Cosmetics Inc., Mavala International SA, Ella+Mila Inc., Ciaté London Ltd., Floss Gloss Ltd., Art of Beauty Company Inc., Jessica Cosmetics International Inc., JINsoon Hand & Foot Spa Inc.
Nail Polish Market 2024 Key Insights:
• The nail polish market size is expected to see rapid growth in the next few years. It will grow to $22.47 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Surge In Working Women Population Fuels Growth In The Nail Polish Market
• Technological Advancements Driving Innovation In The Nail Polish Market
• North America was the largest region in the nail polish market in 2023
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