Nail Polish is a lacquer used
to decorate both fingernails and toenails. It is also used to protect the nail
plates. Nail Polish is made using various chemical compositions such as pearls,
resins, pigments, plasticizers, film formers, solvents, and thickening agents (such
as stearalkonium hectorite) to bind other ingredients. It is available in
multiple colors. The increase in the female population has boosted the demand
for nail polish worldwide. Customers are choosing nail polish based on their
choice of nail art.
The increasing population of
working women and growing awareness among consumers about grooming is driving the
growth of the cosmetic industry, which in turn is driving the nail polish
market growth. In 2019, Nail polish generated sales of around US$ 552.51
million, accounting for around 40% of the nail products in the United States. Moreover,
the increasing number of nail salons and increasing disposable income is another
factor, which may lead to the market growth. Increased disposable income leads
to increased spending on personal care & cosmetic products. According to
Statista, in 2019, the per capita disposable income in the United States was US$
45,579. Thus, with rising disposable income, the demand for nail salons is
expected to increase in the near years.
Know More: https://www.coherentmarketinsights.com/market-insight/nail-polish-market-2970
However, due to growing
health concerns, the use of harmful chemicals in the manufacturing of nail
polish may hamper the nail polish market growth. Nail polish contains hazardous
and toxic chemical ingredients such as dibutyl phthalate and toluene, which can
adversely affect human health. Health risks, such as chronic health problems, reproductive
health issues, etc., are associated with nail polish products. It is mandatory
for cosmetic manufacturers (under section 740.1) to put a warning on the
product about possible health hazards that can result from using a product,
according to the United States Food and Drug Administration (FDA). Moreover, a
label should contain a list of ingredients used in that product.
In terms of geography, the nail
polish market can be divided into six regions, such as North America, Europe,
Asia Pacific, South America, the Middle East, and Africa. Asia Pacific is
expected to continue its dominance due to the increasing population of working
women, which in turn increases the demand for nail polish products in the
region. Key players operating in the market are adopting various strategies
such as new product launches or business expansion to broaden their product
portfolio, as well as market presence. For instance, in December 2019, Kay
Beauty forayed into nail products and launched its first nail varnish
collection with around 36 shades. Moreover, in October 2019, Hello Kitty and
OPI launched a new limited-edition collection in India with around 25 shades.
Comments
Post a Comment