PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1408049
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1408049
Global nail accessories market was valued at USD 2.84 billion in 2023, expected to reach USD 6.22 billion in 2031, with a CAGR of 10.3% for the forecast period between 2024 and 2031. The market has witnessed significant growth in recent years, fueled by the increasing popularity of nail art and grooming trends. As beauty and self-care routines become popular, consumers invest more in nail care products and accessories. The market includes various products, including nail art tools, artificial nails, and nail cutters and clippers.
Key factors contributing to the market's growth include a growing focus on personal grooming, social media influence on beauty trends, and the availability of innovative and diverse nail products. The nail accessories market is characterized by a competitive environment, with both established and emerging players introducing new and creative products to boost consumer interest.
In addition to traditional retail channels, e-commerce platforms have played a crucial role in expanding the market's reach, providing consumers with convenient access to various nail accessories. The COVID-19 pandemic further enhanced the move towards online shopping, shaping consumer behavior and purchase patterns.
Geographically, North America and Europe have been major contributors to the market, with a high demand for premium and specialty nail products. However, Asia-Pacific has become a rapidly growing market, fueled by increasing beauty awareness in countries such as China and India.
Global nail accessories market is expected to continue its upward trajectory, driven by ongoing beauty trends, product innovations, and the growing influence of social media influencers on nail art preferences.
The growing popularity of nail art has become a major force influencing the global nail accessories market. By utilizing social media platforms featuring sophisticated and artistic designs, consumers are gradually more drawn to a diverse range of nail accessories. Nail art enthusiasts seek products like specialized tools, exclusive polishes, and nail stickers with built-in self-adhesion to express their individuality. The trend's influence extends beyond beauty salons, with DIY nail art gaining popularity. This surge in demand for innovative and visually appealing nail accessories is a key factor for market growth, as consumers worldwide embrace and celebrate the artistry and creativity associated with expressive nail designs. In April 2022, Lottie London, a UK-based nail paint brand, collaborated with manicurist Chaun Legend to launch a new range of press on fake nails. The nails have a gel finish and are applied with vegan nail glue or adhesive pads that are extremely easy to remove. The press-on nails are 94% PCR, and the external packaging is recyclable, and are PETA-approved, vegan, and cruelty-free.
Innovative product offerings have a significant impact on global nail accessories market. Continuous innovations, such as long-lasting nail polishes, gel-based formulations, and cutting-edge nail care solutions, serve the changing consumer preferences. These products not only enhance aesthetic appeal but also provide durability and convenience. The market's responsiveness to technological and formulation innovations surpasses the demand for efficient, timesaving, and trend-forward solutions. Brands that introduce new textures, finishes, and application techniques capitalize on consumer interest and generate sales. Therefore, the global nail accessories market is characterized by a dynamic landscape, with a constant increase in inventive products influencing purchasing decisions and sustaining market growth.
In April 2023, Astral Brands, LLC owned butter London introduced Quick Slip Revitalizing Nail & Cuticle Oil with Coconut Oil in their nail care category, that comes in an easy squeeze tube with a brush applicator. The product claims to be formulated with a combination of conditioning Safflower Oil, Jojoba Oil, and Coconut Oil to replenish and enhance the appearance of cuticles.
North America is a dominant force in the global nail accessories market, leading to significant market share and influencing trends. The region's strong beauty and fashion industry, combined with high consumer spending on personal care, contribute to this dominance. Major brands headquartered in North America are crucial in shaping the market landscape. The diverse consumer group, such as a growing male demographic embracing nail care, further fuels demand. The region's dynamic e-commerce infrastructure enhances accessibility, making online platforms essential distribution channels. North America's influence is characterized by continuous product innovation, strategic marketing, and a culture that values individual expression through nail art and grooming, resulting in its popularity in the global nail accessories market. In October 2022, the US-based brand OPI launched OPI xPRESS/ON, the brand's first artificial nails, which provided professional quality hues, artistry, and effects. OPI xPRESS/ON has 33 press-on gel-like salon manicure designs that last 14 days.
The COVID-19 pandemic resulted in a transformation of the nail accessories market. The initial disruption caused a decline in consumer spending on non-essential items, causing the nail care industry to decline. Salon closures and restrictions on in-person services led to a shift towards at-home nail care, resulting in the demand for DIY nail accessories and products. E-commerce channels became a major factor as consumers began to use online platforms for their beauty needs. Furthermore, the emphasis on hygiene and self-care during lockdowns contributed to increased sales of nail care and wellness-oriented accessories. While the industry faced challenges, the flexibility of brands to changing consumer behaviour and preferences, along with the surge in online sales, played a vital role in the recovery and revival of the global nail accessories market post the pandemic's initial impact.
Global nail accessories market features a competitive landscape with key players driving innovation and market expansion. Established brands like Wella Operations US LLC, L'Oreal S.A., and Shiseido Company, Limited dominate, utilizing their extensive product portfolios and global reach. Emerging industry players focusing on niche and specialty offerings, contribute to market dynamism. The market's outlook highlights continued product innovation, sustainability initiatives, and strategic collaborations to maintain a competitive edge. E-commerce platforms will remain essential for market penetration, offering consumers a convenient access. As beauty trends evolve, the key players are poised to introduce unique inventions and designs, adapting to changing consumer preferences and sustaining growth in the global nail accessories market. In May 2022, US-based Rare Beauty Brands relaunched Dr. Dana's famous Nail Renewal System, which was developed by renowned dermatologist and nail expert Dr. Dana Stern. The product is a complete nail recovery kit including 3 steps that tend to hydrate, exfoliate, and strengthen nails.
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Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.