Growing cosmetic industry is driving growth of the global nail polish market in Asia Pacific region

 

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.

Growing cosmetic industry is driving growth of the global nail polish market in Asia Pacific region.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.

Be that as it may, because of developing wellbeing concerns, the utilization of hurtful synthetics in the assembling of nail polish might hamper the nail polish market development. Nail polish contains unsafe and poisonous compound fixings, for example, dibutyl phthalate and toluene, which can unfavorably influence human wellbeing. Wellbeing chances, like constant medical issues, conceptive medical problems, and so on, are related with nail polish items. It is obligatory for corrective makers (under area 740.1) to put a notice on the item about conceivable wellbeing dangers that can come about because of utilizing an item, as indicated by the United States Food and Drug Administration (FDA). In addition, a name ought to contain a rundown of fixings utilized in that item.

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.