NAIL POLISH MARKET ANALYSIS

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2. NAIL POLISH MARKET ANALYSIS • Nail Polish is a lacquer, which is applied on fingernails or toenails to protect and decorate nail plates. It is manufactured using various chemical compositions such as solvents, film formers, pigments, resins, plasticizers, pearls, and thickening agents such as stearalkoniumhectorite, in order to bind other ingredients, which makes the polish easier to apply.

3. Growing population of working women together with increasing awareness about grooming among consumers is fueling growth of the cosmetic industry, which in turn is driving the global nail polish market growth. For instance, according to the U.S. Department of Commerce, International Trade Administration (ITA), in 2016, the Indian Beauty and Personal Care (BPC) industry was valued at US$ 8 billion, and is expected to exhibit a CAGR of 5-6% in the period between 2017 and 2021. As a result, demand for nail polish products is also expected to increase during the forecast period. • Moreover, increasing disposable income and rising number of nail salons are another factors, which could drive growth of the global nail polish market during 2019 to 2027. Increasing disposable income of the population has led to increased expenditure on personal care and cosmetic products. According to the U.S. Bureau of Economic Analysis, in 2016, the U.S. per capita disposable income was US$ 42,029, which increased to US$ 43,433 in 2018. Moreover, increasing awareness about personal grooming is also driving people to spend more on cosmetic products. Therefore, with rising disposable income, demand for nail salons is expected to increase during the forecast period.

4. Figure 1. Global Nail Polish Market Share (%), By Region, 2018

5. However, rising health concerns, owing to the use of harmful chemicals in manufacturing nail polish are likely to have hamper growth of global nail polish market in the near future. Nail polish contains toxic and hazardous chemical ingredients such as toluene and dibutyl phthalate, which can adversely affect human health. The health risks associated with nail polish range from issues with reproductive health to chronic health problems such as cancer. According to the U.S. Food & Drug Administration, under section 740.1, it is mandatory for cosmetic manufacturers to put a warning on product labels regarding health hazards that could occur from using a product. Moreover, the product label must have a list of ingredients used in descending order of dominance, as per their respective content. • The global nail polish market was valued at US$ 8.34 Bn in 2018, and is expected to register a CAGR of 10.3%, in terms of revenue over the forecast period (2019-2027), to reach US$ 20.07 Bn by 2027.

6. Figure 2. Global Nail Polish Market Share (%), By Distribution Channel, 2018

7. Asia Pacific held for the largest revenue share of 27.9% in the global nail polish market in 2018, and is projected to continue its dominance during 2019-2027. This is owing to increasing number of working women population that leads to high demand for nail polish products in the region. Women working in corporate sector are concerned about their appearance, which is expected to increase demand for nail polish. For instance, according to World Bank, in Japan, the female labor force was 43.11% of the total labor force in 2016, and increased to 43.61 % in 2018. • Growing cosmetic industry is driving growth of the global nail polish market in Asia Pacific region. According to International Trade Administration (ITA), in 2015, the cosmetic industry in Japan was valued at US$ 13,208 million and in 2014, per person expenditure on personal care and cosmetics was US$ 174 annually.

8. Based on distribution channel, specialty stores segment dominated the global nail polish market and contributed 43.1% of revenue share in 2018. Specialty stores offer specific products according to type of store. Specialty stores are often more expensive as compared to supermarkets. Furthermore, already established trust among consumers about the quality of nail polish and its brands at these stores is driving growth of this segment, globally. • However, hypermarket & supermarket segment is projected to record the fastest growth during the forecast period, attributing to rapid expansion in number of stores globally. According to the U.S. Department of Agriculture (USDA), in 2017, the total number of supermarkets in Egypt were 1,056 in 2016, and it increased to 1,215 in 2017. • Major players operating in the global nail polish market are Revlon, Inc., L'Oreal S.A., Fiabila SAS, NARS Cosmetics, Inc., Essie Cosmetics, Ltd., Coty, Inc., American International Industries, Christian Dior SE, and Chanel S.A.

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