Nail Polish and Service: India

Part
01
of three
Part
01

Nail Polish and Service Market Size: India

The estimated market size of the nail care business in India is around Rs7.2 billion or $103.74 million at the end of 2017. This includes products applied to nails and the accompanying nail salon services. Meanwhile, the total market size of the nail care products segment was derived to be at around $101.64 million, while the market size of the nail care services segment was calculated to be worth $2.1 million.

METHODOLOGY

We started our research by looking for directly available data of the nail care market size in India. We searched for this information in various sources such as in market research sites like Tech Sci Research, Wise Guy Reports, Grandview Research, Transparency Market Research, Vogenix, Kline Group, and others; consumer business industry reports such as Franchise India, Chemarc, and others; consulting sites like Deloitte, PWC, and similar sites; business-related sources such as India Business Today, Forbes, Business Insider, and others; financial sites such as The Economic Times, Money Control, WSJ, FT, and other similar sources; press release sources such as from Cision, Newswire, and others; media outlets such as India Info Online, CNBC, and other relevant sources. Based on this search approach, we were able to find an estimated amount of the market size of the nail care business in India that includes nail products and services. However, we were not able to find readily available breakdown of the nail polish and nail care services segment. What we found was the percentage of all the nail products' share in India's cosmetics market. We then used this data to calculate the breakdown of the nail products and the nail services areas to approximate the market sizes of these segments.
Our search stategy above also resulted in the discovery of several paywalled reports such as those coming from Tech Sci Research, Wise Guy Reports, Grandview Research, Transparency Market Research, Vogenix, and the Kline Group that contain the global nail products' market size and the geographic segmentation breakdown. This can be used as an option to further verify the market size data that was obtained from the local sources above. There were also some outdated data points explored to get more available insights about the nail care business in the market.
We also tried to approximate the market size by trying to obtain the revenue of the key players in the nail care products and services market in India. However, the revenue data of the key players were not specific to their nail care businesses only. Furthermore, the revenue data of the top players in the nail services sector were not fully available.
We then checked if there are consumer associations or government entities in India such as the Department of Commerce, and others that released reports on the market size for nail care in India. Based on this search strategy, what we found are general beauty industry reports. There were no data found on these sites that are specific to the nail care business in the country.
Based on these strategies, we then consolidated our findings on the nail care market size data and other relevant information in the section below.

Nail Polish and Service Market Size: India

The market size of the nail care business in India was estimated to be around Rs7.2 billion or $103.74 million at the end of 2017. This includes products applied to nails and the accompanying nail salon services. Globally, the nail polish market size is expected to reach around $15.55 billion by 2024.
The nail care products segment accounted for 22% of the Rs32 billion ($462 million) color cosmetics market in India. Based on this, the nail care products segment in India was calculated as follows: 22% X $462 million = $101.64 million.
From here, the nail services market size was derived from the following calculations:
Total market size of the nail care business in India: Rs7.2 billion or $103.74 million.
Total market size of the nail care products segment as calculated above: $101.64 million.
Total market size of the nail care services segment = $103.74 million - $101.64 million = $2.1 million

NAIL CARE BUSINESS IN INDIA

Nail polish and lipstick are the most sought-after cosmetic products in India. These two segments accounted for 70% of the Indian cosmetics market.
Some of the best-selling brands in the country are the following: Revlon, Estee Lauder, LA Splash Cosmetics, Kiko Milano, The Face Shop, Hindustan Unilever, Nails Mantra, Nail Spa India, and Nail Bar. Nail Bar was introduced to the market 12 years ago. Nails Spa India has around 20 retail outlets across the country.
Females who are between the ages of 11 to 75 years old are the main customers of nail care services. Some types of nail service has an estimated cost of Rs5000, around $72.04, or more.

Part
02
of three
Part
02

Nail Polish Market Growth: India

According to our calculations, the nail polish market in India is expected to grow at a CAGR of approximately 26.05% over the next ten years. The market is projected to increase from INR 11.12 billion in 2019 to around 112.6 billion by the year 2029. We have presented a detailed overview of our research strategy, any assumptions we have made, and the findings from our research below.

METHODOLOGY

We began our research by searching for market reports or industry studies published by reliable market research firms on the nail polish market in India to find relevant information. These sources included Markets & Markets, IDC, Gartner, Euromonitor International, Forrester, and Frost & Sullivan. We discovered a report from TechSci Research that offered details on the general nail care market in the country where nail polish was included as a section of the market. Also, we found another article from CHEMARC that provided data on the market size for nail colors in India from 2012 to 2017. However, neither report presented information on the future growth rate for the nail polish market.

Next, we searched for press releases and news articles containing a forecasted growth rate for the market in the country. We examined sources such as India Today, Times of India, Indian Express, DNA India, and Hindustan Times for relevant information. The majority of the articles we found merely presented general data on the overall nail care market in India. Afterward, we searched for the leading nail polish brands in the nation with the intention of exploring any press releases or news articles on the brands to see if the projected growth rate for India is mentioned. Though we found two publications that offered previous growth rates for labels like Revlon and ColorBar, the articles were from 2014 and only presented data on the brands' individual growth rates instead of the entire market. As the growth rates for the labels would be reliant on their time of market entry, along with their business performance, the growth rates we came across could not be utilized to triangulate a growth rate for the general nail polish market in India.

We then chose to use the market size information provided by CHEMARC (nail colors 2012 to 2017) to calculate the compound annual growth rate (CAGR) for the nail color market in India from 2012 to 2017. Our calculations are available below.

CALCULATIONS

GROWTH RATE OF NAIL POLISH MARKET IN INDIA FROM 2019 TO 2029

As reported by CHEMARC, the nail color market in India grew from INR 2.2 billion in 2012 to INR 7 billion in the year 2017. These figures can be utilized to calculate the CAGR for the market from 2012 to 2017. Using an online CAGR calculator, we discovered that the growth rate for the nail color market in the nation was 26.05% during that time.


A graph in CHEMARC's report indicates that the nail color market in India has been consistently growing from 2012 to 2017. Therefore, we assume that the sector will proceed to rise steadily at 26.05% over the next decade (2019-2029).

MARKET SIZE OF NAIL POLISH MARKET IN INDIA FROM 2017 TO 2019

We used the estimated growth rate and market size in 2017 (INR 7 billion) to forecast the market size of the nail polish market in India from 2019 to 2029 utilizing a reverse CAGR calculator. First, we calculated the market size in 2019 to be around INR 11.12 billion.


We then used the 2019 market size to calculate the market size in 2029, which we project will be approximately INR 112.6 billion.


TOP TEN BRANDS IN THE NAIL POLISH MARKET IN INDIA

As reported by Brand Yuva, the top ten brands of nail polish in India goes as follows:


Part
03
of three
Part
03

Nail Care Consumers: India

Business professional woman between the ages of 18-35 are the biggest consumer drivers of nail care in India. The biggest service trend is nail art. Below you will find an overview of our methodology and findings.

Methodology

We began our research through credible databases for an overall review of nail care purchases. These were broken down into nail polish and nail services in India. From this information, we gathered that the nail care industry in India has an estimated size of Rs7.2 Billion with a CARG of 25% per annum. We used these metrics to calculate what the estimated size could look like in 10 years by performing an annual growth calculation, which we have written out below.

We first converted Rupees to USD for an easier calculation.
1 rupee = 0.014 USD so Rs7,200,000,000 = $103,204,800.00
We then performed the following calculation:
$103,204,800 * (25% / 100 + 1) ^10 = $961,169,600.49
Then, we converted the amount in USD back into Rupees.
Therefore, Rs66,703,543,498.49 is the expected nail care industry size in India in 10 years

General Nail Care in India

India's current nail care industry is sized at 7.2 billion Rupees with a CAGR of 25%. Using the calculation above, we have found that 66,703,543,498.49 Rupees is the expected size of the nail care market segment in India ten years from now. We have also found that nail care makes up 22% of the color cosmetics industry in India. Hindustan Unilever is the market leader of color cosmetics in India with a retail value share of 17%. The company can contribute 9% of its sales directly from India and that number is expected to rise over the next 5 years to 38%. The market is broken down into the following segments: nail treatments, nail polishes and removers, and nail tools and nail art.

Nail Treatments

Nail treatments such as manicures and pedicures will show the highest growth in the industry over the next 10 years. Purchasers of these treatments in India are primarily made up of professional women. This is because they see it as investing in their look to stand out in their workplace.

Nail Colors

Nail polishes and colors has the biggest share of the Indian market at 75%. Gel nail polish and bright colors will be the polishes with the highest growth over the next 10 years. As the nail industry increases, so does the knowledge base around how those products are made. There will be an increase of up to 15% of companies that create greener and more environmentally conscious products, which includes nail polishes. These types of nail polish appeal most to educated women between the ages of 20 and 40.

Nail Art

Nail art and extensions is the newest segment in the Indian nail care industry and makes up 4% of the market share. The largest names in nail art in India are Nail Mantra, Nail Spa India, and Nail Bar. Nail Art is purchased primarily by younger women, between the ages of 18 and 35, who have higher incomes. This is because it is an expensive treatment, costing 3,500 Rupees on average and can rise up to 5,000 Rupees at some companies.
Sources
Sources

From Part 02
Quotes
  • "TechSci Research calculated the market size for the India nailcare market using a bottom-up approach, where manufacturers’ value sales data for different types of (Nail Polish, Nail Accessories, Nail Strengthener, Nail Polish Remover, Artificial Nails and Accessories & Nail Polish Accessories), nailcare was recorded as well as forecast for the future years was made."
Quotes
  • "The most-preferred cosmetic items are nail polish and lipstick. Both are the most-bought items in the beauty and cosmetics industry of the world."
  • "Both these items together contribute 70% of the sales value of the cosmetics in the Indian market. This is where the leading cosmetic brands are enjoying the profit. "
Quotes
  • "By the end of 2013, ColorBar became a Rs 100-crore brand; it was worth Rs 60 crore in 2012. Its topline has been growing at a compounded annual growth rate of over 80 percent since 2011 and it has turned in a positive Ebitda for the first time. "
Quotes
  • "Over the course of 5 years/months your investment grew from 2.2 to 7.0. Its compound annual growth rate (CAGR) is 26.05 %."