Nail Salon Industry Overview
The global nail salon industry was valued at USD 10.1 billion in 2022 and is projected to grow at a compound annual growth rate of over 7.5% between 2023 and 2032. Customers seek holistic beauty experiences, leading to the integration of advanced skin care technology and specialized services.
Market Trends and Impact
Key trends shaping the market include growing demand for natural and organic nail products, increased influence of social media platforms like Instagram and Pinterest, and the rising popularity of online appointment scheduling and flexible booking options.
Market Size and Revenue
The global nail salon market size was USD 49.04 billion in 2022, with an expected expansion at a compound annual growth rate of 7.46% between 2023 and 2028, reaching USD 75.49 billion. In 2020, the nail salon industry in the United States generated revenue of approximately $23.1 billion.
Product Type Analysis
Nail polish accounted for the largest market share in 2022, driven by a wide variety of shades that allow customers to express their individuality. The North America market is expected to be the largest, accounting for over 25% share in 2022, due to high spending capacity and major brand presence.
Industry Outlook and Financial Ratios
The estimated industry worth by 2024 is $15.55 billion. Women annually spend $768 million on nail polish, showing a 32% increase in spending. Industry financial ratios benchmark nail salons against peers in areas like profitability and valuation to assess average company performance.
Nail Care Industry Insights
The nail care industry reflects increasing western lifestyles, with women investing significantly in grooming and appearance enhancement.
Conclusion
The nail salon industry continues to grow driven by customer demands for advanced services and products, with a strong presence in both the global and U.S. markets.