10.08.15
When it comes to nail color, a preference of gel over acrylics continues to gain in popularity with consumers—promising another boom in the profitable category. A new report from global market researchers MarketsandMarkets, predicts that global demand for UV nail gel will reach $59.31 million by 2020 with a CAGR of 6.5% from 2015 to 2020. According to the firm, “North America is the key market for UV nail gel due to the increasing fashion awareness and increase in per capita income.”
The report says that North America dominated the UV nail gel market in 2014 and accounted for over 53% of the market size, in terms of value. In terms of individual countries, the market is dominated by U.S. due to increased demand for innovative and efficient products that can be applied to the nail care industry. The UK is the second-largest UV nail gel consumer in the world. UV nail gel gives a shiny look and has a fast curing time. Asia-Pacific is expected to also grow strongly due also to increasing fashion awareness and per capita income. The uptick in this market is expected to be driven primarily by Japan and China.
According to MarketsandMarkets, this is a developing market due to growing demand for efficiency and superior properties of UV nail gel. However, challenges for UV nail gel markets include exposure to UV light, high competition from major players and use of acetone while removal of nail gels.
The report says that North America dominated the UV nail gel market in 2014 and accounted for over 53% of the market size, in terms of value. In terms of individual countries, the market is dominated by U.S. due to increased demand for innovative and efficient products that can be applied to the nail care industry. The UK is the second-largest UV nail gel consumer in the world. UV nail gel gives a shiny look and has a fast curing time. Asia-Pacific is expected to also grow strongly due also to increasing fashion awareness and per capita income. The uptick in this market is expected to be driven primarily by Japan and China.
According to MarketsandMarkets, this is a developing market due to growing demand for efficiency and superior properties of UV nail gel. However, challenges for UV nail gel markets include exposure to UV light, high competition from major players and use of acetone while removal of nail gels.
