Project report for Nail Polish

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In India the nail polish manufacturing industry growing demand for nail polish and nail care products, increasing middle class population, emergence of brands such as Nykaa and Purple into e-commerce space, along with increasing number of internet users emphasizing on online retail channel. Moreover, increasing demand for multiple variants has boosted the new product launches, thereby propelling Nail Polish market across the country.The major players operating in India nail polish market include Lakme Lever Private Limited, L'Oreal India Pvt. Ltd, Oriflame India Private Limited, Unilever India Exports Limited, Lotus Herbals Private Limited, Bio Veda Action Research Co. (Biotique), Modi Revlon Pvt Ltd, Colorbar Cosmetics Pvt. etc.

Nail polish also known as nail varnish or nail enamel is a lacquer that can be applied to the human fingernail or toenails to decorate and protect the nail plates. The formula has been revised repeatedly to enhance its decorative effects and to suppress cracking or peeling. Nail polish consists of a mix of an organic polymer and several other components that give it colors and textures. Nail polishes come in all shades of color and play a significant part in manicures or pedicures. Modern nail polish is sold in liquid form in small bottles and is applied with a tiny brush. Within a few minutes after application, the substance hardens and forms a shiny coating on the fingernail that is both water- and chip-resistant. Generally, a coating of nail polish may last several days before it begins to chip and fall off. Nail polish can also be removed manually by applying nail polish "remover," a substance designed to break down and dissolve the polish. From certain seaweeds of the Rhodophyceae class. It is insoluble in cold water but soluble in boiling water. A 1.5% solution is clear and when it is cooled to 34-43°C it forms a firm gel which does not melt again below 85°C. It is a mixture of polysaccharides whose basic monomer is galactose. These polysaccharides can be sulphated in very variable degrees but to a lesser degree than in carrageenan.

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Market potential & Strategy

The global nail polish market size is expected to reach INR 1.168.290 Crores by 2024, growing at a CAGR of 9.5%, the demand is expected to grow rapidly due to growing purchases by the teenage population who prefer designer nails. The rise in the number of people visiting salons and nail art studios is expected to have a positive impact on the demand. The consumption is driven by changing behavioral patterns and changing lifestyles. Growing awareness about beauty trends and rising brand consciousness among women population is expected to further augment enamel demand. Nail art and extensions have become an important component of grooming among the millennials. The demand is expected to grow rapidly over the forecast period owing to the introduction of nail paints with natural contents and reduced chemical content nail paints. Nail care is one of the major aspects of our grooming routine. A healthy nail care routine is not limited to women alone, but is also followed by diabetics and men. As diabetics are prone to fungal infections of nails, basic nail care is a recommended part of their grooming routine. Along with keeping chemicals and dirt at bay, having a healthy nutritious diet which includes omega-3-fatty acids, biotin, and iron, is important for maintaining good health of nails. The number of salons providing professional services is growing rapidly. The rising number of such service providers coupled with growing number of mobile-based apps providing doorstep salon services is expected to drive market growth over the forecast period.

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