The nail polish industry is in crisis.
The market for nail polish has shrunk from $3.5 billion in 2007 to $2.6 billion in 2018.
A year ago, the number of sales was over $1 billion.
In the last two years, the market has shrunk by 40 per cent, and demand for nail products has been on a steep decline.
It has been a tough year for the nail industry.
A report released by the National Association of Confectioners of America (NACOA) said demand for cosmetics and nail care products is down from 5.4 million in 2017 to 2.4m in 2019.
The report also noted that the market for beauty products has contracted by a third over the last decade.
“The nail industry faces serious challenges in terms of demand and profitability, as more consumers are searching for new and innovative products,” said NACOA President Tom Hays.
Despite the downturn, the nail brand industry is not dead.
It is thriving.
Hair salon owners have been able to survive the recession thanks to the rise in popularity of high-end salon brands like Clinique and Ralph Lauren.
They are able to provide quality products at affordable prices.
“I don’t want to say the nail salon industry is dead, but the nail business is not there anymore,” said Shilpa Chitnis, a salon owner in San Francisco.
The nail polish business has been booming for more than 40 years, but it is not sustainable, Chitnes said.
Even though demand for beauty is declining, nail care remains one of the fastest-growing areas of the nail care industry, according to the American Association of Shampoos and Cosmetologists (ASHC).
“I am really hoping that we are going to see the nail beauty industry continue to grow because it is such a healthy area of the industry, with so many great companies and so many products,” Chitns said.
“This is really a trend that I think will continue.”