Market Size and Overview:

The 2023 valuation of the worldwide Manicure Market, driven by AI advancements, amounted to USD 11.62 billion. Projections indicate a prospective expansion to USD 17.07 billion by 2030, with a robust Compound Annual Growth Rate (CAGR) of 5.65% expected between 2024 and 2030. The industry's upward trajectory is predominantly attributed to technological progress in Artificial Intelligence, evolving fashion preferences among the younger demographic, and the integration of eco-friendly color options.

Industry Overview:

Artificial Intelligence is currently gaining prominence across various sectors, including the manicure domain. The application of AI in manicures involves the use of artificial intelligence to create an interactive environment, allowing customers to have their desired designs painted on their nails. Each customer schedules and pre-pays for a 10-minute appointment to utilize the AI-powered machine. Upon arrival, customers select a nail polish color and insert the polish cartridge into the Clockwork robot, resembling a sizable purple box.

Equipped with built-in 3D cameras, the system captures a series of images of the user's hand, creating a multi-dimensional map. The artificial intelligence within the device utilizes this map to determine precise placement for applying the nail polish.

For each finger, the system patiently awaits the customer's indication, either by saying "Ready" or pushing a button, before dispensing the nail polish onto the nail surface.

It is important to note that the Clockwork device offers a basic paint job without additional services such as nail clipping, cuticle removal, filing, or hand massages. The company categorizes this service as a "manicure."

Nail care encompasses a range of services, including manicures and treatments such as repairs, anti-breaking applications, and hydrating and nourishing therapies. Moisturizers play a vital role in nail care formulations, incorporating ingredients such as glycerin, petrolatum, beeswax, mineral oils, natural oils (almond, avocado, jojoba, and sunflower), waxes (cetyl alcohol, stearyl alcohol, and beeswax), and humectants (aloe vera, ceramides, and glycerin).

COVID-19 impact on AI-powered Manicure Market

Impact of COVID-19 on the AI-powered Manicure Market: The nail care industry, especially physical shops and offline stores, has been significantly affected by the COVID-19 pandemic. However, online sales have not witnessed a substantial decline. The report attributes this trend to the perceived risk of infection at salons, prompting customers to opt for at-home personal care alternatives. Consequently, products that are user-friendly and suitable for home use are preferred over salon services by consumers. To navigate these challenges, many businesses are leveraging innovation.

Historically, the beauty industry, particularly nail salons, has been a source of employment for undocumented workers. In New York City alone, there are over 4,000 nail salons. When salons faced temporary closures or permanent shutdowns during the pandemic, approximately 80 percent of nail salon workers in New York did not qualify for federal aid.

According to a study by Oxford Economics, up to 20 million global jobs in healthcare, manufacturing, retail, and trucking may be replaced by automated technology. Robots are becoming adept at performing various tasks, including physical activities that were previously considered challenging, such as manicures. It is emphasized that these machines are not designed to replace full-service nail salons and do not intend to eliminate jobs or displace employees from their livelihoods.

MARKET DRIVERS:

The expansion of the Manicure market is propelled by continuous Technological Advancements in Artificial Intelligence.

The utilization of artificial intelligence technology extends to online try-on experiences, providing individuals with the ability to visualize their nails adorned with various shades through augmented reality digital manicures. Through advanced hand mapping, this technology transforms the nail polish and nail art purchasing experience, offering real-time live previews of nail polish products. The AI-powered AR Virtual Try-On for Nails can seamlessly integrate into online platforms, in-store setups, and mobile applications, revolutionizing how customers explore and shop for an array of nail polish finishes, including cream, jelly, sheer, and matte.

The interactive try-on experience allows users to present their hand to a camera, enabling them to view the selected shades. This innovative solution supports the future of touchless try-on experiences, accessible through users' personal mobile devices or a store's intelligent mirror.

MARKET RESTRAINTS:

The presence of diverse consumer preferences poses a challenge to the market's growth.

The burgeoning interest in fashion among consumers has led to significant growth in the nail salon industry. Intense competition has prompted substantial enhancements in various aspects, such as natural ingredients, recycling practices, artificial intelligence integration, and at-home nail care solutions. Additionally, companies are leveraging digitization and artificial intelligence as strategic tools to excel in the market.

AI-powered Manicure Market - By Product Type:

• Regular Nail Polish
• Gel Nail Polish
• Others

In 2021, the Regular Nail Polish segment dominated the global market with a substantial 46% market share. This can be attributed to its simple application and the availability of a diverse range of shades. The cost-effectiveness of regular nail polish compared to other types has significantly fueled its demand, contributing to the overall market growth.

The Gel Nail Polish segment is expected to exhibit the highest Compound Annual Growth Rate (CAGR) of 8.0% from 2022 to 2030. These products offer a more focused application compared to regular nail polish. The ready availability of gel nail polish, coupled with its ability to provide a durable and sleek finish with quick drying, has propelled market growth in terms of value sales. Additionally, the "Others" category includes dip powder, poly-gel, acrylic, and shellac nail polish, which are gaining consumer traction due to their unique benefits, such as long-lasting properties and trending appeal. However, the higher cost associated with dip powder products may limit market growth in terms of value sales.

AI-powered Manicure Market - By Distribution Channel:

• Hypermarkets & Supermarkets
• Specialty Stores
• E-commerce
• Others

In 2021, Specialty Stores held the largest share in the global market at over 36%. These stores focus on offering natural and chemical-free products, providing customers the opportunity to choose from various brands before making a purchase. The ability to browse types, colors, and hues in specialty stores, coupled with assistance from store associates, enhances the market's growth through this channel. Hypermarkets and supermarkets are also gaining popularity due to their extensive product range under one roof. The online platform is witnessing increased adoption, fueled by easy accessibility and attractive discounts, contributing to overall market growth during the forecast period.

AI-powered Manicure Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

In 2021, Asia Pacific held the largest share of over 39%, and it is expected to be the fastest-growing regional segment during the forecast period. The increasing number of working women in countries like China and India, along with a growing interest in nail care trends, is driving the demand for nail polish. Europe is anticipated to witness a CAGR of 5.4% from 2022 to 2030, with consumers' preference for naturally manufactured products boosting demand, especially in countries like the UK and Germany. North America is expected to see a CAGR of 6.7% from 2022 to 2030, driven by consumers in the U.S. and Canada willing to pay a premium for enhanced appearance. The Middle East is projected to be the second-fastest-growing region, with affluent consumers in countries like South Africa and the UAE contributing to substantial market growth.

AI-powered Manicure Market Share by Company:

• Unilever
• Estee Lauder
• Shiseido
• Revlon
• Sally Hansen
• Wella Operations US LLC
• Cosnova GmbH
• Note Cosmetique
• Loreal S.A.
• Coty Inc. and Others

Notable Happenings in the Global AI-powered Manicure Market:

• Product Launch - April 2021: Preemadonna introduced NailBot, a nail paint beauty device that prints any photo, emoji, image, or self-created design on nails in five seconds.
• Acquisition - April 2021: Revlon acquired the iconic Elizabeth Arden company, enhancing its global beauty enterprise with a strong portfolio of leading brands.