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Nail Polish and Service: South Korea
Despite our extensive research, we were unable to find the market size for nail care in Korea. We were able to find that the nail art industry made 3 trillion won (US$21 billion) in 2017 and has steadily increased since 2006. It was also found that in Japan, the nail industry market size was 160 billion yen (US$1.4 billion) in 2017. Please see below for more useful findings.
METHODOLOGY
We began by looking for any precompiled information that we could find. Some sites we reviewed were Forbes, Reuters, The Korea Times, Cosmetic Business and Statista. We found some nail art market data from the Reuters website but there was no other useful information found.
Next, we reviewed industry magazines like NAILS Magazine, 10 Magazine, Female Magazine, W Magazine, and B Asia Magazine. We were looking to find any market size insights or market sizing information that we could use. The magazines mostly talked about nail art techniques and popular salons. We were unable to find anything useful.
We also reviewed some industry report overviews hoping to find some insights on the market size of the nail care industry in South Korea. Some sites we reviewed are IBIS World, PS Market Research, Tech Navio, and PRN News Wire. We found many of the sites didn’t display any other the data point we required for our brief. Even though the reports were global, the available insights were based on China for one, and it gave specifics on the US market for another. We were unable to use anything from this strategy.
As another strategy we reviewed statistical websites like Statistics Korea, Statista, Korean Statistical Information Service, and the Organization for Economic Co-operation and Development (OECD). We hoped to find some statistical data on the nail care industry that would aide in determining market size, but these provide broader statistics with categories like education and employment.
As a last resort, we have listed some paywalled sources for consideration. Some of those are Market Watch, WRCB TV, and Kline Group. These offer full reports for a predetermined dollar amount but do have some information that could be useful.
NAIL CARE MARKET IN SOUTH KOREA — USEFUL FINDINGS
• The nail art industry made 3 trillion won (US$21 billion) in 2017 and has steadily increased since 2006.
• The Asia Pacific Nail Care Market would witness market growth of 7% CAGR during the forecast period (2018–2024).
• The Artificial nails and accessories market are expected to witness a CAGR of 9.7% during (2018–2024).
• The global nail care products market size will grow by US$1.84 billion during 2018-2022. This market is highly fragmented and will have a key driver of the ability to get non-toxic solutions.