LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global premium nail polish market, provides an analysis of the key trends expected to impact the global premium nail polish market through 2015-2019. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global premium nail polish market is expected to exceed USD 2 billion by 2019, growing at a CAGR of over 6%. According to Technavio, the global premium nail polish market is growing at a healthy YoY growth rate due to changing buying patterns of consumers and the growing presence of nail bars and nail salons which encourage consumers to seek professional help for their nail coloring and treatment.
“The global middle class population is expected to increase by three billion during the decade beginning in 2010. The rising disposable income among this middle-class population is expected to trigger an increase in the sales of premium nail polish,” says Arushi Thakur, a lead analyst for cosmetics and toiletry research at Technavio.
The top four emerging trends influencing the global premium nail polish market according to Technavio’s consumer and retail research analysts are:
Nail art trending
One of the latest trends in the premium nail polish market is the increasing acceptance of nail art among customers. It has gained wide success in the nail polish market and has become popular among women between the ages of 15 to early 50s.
Some of the nail art nail polishes by L'Oréal are 'Nail Art Moon Candy Nail Enamel' and 'Nail Art Sun Candy Nail Enamel'. Nails Inc.'s 'Magnetic Polish' is one of the newly launched nail art polishes of the company.
The use of 3-D printing is also extending to the nail art segment. Adhesive stickers that cause no damage to the nail or nail polish are used to apply reusable nails.
Increase in demand for natural and organic products
The increasing health and wellness trend across the globe has also left its impression on the premium nail polish industry. Realizing the growing trend, manufacturers are now developing natural and organic nail polishes. For instance, the Nourish brand of organic nail polish is infused with natural ingredients and essential oils with anti-fungal activity aimed at promoting healthy nails.
Changing channel format
Manufacturers are also using various channels to market their products, be it through online or offline medium. Various manufacturers are using various mobile-based applications to induce customers into buying their products.
Nail Art Gallery App has been created to upload and share new nail art photos. There are various start-ups and other small players in the market that are looking to kiosks for their offerings in addition to the traditional retail formats. Companies like Benefit and Sephora have installed interactive digital kiosks and beauty vendors to indulge customers on the go.
Social media campaign and celebrity endorsements
Presence of social media is a boon to many industries as social investment helps brands gain access to an effective platform to engage with consumers and make their presence felt.
In the premium nail polish market, blogging sites such as Nailed Blog offers a key platform for discussion forums on nail polish brands. Some of the successful social media campaigns include, Coty's 'Show Your True Color' for OPI and 'Together' by Estée Lauder. L'Oréal spent over 15% of its media spending on digital and social media in 2014.
Celebrity endorsements are smart for business. Celebrities like Gwen Stefani brought out seven new shades and finishes of nail polish with OPI; and Shiseido signed Lady Gaga as chief brand ambassador in January 2015.
Some of the top vendors in the global premium nail polish market, as researched by Technavio analysts are:
- Chanel
- Coty Inc.
- Estée Lauder
- KAO Corporation
- L'Oréal
- LVMH
- Shiseido
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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