The research study covers the present scenario and growth prospects of the global nail care market 2015-2019. To calculate the market size, the report takes into account revenue generated from retail sales of nail care products. The report does not include salon or spa services.
“The nail care market has witnessed a positive growth rate over the past decade and is expected to maintain the positive trend during the forecast period. Advances in technology has allowed for consumers to not have to go to nail bars and salons for nail care services, instead they can do it at home. In 2012, OPI released its first nail decals, 'OPI Pure Lacquer Nail Apps', giving users an option to choose from several different designs including rattlesnake, lace, and fishnet prints,” said Arushi Thakur, one of Technavio’s lead cosmetics and toiletry research analysts.
“The market is also flourishing due to its collaboration with various designers. Polish and cosmetics brands often tie up with fashion designers to develop new colors and patterns that are showcased in global fashion shows such as Milan, Italy, Paris, and New York. For instance, models sported nude nails with a vertical silver stripe of OPI's 'My Signature Is DC', at the Dion Lee Spring 2015 show. At Carolina Herrera Spring 2015, the models sported classy looks which included romantic red nails using Essie A List,” Arushi added.
Technavio’s consumer and retail research experts have highlighted the three major drivers that are expected to uplift the global nail care market.
The rising demand for nail polish among the younger population is one of the primary drivers of the market. For instance, in the nail polish category, the average price of a mass category nail polish is approximately USD 8. Essie sells its nail polish at USD 8.50 and OPI brand of nail polish is sold at approximately USD 9.15. The engagement is high among women aged 25-34 who are interested in the benefits of the product and prefer long-wearing products and natural claims. Globally, approximately 91% of girls between the ages of 9 and 17 use some sort of nail product, making it one of the most popular cosmetic items among teen girls. Fashion trends such as nail art are transforming nails into a stylish accessory. Other than the trending concepts such as glitter, magnetic and metallic finishes, and nail art, women are generating high interest for natural nail care concepts, as well as products that help in ease of use and convenience. The improving economy is prompting consumers to indulge in nail care products as an affordable luxury.
Product innovation driving growth
In the nail care market, constant change is required, be it in terms of process or product. For instance Revlon Parfumerie Scented Nail Enamel offers scented nail polish, but the scent comes out only when the polish has dried. Some of Revlon's other innovative style offerings include Italian Leather, Bordeaux, Lavender Soap, and Autumn Spice.
Collistar brand has developed a color and care nail polish which claims to deliver salon type treatment at home. This product claims to give a foundation effect, camouflaging imperfection and strengthening the nails with keratin. Bourjois brand launched its nude and tattoos collection in May 2014, offering adhesive designs that can trail over the nails and onto the cuticles and fingers. Deborah Lippmann’s Silk collection aims to deliver an innovative matteen finish of luxurious silk offering shades such as Red Silk Boxers, Harem Silk from Bombay, and Pseudo Silk Kimono.
Growing presence of nail bars and salons
One of the major factors for the growth of the industry is the growing presence of nail bars and salons across the globe. In 2013, nail salons in the US generated a revenue of USD 8.26 billion, which increased to USD 8.52 billion in 2014. Professional nail salons offer customers various services starting from traditional services like specialty manicures/pedicures to nail art, new long-wearing polish brands, acrylics etc. Also, the salon technicians deliver professional nail care services and meet the needs of the customers. The acquisition of salon brands such as 'Sinful Colors', 'OPI', and 'Essie' by the major players of the US — Revlon, Coty, and L’Oréal respectively, has affected the market growth with salon brands sales. Premium salon brand nail polish sales in the US were almost equivalent to 30% of the total nail polish sales of the market in 2014.
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