03.03.16
A rising middle class will be a key factor behind the global premium nail polish market, which is expected to exceed $2 billion by 2019, growing at a CAGR of over 6%, according to a recent report from Technavio.
As outlined in the firm’s latest research, the global premium nail polish market is growing at a healthy year-over-year rate due to changing buying patterns of consumers and the growing presence of nail bars and salons.
“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 polishes: One of the latest trends in the premium nail polish market is the increased popularity of nail art among customers between the ages of 15 and 55. Some of the nail art nail polishes cited by Technavio are L'Oréal’s Nail Art Moon Candy Nail Enamel and Nail Art Sun Candy Nail Enamel. Nails Inc.'s Magnetic Polish is a new launch by 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 influenced the premium nail polish industry, and manufacturers are developing natural and organic nail polishes.
Changing channel format: Manufacturers are using various channels to market their products, including mobile-based applications.
For instance, 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 and celebrity endorsements: Presence of social media is an effective platform to engage with consumers. 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. Technavio says L'Oréal spent over 15% of its media spending on digital and social media in 2014.
Some of the top vendors in the global premium nail polish market, according to Technavio are: Chanel, Coty Inc., Estée Lauder, KAO Corporation, L'Oréal, LVMH and
Shiseido.
Also Read:
Outlook for Nails Is Shiny and Bright
What’s Trending for Nails
As outlined in the firm’s latest research, the global premium nail polish market is growing at a healthy year-over-year rate due to changing buying patterns of consumers and the growing presence of nail bars and salons.
“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 polishes: One of the latest trends in the premium nail polish market is the increased popularity of nail art among customers between the ages of 15 and 55. Some of the nail art nail polishes cited by Technavio are L'Oréal’s Nail Art Moon Candy Nail Enamel and Nail Art Sun Candy Nail Enamel. Nails Inc.'s Magnetic Polish is a new launch by 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 influenced the premium nail polish industry, and manufacturers are developing natural and organic nail polishes.
Changing channel format: Manufacturers are using various channels to market their products, including mobile-based applications.
For instance, 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 and celebrity endorsements: Presence of social media is an effective platform to engage with consumers. 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. Technavio says L'Oréal spent over 15% of its media spending on digital and social media in 2014.
Some of the top vendors in the global premium nail polish market, according to Technavio are: Chanel, Coty Inc., Estée Lauder, KAO Corporation, L'Oréal, LVMH and
Shiseido.
Also Read:
Outlook for Nails Is Shiny and Bright
What’s Trending for Nails
