LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global nail care market to grow at a CAGR of close to 4% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global nail care market for 2017-2021. The report also lists different types of product like nail polishes, nail accessories and implements, nail polish removers, nail strengtheners, and artificial nails and accessories. The products are used by the consumers for beautifying their nails and for keeping their nails healthy. Nail polish was the largest selling nail care product in the market, accounting for more than 63% of the market share in 2016.
“This market is driven by fashion-conscious women who want to be up-to-date with the new fashion trends. Therefore, nail care serves as the value addition to the beauty of women. The market is further driven by widespread promotion of products on social media and celebrity endorsements for premium products,” says Poonam Saini, a lead analyst at Technavio for cosmetics and toiletry research.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global nail care market:
- Premiumization through good quality products
- Organic and non-toxic solutions for nail care
- Branding, promotions, events, and celebrity endorsements
Premiumization through good quality products
The global nail care market has a wide variety of products available in the market. Consumers look for good quality nail products, which will not have any negative impact on their health, are less-toxic, and longer-lasting. Brands like Chanel, OPI, Sally Hansen, M.A.C, butter LONDON, Estée Lauder, and L’Oréal Paris have strong brand recognition among customers.
The position of the brands in the market builds up confidence among customers. These products are positioned for premium customers who can afford high priced and good quality products. They also cater to aspirational customers who aspire to afford premium products.
Organic and non-toxic solutions for nail care
The concern for healthy nails drives customers to use natural solutions so that their nails and cuticles are not affected by harsh toxic chemicals used in the nail polishes. Brands like Karma Organic, ZOYA, Essie offer non-toxic solutions for nail care and offer nail polishes that are free from toxic chemicals. These chemicals adversely affect the nails and result in health risks like cancer, yellowness on nails, nails brittleness, and skin infections.
“Hence, providing such non-toxic product solutions to customers is a growth driver which also enables premium pricing of the products,” says Poonam.
Branding, promotions, events, and celebrity endorsements
Branding and promotions are required to make customers aware about their brands and products offerings. The leading companies in the global color cosmetics market have some famous brands, which increase the sale volumes for them.
Many popular brands use celebrity endorsements for advertisement purposes. Rimmel has been associated with Kate Moss for more than ten years. The brand is also represented by actress and model Cara Delevingne, music star Rita Ora, and supermodel Georgia May Jagger. Brands are also involved in the organizing and sponsoring of different events like fashion weeks to showcase their presence in the market and increase their sales.
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