Solvent suppliers to the nail products segment of the cosmetics industry could experience a boom in demand in 2018, as nail cosmetics are expected to experience the highest growth for beauty products in the coming years.
A recent report from Research and Markets published in Premium Beauty News revealed that gel formulas used for specialist manicures are becoming increasingly popular, as are standard liquid nail polishes.
The worldwide nail polish market is anticipated to grow by a compound annual growth rate of 9.5 per cent to reach $15.5 billion (£12 billion) by 2024.
Liquid polishes are growing in demand, with sales of these products rising by 9.4 per cent between 2016 and 2024 due to the increasingly varied products on the market at affordable price points.
Gel nail products are also performing well, accounting for over one in every ten sales in 2015, as demand for long-lasting and durable nail colour continues to grow.
Some major-name collaborations were also cited in the report for boosting demand, including the Laverne Cox partnership with Orly Nails and designer Christian Siriano’s limited edition press-on nails created with ImPress.
Europe remains one of the world’s biggest markets for nail polish, while Latin America has been earmarked for major growth in the coming years.
Vegan cosmetics are also experiencing a growth surge, with the Metro reporting that some brands are vowing to become plant-based, while more cosmetics retailers are offering vegan-friendly makeup to cater for the vegan community.
Luxury beauty brand Hourglass Cosmetics is just one organisation pledging to be 100 per cent vegan by 2020.
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