April 3, 2013: Men’s Beauty
As we’ve discussed before, nail polish is hot–in fact, it’s hotter than ever. According to an article in Bloomberg Businessweek, nail polish sales hit an all-time high last year, reaching $768 million, which was up 32 percent from 2011. Those stats are for the female nail polish market. And yes, that means there’s a male nail polish market, and while it’s miniscule in comparison, there’s growing interest, making it a good opportunity for entrepreneurs.
In general, as I wrote on the Groupon Works blog, men are spending money on “beauty” products and services. In fact, market researcher Mintel reported last year that 25 percent of men ages 18-34 have had manicures or pedicures.
Since the market is fairly new, it’s a good time for entrepreneurs to investigate the category. Josh Espley started Alpha Nail to make nail polish “for strength, for style, for swagger, for protection, or to cover up your fugly toenails.” Espley told OPEN Forum that his products are designed specifically for men: “Instead of using a dainty feminine brush to apply the polish, our product is a pen with a simple click mechanism that is easy for men to use and doesn’t require toe separators.”
Coming soon to Alpha Nail is a concealer for men, perhaps indicating how much opportunity there is to be explored for men and “beauty” products.