The nail design industry is booming, with the average price of a single nail up to £100,000 a year rising by more than 50% to £120,000 per year, according to the first of a series of reports from research firm Pimco.

“There are a number of new trends emerging in nail design today,” said Professor Richard Erskine-Smith, of Pimcom.

“These are all creating new demand and making nail design a much more viable industry for both customers and designers.”

The trend in nail designs began with the introduction of nail wraps in the 1980s, and has grown rapidly since.

It was a trend that has now become increasingly popular with younger people, with a recent report by Pimcox showing that young women are spending £6.3bn on nail wraps and £8.7bn on accessories, including nail art.

The industry is also thriving in Asia, with nail design exports to China increasing by 25% in 2016 to £1.4bn, with India, the world’s second-largest nail industry, having seen its share of exports rise by 33% to more than £2.6bn.

The popularity of nail art has also grown, with companies such as Nail Art UK, which was founded in 2014 and is now based in the UK, making millions of designs.

“We’ve seen an explosion of interest from people looking to add an element of flair to their nails,” said Nick Williams, CEO of Nail Arts UK.

“Whether you’re looking for a unique design for your nails, or you want to add a touch of fun to your designs, our products and services are the best option.”

The biggest trends in the nail design market are the nail art market, which is now worth £6bn, up from £2bn in 2015.

This is fuelled by a number for both the nail polish industry and nail art, with both having increased by nearly 40% to a combined £3.2bn last year.

“The popularity of new designs and the new trends are helping nail artists and nail designers to thrive,” said Dr Rebecca Coyle, CEO at Pimcap.

“Nail art and nail design have both seen a rise in popularity over the last few years.

We see a lot of growth for the nail industry as a whole.”

Nail art is often associated with women, but there is growing interest for men too.

According to PimCap, there were more than 5 million men aged 18 to 35 in the US last year, up more than 60% on the previous year.

This suggests that more men are embracing nail art as a trend, with over 40% of the nail artists surveyed by Pimpcap saying that they are looking to increase their business in the industry.

Nail design has also become a hot trend among younger people.

Pim Cap’s latest survey of 1,000 people aged between 18 and 24 showed that women are the fastest growing nail artist in the country, with more than a third of women aged between 19 and 24 saying they would like to be a nail artist.

Dr Williams also noted that more than two thirds of the women surveyed said they were looking for inspiration in nail art and that they had seen a “huge amount of success” in the market.

The trend is also attracting new design partners and brands.

Nailshop, which launched in 2013 and is one of the biggest online nail salons in the world, has become a well-known brand with brands such as Sally Hansen and Tom Ford.

“It’s an incredibly exciting time to be in the nailshop world, with all the new products being created by leading brands,” said Sally Hawkins, founder and CEO of Sally Hawkins.

“With such a strong presence in the markets of the UK and the US, we’re very excited about what the future holds for us.”