According to a new report published by Allied Market Research, titled, “Professional Beauty Services Market,” The professional beauty services market was valued at $211.5 billion in 2021, and is estimated to reach $348.4 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter’s Five Forces, and competitive scenario.
In the professional beauty services market, consumers shifting attitudes toward personal care, combined with a constant desire to boost overall well-being, are benefiting the professional beauty service market. The demand for wellness solutions has increased as consumers’ desire to enhance their personal image and well-being has risen. Professional beauty services are continually working to develop their offerings by concentrating on changing customer tastes to satisfy the rising demand for the professional beauty services industry.
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According to Hair and Beauty Industry Confederation Ireland (HABIC), expenditure on hairdressing related products and services in Ireland reached $1.20 billion in 2019. This statistical data represents the global trends in the hair care service segment. Moreover, the shifting trend toward eco-friendly and natural cosmetic items and growing trend for online appointment booking platforms in professional beauty services boost the demand for the professional beauty services market.
According to U.S. Bureau of Labor Statistics, increasing demand for hair, skin, nail, and massage services from a growing customer population will drive the professional beauty service market. In addition, an expanded customer base to include more men and increased offerings of services will also contribute to faster employment in the industry and occupations providing these services, such as barbers, hairdressers, hairstylists and cosmetologists, manicurists and pedicurists, skin care specialists, and massage therapists. Numerous new personal care services have been popularized in recent years. In addition to basic manicures and pedicures, nail services include manicure styles, extensions, and a growing trend in artificial nails with various design offerings and adornments which surge the demand for the professional beauty services market.
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Skin care services are focused on treatments to improve how the skin looks. New treatments are being introduced as part of a greater variety of facials that include services such as peels, microdermabrasion, and ultrasonic technology, among other services. Access to massage treatments has become available at places with increased foot traffic, such as at malls and at airports, where massage rooms enable travelers to get massages for stress reduction and relaxation. Additionally, eyelash extension is a relatively new trend, with more specialized professional beauty services offering this service exclusively, such factors surge the professional beauty services market share.
As per service, the professional beauty services market size is segmented into hair service (hair cutting, hair coloring, and others), skin service (skin care, injectables, makeup, and others), nail service (manicure and pedicure, nail extension, and others), and merchandise sales. Nail care has emerged as one of the most growing segments in the beauty industry just like the skin, hair, or makeup industry. The trend of frequent change in nail color, gel manicures, or extensions became a hit with celebrities and influencers and soon entered salons like a wave providing a significant opportunity to the professionals working their best for longer stability in the industry.
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In 2021, Asia-Pacific accounted for more than 35.45% of the global professional beauty service market and is expected to maintain its dominance during the forecast period. Moreover, LAMEA is expected to possess the highest CAGRs. LAMEA’s exploding population, fast-growing middle-class individuals, improved business regulations, and rise in urbanization are the major factors that drive the growth of the professional beauty service market in this region.
The prominent players analyzed in this report include Amazing Lash Studio
Cookie Cutters
Drybar
Fantastic Sams
Floyd’s Barbershop
Great Clips, Inc.
Lakme Salon
L’Oréal Professional Salon
Regis Corporation
Sport Clips
The Lash Lounge
Tommy Gun’s Original Barbershop
Toni & Guy
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