According to a recent analysis by Fact.MR, a supplier of market research and competitive intelligence, the Global Professional Beauty Services Market is anticipated to reach US$ 242.9 billion in 2022 and grow at a CAGR of 4.7% from 2022 to 2032. Because of advances in technology and an increasing worldwide average age, the industry is expected to expand.
The world’s population is ageing. The average age of the global population has dramatically increased over the past few decades due to governments’ one- and two-child policy in many nations, as well as an improvement in life expectancy rates.
As the world is becoming older, the need for professional beauty services is increasing and it is expected to continue to witness solid demand in the future also. People in the age bracket of 35 and above tend to spend more on beauty products/services. Like any other industry, the beauty industry also has not remained untouched by technology. Integration of technology has improved the service offerings by market players and has also benefitted end users with personalized solutions.
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Key Takeaways from Market Study
- The global professional beauty services market is set to expand at a CAGR of 4.7% and reach US$ 384.5 billion by 2032-end.
- The market exhibited 3.8% CAGR during the period 2017-2021.
- Under service, hair cutting services dominate the market and are valued at US$ 95.8 billion in 2022.
- East Asia led the overall market with 27% share in 2021.
- Revenue from professional beauty services is expected to increase at CAGRs of 4.8% and 5.6%, respectively, in Europe and South Asia & Oceania.
Key Trends:
- Digital Transformation: Technology was playing a significant role in the beauty industry. Salons and spas were increasingly using digital tools for appointment booking, customer management, and marketing. Online booking apps and social media platforms were vital for connecting with customers.
- Personalization: The demand for personalized beauty services was growing. Customers were looking for tailor-made solutions and treatments based on their specific skin type, hair type, and beauty preferences. Salons and spas were leveraging data to offer more customized experiences.
- Clean and Sustainable Beauty: There was a rising awareness of the environmental impact of beauty products and services. Consumers were seeking out clean, eco-friendly, and sustainable beauty products and services. Salons and spas were adopting eco-friendly practices and offering organic and sustainable products.
- Wellness Integration: The lines between traditional beauty services and wellness were blurring. Many salons and spas were incorporating wellness services like massages, meditation, and holistic treatments to meet the growing demand for overall well-being.
- Men’s Grooming: The men’s grooming sector was experiencing significant growth. Salons and barber shops were expanding their offerings to cater to the grooming needs of men, including beard grooming, skincare, and hair styling.
- Inclusivity and Diversity: There was a strong emphasis on inclusivity and diversity in the beauty industry. Brands and salons were focusing on providing services and products that catered to a broader range of skin tones, hair textures, and gender identities.
- Beauty Tech: The use of technology in beauty services was on the rise, with innovations such as virtual try-on tools, AI-powered skincare analysis, and augmented reality makeup apps becoming more common.
- Subscription Models: Some beauty salons and spas were exploring subscription-based models, allowing customers to pay a regular fee for a package of services or products, providing predictable revenue for businesses and added convenience for customers.
- Hygiene and Safety: The COVID-19 pandemic brought a heightened focus on hygiene and safety in beauty services. Salons and spas were implementing strict sanitation protocols and contactless payment options to ensure customer safety.
- Social Media Influence: Influencer marketing on platforms like Instagram and YouTube continued to play a significant role in promoting beauty services and products. Many beauty professionals were collaborating with influencers to reach a wider audience.
- E-commerce Integration: Many salons and spas were integrating e-commerce into their business models, allowing customers to purchase products online and receive them at home, thereby expanding their revenue streams beyond in-person services.
Market Development
Prominent professional beauty service providers are
- Amazing Lash Studio
- Amazing Lash Studio
- Cookie Cutters
- Drybar
- Fantastic Sams
- Floyd’s Barbershop
- Great Clips, Inc.
- Lakme Salon
- L’Oréal Professionnel
- Regis Corporation
- Seva Beauty
- Sport Clips
- The Lash Lounge
- Tommy Gun’s Original Barbershop
- Toni & Guy
The beauty industry continues to reflect a rollup despite extreme competition among major players. Market players are also integrating technology into their service offerings to capture a higher market share.
- In May 2022, HatchBeauty, a wellness and beauty company, acquired Trendalytics, a consumer analytics platform. Trendalytics aggregates and analyzes millions of searches across different social media platforms to help brands in their product/service offerings.
Segmentation of Professional Beauty Services Industry Research
- By Service :
- Skin Care
- Face Care
- Injectable Services
- Makeup Services
- Waxing Services
- Tanning Services
- Others (Not Covered Elsewhere)
- Hair Care
- Hair Cutting
- Hair Coloring
- Hair Styling
- Others (Not Covered Elsewhere)
- Nails Care
- Manicure
- Pedicure
- Nail Extensions
- By Consumer Age :
- 18-25
- 26-45
- 46 and Above
- By Consumer Orientation :
- Male
- Female
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global professional beauty services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of service (skin care – face care, injectable services, makeup services, waxing services, tanning services, others (not covered elsewhere), hair care – (hair cutting, hair colouring, hair styling, others (not covered elsewhere), nail care – manicure, pedicure, nail extensions), consumer age (18-25, 26-45, 46 and above), and consumer orientation (male, female), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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