Tuesday, 14 February 2023 09:36 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / February 14, 2023 / The global professional beauty services market size stood at US$ 208.7 Bn in 2022 and is projected to reach US$ 378.1 Bn by 2031. The global market is anticipated to expand at a CAGR of 6.8% between 2023 and 2031. Lifestyle changes, rise in popularity of hair highlights, rapid urbanization, and increase in salon service utilization drive the global market.
The purpose of salons and other suppliers of beauty services is to provide high-quality cosmetic treatments by leveraging advanced technologies. Salons have increased attention toward hair care in order to boost client confidence and readiness to select hair colors and related procedures. In the early days of the COVID-19 lockdowns, beauty salons were among the first establishments to close. This was meant to avoid having employees and consumers interact personally. Since the lockdowns were lifted, there has been significant increase in demand for salon services. Usage of vegan products and laser treatments by service providers are among the most popular market trends in the global market at present.
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Key Findings of Market Report
- Demand for professional beauty services is rising, as customers become more conscious about their appearance. Increase in the number of spas, salons, and major brand houses, which introduce numerous cutting-edge beauty treatments, is likely to drive market development. Additionally, the tendency of leading hotel brands that attract clients by providing them with high-end amenities is expected to create business opportunities in the global industry.
- Hair services are the most common type of professional beauty services, having a significant impact on industry growth. The hair services industry is driven by rise in popularity of hair color, highlights, and other hair care services. Additionally, demand for hair treatments is driven by concerns over hair problems such as dry hair, hair loss, and dandruff.
- In terms of consumer group, the female segment accounted for significant share of the global professional beauty services industry, supported by increase in usage of feminine goods and services. Services aimed at women are usually more costly than those intended for males.
Global Professional Beauty Services Market: Growth Drivers
- Growing middle class consumers are increasingly spending on luxury products with changing lifestyle. Increase in number of working women with higher spending power, drives demand for these products. Working women are increasingly aware of cosmetics and fashion trends, which is likely to boost the demand for professional beauty services.
- Rise in demand for hair services among other professional beauty services propels market size. Growing popularity of hair coloring, highlights, and other hair services is expected to augment the global market. Additionally, demand for hair treatments is driven by concerns over hair problems such as dry hair, dandruff, and hair loss.
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Global Professional Beauty Services Market: Regional Landscape
- Based on region, North America is anticipated to account for significant share of the global professional beauty services market during the forecast period. Increase in number of women working in the region is driving the purchasing power. This has resulted in rise in expenditure on nail care, hair care, skincare, and professional beauty services.
- The market in Asia Pacific is estimated to grow at a rapid pace during the forecast period. Use of professional beauty services has increased in the region. The market in Asia Pacific is also propelled by increase in consumer understanding about personal care products and continuous investments by leading companies to broaden the reach of their product lines.
Global Professional Beauty Services Market: Key Players
- Tommy Gun's Original Barbershop
- L'Oréal Professional
- Floyd's Barbershop
- Toni & Guy
- Lakme Salon
- Regis Corporation
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Global Professional Beauty Services Market: Segmentation
Service Type
- Skin Service
- Hair Service
- Nail Service
Consumer Group
- Male
- Female
Age Group
- Below 20 Years
- 20 - 45 Years
- Above 45 Years
Booking Type
- Online
- Offline
Service Platform
- Spa & Beauty Centers
- Dermatological & Cosmetic Centers
- Beauty Institutes
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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