According to Fact.MR, a market research and competitive intelligence provider, the Global Professional Beauty Services Market is expected to reach US$ 242.9 billion in 2022 and increase at a CAGR of 4.7% between 2022 and 2032. The sector is predicted to grow as technology progresses and the global average age rises.
The world’s population is getting older. The average age of the world population has risen considerably in recent decades as a result of governments’ one- and two-child policies in many countries, as well as an increase in life expectancy rates.
As the world’s population ages, so does the need for professional beauty services, which is predicted to remain strong in the future. People aged 35 and up prefer to spend more money on beauty products/services. The beauty sector, like any other, has been impacted by technological advancements. Technology integration has boosted market companies’ service offerings while also providing end consumers with customised 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.
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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