PUBLISHER: The Business Research Company | PRODUCT CODE: 1428189
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428189
Professional beauty services encompass a diverse range of specialized cosmetic treatments and procedures designed for both men and women. These services, typically administered by skilled and licensed professionals within the beauty industry, are commonly offered in salons, spas, and other beauty establishments.
The primary categories of service platforms within professional beauty services include spas and beauty centers, dermatological and cosmetic centers, beauty institutes, and other related facilities. Hair care services, a crucial component, encompass a wide array of activities involving the natural hair on one's head or a wig. These activities include styling, cutting, dressing, curling, waving, washing, singeing, bleaching, dyeing, tinting, trimming, relaxing, perming, and straightening.
The professional beauty services market research report is one of a series of new reports from The Business Research Company that provides professional beauty services market statistics, including professional beauty services industry global market size, regional shares, competitors with a professional beauty services market share, detailed professional beauty services market segments, market trends and opportunities, and any further data you may need to thrive in the professional beauty services industry. This professional beauty services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The professional beauty services market size has grown strongly in recent years. It will grow from $213.4 billion in 2023 to $228.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be ascribed to factors such as economic expansion, the impact of social media, endorsements by celebrities, cultural changes, and the process of urbanization.
The professional beauty services market size is expected to see strong growth in the next few years. It will grow to $291.75 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be associated with the emergence of the experience economy, a focus on sustainability in the beauty sector, the provision of inclusive beauty services, the integration of wellness, and the popularity of remote beauty consultations. Noteworthy trends expected in the forecast period encompass digital transformation, technological advancements, the utilization of virtual try-ons and augmented reality, the prevalence of non-invasive aesthetic procedures, and the prioritization of elevated safety and hygiene standards.
The projected growth in the professional beauty services market is expected to be fueled by the expansion of the beauty and cosmetics industry. The beauty and cosmetics industry encompasses a diverse range of personal goods, services, and related activities, including skincare, color cosmetics, hair care, fragrances, and services provided by professional beauty service providers in salons and day spas. These trained professionals offer a variety of beauty services such as facials, nail care, and makeup applications. For example, in June 2023, the National Hair and Beauty Federation reported that the number of hair and beauty firms in the UK increased by 2,215 between March 2021 and March 2022, reaching a total of 48,425 businesses. In the 2020-2021 period, the revenue generated by the hair and beauty sector amounted to $5.9 billion (£4.6 billion). Hence, the expanding beauty and cosmetics industry is a driving force behind the growth of the professional beauty services market.
The anticipated increase in disposable income is poised to contribute to the growth of the professional beauty services market. Disposable income, representing the funds available for spending and saving after tax and obligatory deductions, both at the individual and household levels, plays a crucial role in enabling consumers to afford premium treatments, spa services, and high-end beauty products in the professional beauty services market. For instance, in August 2023, the Bureau of Economic Analysis reported a $7.3 billion increase in disposable personal income in the US, representing less than 0.1 percent growth. Consequently, the rise in disposable income is a significant factor driving the growth of the professional beauty services market.
The integration of technological advancements stands out as a prominent trend gaining traction in the professional beauty services market. Major players in the professional beauty services sector are embracing innovative technologies to maintain their competitive positions. For instance, in January 2023, The Estee Lauder Companies (ELC), a cosmetics company based in the United States, introduced its Voice-Enabled Makeup Assistant (VMA), an AI-powered beauty app designed for visually impaired users. VMA utilizes voice teaching technology during makeup application, providing users with audio feedback and guidance on achieving an even application of lipstick, eyeshadow, or foundation. The smart mirror technology of VMA is powered by ELC's Augmented Reality and Artificial Intelligence capabilities, developed through machine learning.
Companies at the forefront of the professional beauty services market are increasingly emphasizing the establishment of professional beauty marketplaces to gain a competitive advantage. A beauty marketplace, whether online or physical, serves as a platform where consumers can explore, discover, and purchase a diverse array of beauty products and services from various brands and vendors. For example, in March 2023, Circle Brands, a cosmetic company based in the United States, launched the inaugural professional beauty marketplace. This platform aims to enhance the relationship between skincare brands and salons and day spas, providing beauty professionals with seamless access to high-quality products, resources, and support.
In July 2022, Henkel, a chemical and consumer goods company headquartered in Germany, acquired the professional hair business of Shiseido Company Limited for an undisclosed sum. This strategic acquisition positions Henkel as a dominant player in the regional hair professional industry, particularly in China and Japan. Shiseido Company Ltd., based in Japan, is a provider of professional beauty services and treatments.
Major companies operating in the professional beauty services market report are L'Oreal Group., Ulta Beauty Inc., Sephora, Beiersdorf AG, Sally Beauty Holdings Inc., Matrix, Fantastic Sams Holding Corp., Great Clips Inc., The Lash Lounge, Faire Wholesale Inc., Regis Corporation, Paula's Choice LLC, Toni & Guy, Drybar LLC, Tatcha LLC, Floyd's 99 Holdings LLC, Dermalogica, Mamaearth, Tommy Gun's Original Barbershop, Kerastase, Ouai, Kut N Beauty Salon & Supply, Redken, La Roche-Posay, Sport Clips Inc., SkinCeuticals, Living Proof, Maxx Beauty Supply, HOME SALON, Lakme Salon.
North America was the largest region in the professional beauty services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the professional beauty services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the professional beauty services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The professional beauty services market includes revenues earned by entities by providing eyebrow tinting, hair smoothening, waxing, facials, threading, pedicures, and manicures. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Professional Beauty Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on professional beauty services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for professional beauty services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The professional beauty services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.