Professional Beauty Services Market

Professional Beauty Services Market Outlook (2022-2032)

The global professional beauty services market is valued at US$ 242.9 billion in 2022 and is predicted to reach US$ 384.5 billion by the end of 2032, expanding at a CAGR of 4.7%.

Revenue from professional beauty services accounted for around 37% share of the global beauty and personal care industry in 2021.

Report Attributes	Details
Professional Beauty Services Market Size (2021A)	US$ 232 Billion
Estimated Market Value (2022E)	US$ 242.9 Billion
Forecasted Market Value (2032F)	US$ 384.5 Billion
Global Market Growth Rate (2022-2032)	4.7% CAGR
North America Market Share (2021)	~24%
East Asia Market Growth Rate (2022-2032)	~5.8% CAGR
United States Market Growth Rate (2022-2032)	~4.2% CAGR
Key Companies Profiled	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

Increasing Awareness about Appearance Will Drive Professional Beauty Services Market Growth

The beauty and personal care industry has witnessed enormous changes over the years. In some parts of the world, the use of cosmetics products/services has become part of the culture. In markets such as Asia Pacific, the beauty services industry has seen tremendous growth in the last two decades and this is expected to continue to make it the largest market.

During COVID, the beauty and personal care industry saw a drastic decrease in its top-line numbers. Due to complete lockdowns, brick-and-mortar stores faced significant challenges in carrying out their business. However, the market has started to recover from its hopefully worst phase in terms of business numbers.

Post-COVID, the beauty industry has witnessed a V-shape recovery due to increased spending on personal care products/services. The trend is expected to continue over the coming years as well.

• Short Term (2022-2025): Post-COVID, people have started taking their health, looks, and appearance seriously, which has led to increased demand for beauty-related products/services.
• Medium Term (2025-2028): On the back of increased spending power, it is expected that a major chunk of the target population will spend some part of their money on beauty and personal care products/services.
• Long Term (2028-2032): Fast-paced lifestyle, lack of sleep, increased life expectancy, and bad food habits have affected people’s skin, hair, and overall health. Integration of technology and the development of natural products will shape the future of the professional beauty services market.

From 2017 to 2021, the global market for professional beauty services expanded at a CAGR of 3.8%, according to Fact.MR, a market research and competitive intelligence provider. The industry is projected to witness growth at a 4.7% CAGR between 2022 and 2032.

Market share analysis of professional beauty services based on consumer age and region. Under the consumer age segment, the 26-45 years sub-segment dominates with 39% market share in 2022.

Why are Professional Beauty Service Providers Enjoying Decent Revenue Growth?

“Personalized Approach towards Customers”

Looks and appearance are subjective in nature. One style or trend liked by someone does not guarantee that it will be liked by another person. Everyone wants to have some sort of personalized service that caters to their specific requirements.

Beauty services providers are coming up with customized services as per clients’ requirements. From hairstyle to hair color, facial cream, tanning, etc., all these services are being customized by offering paid or free consulting services.

As the client base is from different age groups, a certain product/service demanded by one particular age group will not cover the demands of another age group. That is why professional beauty service providers are offering customized and personalized services on a wide scale.

“Rapid Integration of Technology”

The professional beauty industry, like any other, has seen a major shift towards technological advancements. Technologies such as virtual reality, artificial intelligence, and 3D printing are revolutionizing the beauty industry.

Companies are coming up with innovative strategies to offer consumers the best possible solution to their problems. They are entering into partnerships with specialized professionals for issues such as skin care, hair care, etc. From automatic hair analysis to skin analysis with the help of artificial intelligence, market players trying to capitalize on technology integration.

For consumers, the integration of technology has made life easy as they can avail of consulting services virtually and also book appointments for their varied needs.

What Challenges are Faced by Professional Beauty Service Companies?

“Lack of Regulations Coupled with Minimal Barrier to Entry”

The professional beauty services industry is hardly regulated. Unlike any other industry, there is no hard and fast rule set by any regulated body to run the beauty industry. In such a scenario, every year, several businesses enter the professional beauty industry and try to capture a pie of the existing market players’ share.

As there are no set standards for the services being offered, some market players try to profit by providing sub-standard service. Generally, customers are not aware that what kind of products are being used while providing hair or skin services, and service providers happen to profit by using local or cheap products. Such practices hamper the growth of other genuine prominent service providers.

Country-wise Insights

Ethnic Diversity to Act as Growth Driver for U.S. Professional Beauty Services Market

Over the last two decades, the U.S. has witnessed people coming from different regions, races, and genders to settle in the country. Multiculturalism has also given a push to the existing business and has allowed a new set of businesses to prosper.

The professional beauty industry is one of the industries that has seen multifold demand across races. The U.S. population spends considerably more on beauty products/services in comparison to others. The trend is expected to continue in the hope that the U.S. economy will be in a stable/growth phase over the coming years.

Indian Professional Beauty Services Market Looks Promising

India, as an economy, is witnessing one of the best periods of all time. With the growing economy, improved business environment, increased government spending, and better employment conditions, India is well on its way up as far as the economy is concerned.

Like any other industry, the professional beauty industry is seeing increased demand for its products/services. Indians have started taking their looks and appearance seriously on the back of increased spending power. Many direct-to-consumer brands such as Plum, Mama Earth, and Beardo, among others, have sprung up in the last few years.

The beauty industry has also witnessed some home-grown men-specific brands taking on the large established players with their unique and natural products/services.

Category-wise Insights

Hair Cutting Services Will Be in High Demand

Under the umbrella of professional beauty services, such as facials, waxing, hair cutting, hair color, and tanning, among others, haircutting cannot be done without the help of a professional. All other services can be done by oneself. There are so many DIY (do it yourself) videos and articles available for beauty services, but there are hardly any for haircutting.

People also like to get their hair done with a help of a professional, as they considered it to be the most important element of their overall appearance. The ever-changing trend in haircuts and hair color is also pushing the demand for hair care services.

Dandruff, baldness, and split hair are some of the common issues that affect people the most. Professional beauty service providers are coming up with natural, eco-friendly products/services to solve the problems faced by these target clients.

Increasing Global Average Age Will Have Positive Impact on Beauty Industry

The global median age of the world was 30 years in 2021, up from 28 years in 2010. With improved life expectancy, it is expected that the demand for professional beauty services will increase as time passes. Surprisingly, developed countries such as the U.S., Japan, Germany, and Italy have more aged populations in comparison to developing nations.

With more spending power, these countries will see a constantly growing demand for beauty products/services. As people grow older, they need more assistance in keeping themselves looking presentable; hence, the demand for professional beauty services will have a bright future, especially in these economies.

Competitive Landscape

Prominent professional beauty service providers are 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, and Toni & Guy.

The global professional beauty services market is highly competitive owing to minimal or no entry to barriers and identical service offerings at competitive prices. 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 products/services offerings.
• In August 2022, Function of Beauty, a leader in beauty products, acquired Atolla, a personalized skincare company.

Fact.MR has provided detailed information about the providers of professional beauty services positioned across regions, revenue growth, and service offering expansion, in the recently published report.

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