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Professional Beauty Services Market 2024 - Industry Size, Future Insights, Growth Drivers And Top Players
Professional Beauty Services Market
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According to The Business Research Company's, 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 in the historic period can be attributed to economic growth, social media influence, celebrity endorsements, cultural shifts, 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 growth in the forecast period can be attributed to rise of the experience economy, sustainability in beauty, inclusive beauty services, wellness integration, remote beauty consultations. Major trends in the forecast period include digital transformation, advancements in technology, virtual try-ons and augmented reality, non-invasive aesthetic procedures, elevated safety and hygiene standards.
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Market Drivers and Trends:
The expanding beauty and cosmetics industry is expected to propel the growth of the professional beauty services market going forward. The beauty and cosmetics industry refers to a sector of the economy that includes a broad range of personal goods (skincare, color cosmetics, hair care, and fragrances), services (salons and day spas), and related activities. Professional beauty service providers play a significant role in the beauty and cosmetics industry as they are trained to provide arrays of beauty services such as facials, nail care, and makeup applications. For instance, in June 2023, according to the National Hair and Beauty Federation, a UK-based trade association for hairdressing, barbering, and beauty salon owners, between March 2021 and March 2022, the number of hair and beauty firms in the UK rose by 2,215, reaching 48,425 businesses. Further, in 2020-2021, the hair and beauty sector generated $5.9 billion (£4.6 billion) in revenue. Therefore, the expanding beauty and cosmetics industry is driving the growth of the professional beauty services market.
Technological advancements are a key trend gaining popularity in the professional beauty services market. Major companies operating in the professional beauty services market are adopting new technologies to sustain their position in the market. For instance, in January 2023, The Estée Lauder Companies (ELC), a US-based cosmetics company, launched its Voice-Enabled Makeup Assistant (VMA), an AI-powered beauty app for visually impaired users. When applying makeup, VMA uses voice teaching technology to help the user; they hear audio feedback and advice on whether their lipstick, eyeshadow, or foundation is applied evenly. ELC's Augmented Reality and Artificial Intelligence capabilities, created using machine learning, power VMA's innovative smart mirror technology.
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Major Key Players of the Market:
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.
Professional Beauty Services Market 2024 Key Insights:
• 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%.
• Expanding Beauty And Cosmetics Industry Fueling Growth In Professional Beauty Services Market
• Technological Advancements Reshaping The Landscape Of Professional Beauty Services
• North America was the largest region in the professional beauty services market in 2023
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