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Expanding Beauty And Cosmetics Industry Fueling Growth In Professional Beauty Services Market: An Emerging Driver Transforming The Professional Beauty Services Market Landscape
Professional Beauty Services
What Is the Projected Growth of the Professional Beauty Services Market?
The market size for professional beauty services has experienced substantial growth in the past few years. There's a projection for it to escalate from $226.47 billion in 2024 to $241.29 billion in 2025, at a compound annual growth rate (CAGR) of 6.5%. Factors contributing to this growth during the historical period include economic expansion, the impact of social media, celebrity marketing, societal changes, and the process of urbanization.
Predictions indicate a robust expansion for the professional beauty services market in the coming years. The market is projected to skyrocket to $313.51 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 6.8%. Factors contributing to this predicted growth are the emergence of the experience economy, sustainable beauty practices, inclusive beauty services, wellness integration, and remote beauty consultations. Key trends expected to shape the forecast period include digital transformation, technological advancements, virtual try-ons with augmented reality, non-invasive aesthetic procedures, and increased safety and hygiene protocols.
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What Are the Different Professional Beauty Services Market Segments?
The professional beauty services market covered in this report is segmented -
1) By Service Platform: Spa And Beauty Centers, Dermatological And Cosmetic Centers, Beauty Institutes, Other Service Platforms
2) By Service: Haircare Services, Skincare Services, Nail Care Services, Makeup And Cosmetics Services, Spa And Wellness Services, Other Services
3) By Consumer Group: Male, Female
4) By Age Group: Below 20 Years, 20 - 45 Years, Above 45 Years
5) Booking Type: Online, Offline
Subsegments:
1) By Spa And Beauty Centers: Day Spas, Med Spas, Hair And Nail Salons
2) By Dermatological And Cosmetic Centers: Dermatology Clinics, Cosmetic Surgery Centers, Skin Care Clinics
3) By Beauty Institutes: Specialized Beauty Schools, Training Institutes For Beauty Professionals
4) By Other Service Platforms: Home Service Beauty Providers, Mobile Beauty Services, Online Beauty Consultation Platforms
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What Are the Primary Drivers Shaping the Professional Beauty Services Market?
The proliferation of the beauty and cosmetics sector is anticipated to spur the advancement of the professional beauty services market. This industry encompasses a vast array of personal products such as skincare, color cosmetics, hair care, and fragrances, services like salons and day spas, and other related activities. Experts in the beauty services field play an integral part in this industry, providing a plethora of services like facials, nail care, and makeup application, each requiring specialized training. For example, data from the National Hair and Beauty Federation, a trade association for those owning hairdressing, barbering, and beauty salons based in the UK, showed in June 2023 that the number of hair and beauty businesses in the UK increased by 2,215 between March 2021 and March 2022, totaling 48,425 businesses. As a result, the burgeoning beauty and cosmetics industry is stimulating the growth of the professional beauty services market.
Which Companies Are Leading in the Professional Beauty Services Market?
Major companies operating in the professional beauty services market include L'Oreal Group., Ulta Beauty Inc., Sephora, Beiersdorf AG, Sally Beauty Holdings Inc., Matrix, Fantastic Sams Holding Corp., Great Clips Inc., The Lash Lounge, 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
What Are the Major Trends Shaping the Professional Beauty Services Market?
The advent of new technologies is becoming an increasingly prominent trend in the professional beauty services sector. To stay competitive, leading firms in the market are embracing these emerging technologies. An illustration of this is The Estée Lauder Companies (ELC), a cosmetics firm from the US, which unveiled its AI-powered beauty application, Voice-Enabled Makeup Assistant (VMA), in January 2023, specifically tailored for visually impaired users. The assistant utilizes voice tutelage technology to provide auditory feedback and advice to users on their makeup application, ensuring lipstick, eyeshadow, or foundation is dispatched evenly. ELC's Augmented Reality and Artificial Intelligence capabilities, underpinned by machine learning, drive the groundbreaking smart mirror technology embedded in the VMA system.
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What Are the Top Revenue-Generating Geographies in the Professional Beauty Services Market?
North America was the largest region in the professional beauty services market in 2024. 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Professional Beauty Services Market?
2. What is the CAGR expected in the Professional Beauty Services Market?
3. What Are the Key Innovations Transforming the Professional Beauty Services Industry?
4. Which Region Is Leading the Professional Beauty Services Market?
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