Professional Beauty Services Market to Reach USD 378.1 Billion by 2031, Growing at a CAGR of 6.8% - Analysis by TMR

The global professional beauty services market, valued at US$ 208.7 billion in 2022, is set for robust growth. Forecasts indicate a compound annual growth rate (CAGR) of 6.8% from 2023 to 2031, with the market expected to reach US$ 378.1 billion by 2031. This surge is attributed to evolving beauty standards, rising disposable incomes, and rapid urbanization. Key players in the market include Fantastic Sams, Floyd's Barbershop, Great Clips, Inc., Lakme Salon, L'Oréal Professionnel, Regis Corporation, Seva Beauty, Sport Clips, Tommy Gun's Original Barbershop, and Toni & Guy.

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Market Overview

The professional beauty services industry encompasses a broad range of services including haircare, skincare, makeup, nail treatments, and spa therapies provided by trained professionals in salons, barbershops, and beauty centers. Over the years, this market has transformed from being a luxury-centric niche to a more inclusive and essential element of personal grooming and lifestyle. The emergence of gender-neutral services, digital appointments, and value-driven service customization has widened its consumer base.

Market Size and Growth

The sector's current valuation at US$ 208.7 billion (2022) reflects strong consumer demand. Factors such as rising awareness of personal grooming, frequent product innovations, and increased influence of social media are fueling growth. The projected CAGR of 6.8% between 2023 and 2031 suggests a dynamic industry with growing opportunities, particularly in emerging markets and digitalized service models. By 2031, the industry is expected to surpass US$ 378.1 billion, signaling its vital role in both the retail and service economies.

Market Segmentation

The professional beauty services market can be segmented based on service type, end-user, and distribution channel.

By service type, the market includes hair salons, skin care services, nail salons, and spa services. Among these, haircare remains the dominant segment, driven by frequent service recurrence and innovations in coloring and styling techniques.

By end-user, both women and men are increasingly availing professional services, with men's grooming becoming a fast-growing segment due to changing societal norms and increased product marketing.

By distribution channel, services are delivered through franchise salons, standalone outlets, and specialty chains, with franchise models gaining traction due to brand consistency and standardized customer experience.

Regional Analysis

Regionally, North America leads the global market owing to high disposable income, an established salon culture, and the presence of leading brands like Great Clips and Sport Clips. Europe follows closely, with a strong demand for premium services and natural/organic treatments. The Asia-Pacific region, particularly India and China, is expected to experience the fastest growth during the forecast period. This growth is driven by increasing urbanization, a burgeoning middle class, and Western beauty standards influencing younger populations. Latin America and the Middle East are also showing potential, albeit at a more nascent stage.

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Competitive Landscape

The professional beauty services market is highly fragmented, featuring a mix of global chains, regional franchises, and boutique salons. Fantastic Sams, Floyd's Barbershop, and Great Clips, Inc. dominate the North American landscape, offering cost-effective yet high-quality services through vast franchise networks. L'Oréal Professionnel and Toni & Guy represent high-end service models focused on premium offerings and innovation. Regional players like Lakme Salon (India) and Seva Beauty have captured emerging markets by adapting to local tastes and price sensitivity. Competitive strategies revolve around service diversification, loyalty programs, and digital integration to enhance customer engagement.

Future Outlook

The outlook for the professional beauty services market by 2031 is exceptionally positive. With technological integration, service innovation, and consumer-centric strategies, the sector is poised for sustained growth. Expansion in Tier 2 and Tier 3 cities globally, along with investments in staff training and customer experience, will further boost the market. Additionally, mergers, franchising, and international partnerships are expected to increase, enabling companies to scale effectively and tap into new demographics.

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