Professional Beauty Services Market In-depth Analysis, Rising Business Opportunities And Estimated Forecast Till 2031

According to the report, the global professional beauty services industry generates $211.5 billion in 2021, and is anticipated to generate $348.4 billion by 2031, witnessing a CAGR of 4.8% from 2022 to 2031.

Professional beauty service has become an indispensable feature of the modern lifestyle of individuals. In addition, growth in consciousness about external beauty, along with an individual's internal intellect has become one of the major driving factors for the use of professional beauty services in the global market. Moreover, apart from women, there has been a rise in men's use of beauty services, which propels the growth of the global professional beauty services market. An increase in urbanization, the growing middle-class consumers, and the surge in the female participation rate in the labor force in many developing and developed markets have encouraged the adoption of convenience-oriented lifestyles, making professional beauty services more desirable.

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Factors contributing to the growth of the professional beauty service market are increasing urbanization, evolving lifestyles, and growing trends in hair-highlights. In addition, in recent years, professional beauty services have increased their focus on nail care services even further, boosting customer confidence and willingness to opt for nail extension, nail art, and related treatments.

In the professional beauty services market, consumers shifting attitudes toward personal care, combined with a constant desire to boost overall well-being, are benefiting the professional beauty services market. The demand for wellness solutions has increased as consumers' desire to enhance their personal image and well-being has risen. Professional beauty services are continually working to develop their offerings by concentrating on changing customer tastes to satisfy the rising demand for the professional beauty services industry.

In the professional beauty services industry a wide range of professional beauty products are available for deeply nourishing skin such as lotions, creams, and essential oils. In addition, rise in consciousness about personal well-being and appearance has increased among men, which drives the professional beauty services market.

Moreover, owing to hectic lifestyle and varying climatic conditions, men are also adopting skin care, sun care, and hair care services. Thus, professional beauty services help in treating damaged skin and provides prevention from dry & dull skin, which boosts their demand globally.

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According to Hair and Beauty Industry Confederation Ireland (HABIC), expenditure on hairdressing related products and services in Ireland reached $1.20 billion in 2019. This statistical data represents the global trends in the hair care service segment. Moreover, the shifting trend toward eco-friendly and natural cosmetic items and growing trend for online appointment booking platforms in professional beauty services boost the demand for the professional beauty services market.

According to U.S. Bureau of Labor Statistics, increasing demand for hair, skin, nail, and massage services from a growing customer population will drive the professional beauty services market.

In addition, an expanded customer base to include more men and increased offerings of services will also contribute to faster employment in the industry and occupations providing these services, such as barbers, hairdressers, hairstylists and cosmetologists, manicurists and pedicurists, skin care specialists, and massage therapists. Numerous new personal care services have been popularized in recent years. In addition to basic manicures and pedicures, nail services include manicure styles, extensions, and a growing trend in artificial nails with various design offerings and adornments which surge the demand for the professional beauty services market.

Skin care services are focused on treatments to improve how the skin looks. New treatments are being introduced as part of a greater variety of facials that include services such as peels, microdermabrasion, and ultrasonic technology, among other services. Access to massage treatments has become available at places with increased foot traffic, such as at malls and at airports, where massage rooms enable travelers to get massages for stress reduction and relaxation. Additionally, eyelash extension is a relatively new trend, with more specialized professional beauty services offering this service exclusively, such factors surge the professional beauty services market share.

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As per service, the professional beauty services market size is segmented into hair service (hair cutting, hair coloring, and others), skin service (skin care, injectables, makeup, and others), nail service (manicure and pedicure, nail extension, and others), and merchandise sales. Nail care has emerged as one of the most growing segments in the beauty industry just like the skin, hair, or makeup industry. The trend of frequent change in nail color, gel manicures, or extensions became a hit with celebrities and influencers and soon entered salons like a wave providing a significant opportunity to the professionals working their best for longer stability in the industry.

Based on region, Asia-Pacific held the largest market share in terms of revenue in 2021, accounting for more than one-third of the global professional beauty service market, and is likely to dominate the market during the forecast period, owing to the increasing awareness about a healthier beauty lifestyle among individuals for a healthy and hygienic living has contributed to the increase in per capita expenditure on personal care across Asia-Pacific. However, the LAMEA is expected to witness the fastest CAGR of 7.4% from 2022 to 2031. This is because stakeholders in this region are significantly investing in marketing and advertising to increase customer awareness regarding professional beauty services.

Leading Market Players: -

Tommy Gun's Original Barbershop
Lakme Salon
Drybar
Floyds 99 Holdings, LLC
Regis Corporation
Toni&Guy
Seva Beauty
Deka Lash
Kao Corporation
Bariks Luxe Salon
Beauty Connection Spa
John Barrett
Maison de Joelle
L'Oréal Professionnel
Fantastic Sams Franchise Corporation

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