Dublin, Oct. 14, 2022 (GLOBE NEWSWIRE) -- A new study by Fact.MR, a market research and competitive intelligence provider, reveals that the global professional beauty services market is estimated at US$ 242.9 billion in 2022 and is expected to expand at a CAGR of 4.7% during the forecast years of 2022-2032. The market is set to grow due to technology enhancements and the growing average age globally.
The world is becoming an aging society. Over the last few decades, governments’ one-and two-child policies across many countries, coupled with an improved life expectancy rate, have increased the average age of the world population significantly.
As the world is becoming older, the need for professional beauty services is increasing and it is expected to continue to witness solid demand in the future also. People in the age bracket of 35 and above tend to spend more on beauty products/services. Like any other industry, the beauty industry also has not remained untouched by technology. Integration of technology has improved the service offerings by market players and has also benefitted end users with personalized solutions.
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Key Takeaways from Market Study
- The global professional beauty services market is set to expand at a CAGR of 4.7% and reach US$ 384.5 billion by 2032-end.
- The market exhibited 3.8% CAGR during the period 2017-2021.
- Under service, hair cutting services dominate the market and are valued at US$ 95.8 billion in 2022.
- East Asia led the overall market with 27% share in 2021.
- Revenue from professional beauty services is expected to increase at CAGRs of 4.8% and 5.6%, respectively, in Europe and South Asia & Oceania.
Market Development
Prominent professional beauty service providers are
- 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
The beauty industry continues to reflect a rollup despite extreme competition among major players. 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 product/service offerings.
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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
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global professional beauty services market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of service (skin care - face care, injectable services, makeup services, waxing services, tanning services, others (not covered elsewhere), hair care – (hair cutting, hair colouring, hair styling, others (not covered elsewhere), nail care – manicure, pedicure, nail extensions), consumer age (18-25, 26-45, 46 and above), and consumer orientation (male, female), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Table of Content
1. Market Overview
1.1. Market Definition and Introduction
1.2. Market Taxonomy/ Research Scope
2. Market Characteristic – Bird Eye View
2.1. Number of Active Enterprises by Key Countries
2.2. Number of People Employed
2.3. Average Operating Margin
2.4. Average Revenue Per Employee
2.5. Threshold of Revenue Volatility
2.6. Consistency in Demand
2.7. Key Barriers to Entry
2.8. Key Customer Archetypes
3. Market Background and Foundation Data
3.1. Global Professional Beauty Services Market Outlook Statistics (US$), 2017 - 2021
3.2. Professional Beauty Services offering & Adoption Analysis
3.3. Enterprises Professional Beauty Services Benchmark by Industry Verticals
3.4. Market Dynamics
3.5. Opportunity and White Space Assessment
3.6. Forecast and Macro-Economic Factors – Relevance and Impact
3.7. Key Success Factors and Winning Imperatives
Explore Fact.MR’s Coverage on the Chemical & Materials Domain
Premium Cosmetics Market- Premium Cosmetics Market is projected to grow at a healthy CAGR of ~7% during the forecast period (2019 - 2029).
Natural Skin Care Products Market- Natural Skin Care Products market is likely to secure a market value of US$ 13.4 Bn by 2032. The expected market growth rate is 6.5% from 2022 to 2032.
Mass Beauty & Personal Care Products Market - Mass Beauty & Personal Care Products Market reached a valuation of around US$ 450 Bn in 2020, and is slated to accelerate at a CAGR of 6% to top US$ 800 Bn by 2031.
Circular Beauty Products Market- Circular Beauty Products Market experienced year-on-year (YoY) growth of 5.2% to reach a market valuation of US$ 2.3 billion at the end of 2021.
About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership.
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