Pune, India, Nov. 03, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global salon services market size was valued at USD 201.92 billion in 2021. It is projected to reach USD 355.45 billion by 2029 at a CAGR of 7.4% during the forecast period. The market is anticipated to fuel due to increasing demand for organic and natural care products among individuals to treat multiple problems that arise due to unhealthy lifestyles and climatic factors. Fortune Business Insights™ stated this in a report titled, "Global Salon Services Market, 2022-2029."
COVID-19 Impact:
Lockdown Restrictions Imposed by Governments Hinder Market Growth
The global market of salon services suffered a significant impact during the COVID-19 pandemic. Due to lockdown restrictions, hairdressing salons were closed, thereby experiencing a substantial loss during the early phase of the outbreak. Furthermore, due to social distancing norms, the governments introduced guidelines for individuals to avoid visiting salons to reduce their risk of coronavirus infection during the onset of COVID-19, which has a considerable influence on the industry.
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Salon Services Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 7.4% |
| 2029 Value Projection | USD 355.45 Billion |
| Base Year | 2021 |
| Salon Services Market Size in 2021 | USD 201.92 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 195 |
| Segments Covered | By Service Type, By End-User, By Region |
| Salon Services Market Growth Drivers | Rising Number of Barber Shops & Beauty Parlors to Favor Market Expansion |
| Increasing Popularity of Online Appointment Booking Platforms to Strengthen Salon Businesses |
Fortune Business Insights™ lists out all the salon services market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Great Clips, Inc. (U.S.)
- Regis Corporation (U.S.)
- Dessange International (France)
- Ulta Beauty, Inc. (U.S.)
- The Lounge Hair Salon (Thailand)
- Seva Beauty (U.S.)
- Drybar (U.S.)
- Skin Rich (U.K.)
- The Leading Salons of the World, LLC. (U.S.)
- Snip-its (U.S.)
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Drivers and Restraints
Shifting Trend toward Eco-Friendly Cosmetics to Stimulate Market Development
The rise in customer spending on beauty products and wellness to get the best style for them has spurred market growth to a great extent. Furthermore, the shifting trend toward eco-friendly cosmetics and natural cosmetic items is another reason that will favor industry expansion. Another reason that escalates the market growth is the growing trend for online appointment booking platforms. Meanwhile, the high costs involved in maintaining a stylish salon appearance could impede the salon services market growth.
Segments-
Rising Consumer Spending on Dressing Services Spurs Hare Care Segment
On the basis of service type, the market is classified nail care, skin care, and hair care. The hair care segment will rule due to the growing number of barber and hairdressing shops and increasing consumer spending on hair cutting and dressing services within the hair salon industry.
Rising Prevalence of Feminine Products Favors the Women Segment
In terms of end-user, the market is fragmented into men and women. The women segment will rule due to rising prevalence of feminine products and services offered across salons.
The global market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa
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Regional Insights
Rising Consumer Spending on Personal Care Products Foster Growth in European Market
Europe held the prominent global salon services market share and is expected to maintain its leadership during the forecast timeframe due to rising consumer spending on personal care products across the region.
North America is anticipated to grow at a notable pace during the forecast period due to the rising popularity of massage & nail treatment and facial-related services.
Asia Pacific is expected to showcase significant growth due to the rising number of beauty parlors and hair and nail salons in regions such as China and India, which could favor the region's market growth.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Market
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges due to COVID-19
- Potential Opportunities due to COVID-19
- Global Salon Services Market Analysis, Insights, and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Hair Care
- Nail Care
- Skin Care
- Market Analysis, Insights and Forecast – By End User
- Women
- Men
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued…!
Competitive Landscape
Solo Salon Technology Platform Introduced by Critical Players to Stay Competitive
Key players such as Regis Corporation are likely invest in strategic expansion to expand their geographical footprints with an aim to provide the best salon services to their customers. Furthermore, the collaboration between Regis Corporation and Zenoti introduced a solo salon technology platform in its salon businesses to stay competitive in the marketplace.
Key Industry Development:
- July 2022: The U.S.-based nail varnishing services experts Lauren Dunne and Duo Carrie launched their waterless nail salon to provide toxin-free products in the salon.
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Frequently Asked Questions (FAQs):
1. Is the Salon Services Industry growing?
Answer: Fortune Business Insights says that the market size was USD 201.92 billion in 2021 and is anticipated to reach USD 355.45 billion by 2029.
2. Who are the key players in the Salon Services Market?
Answer: Regis Corporation, Great Clips, Inc., and Dessange International are the leading companies worldwide.
3. What are Key Factors Raising the Market?
Answer: The rising number of barber shops & parlors is the key factor driving the market growth.
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