The Professional Beauty Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Professional Beauty Services Global Market Report 2024, The professional beauty services market size has grown strongly in recent years. It will grow from $213.4 billion in 2023 to $228.59 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to economic growth, social media influence, celebrity endorsements, cultural shifts, urbanization.
The professional beauty services market size is expected to see strong growth in the next few years. It will grow to $291.75 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rise of the experience economy, sustainability in beauty, inclusive beauty services, wellness integration, remote beauty consultations. Major trends in the forecast period include digital transformation, advancements in technology, virtual try-ons and augmented reality, non-invasive aesthetic procedures, elevated safety and hygiene standards.
The expanding beauty and cosmetics industry is expected to propel the growth of the professional beauty services market going forward. The beauty and cosmetics industry refers to a sector of the economy that includes a broad range of personal goods (skincare, color cosmetics, hair care, and fragrances), services (salons and day spas), and related activities. Professional beauty service providers play a significant role in the beauty and cosmetics industry as they are trained to provide arrays of beauty services such as facials, nail care, and makeup applications. For instance, in June 2023, according to the National Hair and Beauty Federation, a UK-based trade association for hairdressing, barbering, and beauty salon owners, between March 2021 and March 2022, the number of hair and beauty firms in the UK rose by 2,215, reaching 48,425 businesses. Further, in 2020–2021, the hair and beauty sector generated $5.9 billion (£4.6 billion) in revenue. Therefore, the expanding beauty and cosmetics industry is driving the growth of the professional beauty services market.
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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
Technological advancements are a key trend gaining popularity in the professional beauty services market. Major companies operating in the professional beauty services market are adopting new technologies to sustain their position in the market. For instance, in January 2023, The Estée Lauder Companies (ELC), a US-based cosmetics company, launched its Voice-Enabled Makeup Assistant (VMA), an AI-powered beauty app for visually impaired users. When applying makeup, VMA uses voice teaching technology to help the user; they hear audio feedback and advice on whether their lipstick, eyeshadow, or foundation is applied evenly. ELC's Augmented Reality and Artificial Intelligence capabilities, created using machine learning, power VMA's innovative smart mirror technology.
The professional beauty services market report table of contents includes:
1. Executive Summary
2. Professional Beauty Services Market Characteristics
3. Professional Beauty Services Market Trends And Strategies
4. Professional Beauty Services Market - Macro Economic Scenario
5. Global Professional Beauty Services Market Size and Growth
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32. Global Professional Beauty Services Market Competitive Benchmarking
33. Global Professional Beauty Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Professional Beauty Services Market
35. Professional Beauty Services Market Future Outlook and Potential Analysis
36. Appendix
Top Major Players :
- L'Oreal Group.
- Ulta Beauty Inc.
- Sephora
- Beiersdorf AG
- Sally Beauty Holdings Inc.
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