The Professional Beauty Services Market to Reach $348.4 Billion, Globally, by 2031 at 4.8% CAGR: Allied Market Research

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Feb 01, 2023, 09:00 ET

The professional beauty services markets have driven beauty services to new levels with product innovations, modern equipment, and treatment techniques. The types of services performed by beauty professionals are also becoming more advanced, particularly in skin-related services such as injectables and treatments with either machines or chemicals.

PORTLAND, Ore., Feb. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Professional Beauty Services Market by Service (Hair Service, Skin Service, Nail Service, Merchandise Sales), by Gender (Male, Female), by Age Group (18 to 25 Years, 26 to 45 Years, 46 Years and Above): Global Opportunity Analysis and Industry Forecast, 2021-2031" 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.

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Prime determinants of growth

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.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global professional beauty services market, owing to the temporary closure of professional beauty services stores during the lockdown.
The pandemic disrupted the growth of the business environment of every country, which is expected to be the major challenge for the professional beauty services market growth.

The hair service segment to maintain its leadership status throughout the forecast period

Based on service type, the hair care segment held the highest market share in 2021, accounting for around three-fifths of the global professional beauty services market, and is estimated to maintain its leadership status throughout the forecast period. According to the 2021 report of the National Hair & Beauty Federation (NHBF), more than 46,000 hair and beauty businesses were operating in the UK in 2021, a 3% rise from the previous year. However, the nail service segment is projected to manifest the highest CAGR of 5.7% from 2022 to 2031. This is due to the trend of frequent changes in nail color, gel manicures, or extensions that have become popular with celebrities and influencers.

The female segment to maintain its leadership status throughout the forecast period

Based on gender, the female segment held the highest market share in 2021, accounting for more than two-thirds of the global professional beauty service market, and is estimated to maintain its leadership status throughout the forecast period. The increase in the female labor force, awareness regarding maintaining prolonged beauty, and lifestyle change are the key driving factors of the growth of the segment. However, the male segment is expected to portray the highest CAGR of 5.1% from 2022 to 2031. This is due to men increasingly enjoying personal care treatments, including hairstyling, nail care, and facials, as they are also becoming more mindful of their appearance and well-being.

The 26 to 45 Years segment to maintain its leadership status throughout the forecast period

Based on age group, the 26 to 45 Years segment accounted for the largest share in 2021, contributing to more than two-fifths of the global professional beauty services market, and is projected to maintain its lead position during the forecast period. At this age, spots start to form, increasing skin infection and impaired wound healing. The dermis tissues lose their water-binding ability and fibrous structure, resulting in more wrinkles that require professional beauty service treatment. However, the 18 to 25 Years segment is expected to portray the largest CAGR of 5.2% from 2022 to 2031. This is due to men showing a growing demand for professional beauty services in recent years, especially for young adults aged 18-25 years.

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Asia-Pacific to maintain its dominance by 2031

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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