According to a new report published by Allied Market Research, titled, “Professional Beauty Services Market," The professional beauty services market was valued at $211.5 billion in 2021, and is estimated to reach $348.4 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
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 service 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.
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Demand, Emerging Trends, Growth Opportunities and Future scope
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 service 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.
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 service 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.
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Factors That surge the professional beauty services market share.
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.
The prominent players analyzed in this report include
*Tommy Gun's Original Barbershop
*Floyds 99 Holdings, LLC
*Bariks Luxe Salon
*Beauty Connection Spa
*Maison de Joelle
*Fantastic Sams Franchise Corporation
Key findings of the study
_Based on service, the hair service segment is dominating the market with a CAGR of 4.7%, in terms of revenue, during the professional beauty services market forecast period.
_According to gender, the male segment is expected to grow with CAGR of 5.1% in the professional beauty services market analysis from 2022 to 2031.
_As per age group, the 26 to 45 years segment is likely to dominate the market from 2022 to 2031.
_Depending on country, the U.S. was the largest market for professional beauty service market in 2021, in terms of revenue generation in North America.
_On the basis of region, LAMEA is anticipated to witness highest growth rate, registering a CAGR of 7.4% from 2022 to 2031 in the professional beauty services market.
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