Growing Aging Population and Integration of Technology Will Shape the Future of Professional Beauty Services, Says Fact.MR – Press Release
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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.
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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.
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$ 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 6%, respectively, in Europe and South Asia & Oceania.
“Professional beauty services market set to enjoy stable growth pushed by technology enhancements,” says a Fact.MR analyst.
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Market Development
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.
Segmentation of Professional Beauty Services Industry Research
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- 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
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- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
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