Salon Services Market is Anticipated to Reach at a US$ 233.8 Billion in 2023 | FMI
The salon services Market is currently valued at US$ 233.8 Billion in 2023 and is anticipated to expand at a CAGR of 7.46%. Owing to the technological advances in the beauty industry and increased demand for beauty care products is likely to propel to US$ 480 Billion by 2033
This surge of activity is driven by advancements in beauty technology and an increasing demand for luxury care products.
In the past 10 years, Salon Services Market have become a priority for people around the world. The demand for eco-friendly cosmetics is also on the rise as customers seek better style through an increased focus on personal hygiene, physical appearance, skincare products, and other aspects of their beauty regimes. This surge in spending has resulted in significant expansion within salon services across all markets globally.
With disposable incomes and living standards on the rise, people are increasingly indulging in beauty treatments to pamper their skin and relieve stress. This boom is also driven by growing demand for natural products that keep bodies healthy without compromising safety or quality.
This combined with advancing technologies is propelling the market forward over this period of time – setting it up to reach greater heights than ever before
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Key Takeaways from the Market Study
- As of 2023, the salon services market was valued at US$ 233.8Billion
- From 2023 to 2033, the industry is poised to grow at a 7.46% CAGR
- By 2033, salon service market is slated to reach a valuation of US$ 480 Billion
- By service type, the hair care segment accounted for the largest share of 7.3% and is expected to continue this trend over the forecast period.
- China is poised to yield a CAGR of 7.3% with respect to salon services in 2033
“Growing per capita income and increased spending on personal grooming services are expected to radically transform the salon services market in the coming years,” comments an analyst at FMI.
Great Clips Inc., Regis Corporation, Dessange International, Ulta Beauty Inc., The Lounge Hair Salon, Seva Beauty, Dry Bar LLC, Skin Rich, The Leading Salons of the World LLC, Snip-its, are some of the key companies in the salon services market.
Furthermore, many salon centers are adopting newer techniques and using more organic and chemical free products to gain a competitive share of the salon services market. These are the key strategies followed by salons to increase their market share in terms of revenue. for instance,
- In June 2022 – Regis Corporation, announces that it has partnered with Zenoti. Zenoti will become the sole salon technology platform for all of Regis’ brands. With this relationship, Zenoti will help Regis deliver a modern, digital experience to drive engagement with its three million salon customers every month.
- Chapel Beauty & Aesthetics, provide clients with a variety of treatments to help them feel beautiful and rejuvenated. Also, provide specialised beauty treatments that will leave feeling confident again. From dermal fillers to micro-needling, staff have the skills and expertise to provide with a phenomenal service from beginning to end.
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Key Segments Covered in the Salon Services Market Industry Survey
Salon Services Market by Service Type:
- Hair Care Salon Services
- Nail Care Salon Services
- Skin Care Salon Services
Salon Services Market by End User:
- Salon Services for Men
- Salon Services for Women
Salon Services Market by Region:
- North America Salon Services Market
- Latin America Salon Services Market
- Europe Salon Services Market
- South Asia & Pacific Salon Services Market
- East Asia Salon Services Market
- Middle East & Africa Salon Services Market
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
4. Global Market Analysis 2018-2022 and Forecast, 2023-2033
4.1. Historical Market Size Value (US$ Mn) Analysis, 2018-2022
4.2. Current and Future Market Size Value (US$ Mn) Projections, 2023-2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
To Continue TOC…