Professional Beauty Services Market Anticipates Significant Growth Amidst Industry Expansion As Per The Business Research Company’s Professional Beauty Services Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Dec. 06, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Professional Beauty Services Global Market Report 2023, the global professional beauty services market is poised for remarkable expansion, with projections indicating growth from $198.84 billion in 2022 to $213.4 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 7.3%. Despite global economic challenges arising from the Russia-Ukraine war and its subsequent impact on various markets, the professional beauty services market is expected to reach $273.36 billion by 2027, boasting a CAGR of 6.4%.
Drivers of Growth
The burgeoning beauty and cosmetics industry are set to drive the growth of the professional beauty services market. This dynamic sector encompasses a wide range of personal goods, services, and related activities. Professional beauty service providers play a crucial role in delivering a spectrum of beauty services, including facials, nail care, and makeup applications. Notably, the UK saw a surge in hair and beauty firms, reaching 48,425 businesses, generating $5.9 billion (£4.6 billion) in revenue between March 2021 and March 2022, according to the National Hair and Beauty Federation. This surge underscores the integral role professional beauty services play in the expanding beauty and cosmetics industry.
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Major Players and Technological Advancements
Key players in the professional beauty services market, including L’Oréal Group, Ulta Beauty Inc., and Sephora, are at the forefront of technological advancements. The adoption of new technologies is a key trend gaining traction, exemplified by The Estée Lauder Companies’ launch of the Voice-Enabled Makeup Assistant (VMA). This AI-powered beauty app assists visually impaired users by providing voice teaching technology for applying makeup, showcasing the industry’s commitment to inclusivity and innovation.
Market Trends and Leading Regions
Technological advancements remain a key trend in the professional beauty services market, with companies embracing innovations to sustain their market positions. Henkel’s acquisition of Shiseido Company Limited’s professional hair business in July 2022 exemplifies the industry’s strategic moves to solidify market dominance, particularly in regions like China and Japan. North America emerged as the largest region in the professional beauty services market in 2022, while Asia-Pacific is anticipated to be the fastest-growing region in the professional beauty services market forecast period.
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The Professional Beauty Services Market Report provides comprehensive insights for businesses aiming to thrive in this dynamic industry. By offering in-depth analyses of growth potential, drivers, and market trends, the professional beauty services market report equips players with essential knowledge to make informed decisions. As technological advancements continue to reshape the industry, companies can leverage the professional beauty services market report to stay ahead, embrace innovative offerings, and capitalize on emerging opportunities. By understanding market dynamics and strategically positioning themselves, businesses can scale and succeed in the evolving professional beauty services market.
Professional Beauty Services Global Market Report 2023 by The Business Research Company provides insights on the professional beauty services market size, professional beauty services market segments, professional beauty services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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