The latest market report published by Credence Research, Inc. “Global Professional Beauty Services Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global professional beauty services market has witnessed steady growth in recent years and is expected to continue growing at a CAGR of 5.00% between 2023 and 2030. The market was valued at USD 215.9 billion in 2022 and is expected to reach USD 303.79 billion in 2030.
The market overview highlights that the global professional beauty services market is highly competitive, with key players such as 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, and Fantastic Sams Franchise Corporation. These players focus on product innovation, expanding their distribution channels, and mergers and acquisitions to maintain a competitive edge in the market.
The professional beauty services market major challenges are numerous and complex. One of the most pressing issues is the intense competition within the industry, which makes it difficult for businesses to differentiate themselves from one another. Another challenge is keeping up with changing consumer trends and preferences, as well as new technologies and techniques that emerge on a regular basis. In addition, rising costs of products and supplies can put a strain on profit margins, while staffing shortages can make it challenging to provide high-quality services consistently. Finally, there is also the issue of meeting regulatory requirements and maintaining compliance with health and safety standards in order to protect both clients and employees.
Rapid urbanization, lifestyle changes, the increasing popularity of hair highlights, and rising salon service utilization are among the main drivers of the global professional beauty services market. Salons and beauty service providers strive to offer high-quality cosmetic treatments using advanced technologies. The focus on hair care in salons has increased customer confidence and willingness to choose hair dyes and related procedures. However, one of the challenges faced by the market is the lack of regulation in the professional beauty services sector. Unlike other industries, there are no concrete guidelines established by regulatory agencies. This leads to the entry of numerous companies each year, creating competition within the market.
Despite the challenges, the global professional beauty services market offers significant growth opportunities. Increasing technology integration in beauty services, such as online scheduling, digital payment gateways, SMS-based reminders and check-ins, social media marketing, and online reviews, present lucrative growth opportunities. The rising popularity of beauty services among men also contributes to market growth.
Looking ahead, the global professional beauty services market holds a positive outlook, with significant growth potential in the Asia Pacific region. The market faces challenges related to the lack of regulations, but key players can stay ahead by focusing on product innovation, expanding market reach, and maintaining competitive pricing.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Professional Beauty Services Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Age Group and Gender
- Major nations in each region with their import/export statistics
- The global Professional Beauty Services Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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