Salon Services Market Outlook
The Salon Services Market, with a size of USD 215.2 Billion in 2022, is anticipated to witness substantial expansion. Projections indicate a growth trajectory from USD 232.8 Billion in 2023 to USD 437.4 Billion by 2032, reflecting a noteworthy compound annual growth rate (CAGR) of 8.20% during the forecast period (2023 – 2032). The market’s upward trajectory is notably fueled by key drivers such as the increasing popularity of online appointment booking platforms and the growing trend of investing in personal grooming services.
Drivers
Increasing Focus on Hair Care to Boost Market Growth
The increasing focus on hair care will boost market growth in the forecast period for the increasing demand of consumers for hair treatment, colouring, and hair styling. The changing fashion trends, increasing awareness regarding hair care, and consumers rising disposable incomes are also boding well for the growth of the market. Besides, advances in the hair care technologies and products as well as innovative salon services are also propelling market growth.
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Opportunities
Increasing Focus on Personal Grooming to offer Robust Opportunities
The increasing focus on grooming and personal appearance will offer lucrative opportunities for the salon services market in the forecast period. People are becoming immensely conscious about their appearance and seeking professional help to enhance their beauty & overall well-being.
Restraints and Challenges
High Maintenance Cost to act as Market Restraint
The high maintenance cost of a salon, seasonal fluctuations, labour & skill shortage, and intense competition amid salon service providers may act as market restraints over the forecast period.
Market Segmentation
The global salon services market is bifurcated based on end user and service type.
By service type, hair care will lead the market over the forecast period.
By end user, women will domineer the market over the forecast period.
COVID-19 Analysis
The closure of hairdressing salons & barber shops the world over owing to COVID-19 lockdown limitations has globally impacted revenues in 2020 & 2021. Across countries governments encouraged people to abstain from visiting salons & following social distancing norms for reducing their perils of coronavirus infection.
Regional Analysis
North America to Head Salon Services Market
North America will head the market over the forecast period for the increasing popularity of nail treatment and massage, facial-related services, the presence of a huge population having a diverse range of beauty needs, skin tones, and hair types, and the region being ahead of fashion & beauty trends.
Europe to Have Admirable Growth in Salon Services Market
Europe will have admirable growth in the market over the forecast period for the well-established network of training centres and beauty schools, constant adoption of emerging innovations and trends, the increase in fashion conscious population, and the strong culture of grooming & beauty. The UK grabbed the utmost market share followed by the UK.
Key Players
Eminent industry players profiled in the global salon services market report include Great Clips, Inc, Regis Corporation, Dessange International, The Lounge Hair Salon, Ulta Beauty, Inc, Seva Beauty, Drybar, Skin Rich, The Leading Salons of the World, LLC., Snip-its, Lakme Salon, Beauty Connection Spa, Kao Corporation, Original Barbershop, SalonZen, and Sally Beauty Holdings.
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