Consumer Goods

Salon Services Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : February 2024

Format :Pdf Ppt Xls

Report ID:KR391

Author : Priyanka V.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 207.24 Billion

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Forecasted Value (2030)

USD 390.72 Billion

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CAGR (2023-2030)

8.41%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Service Type

Hair Care, Skin Care, Nail Care

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By End User

Men, Women


Market Perspective

The global Salon Services Market was valued at USD 207.24 billion in 2022 and is projected to reach USD 390.72 billion by 2030, growing at a CAGR of 8.41% from 2023 to 2030.

The global salon services market is a rapidly growing industry that encompasses a wide range of services, including hair care, skin care, nail care, and beauty treatments. This market is mainly driven by several factors, such as increasing disposable income, growing beauty consciousness among consumers, and the rising demand for personalized grooming services. The salon services market is highly competitive, with numerous players offering a variety of services to cater to the diverse needs and preferences of consumers.

In addition, technological advancements in the beauty industry, such as the use of advanced equipment and innovative techniques, are fueling the growth of this market. These advancements have allowed salons to offer more efficient and effective treatments, thereby attracting a greater number of customers. Moreover, the trend of social media influence and the rising beauty consciousness among consumers on online platforms have contributed to the growth of the salon services market. Consumers are seeking professional help to achieve the perfect look and maintain their appearance in the digital age. Overall, the combination of evolving consumer preferences and technological advancements has created a thriving and competitive market for salon services.

Analyst’s Review on Salon Services Market

The salon services market is experiencing growth due to the increasing demand for personalized beauty services and the higher disposable income of consumers. This growth is further driven by the growing awareness of grooming and self-care among both men and women. Additionally, advancements in salon technologies and innovative beauty treatments have attracted a larger customer base. With the introduction of services such as hair extensions, nail art, and eyelash extensions, salons can cater to a wider range of beauty preferences. Moreover, the growing popularity of social media platforms has significantly influenced the salon services market, as individuals now tend to showcase their grooming and beauty transformations online. These factors are expected to support the continued growth of the global salon services market in the near future.

Market Definition

Salons provide a range of beauty and grooming services in a salon setting. These services consist of haircuts, hairstyling, and coloring among others. In addition, skilled experts employ specific equipment and materials to provide these services, aiming to enhance the aesthetic appeal and overall satisfaction of customers. Thus, salons accommodate diverse clientele, with certain establishments specializing in particular services.

Furthermore, salons play a significant role in enhancing clients' confidence and well-being by providing personalized and top-notch experiences. They offer an extensive array of services, including hair color, manicures, pedicures, facials, waxing, and massages, among others. Moreover, salons enhance their services by providing additional treatments such as waxing, eyelash extensions, and body wraps. By offering a comprehensive range of services, salons can attract a diverse clientele and cater to individual preferences. This not only boosts customer satisfaction but also promotes repeat business and positive referrals.

Market Dynamics

Changing consumer preferences and increasing awareness about personal appearance and grooming are contributing to the growth of the salon services market. As more individuals become conscious of their appearance, they are turning to professional salon services to enhance their looks and boost their confidence. This shift in consumer behavior has led to a surge in demand for a wide range of salon services, including hairstyling, manicures, pedicures, facials, and waxing. Additionally, the growing popularity of social media platforms has played a major role in driving the growth of the salon services market, as people strive to achieve the flawless looks they see influencers and celebrities showcasing online.

However, the expenses associated with salon supplies, rent, utilities, and other operational costs may escalate, thereby impacting profit margins. Increased costs without a corresponding increase in revenue can strain salon businesses, particularly smaller establishments. This can lead to tough decisions such as cutting back on staff or services, which can further impact customer satisfaction and loyalty. To address these challenges, salon owners may need to find creative ways to increase revenue, such as offering additional services or products, partnering with other businesses for promotions, or implementing loyalty programs to encourage repeat business. Additionally, closely monitoring expenses and finding cost-saving measures can help mitigate the impact of rising operational costs on profit margins.

Segmentation Analysis

The global salon services market is segmented based on service type, end user, and geography.

Based on service type, the market is bifurcated into hair care, skin care, and nail care. The hair care segment dominated the market in 2022 due to the growing consumer demand for customized and specialized hair treatments. People are increasingly willing to invest in high-quality hair care services that cater to their unique demands as the emphasis on self-care and grooming continues to increase. Furthermore, technological and research developments have resulted in the introduction of unique hair care products and processes that produce excellent results. These developments not only increased the overall quality of salon services but also made them more accessible and inexpensive to a wider range of customers.

Based on end user, the market is bifurcated into men and women. The women segment led the market in 2022, as women tend to have a higher demand for beauty and grooming services compared to men. They are more likely to invest in regular salon visits, haircuts, styling, and beauty treatments. In addition, societal pressures and beauty standards often place a greater emphasis on women's appearance, leading them to prioritize salon services. Furthermore, the wide range of services offered by salons, such as manicures, pedicures, facials, and waxing, cater primarily to women's beauty needs. The demand for beauty services among women continues to drive the growth and profitability of the salon industry.

Geographical Analysis

Based on region, the global salon services market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America emerged as the leading region in the market in 2022 due to its large and affluent population, which provides a significant customer base for salon services. In addition, the region boasts a strong culture of personal grooming and beauty, where individuals are inclined to invest money in-salon treatments and services. Furthermore, the North American market is characterized by a high level of innovation and technological advancements in the salon industry, which attract customers with new and exciting offerings. Moreover, the region boasts a well-developed infrastructure and a competitive business environment, allowing salon businesses to thrive and expand.

Asia-Pacific region is projected to experience rapid growth through the projected period, mainly propelled by the upward mobility of its population and its increased disposable income, which allows for more spending on beauty and grooming services. Additionally, the region is witnessing a surge in urbanization, leading to a higher demand for salon services in cities. The popularity of Western beauty standards and the influence of social media have further contributed to the growth of the salon services market in the region. As consumers in this region become more exposed to global beauty trends, they are actively seeking professional salon services to achieve their desired looks. Furthermore, the presence of international salon chains and brands in major cities has significantly fueled the demand for salon services in the APAC region.

Competitive Landscape

The global salon services market study will provide valuable insights with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization. The major players in the market are:

  • Great Clips Inc.
  • Regis Corporation
  • Ulta Beauty, Inc.
  • The Lounge Hair and Beauty
  • Sevabeauty
  • Drybar, LLC.
  • Skin Rich
  • The Leading Salons of the World LLC
  • The Snip-its Franchise Company, LLC.
  • DESSANGE INTERNATIONAL

Key Developments

  • May 2022 (Investment): Book Salon, a Helsinki-based SaaS technology start-up, spent USD 3.28 million in the development of an advanced payment processing and appointment booking platform for European beauty and wellness salons. This all-in-one solution is intended to transform the way these businesses handle payments and appointments and targets approximately 1,500 salons.

The global salon services market is segmented as:

By Service Type

  • Hair Care
  • Skin Care
  • Nail Care

By End User

  • Men
  • Women

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America.
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Frequently Asked Questions (FAQ's)
The global salon services is projected to reach USD 390.72 Billion by 2030, growing at a CAGR of 8.41% from 2023 to 2030.
The global salon services market was valued at USD 207.24 Billion in 2022.
The major driving factor for the market growth are changing consumer preferences, and advancements in technology, such as innovative hair treatments, skin care products.
Top manufacturers of salon services market are Great Clips Inc., Regis Corporation, Ulta Beauty, Inc., The Lounge Hair and Beauty, sevabeauty., Drybar, LLC., Skin Rich, The Leading Salons of the World LLC, The Snip-its Franchise Company, LLC., and DESSANGE INTERNATIONAL, among others.
Asia-Pacific is the fastest growing region in the forecasted period (2023-2030).
By service type, hair care segment will hold the maximum share in the salon services market in forecast period.
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