The salon service market is anticipated to be valued at US$ 218,448.7 million in 2024, with forecasts indicating a robust growth trajectory at a Compound Annual Growth Rate (CAGR) of 6.5% from 2024 to 2034. By the year 2034, the beauty salon industry is expected to thrive, reaching a noteworthy US$ 410,750.4 million. These projections underscore the enduring demand for salon services, driven by evolving beauty trends, increasing disposable incomes, and changing consumer preferences for personalized grooming experiences. As the market continues to expand, stakeholders have significant opportunities to capitalize on the growing demand for beauty and wellness services.
In this country, there is a boom of online order retail laundry or dry clean amenities on on-call basis because they have a complete system of booking, connecting via app to packing, washing in accordance with the requests placed by buyers and providing washed/dried cloths on the given periods. Clients get to know the condition of their clothes through the application by logging in and getting their normal delivery details
Though the COVID-19 pandemic seems to be diminishing in terms of its influence, it still has an increasingly growing effect on economic issues. The ripple effects that the epidemic has had and will continue to have on a national and global scale are amazing from laundry companies temporarily going offline to total closure. “A survey conducted by Planet Laundry indicates that the coronavirus has diminished laundry shareholders’ average earnings between 2019 and 2020 by as much as percent”
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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
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
Business Growth Drivers:
- Increasing Disposable Income: As disposable income rises, consumers are more inclined to spend on personal care and grooming services, driving demand for salon services.
- Changing Consumer Preferences: With a growing emphasis on self-care and wellness, consumers are increasingly turning to professional salon services for relaxation, rejuvenation, and enhancing their appearance.
- Advancements in Technology: Technological advancements in salon equipment, products, and treatments lead to more efficient and effective service delivery, attracting more customers.
- Rising Beauty Consciousness: Social media and the influence of celebrities play a significant role in promoting beauty trends and consciousness, thereby boosting demand for salon services.
- Expansion of Salon Chains: Expansion of salon chains and franchises increases accessibility to salon services, particularly in urban and suburban areas, thus driving market growth.
- Men’s Grooming Segment: The growing trend of male grooming has expanded the customer base for salons, leading to increased revenue opportunities.
- Innovative Service Offerings: Salons offering innovative services such as organic and eco-friendly treatments, customizable packages, and specialized services cater to niche markets, driving growth through differentiation.
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Industry Restraints:
- High Competition: The salon industry is highly competitive, with numerous small and large players vying for market share, leading to pricing pressures and margin erosion.
- Regulatory Compliance and Licensing: Compliance with regulations related to health, safety, and licensing can be challenging and may pose operational hurdles for salon businesses, especially for startups and small-scale operators.
- Labor Costs and Talent Retention: Recruiting and retaining skilled professionals in the beauty industry can be difficult, and rising labor costs may impact profit margins for salon businesses.
- Economic Instability: Economic downturns and fluctuations can lead to reduced consumer spending on non-essential services like salon treatments, affecting revenue and profitability.
- Consumer Shifts to DIY: The availability of DIY beauty products and tutorials online may lead some consumers to opt for at-home treatments, reducing the frequency of salon visits and posing a challenge to salon businesses.
- Seasonal Demand Variations: Seasonal fluctuations in demand, such as increased demand during wedding seasons and holidays and decreased demand during economic slowdowns, can impact revenue predictability and operational planning for salon businesses.
- Supply Chain Disruptions: Disruptions in the supply chain, such as shortages of beauty products or equipment, can hinder salon operations and affect customer satisfaction.
Competitive Landscape
- 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
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
By Service Type:
- Hair Cutting
- Nail Care Salon Services
- Skin Care Salon Services
By End User:
- Salon Services for Men
- Salon Services for Women
By Type:
- Franchise Outlet
- Independent
By Region:
- North America
- Latin America
- Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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