Salon Services is a $233.8B Business in 2023; Where Do You Fit In?

According to a report on Salon Services Market by Future Market Insights, the market is currently valued at US$233.8 Billion in 2023. It is anticipated to expand at a compound annual growth rate (CAGR) of 7.46 percent and reach US$480 Billion by 2033.

This surge of activity is driven by advancements in beauty technology and an increasing demand for luxury care products.

In the past 10 years, salon services market have become a priority for people around the world. The demand for eco-friendly cosmetics is also on the rise as customers seek better style through an increased focus on personal hygiene, physical appearance, skincare products, and other aspects of their beauty regimes. This surge in spending has resulted in significant expansion within salon services across all markets globally.

With disposable incomes and living standards on the rise, people are increasingly indulging in beauty treatments to pamper their skin and relieve stress. This boom is also driven by growing demand for natural products that keep bodies healthy without compromising safety or quality.

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$233.8 Billion
  • From 2023 to 2033, the industry is poised to grow at a 7.46 percent CAGR
  • By 2033, salon service market is slated to reach a valuation of US$480 Billion
  • By service type, the haircare segment accounted for the largest share of 7.3 percent and is expected to continue this trend over the forecast period
  • China is poised to yield a CAGR of 7.3 percent with respect to salon services in 2033

“Growing per capita income and increased spending on personal grooming services are expected to radically transform the salon services market in the coming years,” an analyst at FMI said.

Great Clips, 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, are some of the key companies in the salon services market.

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.