The global cosmetology market growth has been on an upward trajectory, marking significant growth in recent years. In 2022, the market was valued at an impressive US$ 108.33 billion, and in the current year, 2023, experts project a staggering increase to reach a valuation of US$ 118.93 billion in total cosmetology procedures. The industry’s momentum shows no signs of slowing down. Forecasts suggest that by 2033, the global market is set to soar to an estimated US$ 316.05 billion. This robust growth is anticipated to follow a Compound Annual Growth Rate (CAGR) of 10.8% from 2023 to 2033.
The beauty and cosmetology sector is undergoing a remarkable evolution, driven by innovation, technological advancements, and a growing consumer demand for aesthetic enhancement and self-care solutions. This expansion not only reflects changing consumer preferences but also highlights the industry’s resilience in adapting to meet evolving needs.
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“We are witnessing a transformative era in the beauty industry, where innovation is redefining standards and reshaping the market landscape,” says Future Market Insights, an industry expert. “The projected growth underscores the burgeoning interest and investment in cosmetic procedures worldwide.”
Key factors contributing to this exponential growth include a rise in disposable income, increasing awareness about personal appearance, advancements in non-invasive procedures, and a shift toward wellness-oriented beauty solutions.
As the industry continues to flourish, stakeholders, including cosmetic brands, practitioners, and consumers, can anticipate a plethora of opportunities and advancements. This growth isn’t merely about numbers; it signifies an era of empowerment, self-expression, and the exploration of individuality.
The future of cosmetology is poised for innovation, accessibility, and inclusivity, offering a diverse array of options to cater to the diverse needs and preferences of consumers worldwide.
Key Takeaways from the Global Cosmetology Market Study Report by FMI:
- In 2022, North America contributed almost 42.3% of worldwide market demand. Meanwhile, the net worth of total cosmetology procedures adopted in European countries was figured out to be around 25.6%.
- In comparison to all countries, the United States alone contributed 37.8% of the global revenue generated in the year 2022. The market in the United States is undergoing a dynamic transformation fueled by the fusion of technology advancements, aesthetic goals, and digital media.
- Germany is the leading market in Europe with a 7.3% global share, while the United Kingdom market may record a 7.2% CAGR through 2033. The cosmetology service providers in the United Kingdom offer a wide range of services, catering to diverse global customers.
- In Asia Pacific, China is poised to witness a year-on-year growth rate of 12.4% until 2033 in the adoption of cosmetology procedures. India is expected to follow China in overall market growth at around 10.2% CAGR through 2033.
- Currently, non-surgical segments account for nearly 59.3% of the global market share as people continue to seek self-expression and confidence via cosmetic improvements.
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Competitive Landscape for the Cosmetology Market Players:
GC Aesthetics, Mentor, Sientra, Zimmer, 3M Health Care, Allergan, Implantech Associates, Institut Straumann, Nobel Biocare, and Spectrum Designs Medical are some top market players. These top cosmetology providers maintain their reputation and reliability by ensuring compliance with medical laws and prioritizing patient safety.
To build credibility and trust in the highly competitive industry, it may be crucial for new players to continue using ethical marketing techniques. To compete in the market, start-ups must pay attention to changing customer preferences and keep up with the most recent trends.
Key Segments of the Cosmetology Market:
By Procedure:
- Surgical
- Non-Surgical
By Application:
- Breast Enhancement
- Facial Contouring and Rejuvenation
- Body Contouring
- Skin Rejuvenation
- Hair Transplant
- Buttock Enhancement
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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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 over 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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