How Big Is the Hair Care Industry?
Why Franchises Are a Smart Investment
Even with the recent pandemic, the hair care industry is on track for substantial growth over the next decade. Prior to the pandemic, the market size was valued at nearly $20 billion and since restrictions have been lifted, it is continuing the growth trend. With unprecedented growth on the horizon, now is the perfect time to invest in the hair care industry. Franchises, like Fantastic Sams, offer an excellent opportunity for anyone to own a business and reap the benefits. Fantastic Sams franchise owners don’t need to know anything about hair to run a successful business and with the market booming, it’s a smart bet.
The Size of the Hair Care Industry
It’s widely known that the hair care industry is a multi-billion dollar business. While the pandemic slowed growth for a brief period, the industry is rebounding nicely and is estimated to reach nearly $32 billion in the next six years. The global industry is expected to grow at a rate of 5.9% per year until 2027. In North America specifically, increased interest in unique and premium hair care products and services are fueling growth. Many people are coming out of the pandemic with a desire for the pampering and self-care that they had to put on hold during lockdowns but they may not have a large budget to accomplish that. That puts a franchise like Fantastic Sams in a unique position to fill that need. We offer high-quality yet affordable hair care for the entire family.
Every industry took a hit during COVID, but the hair care industry is already rebounding. Hair care, in general, is a service that most people cannot go without. Whether they’re buying products or stopping into the local stylist, most people in the country spend money on their hair on a pretty regular basis. Hair care is a human enterprise that can’t be automated by machines or technology. People will always need to help other people look and feel their best through the hair care industry’s products and services. Post-pandemic life is highlighting that self-care in the form of hair care and beauty are integral to society. Since restrictions have been lifted, there’s pent up demand for hair care services like those offered at Fantastic Sams franchises. Stylists are just as excited to get back to work as their clients are to schedule appointments.
Over the next five years, the global hair care market is expected to grow at a compound annual growth rate of about 4%. Hair care services make up a substantial portion of the overall hair care industry, which means businesses like Fantastic Sams are primed to succeed as the industry trends upward. The industry is changing and keeping up with trends is key. During the pandemic many people looked to DIY treatments that may or may not have gone the way they planned. This means there’s a solid market of people who simply can’t or don’t want to handle their own hair care. Additionally, people are looking for a more tailored hair care experience. The days of picking up the cheapest shampoo at the drugstore are gone and customers are eager to find higher quality products that fit their specific hair care needs. Hair care franchises, like Fantastic Sams, are in a great position to satisfy that craving for higher quality products and services at an affordable price.
There has almost never been a better time to own your own business. Pent up demand flooding the industry coupled with a volatile employment market, diving into entrepreneurship with a Fantastic Sams franchise could be the perfect fit. Our franchisees don’t need any hair care industry experience. We offer high quality hair care at affordable prices in thriving markets with a scalable model. The hair care franchise market can be competitive, but Fantastic Sams offers a broader array of services for men, women, and children at an affordable price, which gives us a unique edge over the competition. If you’re interested in learning more about diving into the booming hair care industry by owning your own Fantastic Sams franchise, contact us today!