Major companies in the personal care services market include Services Corporation International; Sears Holdings; Best Buy; Regis Corporation and Weight Watchers International Inc.
The global personal care services market is expected to grow from $348.16 billion in 2020 to $360.89 billion in 2021 at a compound annual growth rate (CAGR) of 3.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $488.9 billion in 2025 at a CAGR of 8%.
The personal care services market consists of sales of personal care services and related products by entities (organizations, sole traders and partnerships) that provide personal care services such as beauty salon services, diet control and weight loss treatment services, and spa and massage services. Establishments in the personal care services industry include barber shops or hair salons, body beauty salons, nail salons, diet and weight reducing centers, spas and massage parlors, tattoo parlors, and hair replacement services providers. The personal care services market is segmented into beauty salons; diet and weight reducing centers; spa and massage parlors; and other personal care services.
North America was the largest region in the global personal care services market, accounting for 33% of the market in 2020. Asia Pacific was the second largest region accounting for 33% of the global personal care services market. Africa was the smallest region in the global personal care services market.
Beauty salons are using organic products to cater to the increasing demand for healthy products. Organic products are natural products which are prepared using natural or organic ingredients without the use of harmful chemicals. The supply of locally-sourced raw materials makes organic products more accessible and affordable to the costumers. Some of the organic products being used by hair salons include organic hair oil, hair spray, shampoos, hair gels, hair colors, dyes and other hair styling products. The organic personal care market is expected to grow at 10% to reach $25 billion by 2025, thus indicating a significant potential for organic salons. Hair salon such as Organic Natural Hair salon use organic products.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the personal care services market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the personal care services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Population aging will be a driver of the personal care services market going forward. During 2018-2022, the number of people over 65 is expected to increase from approximately 550 to 650 million globally, an increase of 18% according to the Population Reference Bureau. The increasing size of geriatric population coupled with an increasing focus on healthy lifestyles among the geriatric population will increase the demand for personal care services such spa and massage services, driving the market.
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