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Personal Care Services Market Outlook, Trends, Analysis, Insights, Overview And Forecast To 2033
Personal Care Services Market Outlook
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According to The Business Research Company's, The personal care services market size has grown strongly in recent years. It will grow from $444.2 billion in 2023 to $487.29 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to rapid urbanization, economic growth in emerging markets and rise in wellness tourism.
The personal care services market size is expected to see strong growth in the next few years. It will grow to $697.41 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to rising geriatric population, increasing internet penetration, growing wellness tourism industry, rising obese population and social media. Major trends in the forecast period include shifting to organic salon services, adopting online personal care services, use of artificial intelligence to cater to the demand of the costumers, offering more male personal care services and spiritual based services, extending kid's spa and salon, offering personalized products and services, and offering niche services.
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Market Drivers and Trends:
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 the geriatric population coupled with an increasing focus on healthy lifestyles among the geriatric population will increase the demand for personal care services such as spa and massage services, driving the market.
Beauty salons are using organic products to cater to the increasing demand for healthy products. Organic products are natural products that 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 customers. 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 salons such as Organic Natural Hair salon use organic products.
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Major Key Players of the Market:
Invacare Corporation, Hill-Rom Holdings Inc., ArjoHuntleigh Inc., Joerns Healthcare LLC, Handicare Group AB, Drive Divilbiss Healthcare Inc., ETAC AB, Gf Health Products Inc., Prism Medical UK, Guldmann Inc., Etac Limited, Arjo, Handicare (Xiamen) Co. Ltd., Linet Inc., Stryker Corporation, V. Guldmann A/S, Hill-Rom India Private Limited, Ottobock SE & Co, LINET, Malvestio, Ossenberg, Antano Group, Stiegelmeyer, Mangar Health, Lojer Oy, KNESTEL Technologie & Elektronik GmbH, Imaxdi, Karma, Reac Poland Sp.Zoo, Paramount Bed Holdings, Umano Medical, MEDITEK, AGA Sanitätsartikel GmbH, Drive DeVilbiss Healthcare, Brumaba GmbH & Co. KG, medifa-hesse GmbH & Co. KG, UFSK-International OSYS GmbH, Stiegelmeyer GmbH & Co. Kg, OpeMed Ltd., DJO LLC, Hill-Rom Services Inc, Getinge AB, Sunrise Medical LLC, Benmor Medical Limited, Paramount Bed Co. Ltd., Drive DeVilbiss Sidhil Ltd., Medline Industries Inc.
Personal Care Services Market 2024 Key Insights:
• The personal care services market size is expected to see strong growth in the next few years. It will grow to $697.41 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Population Aging A Catalyst For Personal Care Services Market Growth
• Beauty Salons Embrace Organic Products For Health-Conscious Clients
• Asia-Pacific was the largest region in the personal care services market in 2023
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