Press release
Personal Care Services Market Poised for 9.3 % Growth, Set to Hit $654.16 Billion by 2029
Personal Care Services
The anticipated increase in the elderly population is predicted to drive the expansion of the personal care services market. The term 'aging population' refers to a demographic shift in which the percentage of elderly people in a population increases over time. Owing to longer life spans and falling birth rates, the elderly population is growing, leading to a larger share of older individuals in the community. Personal care services are designed to support older adults in maintaining their independence, enhancing their quality of life, and facilitating daily routine activities. For example, a forecast by the United Nations, an American intergovernmental organization, stated that in January 2023, the global count of people aged 65 and older is set to double from 761 million in 2021 to 1.6 billion by 2050. Furthermore, the population segment exceeding the age of 80 is growing at an accelerated pace. Consequently, the increasing elderly population is fueling the expansion of the personal care services market.
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What is the future CAGR of the personal care services market, and how will it impact industry expansion?
In recent times, there has been a significant expansion in the size of the personal care services market. It is projected to increase from a market size of $415.93 billion in 2024 to $458.29 billion in 2025, maintaining a compound annual growth rate (CAGR) of 10.2%. Several factors, including swift urbanization, blossoming economies in emerging markets, and a surge in wellness tourism, account for the historic period growth.
It is projected that the personal care services market will experience substantial growth in the coming years, with an anticipated market value of $654.16 billion by 2029. This represents a Compound Annual Growth Rate (CAGR) of 9.3%. Factors contributing to this prospective growth during the forecast period include an ageing population, expanding internet usage, an emerging wellness tourism sector, a growing obesity rate and the influence of social media. Key trends for this period encompass a move towards organic salon services, the uptake of online personal care services and the employment of artificial intelligence to meet customer demands. Additionally, an increased focus on male personal care, spiritual-based services, children's spa and salon services, and the provision of personalized and specialized services are also expected trends.
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What are the emerging trends shaping the future of the personal care services market?
Leading organizations in the personal care services sector are looking to evolve and expand their offerings via creative solutions like home health care services to cater to the rising consumer demands for comfort and bespoke care. These home health care services encompass a broad spectrum of both medical and non-medical assistance in a comfortable home setting. For example, in the month of July 2024, Home Health Care services were launched all across India in over 50 cities by Star Health, a recognizable health insurance firm from India. This service aimed to provide healthcare services directly to the patients' home, making it easy-to-access and convenient. It also integrated partnerships with Care24 and Portea providers to provide treatment for several diseases such as fever and gastroenteritis. The service boasted a completely cashless operation, covering all costs related to nursing, medicines, and laboratory tests without any additional out-of-pocket expenses. These services were available to patients through a toll-free phone number or the Star Health Mobile App, promising a speedy dispatch of medical professionals.
Which key market segments comprise the personal care services market and drive its revenue growth?
The personal care services market covered in this report is segmented -
1) By Type: Beauty Salons, Diet And Weight Reducing Centers, Spas & Massage Parlors, Other Personal Care Services
2) By Gender: Male, Female
3) By Age Group: Below 15, 15-40, Above 40-65, Above 65
4) By Type of Premise: On-Premise, Off-Premise
Subsegments:
1) By Beauty Salons: Hair Salons, Nail Salons, Makeup Studios
2) By Diet And Weight Reducing Centers: Weight Loss Clinics, Nutrition Counseling Centers, Meal Prep And Delivery Services
3) By Spas And Massage Parlors: Day Spas, Medical Spas, Massage Therapy Centers
4) By Other Personal Care Services: Personal Grooming Services, Skincare Clinics, Personal Training And Fitness Services
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What regions are at the forefront of personal care services market expansion?
Asia-Pacific was the largest region in the personal care services market in 2024. North America was the second-largest region in the personal care services market. The regions covered in the personal care services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the personal care services market?
Major companies operating in the personal care services market include Weight Watchers International, Inc., Regis Corporation, Great Clips, Inc., Sport Clips, Inc., Ratner Companies, L.C., Jenny Craig, Inc., Lakme Lever Private Limited, Bijin Salon & Spa, Naturals, Jawed Habibs Hair and Beauty Salon, Shahnaz Husain, VLCC, Affinity Salon, Catherine De France Hair & Beauty Salon, MetodoRossano Ferretti, Eric Paris Salon, Enoshima Island Spa, Elana Jade Beauty Spa, Aman Tokyo Spa, Trumps Spa, Chuan Spa, Bosley Inc, Tivity Health, Hair Cuttery, BistroMD, Muse Salon & Spa, Salon U, Badano-Guzmán, Cerini, Spa Yaten, Termas Villa Elisa, Faena Spa, Spa Holistico Alex Lisboa, Namaste Terapias Corporais, Venus' Spa, Retrô Hair, Le Due Salone, Sólo para Muñecas, Lanserhof, Ritz Carlton, Clarins, Fonteverde, Lefay Resort & Spa Lago di Garda, Chelsea Day Spa, Nirvana Spa, Four Seasons Spa, The Bvlgari Spa, Thermae Bath Spa, Terme di Saturnia, The Massage Company, ChioChio, Alto Senso, Amoveo Spa, Karuna Spa, Expat Salon, Carolline Thai Spa, Oasis Beauty Day Spa, Isla Masaz & Spa, Beauty Partners, Re Salons Spas, Maria Dowling, JetSet, Belle Femme, Toni&Guy, Cambridge Weight Plan, The Armani/Spa, Timeless Spa, Moksha Spa, Mandara Spa, Capelli Salon and Beauty Parlour Ltd, Oloreo Beauty Company, Family Affair, BeautyAddict
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What Is Covered In The Personal Care Services Global Market Report?
• Market Size Forecast: Examine the personal care services market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the personal care services market for a structured understanding.
• Key Players Overview: Analyze major players in the personal care services market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the personal care services market.
• Segment Contributions: Evaluate how different segments drive overall growth in the personal care services market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the personal care services market.
• Industry Challenges: Identify potential risks and obstacles affecting the personal care services market.
• Competitive Landscape: Review strategic developments in the personal care services market, including expansions, agreements, and new product launches.
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