DUBLIN–(BUSINESS WIRE)–The “Personal Services Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The personal services market size has grown strongly in recent years. It will grow from $1,271.06 billion in 2023 to $1,379.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The personal services market size is expected to see strong growth in the next few years. It will grow to $1,891.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
The projected growth in the forecast period can be attributed to various factors, including the ongoing digital transformation of personal services, a growing emphasis on environmental sustainability, increased focus on social engagement and well-being, and the provision of services that cater to cultural diversity.
Notable trends in the forecast period encompass the expansion of digital transformation and the delivery of online services, the adoption of subscription and membership models, the offering of remote and virtual services, and the utilization of digital marketing and e-commerce to reach a wider audience.
The growth of the personal services market is expected to receive a boost from the stable economic growth forecasted in both developed and developing countries. As per the International Monetary Fund (IMF), there has been a global real GDP growth of 3.6% from 2021 to 2023. Additionally, the recovery of commodity prices, following a significant decline in recent history, is anticipated to contribute to market growth.
Developed economies are also set to experience steady growth during the forecast period, with emerging markets projected to grow slightly faster than their developed counterparts. For instance, India’s GDP increased to $3,173.40 billion in 2021 compared to $2,667.69 billion in 2020. This stable economic growth is expected to translate into higher disposable incomes, thereby driving the demand for personal services.
The primary categories of personal services include personal care services, death care services, dry-cleaning and laundry services, other personal services, and private household services. Personal care services involve hands-on assistance with essential daily tasks for individuals who may require help with such activities. These services can be provided through various modes, including online and offline, and may be distributed through different channels like specialty retail stores, supermarkets, convenience stores, pharmacies, online retail channels, and other avenues.
The personal services market research report is one of a series of new reports that provides personal services market statistics, including the personal services industry global market size, regional shares, competitors with a personal services market share, detailed personal services market segments, market trends and opportunities, and any further data you may need to thrive in the personal services industry. This personal services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The personal services market is expected to benefit from the increasing awareness among individuals regarding personal care products. Personal care encompasses consumer products used for personal hygiene, grooming, self-care, and beautification. These products play a pivotal role in enhancing the quality of personal services, improving customer satisfaction, ensuring safety and hygiene, and offering opportunities for customization and education.
For instance, in 2023, Cosmetics Europe reported that 500 million consumers use personal care products daily to enhance their well-being and safeguard their health. The personal care industry also contributes significantly to the European economy, amounting to approximately USD 31.23 billion (€29 billion) annually. Therefore, the growing awareness of personal care is a driving force behind the expansion of the personal services market.
Major companies in the personal services sector are introducing innovative service options like Fly Cleaning services to gain a competitive edge in the market. Virgin Australia, for instance, launched Fly Cleaning, the world’s first in-flight dry-cleaning service in April 2023. This service enables passengers to have their clothing cleaned while traveling, eliminating the need for post-trip laundry efforts and exemplifying Virgin Australia’s commitment to passenger comfort and convenience.
Asia-Pacific was the largest region in the personal services market in 2023. North America was the second-largest region in the personal services market. The regions covered in the personal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Key Topics Covered:
1. Executive Summary
2. Personal Services Market Characteristics
3. Personal Services Product/Service Analysis -Product/Service Examples
3.1. Personal Services Supply Chain Analysis
3.1.1. Personal Services Resources
3.1.2. Personal Services Manufacturers
3.1.3. Personal Services Distributors and Retailers
3.1.4. Personal Services End Users
3.2. Personal Services Customer Information
4. Personal Services Market Trends And Strategies
5. Personal Services Market – Macro Economic Scenario
5.1. Impact Of High Inflation On The Market
5.2. Ukraine-Russia War Impact On The Market
5.3. COVID-19 Impact On The Market
6. Global Personal Services Market Size and Growth
6.1. Global Personal Services Market Drivers and Restraints
6.1.1. Drivers Of The Market
6.1.2. Restraints Of The Market
6.2. Global Personal Services Historic Market Size and Growth, 2018 2023, Value ($ Billion)
6.3. Global Personal Services Forecast Market Size and Growth, 2023 2028, 2033F, Value ($ Billion)
7. Personal Services Market Segmentation
7.1. Global Personal Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Personal Care Services
- Death Care Services
- Dry-Cleaning And Laundry Services
- Other Personal Services
- Private Household Services
7.2. Global Personal Services Market, Segmentation By Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Online
- Offline
7.3. Global Personal Services Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Specialist Retail Stores
- Supermarkets/Hypermarkets
- Convenience Stores
- Pharmacies/Drug Stores
- Online Retail Channels
- Other Distribution Channels
8. Personal Services Market Regional And Country Analysis
8.1. Global Personal Services Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.2. Global Personal Services Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
A selection of companies mentioned in this report includes
- Service Corporation International
- Elis SA
- Fantastic Sams
- Weight Watchers International Inc
- Spotless Group Holdings Ltd
- Tivity Health
- Dignity plc
- Regis Corporation
- ProSiebenSat.1 Media SE
- CSC Serviceworks Holdings Inc.
- Great Clips Inc.
- Sport Clips Haircuts
- Supercuts Inc.
- Massage Envy Franchising LLC
- European Wax Center Inc.
- Hand and Stone Massage and Facial Spa
- Massage Heights Franchising LLC
- Elements Massage
- L A Fitness International LLC
- 24 Hour Fitness Worldwide Inc.
- Anytime Fitness Inc
- Gold’s Gym International Inc
- Planet Fitness Inc.
- CRUNCH Fitness International Inc
- Orangetheory Fitness
- SoulCycle Inc.
- Pure Barre
- The Bar Method
- CorePower Yoga LLC
- Equinox Holdings Inc.
- Life Time Inc.
- PetSmart Inc.
- Rover Group, Inc.
- Wag Group Co
- Chewy Inc.
- Petco Health and Wellness Company Inc.
- Banfield Pet Hospital
- VCA Antech,Inc.
- Funeral Directors Life Insurance Co
- Match Group Inc.
For more information about this report visit https://www.researchandmarkets.com/r/tbjvu5
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