Personal Services Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Personal services refer to those agencies that provide physical day-to-day household and individual assistance services to people. Personal services are provided to eligible beneficiaries to help them stay in their own homes and communities rather than live in institutional settings, such as nursing homes.

Sizing and Forecast

The personal services market size has grown strongly in recent years. It will grow from $1271.06 billion in 2023 to $1379.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to changing lifestyles, aging population, health and wellness trends, rising disposable income, urbanization.

The personal services market size is expected to see strong growth in the next few years. It will grow to $1891.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to digital transformation, environmental sustainability, social engagement and wellbeing, cultural and diversity services. Major trends in the forecast period include digital transformation and online services, subscription and membership models, remote and virtual services, digital marketing and e-commerce.

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Segmentation & Regional Insights

The personal services market covered in this report is segmented –

1) By Type: Personal Care Services, Death Care Services, Dry-Cleaning And Laundry Services, Other Personal Services, Private Household Services

2) By Mode: Online, Offline

3) By Distribution Channel: Specialist Retail Stores, Supermarkets/Hypermarkets, Convenience Stores, Pharmacies/Drug Stores, Online Retail Channels, Other Distribution Channels

Subsegments Covered: Beauty Salons, Diet And Weight Reducing Centers, Spas & Massage Parlors, Other Personal Care Services, Funeral Homes And Funeral Services, Cemeteries And Crematories, Coin-Operated Laundries And Drycleaners, Dry-Cleaning And Laundry Services (except Coin-Operated), Linen And Uniform Supply, Pet Care (except Veterinary) Services, Photofinishing, Parking Lots And Garages, All Other Personal Services, In-house Workers, Outside Workers

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.

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Major Driver Impacting Market Growth

The personal services market’s growth is expected to be aided by a stable economic growth forecast in many developed and developing countries. According to the International Monetary Fund (IMF), the global real GDP growth reached 3.6% from 2021 to 2023. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. For instance, according to official data from the World Bank, the GDP of India increased to $3173.40 billion in 2021, compared to $2667.69 billion in 2020. Therefore, stable economic growth is expected to increase disposable incomes, driving the demand for personal services.

Key Industry Players

Major companies operating in the personal services market include 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.

The personal services market report table of contents includes: