The personal care services market comprises of the sales of personal care services and related goods by entities that provide appearance care services to individual consumers, including beauty salons, nail salons, barbershops, diet & weight reducing centers and other personal care service providers.
According to study, “Personal Care Services Global Market Report 2019” the key companies operating in the global personal care services market are Services Corporation International, Best Buy, Regis Corporation, Sears Holdings, Weight Watchers International Inc. Key players in the market are adopting numerous business strategies such as merger and acquisition (M&A), in order to gain competitive edge in the market.
Based on product type, personal care services market is segmented into skin care, hair care, oral care and cosmetics. Based on type, market is segmented into organic, inorganic and herbal. Based on age, market is segmented into below 15, 15-40, 40-65 and above 65. Based on gender user, market is segmented into male users and female users. Based on premise, market id segmented into off-premise and on-premise. In addition, based on application, market is segmented into beauty salons, spas & massage, diet & weight reducing centers, and others.
The personal care services market is driven by rise in preference for organic beauty and personal care products, followed by increase in aging population and customized applications that match customers’ values & identity. However, increase in shift in consumer preference towards chemical-free products because of rise in awareness regarding its ill-effects on health and skin may impact the market. Furthermore, increase in use of organic personal care products due to rise in demand of safer personal products is a key trend for market. Organic products are natural products, prepared using both natural and organic ingredients without the use of harmful chemicals. The supply of locally-sourced raw materials makes these products more accessible & affordable for customers. Some of the organic products being used by hair salons include hair spray, shampoos, organic hair oil, hair gels, hair colors, dyes and other hair styling products.
Amidst the unprecedented eruption of corona virus, governments across the world are directing people to stay indoors and practice social distancing, to reduce the spread of the pandemic. This has declined short-term potential growth opportunities for the personal care services industry. This industry is a hands-on industry, and individuals involved are highly vulnerable to the risk of transmission. This is depressing people from availing beauty services. Due to the COVID crisis, it is prudent for the businesses in the personal care services to go digital, upsurge the time between appointments, prioritize hygiene, and shift towards Business Planning & Consolidation (BPC) packaged products.
Based on geography, the North-American holds largest share of the global personal care services market owing to growth in wellness tourism industry, change in lifestyle as well as increase in purchasing power of consumers in developing countries in the region. Whereas, the Asian-Pacific and European regions are estimated to witness higher CAGR due to growth in concerns regarding personal hygiene, increase in internet penetration and rise in obese population over the forecast period. With the high expenditure by ageing populations, rise in demand for premium products and greater consumption by millennial, the scope or potential for the global market is projected to significantly rise in the forecast period.
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Ankur Gupta, Head Marketing & Communications