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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