Global personal care market expected to decline by $100 billion
The global personal care services market, which reached a value of nearly $344.3 billion in 2019, is expected to decline to $241.1 billion in 2020, due to the COVID-19 lockdown and social distancing norms.
This is according to the Researchandmarkets.com study, Global Personal Care Services Market (2020 to 2030) - COVID-19 Impact and Recovery. It predicts that the market is then expected to recover and grow at a CAGR of 7.6% from 2021 and reach $396.6 billion in 2023.
Going forward, the world’s rising geriatric population, increasing internet penetration, growing wellness tourism industry, rising obese population and social media will drive the growth in the market. However, factors that could hinder the growth of the personal care services market in the future include shortages of skilled professionals, rising minimum wages, and the COVID-19 pandemic.
The study notes that the global personal care services market is highly fragmented, with a large number of small players. Researchandmarkets.com recommends that personal care services companies focus on organic products, expand in emerging markets, focus on providing off premise services, provide competitively priced offerings in low-income countries, and leverage social media.
States the report: “Amidst the unprecedented outbreak of coronavirus, governments across the world are advising people to stay indoors and practice social distancing, to reduce the spread of the pandemic. This has decreased short-term potential growth opportunities for the personal care services industry, being a hands-on industry. Owing to the COVID crisis, it is advisable for the businesses in the personal care services to go digital, increase the time between appointments, prioritise hygiene, and shift towards BPC packaged products.”