Personal Services Global Market Sees Growth Rate Of 14% Through 2022

23 Feb, 2022

The global personal services market size is expected to grow from $1.02 trillion in 2021 to $1.17 trillion in 2022 at a compound annual growth rate (CAGR) of 13.9%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The personal services market is expected to reach $1.72 trillion in 2026 at a CAGR of 10.2%.

What is the Global Personal Services Market?

The personal services market consists of sales of personal services and related goods by entities (organizations, sole traders and partnerships) that provide personal and laundry services to individuals, households, and businesses.

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What drives the Global Personal Services Market?

The personal services market's growth is expected to be aided by stable economic growth forecast in many developed and developing countries. According to the International Monetary Fund (IMF), the global real GDP growth reached 3.7% in 2019 and 2020, and is expected to reach 3.6% from 2021 to 2023. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the personal services 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 the developed markets in the forecast period. Stable economic growth is expected to increase disposable incomes, driving the demand for personal services market.

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Global Personal Services Market Segments
The global personal services market is segmented:
By Type: Personal Care Services, Death Care Services, Dry-Cleaning and Laundry Services, Other Personal Services, Private Household Services
By Mode: Online, Offline
By Distribution Channel: Specialist Retail Stores, Supermarkets/Hypermarkets, Convenience Stores, Pharmacies/Drug Stores, Online Retail Channels, Other Distribution Channels
By Geography: The regions covered in the personal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Personal Services Global Market Report 2022provides market size and growth forecasts for the global personal services market, global personal services market share, personal services market segments and geographies, personal services market competitive landscape including leading competitors’ revenues, profiles and market shares. The personal services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Personal Services Industry Playersinclude 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 and CSC Serviceworks Holdings Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.